Clearing Rules
BSP Rules Clearing Rules v1.8
BSP Rules Clearing Rules v1.8
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CLEARING RULES<br />
v1.7<br />
2 General Provisions<br />
2.1 Introductory Provisions<br />
(1) The present <strong>Rules</strong> regulate the tasks of registration, clearing and settlement of Final<br />
Transactions and assurance of the fulfilment of liabilities carried out by the BSP.<br />
2.2 <strong>Clearing</strong> Participation<br />
(1) In compliance with the General rules, an Exchange Participant shall be on the day of the<br />
enforcement of the present <strong>Rules</strong> automatically also a <strong>Clearing</strong> Member, until BSP rules<br />
otherwise. Such a decision shall be effected upon adoption of amended <strong>Rules</strong> in accordance<br />
with the procedure set forth in the <strong>Rules</strong> themselves.<br />
(2) Exchange Participant, in order to be admitted to an individual Market, is obliged to conclude<br />
a corresponding <strong>Clearing</strong> Participation Agreement with BSP; conclusion of the <strong>Clearing</strong><br />
Participation Agreement shall be mandatory in this respect.<br />
(3) The <strong>Clearing</strong> Participation Agreement authorises the holder to clear Transactions which are<br />
currently approved by BSP or which will be approved by said party in the future in relation to<br />
the respective <strong>Clearing</strong> Participation. The <strong>Clearing</strong> Participation Agreement can be<br />
restricted by BSP with regard to individual Markets in case the <strong>Clearing</strong> Member does not<br />
fulfil the preconditions which are specific for the respective Market.<br />
(4) Meeting all requirements for <strong>Clearing</strong> Participation authorises the Market Participant to<br />
<strong>Clearing</strong> of Final Transactions in the individual Market which are currently cleared by BSP or<br />
which will be cleared by BSP in the future in accordance with the <strong>Rules</strong> and in relation to the<br />
respective <strong>Clearing</strong> Participation.<br />
2.3 Legal Relationships of Involved Parties<br />
2.3.1 Rights and Obligations of the <strong>Clearing</strong> Member<br />
(1) <strong>Clearing</strong> Member which fulfils the preconditions for a license to trade on a Market is obliged<br />
to conclude a corresponding <strong>Clearing</strong> Participation Agreement with BSP.<br />
(2) A <strong>Clearing</strong> Member shall be obliged to fulfil its obligations arising from all Transactions<br />
which take part in <strong>Clearing</strong> in BSP.<br />
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