Transactions Registration

The register of a transaction at BME Clearing involves the automatic novation of the buyer and seller rights and obligations. These are extinguished arising new rights and obligations with BME Clearing as the unique counterparty: buyer facing the seller and seller facing the buyer.

Trading platforms (or IBERCLEAR, when it acts as a platform) will send to BME Clearing the transactions that have been designated for novation.

Such designation can be:

  • Global: all trades in the trading platform's electronic book (multilateral trades): Trading Members of the platforms introduce their orders in the Trading Platform and Trading Platform sends the executions to the BME Clearing in real time. The CCP validates each execution it receives and sends the transactions in real time to its Members. 
  • Trade by trade: a specific transaction designated as such by its’ counterparties. This is applicable to bilateral transactions.

Bilateral transactions from Block Trades will be registered in BME Clearing as well as bilateral transactions from Special Transactions if their counterparties decide so.

Bilateral trades will be received from IBERCLEAR. For this purpose, Settlement Participants act as Trading Members with a certain Member status in BME Clearing .

When novation is registered in a non-definitive Account, Members will allocate those trades. 

A Position Account within its account structure in BME Clearing, in which the transaction shall be uploaded. This process is called Internal Allocation.

If necessary, another CCP Member to which the transaction will be assigned. This process is called External Allocation.

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