ATHEXCLEAR, as an authorized Central Counterparty, manages the clearing of transactions in the Derivatives Market of the Athens Stock Exchange. The clearing process of transactions is conducted at the level of Clearing Accounts for 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 of the Clearing Member. Each Clearing Account is linked to at least one Clearing Subaccount solely for the purposes of recording and allocating the Credit Limits from Clearing Members to Trading Members. 

The derivative products that are cleared are listed in detail here.

Client Position Monitoring  

The Clearing Members create Position Accounts to monitor their clients' positions in the Clearing System. 

Each Position Account is associated with:

• The investor share account,
• A Clearing Subaccount,
• A Clearing Account
• At least one investor Trading Code at a Trading Member, to enable the automatic updating of the Position Account with transactions carried out in the Market.

As part of the clearing process, ATHEXCLEAR calculates the final positions for each Position Account on a daily basis. Additionally, it calculates, for each Clearing Account, the amounts of the daily cash settlement and the required Margin needed by Clearing Members on the next working day (T+1).

Upon the expiration of derivatives contracts, the final clearing is conducted based on the final clearing prices announced by the Athens Stock Exchange on its website. Furthermore, ATHEXCLEAR calculates the liabilities and claims for Clearing Members in case of securities delivery or receipt (physical settlement) and forwards the relevant settlement instructions to ATHEXCSD. 

Clearing Procedures

• Disclosure of transactions to be cleared by the Market Operator to ATHEXCLEAR
• Structuring of transactions (via declaration in the Clearing System by Trading and Clearing Members)
• Clearing transfer (via declaration in the Clearing System by General Clearing Members)
• Position transfer (via declaration in the Clearing System by Clearing Members for the same investor)
• Exercise of rights according to product characteristics (with buyer declaration in the clearing system)
• Disclosure of Securities Settlement Account (for derivative products with physical delivery)
• Finalization and netting of positions by ATHEXCLEAR after completion of the above actions
• Calculation of settlement obligations and liabilities
• Position adjustment due to corporate actions
• Announcement of clearing results 
   

The above procedures are described in detail in the Rulebook for Clearing Derivatives Transactions and in Resolution 12 of the Board of Directors of ATHEXCLEAR.