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Amounts subject to Invoicing

OMIClear issues invoices and, when applicable, self-billing invoices regarding the following type of settlements:

  • Fees: all types of fees due by the participant according. For further information on fees, please see Services > Fees.
  • Delivery Settlement value (DSV): amounts due/owed by the participant during the delivery period of the derivatives contract (only applicable to contracts with settlement by physical delivery). For further information on the DSV for power derivatives contracts, please see Services > Power Derivatives, and for natural gas derivatives contracts, please see Services > Natural Gas Derivatives.
Procedures regarding Invoices and VAT regime

The invoicing procedures carry out by OMIClear depend if the entity acts act as Participant or not:

  • Entities acting as OMIClear’s Participants:
    1. First OMIClear proceeds with the daily cash settlement of the fees due and the daily or monthly Delivery Settlement Values (DSV) due or owed by the participant through its Clearing Member (as explained in Risk Management > Settlement at TG2);
    2. After successful payment on the last clearing day of the subject month, OMIClear issues the respective invoices and receipts with the sum of fees and/or DSV amounts underlying the month subject to billing.
  • External entities hiring services to OMIClear (not OMIClear’s Participants):
    1. OMIClear issues and sends to the entity the invoices on the fees due for the rendered services;
    2. Entities shall pay OMIClear according to the bank references and timings referred in the invoices;
    3. After successful payment, OMIClear issues the respective receipts.

For the entities acting as OMIClear’s Participants, the following invoicing rules apply:

  • Fees:
    1. The Clearing Fees regarding the volume cleared by a Participant are invoiced by OMIClear to the respective Clearing Member;
    2. The Physical Delivery Fees regarding the volume that is physical are invoiced by OMIClear to the Participant owner of the physical registration account on which the trades are recorded;
    3. Other OMIClear’s fees (such us member maintenance fees, system user license fees, reporting fees mentioned in the price list) are always invoiced to the Participant to which the fees refers to.
  •  Delivery Settlement Value  (DSV) - only applicable to contracts with settlement by physical delivery:
    1. If the sum of DSV for the invoiced month consists of a Participant’s debit amount - OMIClear issues an invoice to the Participant;
    2. If the sum of DSV for the invoiced month consists of a Participant’s credit amount - OMIClear issues a self-invoice.  Participants have to grant a specific authorization enabling the CCP to perform the self-billing of the DSV (forms C29 and C29A are available for download here).

Further details on the invoicing conditions and VAT regime can be found in OMIClear’s Billing Conditions and VAT Regime Derivatives Contracts.