Segments

Account Structure

The account structure in BME CLEARING is a set of three levels: 

  • Position account: were transactions and the resulting positions are booked. Registration can be either net or gross.
  • Margin account: were required margins are registered.
  • Collateral account: includes collateral posted (cash or securities) to cover the amount required in the margin accounts.

An Account structure will be created depending on the combination of three aforementioned “Account levels”. The following account structures will be available within the Equity segment:

Proprietary: Structure that includes positions, margins and collateral of the Clearing Member or Segregated Non-Clearing Member.

Proprietary and Daily Position Accounts may form Proprietary Structures.

ISA: Structure that includes positions, margins and collateral of a single individual client. This structure, in turn, may be "Agency", where the owner of the structure is the client, or "Principal to Principal", where the owner of the structure is the Member.

Financial Intermediary and Individual position accounts may form ISA Structures.

OSA: Structure that includes positions, margins and collateral of several direct clients.

OSA structure may be used for Indirect Clearing, and will thus be called Indirect Clearing OSA available for indirect clients of the direct clients of members upon request.

Third party Position Accounts may form OSA Structures.

GOSA: Structure available for Indirect Clearing. The notion of this structure is very close to an OSA for indirect clients, which unlike the previous one, separates positions and the required margins from each indirect client that is part of the account. The required margin will be the result of adding the required margins in all margin accounts within the GOSA account. Lastly, the clients' collateral is registered in a single collateral account.

Indirect Clients Position Accounts for GOSAs may form GOSAs Structures.

Copyright® BME 2020
[ http://www.bmeclearing.es ]