Account types (ISA, OSA, GOSA)
Since May 22, 2018 BME CLEARING modifies its Clearing Account Structure model to offer greater flexibility. The model is made up of a “structure” that is a combination of three levels for a specific clearing account:
- Position Account: trades and resulting positions are booked. Booking can be both gross and net.
- Margin Account: requested margins’ amounts are booked.
- Collateral Account: collateral posted assets are booked (cash and/or securities) covering the requested margins in the Margin Account.
In the Financial Derivatives and Energy Derivatives segment, one Margin Account can have several associated Position Accounts, while in the Cash Equities, Fixed Income and OTC Interest Rate Derivatives, one Margin Account has only one associated Position Account.
In all CCP segments each Margin Account has one associated Collateral Account, except in GOSA Accounts in which one Collateral Account has several associated Margin Accounts.
According to the combination of the above mentioned three levels, the Account will be made which will be Proprietary/House, ISA, OSA or GOSA.
The following Table shows the different Accounts and the segments in which they are available.
| TYPE OF ACCOUNT | Financial Derivatives | Energy Derivatives | Cash Equities | Fixed Income | IRS |
|---|---|---|---|---|---|
| Propietary |
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| ISA |
|
|
|
|
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| OSA |
|
|
|
|
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| GOSA |
|
|
|
|
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(1) available under request for interested Member and subject to prior testing within the CCP system.
TYPES OF ACCOUNTS
House Account
Transactions, positions, margins and collateral of Clearing and Non-Clearing Members are registered in this Account. he margin will be calculated according to the net position
ISA Account
This account include transactions, positions, margins and collateral of a single individual client. It may be "Agency" or "Principal to Principal":
- ISA - Agency Model: The holder of this account may be a natural person or a legal person (Client). The Client's counterparty is BME CLEARING. Transactions, positions, margins and collateral of such Client are individually registered in this account.
- ISA - Principal to Principal Model: the holder of this account is the Member, and the Client's counterparty is the Member holding the account. Transactions, positions, margins and collateral of such Member are registered in this account, in its own name and on behalf of that above mentioned individual Client.
For both, the House Account and the ISA Account, the account scheme would be as previously shown:
OSA Account
The Holder may be a Clearing Member, a Non Clearing Member or a Direct Client
This account includes positions, margins and collateral of several clients. When this is made up of several position accounts (for the Financial Derivatives and Energy segments only), there will be a single margin account for all of them, and the margin will be calculated according to the net position. The collateral account associated with the margin account will also be a single account.
The OSA account can be used for indirect clearing and in this case will be called the indirect clearing OSA for indirect clients of the direct clients of Members who request it.
In this way, we can distinguish between:
- Clients Omnibus Segregated Account (OSA): the holder of this account is a Member or a Direct Client. Transactions, positions, margins and collateral of such Member or Direct Client are registered in this account, in its own name and on behalf of a group of Clients.
- Clients Omnibus Segregated Account – Indirect Clearing (Indirect Clearing OSA): The holder of this account may be a Clearing Member, a Non Clearing Member or a Client of a Clearing Member. Transactions, positions, margins and collateral of the account holder on behalf of a Group of indirect clients or of a General Clearing Member’s Ordinary Non Clearing Member, are registered in this account.
GOSA Account
The Holder may be a Clearing Member, a Non Clearing Member or a Direct ClientIt includes transactions, positions and margins of each of the account holder’s indirect clients or of a General Clearing Member’s Ordinary Non Clearing Member.
This account is used exclusively for indirect clearing, and shows the individual positions and margins required of each indirect client included of the GOSA structure.
It may be composed of several position accounts. The trades of each indirect client will be registered net in each of them. Each position account is associated with a margin account. These margin accounts are associated with a single collateral account.
The assets making up the collateral account must cover the sum of the margin calculated in all the margin accounts included into the GOSA account.
