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Trades Registration

Assumption of the position as Central Counterparty

OMIClear assumes the role of Central Counterparty (CCP) in the Service on Power Derivatives Contracts and the Service on Natural Gas Derivatives Contracts at the moment the trades and positions become registered in the respective registration accounts of the counterparties involved, as follows:

  • In relation to trades resulting from an electronic matching process of orders in continuous trading or auction mode in a trading system of a connected Market, the assumption of the CCP role occurs as from the beginning, i.e. at the moment those trades are registered in OMIClear’s clearing platform;
  • Regarding the trades on which the initial counterparties are carried out by the participants, i.e. bilateral transactions (usually known as ‘OTC trades’) registered in OMIClear through a connected Market, the assumption of the CCP role results from the replacement of the OTC deal originally submitted by the respective participants by new trades on which OMIClear acts as the seller party before the buyer participant and the buyer party before the seller participant. In this case the CCP role is assumed at the time when these new novated trades are registered on the clearing platform.

The Clearing Members of the participants involved in such trades become counterparties of OMIClear at the moment on which that registration takes place.

When a Registration Agent or its client holding a Clearing Agreement with a Clearing Member registers a trade in OMIClear, at the same moment that OMIClear assumes CCP role of this trade:

  1. The Clearing Member becomes automatically counterparty of OMIClear;
  2. The Registration Agent or its client becomes counterparty of its Clearing Member.

All the trades are registered on OMIClear’s clearing platform automatically and immediately.

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.

 

Power Derivatives Contracts

 

 

 

Natural Gas Derivatives Contracts