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About Us

OMIClear acts as a CCP (Central Counterparty) in compliance with the Regulation (EU) N.º 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR - European Market Infrastructure Regulation) as approved by its national competent authority CMVM on October 31st 2014.

OMIClear is listed in the ESMA register of central counterparties authorised to offer services and activities in the European Union in accordance with EMIR (https://www.esma.europa.eu/sites/default/files/library/ccps_authorised_under_emir.pdf) and is member of the European Association of CCP Clearing Houses (EACH).

As CCP, OMIClear becomes the buyer counterpart to every seller and the seller counterpart to every buyer, as from the moment an order is matched generating a transaction in OMIP Derivatives Market (‘open offer’ model) and from the moment a bilateral trade (OTC) is submitted in this market and accepted by OMIClear for clearing and settlement purposes (the so called ‘novation’ process).

The clearing and settlement activity comprises the following functions:

  • Positions registration;
  • Assessment of the risk exposure arising from these positions;
  • Collateral requirements to cover such risk exposure;
  • Management of cash settlements at TARGET2 payment system;
  • Notifications of the physical positions to third parties (Iberian power spot market and Iberian TSO);
  • Billing process.

OMIClear has in place a rigorous and transparent risk management framework, backed by multilayered resources in the form of margins to cover potential losses of risk takers (“defaulter pays”), dedicated own funds (“skin in the game”), clearing fund contributions (that consists of a risk-sharing arrangement among its members) and equity capital. The default waterfall is designed to ensure further incentives for robust risk management.