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Glossary

  • Accounting cut-off

    The time on every business day established by ECC for every spot product. Spot market trades concluded or registered after the accounting cut-off are considered concluded or registered on the next business day. Unless other provisions are made, the accounting cut-off corresponds to the end of trading on every business day.

  • Balance Agreement

    All contractual agreements between the transmission system operator or hub operator and the Trading Participant as well as between the transmission system operator / hub operator and ECC Lux regarding the settlement of power and natural gas deliveries.

  • Batch Processing

    Daily ECC process carried out in the evening for daily settlement, position administration as well as the calculation and booking of margins for all transactions for which ECC has taken over clearing.

  • Business Day / ECC Business Day

    The days from Monday to Friday on which transactions are settled financially by ECC excluding TARGET II holidays.

  • Business Hours

    The business hours are from 7.30 am to 7.00 pm on every business day.

  • Cash pledge account

    Pledge account of the Clearing Member with regard a given Non-Clearing Member kept at ECC.

  • CCP

    Central Counterparty, central counterparty within the meaning of art. 1 paragraph 31 KWG [German Banking Act]

  • Clearing

    Financial and physical settlement of transactions as well as collateralisation of transactions.

  • Clearing Account

    Accounts of the Clearing Members, the Sub-CCP and ECC, which are kept by ECC or a third party on behalf of ECC and to which payments are credited or from which such are debited in batch processing during the settlement of the transactions in accordance with the Clearing Conditions.

  • Clearing Broker

    Clearing Member which enables his clients to access a Market if such client does not have access to this Market itself. Clients which use their Clearing Member as Clearing Broker must be admitted as Non-Clearing Members and Trading Participants by ECC.

  • Clearing Fund

    ECC requests a contribution to the clearing fund from the Clearing Members. This contribution is used, for example, to cover intraday risks and other risks (stress case).

  • Clearing House

    Central counterparty for the transactions included in clearing.

  • Clearing Member

    Participant in the clearing procedure who has a clearing license. A Clearing Member can also be licensed by ECC as a Trading Participant for one of the products.

    Types: General Clearing Member, Direct Clearing Member.

  • Close-out

    An open position in futures and options is closed out by concluding an exactly opposite matching trade. In case of a default on the part of a Clearing Member or upon a request by a Clearing Member in case of a default on the part of a Non-Clearing Member, ECC will close out the positions of the Clearing Member or Non-Clearing Member concerned.

  • Contract

    Standardised unit of measurement for transactions. In the case of spot market contracts, this refers to the quantity of the commodity; in the case of derivatives market contracts, it refers to the quantity of the commodity and the maturity date of the delivery. The contract specifications determine the arrangements of any given contract.

  • Cooperation Products

    Products which are traded on a market recognised by ECC and for which a Sub-CPP is included in the clearing process on the basis of an agreement.

  • Cross-Margining

    Different possibilities of offsetting risks which cancel each other out entirely or in part in a portfolio are referred to as cross-margining by means of which the amount of the margins to be furnished is adjusted to the actual risk. For this purpose, ECC combines net positions into margin classes and margin groups.