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Netting for cash market

KDPW_CCP provides a netting service in securities (including directional netting). The netting mechanism allows KDPW_CCP to generate one settlement instruction sent to KDPW or another settlement institution (for securities and/or cash settlement) for all operations which credit and/or debit a designated settlement account.

The implementation of netting and aggregation (directional netting) of debits and credits in securities arising from cleared transactions concluded on the regulated market or in an alternative trading system implies improved operating standards of the clearing process resulting in a significant reduction of the number of instructions sent for settlement while reducing the cost of trade settlement.

Non-cash netting or aggregate non-cash clearing cover non-cash debits and credits arising from cleared transactions provided that:

  • the clearing member has selected such mode of settlement;
  • such trades are to be settled on the same date;
  • securities under such trades are marked by KDPW with the same identifier in the depository system (ISIN code).

Both non-cash netting or aggregate non-cash clearing are only performed to the extent of the settlement of transactions registered in clearing accounts designated by a participant holding the status of clearing member for such transactions.