OMIClear, the Clearing House of the Iberian power market, today announced that its new IT platform MiClear has successfully gone live on July 1st.
MiClear is the system developed by OMIClear, together with SAFIRA, a provider of technology solutions and consulting services, to support the registration, clearing, settlement and risk management of derivatives transactions carried out under the Iberian power market and registered with OMIClear.
MiClear is seamlessly integrated with other applications, such as the Trayport exchange trading system recently implemented by OMIP, the MIBEL derivatives exchange.
Sofia Barbosa, head of OMIClear’s operations said “We are confident that the MiClear system, a customized and highly flexible solution, fully meets members’ needs in terms of reliability and performance and that it is the best solution to cope with the challenges clearing houses will face in the near future.”
MiClear is now responsible for the management of participants in the system, configuration and operation of its products - Futures, Swaps & Forwards – registration of transactions and settlement of positions. It will also carry out the risk management of positions, in terms of collateral and margin calculation. The system produces various reports, both to market participants and market supervisors. Two access alternatives are provided: a web based frontend application and a Clearing API.