The company "Athens Exchange Clearing House S.A." ("ATHEXClear"), is a member of AthexGroup.
ATHEXClear has been authorised as a Central Counterparty in accordance with Regulation (EU) No 648/2012 (EMIR) to offer clearing services for a number of financial products. At present, the products cleared by ATHEXClear are the following:
- Products in the Securities Market of Athens Exchange:
- ETF units
- Corporate bonds
- Greek Government bonds
- Products in the Derivatives Market of Athens Exchange:
- Index Futures (a detailed description of the product is provided in Resolution 10 of the Board of Directors of ATHEX)
- Stock Futures (a detailed description of the product is provided in Resolution 12 of the Board of Directors of ATHEX)
- Index Options (a detailed description of the product is provided in Resolution 13 of the Board of Directors of ATHEX)
- Stock Options (a detailed description of the product is provided in Resolution 15 of the Board of Directors of ATHEX)
- Securities Lending Products (a detailed description of the products is provided in Resolution 17 of the Board of Directors of ATHEX
In addition, ATHEXClear is an authorised CCP for the following financial derivatives:
- Exchange Rate Futures
- Commodity Futures
- Exchange Rate Options
- Commodity Options
In the framework of its role as a Central Counterparty, ATHEXClear:
- Functions as a Central Counterparty in Markets (i.e. acting as buyer for the seller and as seller for the buyer). In this way it reduces Counterparty Risk in the Market.
- Operates with Clearing Members that assume the role of counterparty to ATHEXClear and must fulfil specific requirements (as described in the Clearing Rulebooks and Resolution 2 of the Board of Directors of ATHEXClear) and follow certain procedures in accordance with the Clearing Rulebooks and relevant Resolutions.
- Undertakes the Clearing of Transactions and calculates the liabilities and claims of Clearing Members for the transactions they carry out in the Regulated Markets or Multilateral Trading Facility (MTF) of Athens Exchange.
- Manages counterparty risk by following rigorous procedures and using specific tools to cover risk such as Margin, Default Fund, Own Resources (Risk Management).
- Offers Clearing Members and their clients different types of Clearing Accounts with different characteristics.
- Has a detailed plan in place and procedures that are followed in the event of default on the part of a Clearing Member, in order to prevent Clearing Members or ATHEXClear itself being exposed to loss.
Clearing Accounts comply with the requirements of article 39 of Regulation (EU) No 648/2012 and are classified as:
- Own Clearing Account: The account kept by a Clearing Member in its name for clearing its own transactions.
- Direct Clients Clearing Account: The account kept by a Clearing Member for its direct clients for the clearing of their transactions.
- Indirect Clients Clearing Account: The account kept by a Clearing Member for the clearing of transactions of the clients of its Clients (indirect clients), where Clients are investment firms or credit institutions.
- Client Clearing Account: The account kept by a Clearing Member in the name of a Client for the clearing of transactions of the Client.
Details regarding Levels of Protection and Segregation in accordance with par. 7, article 39, Regulation (EU) No 648/2012 are set out in the corresponding paragraph here.
To ensure the uninterrupted provision of clearing services and risk management, even in the case of total loss of access to its main installations, ATHEXClear has developed a Business Continuity Plan at alternative operating facilities (Disaster Recovery Site), at which back-up IT systems (networks, servers, workstatiosn, etc) are installed and ready for operations. This plan is certified to ISO 22301 and reviewed on an annual basis. In the framework of the annual review, the operation of ATHEXClear undergoes a general test from the Disaster Recovery Site.