Exchange Rules

EXCHANGE RULES
v3.0
b) financial rights established in accordance with sub-line b) of line 1) above
are offset against obligations established in accordance with sub-line b) of
line 2) above;
4) The remaining financial rights or obligations after offset procedure in
accordance with the line 3) above are Clearing Transactions.
(5) Liability of BSP on a given Market to settle Clearing Transactions, due on an
individual Settlement Day, shall be limited to the amount actually settled by
Clearing Participants to the benefit of BSP, increased for cashed-in Financial
Guarantees, for that Market for that Settlement Day.
4.8 Settlement
4.8.1 Financial Settlement
(1) The Clearing Transactions form the basis for financial settlement.
(2) Invoices for registered Final Transactions of each Clearing Member shall be issued
separately for purchase and sales Transactions applying to individual Clearing
Participation in accordance with the provision of paragraph (2) of point 4.7
[Registration of Transactions] and the Clearing Rules. An offset report shall be
provided in accordance with the provisions of line 3) in paragraph (4) of point 4.7
[Registration of Transactions] in case offset in accordance with the aforementioned
provisions has been executed.
(3) Financial settlement shall be realised through a Settlement Account opened at the
Settlement Bank on the basis of invoices, taking into account the offset report,
issued and provided respectively in accordance with the provision of paragraph (2)
above.
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