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Types of Participants

Registration Agent
  • Must sign an admission agreement with OMIClear (Form C34)
  • Has access to a trading platform with which OMIClear has an interconnection agreement, being capable to register trades in OMIClear for its clearing and settlement
  • Also called “Non-Clearing Member” (NCM)
  • Holds Registration Accounts to register the trades in OMIClear
  • 2 possible categories:
  1. Registration Agents for own account
  2. Registration Agents for Third Parties Account (brokers)
Clearing Member
  • Must sign an admission agreement with OMIClear (Form C04)
  • Must fulfill on an ongoing basis the capital and risk level requisites defined by OMIClear
  • Acts as the buy or sell counterparty of the positions registered in the CCP
  • Is responsible to deposit guarantees in OMIClear to cover the required margins,  clearing fund or other liabilities before the CCP
  • Is responsible for the cash settlements of the registered positions at TARGET2 payment system:
  1. Directly - if the Clearing Member also acts as Financial Settlement Agent  in OMIClear (which requisite is to be a participant of TARGET2 system)
  2. Indirectly - if the Clearing Member signs a financial agreement with a Financial Settlement Agent  of OMIClear
Financial Settlement Agent
  • Must sign an admission agreement with OMIClear (Form C05)
  • Participates in TARGET2 payment system
  • Perform the cash settlements on own account or on behalf of Clearing Members with which it has signed a financial settlement agreement
  • Holds Financial Settlement Accounts at OMIClear (one separate account for each Clearing Member for which it renders services)
  • Authorizes OMIClear to make automatic debits and credits in its TARGET2 account
Power Physical Settlement Agent
  • Must sign an admission agreement with OMIClear (Form C06)
  • Must be an agent of OMIE Power Spot Market
  • Holds Power Physical Delivery Accounts at OMIClear (connected to specific “UCP” accounts at OMIE which are allocated to specific buying/selling units of the spot market)
  • Perform the physical delivery (assuming buy/sell orders at OMIE spot market) for own account or on behalf of clients holding physical Power  Registration Accounts with which it has signed a power physical settlement agreement
  • Authorizes OMIClear to perform notifications of the power net positions under delivery registered in its Power Physical Delivery Account(s) to OMIE Power Spot Market
Natural Gas Physical Settlement Agent
  • Must sign an admission agreement with OMIClear (Form C39)
  • Must be an agent of Enagás GTS – network user with a balancing account at the PVB-ES (Spanish Virtual Trading Point)
  • Holds Natural Gas Physical Delivery Accounts (linked to the balancing account held by the network user at the PVB-ES
  • Provides services for own account or on behalf of clients holding physical Gas Registration Accounts, based on a gas physical settlement agreement.
  • Authorizes OMIClear to perform notifications of the net positions in the ‘PVB-ES NG Physical Futures’ contracts under delivery in its Natural Gas Physical Delivery Account(s) to Enagás GTS (‘single sided nomination’)