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Trades Registration

Assumption of the position as Central Counterparty

OMIClear assumes the position of Central Counterparty and Settlement System in the Service on Power Derivatives Contracts and the Service on Natural Gas Derivatives Contracts under the following conditions:

  • Transactions that result from a matching process of orders in a Trading Platform of a market with which OMIClear has an agreement -  the assumption of the Central Counterparty role by OMIClear is based on the Open Offer model and such assumption occurs as from the beginning, in particular, at the moment these Transactions that result from this matching process are registered in the Clearing Platform;
  • Bilateral Transactions on which the initial counterparties are carried out by the Participants (Bilateral Transactions or OTC) - the assumption of the Central Counterparty role by OMIClear is concluded through novation, whereas the Bilateral Transaction originally submitted by the respective Participants is replaced by new a Transaction on which OMIClear acts as the seller party before the buyer Participant and the buyer party before the seller Participant. In this case the Central Counterparty role is assumed at the exact time when these new Transactions are registered on the Clearing Platform.
Registration process of Transactions in OMIClear
  • Every Transaction resulting from a matching process of orders in the Trading Platform of OMIP Derivatives Market (screen trading or auction) are registered automatically in the Clearing Platform - MiClear - through an STP (Straight-Through Processing) process preserving the anonymity feature. Once the Transaction is registered the MiClear system proceeds automatically and on a near real-time basis with the update of positions, margins and provisional gains and losses of the counterparties involved.
  • Every Bilateral Transaction (OTC trades), whether  intermediated by a broker, or purely bilateral (without intermediation), with the purpose of being registered, cleared and settled by OMIClear shall be submitted through OMIP Trading Platform in order to be immediately sent to MiClear system through the same STP process, without counterparty disclosure.