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Commodities_Markets_Clearing_Sticky_Menu BALANCING

Commodities_Markets_Clearing_title BALANCING

Clearing of Positions for Balancing Market

Commodities_Markets_Clearing_content2 BALANCING

EnExClear as Clearing House

 

EnExClear operates as a Clearing House for the Balancing Market which is operated by the Operator of the Hellenic Electricity Transmission System (IPTO).

For the Balancing Market, EnExClear receives the Positions (financial obligations and claims for the Market Participants), from IPTO and undertakes the following:

  • Invoicing to Market Participants
  • Settlement of cash obligations and claims
  • Counterparty risk management by calculating margins and credit limits as well as managing guarantees and Default Fund
  • Members’ Training and Support Services

Clearing Members (General Clearing Members or Direct Clearing Members) also play a central role in clearing model as they guarantee the obligations of the Market Participants to EnExClear.


Calculation of financial obligations and claims

 

The calculation of cash obligations and claims is performed by IPTO and the results (Participants' Positions) are communicated on a weekly basis to EnExClear to proceed to the next steps of the clearing process.

The documentation and details for the calculation of the Positions are provided by the relevant IPTO System (MSS) to which the Participants in the Balancing Market have access.

The Positions of the Participants are registered in the Clearing Account that corresponds to each Participant and is managed by the Clearing Member.

The notification of the Positions for clearing to EnExClear is made by IPTO on the fourth working day of each week (Clearing Day) and are immediately available to the Clearing Members.


Invoicing of Participants

 

The issuance of the necessary documents by EnExClear to the Participants and the Clearing Members takes place at the end of the clearing day (on a weekly basis).

In order to avoid delays, the issuance of invoices has been foreseen through the self-invoicing process, so that even in cases of credit, the necessary documents are issued directly by EnExClear.


Cash Settlement

 

The cash settlement of obligations and claims is carried out on a daily basis through TARGET2-GR (the payment system of the European Central Bank) with the participation of EnExClear, the Clearing Members and the Settlement Banks.

For each Clearing Day if an obligation arises for a Participant – Clearing Account, the settlement day is defined as the 2nd working day after the Clearing Day. If a claim arises, the settlement day is defined as the 3nd working day after the Clearing Day.


Counterparty Risk Management

 

Risk Management is an essential function of EnExClear, which requires strict procedures, in accordance with the Clearing Rulebook for the Balancing Market. EnExClear mitigates the counterparty risk with the requirement of guarantees, in the form of cash and letters of guarantee and applying appropriate risk management models.

Detailed information on Risk Management for Balancing Market can be found here.


Members’ Training and Support Services

 

EnExClear provides training services to Clearing Members’ employees and individuals in the form of seminars and issues the Certificate of Energy Clearer (CEC).

Each Clearing Member must have appointed at least one (1) Certified Clearer in order to be licensed.

The terms and conditions that must be met by the candidate, as well as the procedure for granting the CEC, are described in Decision 2, of the Board of EnExClear.


Calendar

 

The clearing and settlement procedures are performed every working day that is not a holiday in Greece and that Target 2 operates (it is not a banking holiday in Europe).

The detailed Clearing Calendar is presented below.

clearING calendar file

Clearing Calendar 2020

Clearing Calendar 2021

EnEx_Clear_Support_Contact


EnEx Clearing House S.A.

E-mail : EnExClearTeam@enexgroup.gr
Tel : (+30) 210 33 66 952
Fax : (+30) 210 33 66 951