Exchange Rules

EXCHANGE RULES
v3.0
4.6 Subject of Clearing
(1) The subjects of Clearing are all registered Final Transactions.
(2) BSP ensures settlement of liabilities arisen on the basis of registered Final
Transactions to Clearing Members, and related to this:
• calculation of a Clearing Member’s total financial liabilities and receivables,
• establishment of a Clearing Member’s net balance of receivables and liabilities
after the offset of mutual receivables and liabilities of the same kind, if
applicable,
• fulfilment of financial and physical settlement given that Clearing Members’
obligations are fulfilled.
4.7 Registration of Transactions
(1) In accordance with the Rules and at the exact moment determined by the
Clearing Rules, BSP shall register all Final Transactions which are concluded on
behalf and to the benefit of both Clearing Members as sellers and Clearing
Members as buyers/purchasers.
(2) For the purpose of invoicing and for this purpose only, BSP shall be deemed
central counterparty to the parties of all registered Final Transactions. This
provision does not prejudice any legal consequences in relation to BSP as
operator of the Clearing System, other than those, explicitly stipulated below.
(3) By registration and in accordance with the designated clearing mechanism the
registered Final Transactions may be subject of novation and/or substitution
and/or assignments and/or cascading by time of maturity of rights and
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