Types of participants

Registration Agent
  • Must sign an admission agreement with OMIClear (Form C34) registration agent
  • 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 which must be connected to a Clearing Account of a Clearing Member (role assumed by the same entity or by a third party)
  • 2 possible categories:​​​​​​

            1. Registration Agents for own account
            2. Registration Agents for Third Parties Account (brokers)

Clearing Member

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
  • Holds Clearing Accounts that are connected to Registration Accounts (own or clients’ accounts). Positions and margins are calculated on a clearing account level
Financial Settlement Agent

settlement

  • Must sign an admission agreement with OMIClear (Form C05)
  • 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

psa power

  • 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

psa gas

  • 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’)