Each exchange member participating in trading in Spot Market Products in electric Energy must ensure the settlement of its power exchange transactions by participating in the clearing as a clearing member and must at all times have a valid clearing agreement with CCPA, which in turn is obligated to clear the power exchange transactions in whose trading the exchange member participates.
Consequently, it is necessary for each prospective clearing member to conclude a clearing agreement for Spot Market Products in electric Energy with CCPA prior to commencing clearing activities (see also § 11 of the General Terms and Conditions for Cash Market Products for Electric Energy).
The rights and obligations of CCPA and the clearing member are set out in such an agreement. The content of a clearing agreement for Spot Market Products in electric Energy is, for example, the disclosure of the account-holding bank, the desired collateral structure or the liability period.
