Transaction
Management

Position Adjustment. Cancellation

Position adjustment

In BME CLEARING the Detail Registration Accounts are entrusted to the Members with the Capacity to run a Second-Tier-Register, in accordance with the provisions of article 24 of the Rule Book.

The Detail Registration Accounts, whose holders are Clients, will be kept in relation to the Accounts of Clients with Omnibus segregation (OSA) of the Central Registry, and in them the Transactions and Margins of the incumbent Client are registered, reflecting at all times the position of each client in front of the Members with the capacity to run a Second-Tier Register.

The Individual Clearing Members and the General Clearing  Members of the BME CLEARING Segments in which the corresponding General Conditions require the keeping of Second-Tier Register accounts in relation to the OSA Accounts of the Central Registry shall be considered as Members with the capacity to run a Second-Tier Register.

These Members will be authorized to perform the function of Registrar Members and will manage Second-Tier Register accounts, subject to the conditions established in Article 25 of the Regulations and in the Circular (Registration Members C-GEN-17/2018)

In order for the OSA Accounts of the Central Registry to reflect the position of the corresponding Second-Tier Register accounts, BME CLEARING will allow, through the electronic settlement system, that the Member makes an adjustment of the position of the OSA Accounts in the Central Registry as a consequence of the closing of Transactions or Positions in the Second-Tier Register accounts.

An adjustment must be made for each contract with an open position.

The adjustment will consist of indicating by the Member the number of contracts that close position, which will reduce both the balance of purchases and sales for each contract to the same extent.

The Member may make as many position adjustments as he wishes, as long as the total volume adjusted for each contract does not exceed the open position at the time of making the adjustment.

The schedule at which Members may make position adjustments is regulated by Circular.

The position adjustments will be registered in the BME CLEARING system as type P operations.

Cancellation. Wrong operations in Futures and Options

If MEFF in the application of the Circular, on Filters of Members and Erroneous Transactions in Futures and Options, or the one that replaces it, had to correct some operation, it would do so with an operation type “X” that would make a seat opposite to the operation of the original market and all the operations that in BME CLEARING would have been generated by transfers, breakdowns and give outs.

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