ATHEXCLEAR

Securities Market 

 

 

ATHEXCLEAR, as a licensed Central Counterparty, manages the clearing of transactions in the Athens Stock Exchange's Securities Market. The clearing process follows a two-day cycle after the transaction and is conducted at the Clearing Accounts level for the Clearing Members (counterparties).

 

Each Clearing Member maintains at least one Own Clearing Account and one Client Clearing Account in the Clearing System, which can be created upon request by the Clearing Member. Each Clearing Account is linked to at least one Clearing Sub-Account exclusively for recording and allocating the Credit Limit from the Clearing Members to the Trading Members. 

 

 

Clearing Procedures 

 

Clearing involves the following procedures, which are completed within the period T (trading day) to T+2 (two business days after the trading day):

  • Notification of transactions to be cleared from the Market Operator to ATHEXCLEAR
  • Correction of Clearing Account codes (by the Trading Members)
  • Finalization and consolidation of transactions by ATHEXCLEAR (to reduce the number of transactions to be cleared)
  • Announcement of clearing results by ATHEXCLEAR to the Clearing Members after the end of each session, on the same day
  • Transaction structuring process by the Clearing Members 

 

The transaction structuring process is a preparatory procedure for the settlement of trades and includes:

  • the splitting and merging of trades
  • the transfer of settlement
  • the notification of the Securities Settlement Account where the Securities will be credited or debited
  • the entry of instructions for the settlement of Intermediary trades to the final beneficiaries 

 

 

Clearing Result

 

On the settlement day (T+2) ATHEXCLEAR sends a file of settlement instructions to ATHEXCSD, so that the latter may carry out the cash settlement of transactions as well as all kinds of transfers and relevant entries in the DSS in accordance with the Operating Regulations of ATHEXCSD. Clearing Members / Participants are involved in the settlement process. All clearing procedures are described in detail in the Clearing and Settlement Regulation and in Resolution 11 of the Board of Directors of ATHEXCLEAR.