Posting of Margins in Cash

In general, Initial Margins and Individual Funds can be posted in cash in EUR and USD  by the Clearing Member or its Payment Agent in BME Clearing account in the payments module of the Target Banco de España platform system or in BME CLEARING´s account at one of its eligible settlement banks in accordance with ‘Authorized settlement banks´ Instruction or by electronic pledge of securities or by transfer of ownership in IBERCLEAR, EUROCLEAR BANK or CLEARSTREAM BANKING LUXEMBOURG or by transfer of ownership in SIX SIS. Default Fund contributions shall always be posted in cash Euro only, through Target2 platform as explained above.  

Extraordinary Margin, shall be posted in cash Euro, except in the event of a technical malfunction of the Target Banco de España  platform system, where Clearing Members may set up the Extraordinary Margin to be posted by means of cash in USD posted by the Clearing Member or its Payment Agent in BME CLEARING, by a transfer of ownership via transfer of securities free of payment in the BME Clearing securities account in IBERCLEAR, EUROCLEAR BANK, CLEARSTREAM BANKING LUXEMBOURG or SIX SIS or by pledging securities in IBERCLEAR, EUROCLEAR BANK or CLEARSTREAM BANKING LUXEMBOURG .

The variation of the Initial Margin shall be posted in cash in EUR as per the uncovered amount.

This total net amount shall be debited or credited to the relevant cash account in TARGET- Bank of Spain of the Clearing Member or of the Payment Agent appointed by such Clearing Member in the multilateral settlement of BME CLEARING.