Products Cleared by ATHEXCLEAR per Market

 

Products in the Securities Market of Athens Exchange:

  • Equities
  • Rights
  • ETFs
  • Corporate bonds
  • Greek Government bonds

 

Products in the Derivatives Market of Athens Exchange:

 

The Role of ATHEXCLEAR

 

  • Functions as a Central Counterparty in Markets (i.e. acting as buyer for the seller and as seller for the buyer). In this way it reduces Counterparty Risk in the Market
  • Operates with Clearing Members that assume the role of counterparty to ATHEXCLEAR and must fulfil specific requirements (as described in the Clearing Rulebooks and Resolution 2 of the Board of Directors of ATHEXCLEAR) and follow certain procedures in accordance with the Clearing Rulebooks and relevant Resolutions
  • Undertakes the Clearing of Transactions and calculates the liabilities and claims of Clearing Members for the transactions they carry out in the Regulated Markets or Multilateral Trading Facility (MTF) of Athens Exchange
  • Manages counterparty risk by following rigorous procedures and using specific tools to cover risk such as Margin, Default Fund, Own Resources (Risk Management)
  • Offers Clearing Members and their clients different types of Clearing Accounts with different characteristics
  • Has a detailed plan in place and procedures that are followed in the event of default on the part of a Clearing Member, in order to prevent Clearing Members or ATHEXCLEAR itself being exposed to loss
Useful Information about ATHEXCLEAR

Uninterrupted Provision of Clearing Services

To ensure the uninterrupted provision of clearing services and risk management, even in the case of total loss of access to its main installations, ATHEXCLEAR has developed a Business Continuity Plan at alternative operating facilities (Disaster Recovery Site), at which back-up IT systems (networks, servers, workstations, etc) are installed and ready for operations. This plan is certified to ISO 22301 and reviewed on an annual basis. As part of the annual audit, a general test of ATHEXCLEAR operations is also conducted from the alternate facilities.
 

Clearing Accounts

Clearing Accounts comply with the requirements of article 39 of Regulation (EU) No 648/2012 and are classified as:

  • Own Clearing Account: The account kept by a Clearing Member in its name for clearing its own transactions.
  • Direct Clients Clearing Account: The account kept by a Clearing Member for clearing the transactions of its direct clients 
  • Indirect Clients Clearing Account: The account kept by a Clearing Member for the clearing of transactions of the clients of its Clients (indirect clients), where Clients are investment firms or credit institutions.
  • Client Clearing Account: The account kept by a Clearing Member in the name of a Client for the clearing of transactions of the Client.  

Details regarding Levels of Protection and Segregation in accordance with par. 7, article 39, Regulation (EU) No 648/2012 are set out in the corresponding paragraph here.