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Multilateral settlement Target2

Target 2 Multilateral Settlement

All of BME CLEARING’s money settlements are conducted in central bank money. 

Daily at 9 am, all cash settled concepts by the ECC are settled via a standard Multilateral Settlement mechanism on the TARGET2 platform, where the credits and debits of each Clearing Member are offset. 

Settlement is carried out pursuant to the agreement made between BME CLEARING and Banco de España and under authorisation from the competent authority of the CCP pursuant to the CCP’s Rule Book.  Any incidents during settlement shall be regulated by the said agreement.

If a Clearing Member does not have an account in the TARGET2 system it must appoint a Payment Agent who is a Clearing Member with an account in the TARGET2 platform.

CCP settlements are added at a Payment Agen levelt. Each Payment Agent may have only one cash account for this purpose

All intraday margins received by the CCP, either individual or extraordinary, made via a payment transfer or a direct debit, are also paid into the CCP’s account in the TARGET-2 Banco de España platform.  The settlement procedure is regulated by Chapter 7 of the CCP’s Rule Book and implemented by the Circulars entitled Clearing and Settlement.Times and Procedures and Payment Agent.

 

 

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