Glossary

Note: Definitions herein are for the purpose of the market standards only and are not necessarily meant to have any legal connotations

Definitions of the Athens Exchange Rulebook

Note: Definitions herein are for the purpose of the market standards only and are not necessarily meant to have any legal connotations

A

ADT
The average daily turnover of a stock traded, in the sense of article 7 and Annex II of Commission Delegated Regulation (EU) 2017/587.18

Aggregate Lending Orders
The quantities of securities determined by the Algorithm for Allocation of Quantities and Interest Rates as quantities available for borrowing in the Securities Borrowing Market, on the basis of the Lending orders listed in the System, the lending rates as well as any other parameter referred to in a relevant decision of ATHEX.

ATHEXCLEAR
The public limited company with the legal name "Athens Exchange Clearing House S.A." and trade name "ATHEXClear", which performs the clearing of transactions on ATHEX.

ATHEXClear Members or Clearing Members
The Clearing Members of the Securities and Derivatives System under the management of ATHEXClear as determined in accordance with the Securities Clearing Rules in Book Form and the Derivatives Clearing Rules respectively. Wherever the Rulebook References Clearing Members, this term shall include both the Clearing Members of the Securities System and the Derivatives System, unless otherwise explicitly stated.

Athens Exchange (ATHEX)
The public limited company with the legal name 'Athens Exchange S.A.' which functions as a market operator in the sense of article 4, par. 18 of Law 4514/2018.23

Athens Exchange Transactions Network (ATHEX-Net)
The network operated by ATHEX to enable interconnection and communication between the System and Members and/or other persons having access to the System, including undertakings that are exempt from Directive 2014/65/EU and trade on their own account through immediate market access (SMA) or direct market access (DMA) mechanisms.


B

Bilateral debt securities - Bilateral lending or borrowing
Lending or borrowing contracts prepared in the Stock Lending Mechanism of ATHEX bilaterally (Methods 8-3-1, 83-2) by the same or between two different members of the system through registration in the System of the two respective orders for the lender and the borrower respectively, or, for orders introduced on behalf of the borrower, through its Matching to a Collective Lending Order, under the ATHEX Rulebook.


C

Cash Distribution
The distribution of cash by an Issuer to beneficiaries, especially in the form of a dividend, interim dividend, special and all other types of reserves, capital return, privilege interest, bond loan interest

Certified Trader
The natural person who has been certified by ATHEX to perform tasks on behalf of a Member relating to the execution of transactions on ATHEX Markets. Wherever reference is made in this Rulebook to a 'Certified Securities Trader' and a 'Certified Derivatives Trader', it shall refer to the Certified Traders for access to the Securities Market and the Derivatives Market respectively, including the Securities Lending Mechanism of ATHEX.

Covered sell order
A sell order entered in the System and activated for execution after the Transferable Securities to which it relates have first been blocked in the DSS in favour of ATHEXClear and for this reason does not require a credit limit for its entry.

Covered sell
The selling of Transferable Securities on the basis of a covered sell order, on the Securities Market by any Method except Method 6.

Communication System
The ATHEX-approved 'HERMES' system or any other communication system stipulated by decision of ATHEX, through which issuers fulfill their obligations regarding the dispatch of the required information to ATHEX in accordance with the provisions of the Rulebook

Consultant
A Consultant in the sense of article 1, par. 2 (a) of decision 3/460/10.1.2008 of the Hellenic Capital Market Commission.

CSD (Central Securities Depository)
The public limited company with the legal name "Hellenic Central Securities Depository" which acts as Administrator of the DSS and the Central Securities Depository in accordance with provisions in force, particularly Law 3756/2009.


D

Daily Official List or D.O.L.
The daily official list of ATHEX, as issued and kept by ATHEX in electronic or other format, in which the details required by legislation in force and the Rulebook are published, along with any other details deemed necessary by ATHEX.

Decision
Any decision issued in implementation of the Rulebook by the Board of Directors of ATHEX or any other duly authorized body of ATHEX and posted on the ATHEX website.

Dematerialized Securities System (DSS)
The computer - operating system for the registration and monitoring of transferable securities in book form, the monitoring of changes thereto and the overall execution of actions and procedures provided for by Law 3756/2009 and the DSS Regulations, which is managed by the CSD. Entries in the DSS are considered entries in the records of the CSD.

Derivatives
The derivative instruments in the sense of article 4, par. 49 of Law 4514/2018, which are from time to time admitted to trading or are listed on the Derivatives Market of ATHEX in accordance with the terms of this Rulebook

Direct Market Access (DMA)
The direct electronic access in the sense of article 4, par. 41 of Law 4514/2018 and of article 4, par. 1 (41) of Directive 2014/65/EU by means of which a Trading Member permits a client to use the trading code that the Member has provided to the client, in accordance with the terms hereof, so that the client can electronically transmit orders directly to the Market, and which includes arrangements whereby the aforesaid transmission by the client takes place without the latter using the infrastructure of the Member.

DSS Regulations
The Regulations governing the operation of the Dematerialized Securities System, drawn up pursuant to decision 3/304/10.6.2004 of the Board of Directors of the Hellenic Capital Market Commission as in force.


E

ETF Issuer
In the case of Greek traded funds, this shall be the Soci?t? Anonyme managing the Traded Funds pursuant to law 3283/2004 and in the case of foreign traded funds, the Management Company as provided in the Council Directive 85/611/EEC.

ETF units
The units of the ‘Exchange-Traded Funds Segment' of the ATHEX Securities Market.


F

Financial Instruments
Financial instruments in the sense of Section C, Annex I of Law 4514/2018, which are from time to time admitted to trading or are listed on a Market of ATHEX.


G

 


H

High-Frequency Algorithmic Trading Technique
The technique used for high-frequency algorithmic trading in the sense of article 4, par. 40 of Law 4514/2018 and of article 4, par. 1 (40) of Directive 2014/65/EU which relates to Algorithimic Trading on ATHEX and is implemented through the use of ATHEX infrastructures and systems in accordance with the terms of the Rulebook.


I

Issuer
The person who lists securities on the ATHEX Securities Market.


J

 


K

 


L

Lending or borrowing contracts
The lending or borrowing contracts or transactions functioning as securities financing, which are concluded multilaterally in the Securities Lending Mechanism of ATHEX (Methods 8-1, 8-2, 8-3-3) in accordance with the terms of the Rulebook.

Lending or borrowing members
Members and Operators involved in transactions in the Securities Lending Mechanism of ATHEX as provided in the Rulebook.


M

(Market) Members
An Investment firm or credit institution participating in the ATHEX Market to conduct transactions in financial instruments traded thereon in accordance with the provisions of this Rulebook.

Market Maker
A Member that is active in ATHEX Markets on a continual basis and undertakes to trade for own account, buying and selling Financial Instruments negotiable thereon for shareholders' equity at prices that it itself has set, in accordance with the provisions of the ATHEX Rulebook.

Market or Regulated Market
Each regulated market of article 4, par. 21 of Law 4514/2018 whose market operator is ATHEX and for which ATHEXClear is responsible for clearing. Where reference is made in the Rulebook to the Securities Market and Derivatives Market, it means the regulated markets of ATHEX with Transferable Securities and Derivatives as their trading object, respectively, as these have been licensed in accordance with the provisions of article 98, par. 5 of Law 4514/201


N

 


O

Offeror
The offeror within the meaning of article 2, par. 1 (j) of Law 3401/2005.

Operator
The Operator in the DSS within the meaning of the DSS Regulations.

Order depth
The total, by Order Book, number of Orders and Financial Instruments, which these orders represent at each price level, with respect to the best levels of purchase and offer prices, as these are set by ATHEX from time to time and published via the System.

Order Book
The electronic record that is created in the System for each ATHEX Market and for each type of negotiable Financial Instrument in those markets, and in which orders for trades in such instruments are registered.


P

 


Q

 


R

Rulebook for Clearing Transactions in Book-Entry Securities
The Rulebook issued by ATHEXClear in accordance with article 73, par. 3 of Law 3606/2007 and the relevant decision of approval of the Hellenic Capital Market Commission, on the basis of which transactions are cleared in the Securities Market and in any other transferable securities market stipulated therein.

Rulebook for Clearing Derivatives Transactions
The Rulebook issued by ATHEXClear in accordance with article 73, par. 3 of Law 3606/2007 and the relevant decision of approval of the Hellenic Capital Market Commission, on the basis of which transactions are cleared in the Derivatives Market, in the Securities Lending Mechanism and in any other market stipulated therein.

Rulebook or ATHEX Rulebook
This Rulebook governing the operation of ATHEX Regulated Markets, which is drawn up by ATHEX pursuant to the provisions of article 47, Law 4514/2018. Any reference to the term Rulebook herein also includes the Decisions issued from time to time in implementation thereof.


S

Securities lending contracts
The lending or borrowing contracts and the bilateral lending or borrowing transactions concluded in the Securities Lending Mechanism of ATHEX in accordance with the provisions of the Rulebook.

Security lending products
The standard terms of securities lending contracts in the Securities Lending Mechanism of ATHEX

Sponsored Market Access (SMA)
The direct electronic access in the sense of article 4, par. 41 of Law 4514/2018 and of article 4, par. 1 (41) of Directive 2014/65/EU by means of which a Trading Member permits a client to use the trading code that the Member has provided to the client, in accordance with the terms hereof, so that the client can electronically transmit orders directly to the Market, and which includes arrangements whereby the client makes use of the infrastructure of the Member or of any connecting system with the Market which is provided by the Member for the transmission of orders to the Market.

Securities Lending Mechanism
The mechanism managed by ATHEX through which Securities lending contracts are concluded in the sense of article 3, par. 11, item (b) of Regulation (EU) 2015/2365, in accordance with this Rulebook, and which are cleared by ATHEXClear in accordance with the Rulebook for Clearing Derivatives Transactions.

Structured Financial Products (SFPs)
Transferable securities in the sense of article 4, par. 44 (c) of Law 4514/2018 to which reference is made in this Rulebook and which are to be admitted or are already listed on the ATHEX Securities Market in accordance with the terms of this Rulebook.

System
The Integrated Automated Electronic Trading System (OASIS) and any other electronic system or application used by ATHEX and through which transactions are performed on ATHEX Markets or in the Securities Lending Mechanism of ATHEX in accordance with the terms of this Rulebook and the relevant procedures of ATHEX.


T

Trading Calendar
The calendar that shows the days of trading on the Regulated Markets of ATHEX, as issued and published by ATHEX in accordance with the provisions of this Rulebook. Wherever reference is made in this Rulebook to 'business days', 'trading days' or 'session days', it shall refer to the days listed in the aforesaid calendar.

Transferable Securities
Securities in the sense of article 4, par. 44 of Law 4514/2018 and article 1, par. 3 of Law 3371/2005, which are admitted to trading or are listed in the Securities Market of the Athens Exchange in accordance with this Rulebook, or securities which are the underlying asset of a Derivative in the Derivatives Market of ATHEX, as the case may be.16 Unless otherwise expressly stipulated in this Rulebook, 'Transferable Securities' include, where applicable, the units of Exchange-Traded Funds (ETFs).

Trading currency
The currency in which financial instruments are traded on a Market.


U

 


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X

 


Y

 


Z

 


Definitions of the Rulebook for Clearing Derivatives Transactions

Note: Definitions herein are for the purpose of the market standards only and are not necessarily meant to have any legal connotations

A

ATHEXClear
The public limited company under the name Athens Exchange Clearing House SA and trading under ATHEXClear, acting as a central counterparty (CCP), within the meaning of Regulation (EU) No 648/2012 and System Operator under Law 3606/2007 regarding the clearing of transactions in accordance with the provisions in the Rulebook. 

ATHEXCSD
ATHEXCSD shall mean such public limited company as shall act as DSS Administrator and Central Securities Depository under applicable law and in particular Law 3756/2009, and has the name "Hellenic Central Securities Depository SA".  


B

Board
The Board of Directors of ATHEXClear functioning in accordance with applicable provisions, in particular Law 2190/1920, Regulation (EU) 648/2012 and Law 3606/2007, and in general the statutory provisions governing ATHEXClear.


C
Cash Settlement Account

The account and any form of subaccount of such account held with a Settlement Agent for ATHEXClear, ATHEXCSD, Clearing Members or other Operators in accordance with this Rulebook and is used for the conduct of the cash settlement of transactions.

Cash Settlement Agent
Central Bank or other payment or settlement system operator under Law 2789/2000 and Directive 98/26/EC or credit institution under Law 4261/2014 and Directive 2013/36/EU through which the cash settlement of transactions cleared by ATHEXClear are settled in accordance with the terms hereof and the relevant settlement procedures.

Certified Clearer
The natural person who has been certified by ATHEXClear to perform clearing and settlement operations at a Clearing Member.

Clearing Account
Own Clearing Account, Clients Clearing Account, and Client Clearing Account. Wherever in this Rulebook reference is made to the term Clearing Account, in the singular or plural, it shall mean all of the above Clearing Accounts, or each one, as appropriate, unless otherwise expressly stated.

Clearing Member
An Undertaking, in particular within the meaning of Law 3606/2007 and Directive 2004/39/EC, providing Investment Services or credit institution involved in the System for the clearing and settlement of transactions cleared by ATHEXClear and who is responsible vis-a-vis ATHEXClear to fulfill any obligations arising from this participation in accordance with the terms hereof. Where reference is made in this Rulebook to the term "Clearing Members", in the singular or plural, this shall mean both Direct Clearing Members and General Clearing Members, as defined in the Rulebook or each one, as appropriate, unless otherwise expressly stated. 

Clearing Subaccount
The Own Clearing Subaccount, Clients Clearing Subaccount and Client Clearing Subaccount. Wherever in this Rulebook reference is made to the term Clearing Subaccount, in the singular or plural, it shall mean all of the above Subaccounts, or each one, as appropriate, unless otherwise expressly stated.

Client
An undertaking having a contractual relationship with a Clearing Member, which enables the undertaking to clear its transactions with ATHEXClear in accordance with provisions in force and the stipulations of the Rulebook.

Client Clearing Account
The account held by a Clearing Member in the name of a Client in the System to clear its Client's transactions in accordance with the terms hereof.

Client Clearing Subaccount
Clearing Account of the Client Clearing Account of a Clearing Member held in the System for purposes of registration and allocation of the Credit Limit of the relevant Clearing Account in accordance with the terms hereof.  

Clients Clearing Account
The Direct Clients Clearing Account and the Indirect Clients Clearing Account, as the case may be. Unless otherwise specified in this Rulebook, any reference to the term 'Clients Clearing Account' shall be to the Direct Clients Clearing Account and the Indirect Clients Clearing Account jointly.

Clients Clearing Subaccount
The Clearing Subaccount of a Direct Clients Clearing Account or the Clearing Subaccount of an Indirect Clients Clearing Account of a Clearing Member as the case may be. Unless otherwise stipulated in this Rulebook, any reference to the term 'Clients Clearing Subaccount' shall be to the Direct Clients Clearing Subaccount and the Indirect Clients Clearing Subaccount jointly.

Clients Position Account
The account in the System associated with a Clients Clearing Subaccount of the Clearing Member through which positions of the Intermediary's clients arising from transactions conducted under the Market Rulebook pursuant to the Credit Limit of the relevant Clearing Subaccount, are registered as declared by the Clearing Member.

Credit Limits
The prefunded limits set by ATHEXClear to Clearing Members in connection with the possibility of Market Members entering orders and making transactions in the Market by the Market Members participating in it pursuant hereto.


D

Data Sheet
The sheet kept daily by the Clearing Member per client in a durable medium that guarantees safe keeping, with all data and information in relation to the clearing and settlement of transactions and positions of the client, including but not limited to outstanding transactions and positions of the client in connection with the clearing procedures, as they arise at the end of each clearing day and risk calculation in accordance with the terms hereof, the performance rights and obligations of the client in connection with these positions, the collateral provided by the client, the transactions on and records of the client's accounts in relation to the clearing and settlement of transactions, as well as any other relevant information that ATHEXClear may decide to specify, also establishing any relevant technical term in relation to implementation.

Dematerialized Securities System (DSS)
The system for keeping transferable securities in book entry form that is managed by the ATHEXCSD as Central Securities Depository and DSS Administrator pursuant to applicable provisions, in particular Law 3756/2009 and the DSS Regulation.

Derivatives or Derivatives transactions (contracts)
Financial instruments listed in Annex I Section C points 4-10 of Directive 2004/39/EC, as implemented in Articles 38 and 39 of Commission Regulation (EC) No 1287/2006, which have been or are admitted in a Derivatives Market and cleared by ATHEXClear under the terms of the Rulebook. 

Derivative Series
Class of listed derivative, determined in particular on the basis of the underlying security, on the date of expiration of a specified time limit or on the basis of the exercise price.

Direct Clients Clearing Account
The account held by a Clearing Member in the System for its direct clients for clearing the transactions of the relevant clients in accordance with provisions in force and the stipulations of the Rulebook.

Direct Clients Clearing Subaccount
The Clearing Subaccount of a Direct Clients Clearing Account of a Clearing Member, which is held in the System for the purpose of registering and allocating the Credit Limit of the relevant Direct Clients Clearing Account in accordance with the provisions of the Rulebook.

Default Fund
The pre-funded fund operating under Regulation (EU) No 648/2012 and Law 3606/2007 managed by ATHEXClear to protect the system from credit risks of Clearing Members, as such risks arise from clearing, under the terms of this Rulebook.

Depository Receipts Market Maker Position Account
The account in the System associated with the Clearing Subaccount of the Clearing Member through which Warrants Market Maker positions arising from market making transactions in accordance with the ATHEX Rulebook pursuant to the Credit Limit of the relevant Clearing Subaccount, are registered as declared by the Clearing Member. 

DSS Regulation
The Regulation governing the Operation of the DSS drawn up pursuant to Resolution No 3/304/10.6.2004 of the Board of Directors of the HCMC as in force. 

Derivatives Market
The Derivatives Market of ATHEX which has been duly licensed by the Hellenic Capital Market Commission, operates in accordance with the provisions of the Athens Exchange Rulebook and is governed by national law, whose transactions are cleared by ATHEXClear in accordance with provisions in force and the stipulations set out herein. Wherever in this Rulebook the term 'Derivatives Market' is referred to in the singular or plural, such reference shall be to both or either of the aforesaid markets as appropriate, unless otherwise expressly stated.

Derivatives Market Maker Position Account
The account in the System associated with the Clearing Subaccount of the Clearing Member through which Derivatives Market Maker positions arising from market making transactions in accordance with the Market Rulebook pursuant to the Credit Limit of the relevant Clearing Subaccount, are registered as declared by the Clearing Member.


E

ETF Market Maker Position Account
The account in the System associated with the Clearing Subaccount of the Clearing Member through which Market Maker positions, ETFs arising from market making transactions in accordance with the ATHEX Rulebook pursuant to the Credit Limit of the relevant Clearing Subaccount, are registered as declared by the Clearing Member.


F

 


G

 


H

 


I

Indirect Clients Clearing Account
The account held by a Clearing Member in the System exclusively for the clients of Clients (indirect clients), where Clients are investment firms or credit institutions, for clearing the transactions of the relevant clients in accordance with Commission Delegated Regulation (EU) 2017/2154 and the provisions of the Rulebook.

Indirect Clients Clearing Subaccount
The Clearing Subaccount of an Indirect Clients Clearing Account of a Clearing Member which is held in the System for the purpose of registering and allocating the Credit Limit of the relevant Indirect Clients Clearing Account in accordance with the provisions of the Rulebook.

Intermediary
An Undertaking providing Investment Services or a credit institution within the meaning of Law 3606/2007 and Directive 2004/39/EC conducting, through Market Members, Rulebook for Clearing Derivatives Transactions SECTION I. DEFINITIONS - GENERAL PROVISIONS transactions in its own name but on behalf of clients, the positions resulting from which are held through Client Position Accounts under the terms of the Rulebook.

Investor
A natural or legal person or other legal arrangement that has, under the law that governs it, trading capacity, including but not limited to mutual funds or funds according to applicable provisions, for which an Investor Position Account is kept pursuant to the terms hereof.

Investor Position Account
The account in the System associated with a Clients or Client Clearing Subaccount of the Clearing Member through which positions for the Investor arising from transactions conducted pursuant to the Credit Limit of the relevant Clearing Subaccount, are registered as declared by the Clearing Member. For the purposes of determining the Investor Position Account corresponding to a Client Clearing Subaccount and Client Clearing Account, the Investor shall be taken to be the Client. 


J

 


K

 


L
 

M

Margin
The margin defined in Regulation No 648/2012 and Commission Delegated Regulation (EU) 153/2013, provided to ATHEXClear to secure their respective obligations vis-a-vis the latter, as they result by Clearing Account in accordance with the terms hereof.

Market
The Derivatives Market and the Securities Lending Mechanism. Wherever in this Rulebook the term Market is referred to in the singular or plural, it shall mean all of these markets or each one, as appropriate, unless otherwise expressly stated.   

Member Error Position Account
Account in the System linked to Clearing Subaccount of the Clearing Member through which positions arising from transactions of erroneous execution of orders of a Market Member, as conducted based on the Credit Limit of the relevant Clearing Subaccount, are registered as declared by the Clearing Member.

Market Maker Position Account
The account in the System associated with the Clearing Subaccount of the Clearing Member through which Market Maker positions arising from market making transactions in accordance with the ATHEX Rulebook pursuant to the Credit Limit of the relevant Clearing Subaccount, are registered as declared by the Clearing Member.

Market Member
An Undertaking providing Investment Services or a credit institution participating in the Market for trades under the Rulebook of such Market. 

Market Operator
The public limited company "Hellenic Exchanges - Athens Exchange S.A." (Athens Exchange or ATHEX) which administers the Derivatives Market of ATHEX and whose transactions are cleared by ATHEXClear in accordance with provisions in force and the stipulations set out herein.

Market Rulebook
The Athens Exchange (ATHEX) Rulebook of Law 3606/2007 with regard to the Derivatives Market and the Securities Lending Mechanism of ATHEX.

Member Position Account
Derivatives Market Maker Position Account, Market Maker Position Account, ETF Market Maker Position Account, Structured Products Market Maker Position Account, Warrants Market Maker Position Account, Securities Market Position Account, Operator Position Account, and Member Error Position Account. Wherever in this Rulebook reference is made to the term Member Position Account it shall mean all of the above Position Accounts, or each one, as appropriate, unless otherwise expressly stated. 


N

Non-Clearing Member
A Market Member that does not have the capacity of a Clearing Member and cooperates, for the clearing of the transactions it conducts on the Market, with at least one General Clearing Member in accordance with the terms hereof.


O

Operator
An Undertaking providing Investment Services or a credit institution within the meaning of Law 3606/2007 and Directive 2004/39/EC conducting the aggregate execution of client orders in managing client portfolios pursuant to applicable provisions.

Operator DSS
The DSS Operator within the meaning of the DSS Regulation involved in transaction settlement procedures in accordance with the terms hereof Rules and the DSS Regulation.

Operator Account
The Securities Account Operator Account used by the Operator in the DSS under the DSS Regulation.

Operator Position Account
Account in the System linked to Clearing Subaccount of the Clearing Member through which positions arising from transactions of centralized execution of orders of the Operator, which have not been allocated to its clients' Trading Codes, as conducted based on the Credit Limit of the relevant Clearing Subaccount, are registered as declared by the Clearing Member. 

Own Clearing Account
The account held by a Clearing Member in its name in the System to clear its own transactions in accordance with the terms hereof. 

Own Clearing Subaccount
Clearing Account of the Own Clearing Account of a Clearing Member held in the System for purposes of registration and allocation of the Credit Limit of the relevant Clearing Account in accordance with the terms hereof.

Own Position Account
The account in the System associated with an Own Clearing Subaccount of the Clearing Member through which own positions of the Clearing Member arising from transactions conducted pursuant to the Credit Limit of the relevant Own Clearing Subaccount, are registered as declared by the Clearing Member. The above own positions shall not include any positions that may be held by the Clearing Member and registered in a Member Position Account of the Clearing Member in accordance with the terms hereof.


P

Position Account
Own Position Account, Derivatives Market Maker Position Account, Market Maker Position Account, ETF Market Maker Position Account, Structured Products Market Maker Position Account, Warrants Market Maker Position Account, Securities Market Position Account, Clients Position Account, Operator Position Account, Member Error Position Account, and Investor Position Account. Wherever in this Rulebook reference is made to the term Position Account it shall mean all of the above Position Accounts, or each one, as appropriate, unless otherwise expressly stated.

Position Limit
The limit set by ATHEXClear to Clearing Members as to the possibility of opening a position or keeping a position from transactions as provided for in the Rulebook.


Q

 


R

Risk Committee
The committee that is composed of representatives of Clearing Members, independent members of the Board of ATHEXClear and representatives of its clients, as specified by the terms of this Rulebook. Such committee functions in accordance with the terms hereof and the provisions set out in Regulation (EU) No 648/2012.

Rulebook
The current Rulebook for Clearing Derivatives Transactions prepared by ATHEXClear in accordance with applicable provisions. Where reference is made in this Rulebook to the term Rulebook, this shall also mean the Resolutions adopted in implementing the Rulebook.


S

Share Accounts (DSS)
The Share Accounts held with the DSS in accordance with the DSS Regulation, such as, in particular, the Investor Share Account, the Common Investor Share Account, the Member Share Account and, the various forms of Market Maker Share Accounts. Wherever in this Rulebook reference is made to the term Share Account within the meaning of the DSS Regulation, this shall mean a Share Account in the DSS regardless of class, unless otherwise expressly stated.

Securities Account
The Securities Account of a DSS Share Account within the meaning of the DSS Regulation, including the Special Account and the Interim Accounts in accordance with the above Regulation. Wherever in this Rulebook reference is made to the term Securities Account, this shall mean the Securities Account of a DSS Share Account regardless of class.

Securities lending or borrowing
The lending or borrowing of securities or the sale or purchase of securities under buy back or sell back agreements as arising from the transactions on securities lending products in the Securities Lending Mechanism of ATHEX.

Securities Lending Mechanism
The ATHEX Securities Lending Mechanism which operates in accordance with the ATHEX Rulebook as a form of securities financing, notably as securities lending or contract of sale or purchase of securities under a buy back or sell back agreement, within the meaning of Article 2(10) of Commission Regulation (EC) No 1287/2006 and is governed by national law and whose transactions are cleared by ATHEXClear as provided for in the Rulebook.

Securities Lending Products
Securities financing transactions, notably transactions involving security lending or purchase or sale under buy back or sell back agreements within the meaning of Article 2(10) of Commission Regulation (EC) No 1287/2006 carried out in the Securities Lending Mechanism and cleared by ATHEXClear as provided for in the Rulebook. 

Securities Market
The regulated Securities Market of ATHEX operating in accordance with the provisions of the ATHEX Rulebook and the Alternative Market operating in accordance with the Alternative Market Operating Rules, which have been duly licensed by the Hellenic Capital Market Commission, are governed by national law and whose transactions are cleared by ATHEXClear in accordance with the Rulebook for Clearing Transactions in Book-Entry Securities

Securities Market Member
An Undertaking providing Investment Services or a credit institution participating in the Securities Market for trades under the rules governing the functioning of the Market. 

Securities Market Member Position Account (fail trades)
Account in the System linked to the Clearing Subaccount of the Clearing Member through which positions of the clearing member in the clearing system of the Securities Market arising from securities lending transactions conducted in the Securities Lending Mechanism to cover fail trades in the Securities Market based on the Credit Limit of the relevant Clearing Subaccount, are registered as declared by the Clearing Member. 

Securities Settlement Account
The account held by the Operator in the DSS or, where appropriate, in another equivalent system for the settlement of transactions on securities in accordance with the terms hereof. For the purposes of the Rulebook, Operator Accounts in the DSS shall be considered Securities Settlement Accounts. 

Special Own Resources
The amount made available by ATHEXClear to cover Clearing Member default which is used after the use of its share account in the default fund to cover and before making use of shares accounts in the Default Fund of non-default Clearing Members in accordance with the terms hereof. 

Structured Products Market Maker Position Account
The account in the System associated with the Clearing Subaccount of the Clearing Member through which Structured Products Market Maker positions, ETFs arising from market making transactions in accordance with the ATHEX Rulebook pursuant to the Credit Limit of the relevant Clearing Subaccount, are registered as declared by the Clearing Member.

System
The system for clearing transactions on Derivatives managed by ATHEXClear and which is governed by national law, through which ATHEXClear, as central counterparty and System administrator, pursuant to applicable provisions, clears trades on the Derivatives Markets as specified herein. The above definition also includes the operation of the OASIS electronic clearing system. This shall also include such technical and support procedures as are linked to it and which ATHEXClear employs for clearing purposes following the procedures it has in place. 


T

Transferable Securities
Such transferable securities as are, in respect of a Derivative Trading Code: The trading code handled by a Market Member for each Market to trade in the Market as specified in each case in the Market Rulebook.


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X
 

Y

 


Z

 


Definitions of the Rulebook for Clearing Transactions in Book-Entry Securities

Note: Definitions herein are for the purpose of the market standards only and are not necessarily meant to have any legal connotations

A

ATHEXClear
The public limited company with the registered name "Athens Exchange Clearing House S.A." and business name "ATHEXClear", which acts as a central counterparty (CCP) within the meaning of Regulation (EU) No 648/2012 and System Operator under Law 3606/2007 for the clearing of transactions in accordance with the provisions of this Rulebook.


B

Board
The Board of Directors of ATHEXClear, which operates in accordance with provisions in force, in particular of Law 2190/1920, Regulation (EU) No 648/2012 and Law 3606/2007, and in general with the statutory provisions governing ATHEXClear.


C

Cash Settlement Account
The account and any subaccount thereof for which provision is made, held with a Cash Settlement Agent for ATHEXClear, the CSD, Clearing Members or other Operators in accordance with this Rulebook, and which is used for performing cash settlement of transactions.

Cash Settlement Agent
The central bank or other payment or settlement system operator under Law 2789/2000 and Directive 98/26/EC, or credit institution under Law 3601/2007 and Directive 2006/48/EC, through which the cash settlement of transactions cleared by ATHEXClear is carried out in accordance with the provisions hereof and the relevant settlement procedures.  

Certified Clearer
The natural person who has been certified by ATHEXClear to perform clearing and settlement operations for a Clearing Member.

Clearing Account
The Own Clearing Account, the Clientele Clearing Account and the Client Clearing Account. Any reference in this Rulebook to the term "Clearing Account", in either the singular or plural, is to all of the above Clearing Accounts, or to one of them as the case may be, unless otherwise expressly stated.  

Clearing Member
An investment firm or credit institution, in particular within the meaning of Law 3606/2007 and Directive 2004/39/EC, which participates in the System for the clearing and settlement of transactions cleared by ATHEXClear and is accountable to ATHEXClear for the fulfilment of any and all obligations arising from this participation in accordance with the provisions of this Rulebook. Any reference in this Rulebook to "Clearing Members", in either singular or plural, shall be to Direct Clearing Members and General Clearing Members, as defined herein, or to either of them as the case may be, unless otherwise expressly stated.  8. Client Clearing Account: The account held in the System by a Clearing Member in the name of a Client for the purpose of clearing its transactions in accordance with the provisions hereof.

Client
An undertaking having a contractual relationship with a Clearing Member, which allows the undertaking to clear its transactions with ATHEXClear through a Client Clearing Account in accordance with the provisions hereof.

Clientele Clearing Account
The account held in the System by a Clearing Member for its clients for the purpose of clearing their transactions in accordance with the provisions hereof.

Competent Authorities
The authorities responsible for the supervision of the persons that are in each case referred to in accordance with the Scope of Application and the specific provisions of this Rulebook.

Covered sell
The selling of Transferable Securities on the basis of a covered sell order in the Securities Market in accordance with the Market Rulebook and the more specific provisions of this Rulebook.1

Covered sell order
A sell order entered in the Market and activated for execution after the Transferable Securities to which it relates have first been blocked in the DSS in favor of ATHEXClear, in accordance with the terms hereof, and which for this reason does not require the existence of a credit limit for its entry.2

Credit Limits
The prefunded limits set by ATHEXClear on Clearing Members in connection with the capacity of Market Members to enter orders and conduct transactions in the Market in accordance with the provisions of this Rulebook.

CSD (Central Securities Depository)
The public limited company with the registered name "Hellenic Central Securities Depository S.A." (HCSD), which acts as the operator of the Dematerialized Securities System and as the Central Securities Depository in accordance with provisions in force, in particular Law 3756/2009.


D

Data Sheet
The sheet kept by the Clearing Member daily for each client in a durable medium that guarantees safekeeping, with all the data and information pertaining to the clearing and settlement of the client's transactions and positions, including but not limited to the client's outstanding transactions and positions in connection with the clearing procedures, as these arise at the end of each clearing day and with risk calculation procedures in accordance with the provisions hereof, the rights and obligations of the client with respect to these positions, the collateral provided by the client, the activity and entries of the client's accounts in connection with the clearing and settlement of transactions, as well as any other relevant information that ATHEXClear may specify by virtue of a decision also setting out any relevant technical conditions for its implementation.

Default Fund
The pre-funded default fund operating in accordance with Regulation (EU) No 648/2012 and Law 3606/2007, which is managed by ATHEXClear in order to protect the System against the credit risks of Clearing Members, as such risks arise from the clearing process, in accordance with the provisions of this Rulebook.

Dematerialized Securities System (DSS)
The system for keeping transferable securities in book-entry form that is managed by HCSD as the Central Securities Depository and DSS Administrator in accordance with provisions in force, in particular of Law 3756/2009 and the DSS Rulebook.

DSS Rulebook
The Dematerialized Securities System rulebook that has been drawn up pursuant to Decision 3/304/10.6.2004 of the Board of Directors of the Hellenic Capital Market Commission, as currently in force.


E

 


F

 


G

 


H

 


I

Intermediary
An investment firm or credit institution, in particular within the meaning of Law 3606/2007 and Directive 2004/39/EC, which conducts, through Market Members, transactions in its own name but on behalf of clients, which are cleared and settled in accordance with the provisions of this Rulebook.

Irrevocable Declaration of Securities Account
The declaration of a Securities Settlement Account prior to the settlement day of the respective transferable securities to be delivered, which entails the irrevocable blocking of the securities for the purpose of their settlement in accordance with article 6.9.4 of this Rulebook. Short positions for which a securities account has been irrevocably declared are deemed to have been settled and are not taken into account in risk calculation as defined in this Rulebook. 


J

 


K

 


L

 


M

Margin
The margin as defined in Regulation (EU) No 648/2012 and Commission Delegated Regulation (EU) No 153/2013, which is provided to ATHEXClear to secure obligations to it, as these arise per Clearing Account in accordance with the provisions of this Rulebook.

Market
The Securities Market and the Alternative Market of Athens Exchange (ATHEX) which have been licensed by the Hellenic Capital Market Commission and operate in accordance with the provisions of the ATHEX Exchange Rulebook and of the Alternative Market Rulebook respectively, and whose transactions are cleared by ATHEXClear in accordance with the provisions of this Rulebook.

Market Member
An investment firm or credit institution that participates in the Market for the purpose of carrying out transactions in accordance with the Rulebook governing the operation of that Market.

Market Operator
The public limited company with the registered name "Hellenic Exchanges - Athens Stock Exchange S.A." and business name "ATHEX S.A.", which operates as a Market Operator in accordance with Law 3606/2007.

Market Rulebook
The Athens Exchange rulebooks covering the operation of the ATHEX Securities Market and the operation of the Alternative Market. Any reference in this Rulebook to the term "Market Rulebook", whether in the singular or plural, is to both the aforesaid regulatory texts or to one of them as the case may be, unless otherwise expressly stated.

Member Share Account
The Share Account kept in the DSS by a Clearing Member, in accordance with the DSS Rulebook.


N

Non-Clearing Member
A Market Member that does not have the capacity of a Clearing Member and cooperates, for the clearing of transactions it conducts on the Market, with at least one General Clearing Member in accordance with the provisions hereof.


O

Operator
The DSS Operator within the meaning of the DSS Rulebook, which participates in transaction settlement procedures in accordance with the provisions hereof and the DSS Rulebook.

Operator Account
The account used by the Securities Account Operator of a DSS Share Account in accordance with the DSS Rulebook.

Own Clearing Account
The account held in the System by a Clearing Member in its name for clearing its own transactions in accordance with the provisions hereof.


P

Positions
Unsettled buy or sell trades performed in the Market

Position Limit
The limit set by ATHEXClear on the capacity of Clearing Members to open or maintain a position in accordance with the provisions of this Rulebook.


Q

 


R

Risk Committee
The committee composed of representatives of Clearing Members, independent members of the Board of Directors of ATHEXClear and representatives of its clients, as specified by the provisions of this Rulebook, which functions in accordance with the terms hereof and the provisions of Regulation (EU) No 648/2012. 

Rulebook
This Rulebook of the System for Clearing Transactions in Book-Entry Securities, which has been drawn up by ATHEXClear in accordance with provisions in force. Any reference herein to the term "Rulebook" shall also be to the Decisions issued in implementation thereof.


S

Securities Account
The Securities Account of a DSS Share Account within the meaning of the DSS Rulebook, including the Special Account and the Interim Accounts in accordance with the provisions of the aforesaid Rulebook. Any reference in this Rulebook to the term "Securities Account" is to the Securities Account of a DSS Share Account regardless of class.

Securities Financing Transactions
Any financing transaction typically involving stock lending or stock borrowing, repurchase or reverse repurchase agreements within the meaning of article 2, par. 10 of Commission Regulation (EC) No 1287/2006 which is carried out in the Securities Lending Market and cleared by ATHEXClear in accordance with the Clearing Rules for Derivatives Transactions.   

Securities Settlement Account
The account held by the Operator in the DSS or, where applicable, in an equivalent system, for the settlement of securities transactions in accordance with the provisions hereof. For the purposes of this Rulebook, Operator Accounts in the DSS shall be considered Securities Settlement Accounts.

Share Account (DSS)
The Share Account held with the DSS in accordance with the DSS Rulebook, such as, in particular, the Investor Share Account, the Common Investor Share Account, the Member Share Account and the various forms of Market Maker Share Accounts. Any reference in this Rulebook to the term "Share Account" within the meaning of the DSS Rulebook is to a DSS Share Account regardless of class, unless otherwise expressly stated.

Special Own Resources
The amount held by ATHEXClear to cover the default of a Clearing Member, which is utilized for this purpose after first making use of the member's share account in the Default Fund and before using the Default Fund share accounts of nondefaulting Clearing Members in accordance with the provisions of this Rulebook.    41. System: The system for clearing transactions in transferable securities which is managed by ATHEXClear and governed by national law, through which ATHEXClear, as central counterparty and System administrator, in accordance with provisions in force, clears trades carried out in the Markets in accordance with the provisions of this Rulebook. The above definition of the System also covers the operation of the Automated Integrated Trading System (OASIS), including all technical and support procedures linked thereto, which are used by ATHEXClear for clearing purposes in accordance with the procedures it has in place.


T

Trading Code
The alphanumeric code held by a Market Member, the Market Operator and ATHEXClear for each investor, through which a Market Member carries out transactions in the Market on behalf of investors.

Transferable Securities
The transferable securities traded in a Market in accordance with the Rulebook governing such Market, transactions in which are cleared by ATHEXClear in accordance with the provisions hereof or which may be the subject of collateral provided pursuant to the provisions hereof, as the case may be.


U

 


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Y

 


Z

 


Definitions of the Operating Rules of the Dematerialized Securities System

Note: Definitions herein are for the purpose of the market standards only and are not necessarily meant to have any legal connotations

A

Agents
Agents of the Monitoring System in the sense of article 6, Law 2198/1994, as provided in its Operating Regulations (Act of the Governor of the Bank of Greece no. 314Α/30-05-1995, as in force at any time).


B

Bonds
The dematerialized securities issued by the Greek government which are registered in the Monitoring System.


C

Cash Settlement Account
For the purposes hereof, the account and any kind of subaccount or other linked account thereof which is kept at a Cash Settlement Agent for an Operator in accordance with these Operating Rules and is used by the DSS Administrator for conducting cash settlement.5 

Cash Settlement Agent
A Central Bank or other administrator of a payment or settlement system of Law 2789/2000 and of Directive 98/26/EC or a credit institution of Law 3601/2007 and Directive 2006/48/EC, through which cash settlement is performed by the DSS Administrator in accordance with the terms of these Operating Rules.

Consignment Deposits & Loans Fund Deposit Share (CDLF Deposit Share)
The Share kept by the DSS Administrator in the name of the CDLF for the depositing of transferable securities in the CDLF.

Custodian
Any credit institution entitled to legally provide the service of safekeeping and handling of securities in Greece.


D

Debentures
The securities issued in accordance with articles 3a to 3c of Law 2190/1920 and par. 2, article 58, Law 2533/97, as in force.

Debenture holder
The beneficiary of debentures.

Dematerialized Securities System (DSS)
The computerized operating system for the registration and monitoring of securities in book-entry form, as well as the monitoring of any changes thereto, which has been created and is administered by the DSS Administrator.

Derivatives Market Maker
The Member acting on ATHEX as a Market Maker in derivatives admitted to trading on ATHEX in accordance with the provisions of the ATHEX Rulebook and these Operating Rules.

DSS Administrator
The public company with legal name "Hellenic Central Securities Depository S.A." (ATHEXCSD) which acts as administrator of the DSS and is a Central Securities Depository pursuant to applicable provisions, particularly Law 3756/2009. Any reference in these Operating Rules to the terms CSD or HELEX shall mean the DSS Administrator.


E

ETF Issuer
for the purposes of applying these Operating Rules, and in the case of Greek mutual funds, the Mutual Fund Management Company for which provision is made in Law 3283/2004, or, in the case of foreign mutual funds, the Management Company for which provision is made in Council Directive 85/611/EEC.

ETF Market Maker
The ATHEX Member licensed by ATHEX to conduct transactions in the framework of the market making it has undertaken by virtue of a relevant contract with the ETF issuer that manages the respective units.  

ETF Units
The ETF units that have been admitted to trading on a Market in accordance with the Rulebook of that Market. For the purposes of applying these Operating Rules, any reference to the term 'transferable securities' shall also include ETF Units, unless otherwise expressly stipulated.

Exchange Traded Funds (ETFs)
The following mutual funds, whose units are listed or for which an application has been submitted for their listing on a Market, namely: a) mutual funds in the sense of par. 1, article 24a, Law 3283/2004, and b) mutual funds that track a stock index and have been granted an operating licence by the competent authorities of an EU member state, other than Greece, in accordance with the provisions of Council Directive 85/611/EEC, provided that provision has been made in their operating regulations for their admission to trading on a regulated market and provided the conditions of decision no. 2/425/12-7-2007 of the Hellenic Capital Market Commission are met.
 


F

Foreign transferable securities
The transferable securities of par. 13, article 2, Law 3606/2007 and of article 1, Law 3371/2005, which have been registered in a foreign Central Securities Depository and are held at a Provider.


G

General Operator
The Operator having the right to give Settlement Instructions to the DSS Administrator for the transfer of securities between different Shares in accordance with these Operating Rules. The following have the right to enter Settlement Instructions in accordance with the above:

(a) the Operator in the case of (a) or (b) of par. 32, provided it has regulatory capital of at least twenty million euros (€ 20,000,000);
(b) the Operator in the cases of (c) and (e) of par. 32.
 


H

Hellenic Certificates (HCs)
The dematerialized transferable securities provided under par. 3, article 59, Law 2396/1996 as in force, which have been admitted to trading on the GMECM.


I

Issuer
The legal entity whose transferable securities have been listed or admitted to trading on a Market and whose transferable securities have been registered primarily or secondarily in the DSS or the legal entity whose transferable securities are monitored through book entries in the DSS. For the purposes of applying these Operating Rules, in the case of Warrants issued by the Hellenic Financial Stability Fund (HFSF) pursuant to Law 3864/2010 and its delegated regulatory decisions, the issuer of the underlying transferable securities has the rights and obligations of the Issuer.

Issuer of Hellenic Certificates (HCs):
The Issuer of HCs, for which provision is made in par. 14, article 59, Law 2396/96 as in force, in respect of those certificates it has issued and have been admitted to trading on the Greek Market of Emerging Capital Markets (GMECM).

Issuer of Structured Financial Products (SFPs)
The legal entity that issues SFPs.

Issuer of Underlying Shares
Provided in par. 4, article 59, Law 2396/96, as in force


J

 


K

 


L

 


M

Market
Any regulated market or Multilateral Trading Facility which meets the requirements of Law 3606/2007 and has been licensed by the Hellenic Capital Market Commission (HCMC), with the exception of the Electronic Secondary Securities Market (ESSM) of article 26, Law 2515/1997.

Market maker
The Member acting on ATHEX as a Market Maker in transferable securities admitted to trading on ATHEX in accordance with the provisions of the ATHEX Rulebook and these Operating Rules.

Member
any Investment Firm or credit institution, which: a) has received an operating licence from the competent supervisory authority for the provision of the service provided in item

(a), paragraph 2, article 4, Law 3606/2007, and
(b) has the capacity of member of the Market in which DSS-registered securities are traded, or the capacity of System member.

Monitoring System
The System for Monitoring Transactions in Book-Entry Securities, established by virtue of article 5, Law 2198/1994, which is administered by the Bank of Greece.

 


N

 


O

Operator
One of the entities stipulated in items (a) to (e) below, which has the right to operate an Operator Account in accordance with these Operating Rules, as well as the appropriate technical and operational means that are required for its connection and communication with the DSS.

(a) Member  
(b) Custodian
(c) Foreign Central Securities Depository overseen in accordance with its governing law by a supervisory authority that has concluded a cooperation protocol with the Hellenic Capital Market Commission, has created links with the DSS Administrator, and has concluded the relevant agreements in accordance with the provisions of these Operating Rules. The foreign Central Securities Depository must satisfy the above requirements for the entire duration of its operation as a DSS Operator.
(d) The Hellenic Central Securities Depository (ATHEXCSD), which is considered to be an Operator solely and exclusively in respect of the actions for which provision is made in these Operating Rules, in the Rulebook for the Clearing and Settlement of Transactions in Book-Entry Securities, and in the decisions of the DSS Administrator.
(e) Administrator of a System linked to the DSS for the settlement of transactions in accordance with the terms of these Operating Rules.
(f) The Consignment Deposits & Loans Fund (CDLF) in implementation of the provisions on the registration of consignments.


P

Provider
One of the entities stipulated in (a) and (b) below which is linked to the DSS Administrator in accordance with the provisions of articles 5 and 6 of Law 3756/2009 for the keeping and monitoring of foreign transferable securities through DSS book entries.

(a) A foreign Central Securities Depository which is overseen in accordance with its governing law by a supervisory authority that has concluded a cooperation protocol with the Hellenic Capital Market Commission, has created links with the DSS Administrator, and has concluded the relevant agreements in accordance with the provisions of these Operating Rules.
(b) A credit institution or Investment Firm which is licensed to provide the service of keeping and handling securities and acting as custodian of the DSS Administrator in the sense of article 5, Law 3756/2009.
 


Q

 


R

Record date
The date on which an investor must be registered in DSS records in order to be the beneficiary of a corporate action, as such date is announced by the Issuer, in accordance with the ATHEX Rulebook.


S

Settlement Instruction
The instruction entered in the DSS: (a) by an Operator for the purpose of making book entries transferring foreign securities between different Shares in accordance with the terms of these Operating Rules; (b) by a System Administrator or General Operator for the transfer of securities between different Shares or for making the relevant book entries using the "Delivery Versus Payment" method or the "Free Of Payment" method in accordance with the terms of these Operating Rules; (c) by an Operator for the delivery and receipt of considerations in cash or transferable securities within the framework of implementation of a corporate or other action.

SFP Market Maker
The ATHEX Member licensed by ATHEX to conduct transactions in the framework of the market making it has undertaken by virtue of a relevant contract with the SFP issuer that manages the respective Structured Financial Products.

System
A clearing or settlement system or system of a central counterparty which is lawfully operating in Greece in accordance with Law 3606/2007, or a similar system of an EU member state, other than Greece, or of a third country, which operates in accordance with its governing law, is administered by its administrator, and is linked to the DSS for the settlement of transactions.

System Administrator
The administrator of a clearing or settlement System or central counterparty which is lawfully operating in Greece in accordance with Law 3606/2007, as well as any other entity of an EU member state, other than Greece, or of a third country, which operates similar Systems in accordance with its governing law, and is linked to the DSS for the settlement of transactions in accordance with the terms of these Operating Rules.

Structured Financial Products (SFPs)
The transferable securities designated as such by virtue of the Hellenic Capital Market Commission decision for which provision is made in instance (f), paragraph 3, article 1, Law 3371/2005.


T

"Τ''
The day on which a transaction is carried out in a Market. Days Τ+1, Τ+2 and Τ+3 correspond to the first, second and third business days after conclusion of the transaction.


U

 


V

 


W

 


X

 


Y

 


Z

 


 

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