The Clearing Members are obliged to maintain resources designed for the collateralization of cash settlements in the form of the Transaction Margin.
The Transaction Margin is the sum of the resources lodged by the right of required Delivery Margin as well as Historic Margin and the Transaction Limit. The Transaction Limit represents the excess of resources in the Transaction Margin above the value of the required Delivery Margin and Historic Margin.
The minimum value of resources lodged in the Transaction Margin is determined by the Detailed Clearing Rules for the markets operated by TGE S.A
Transaction Limit consists of:
- The Basic Transaction Limit
- The Transaction Limit dedicated to the IDM
Payments feeding the Basic Transaction Limit can be made:
- in cash,
- in form of non-cash collaterals, according to the Detailed Clearing Rules for the markets operated by TGE S.A.
Payments feeding the Basic Transaction Limit can be made only in cash.
Declaration of Transaction limit dedicated to the IDM(XBID).
The value of the required Delivery Margin for a given month is equal to a doubled maximum daily value of liabilities which have come into being as a result of delivery by the right of transactions which have been entered into on the CDM (RTT).
The algorithm of calculation and payment deadline is determined by the Detailed Clearing Rules for the markets operated by TGE S.A.
The required amount of the Historic Margin for a Clearing Member is determined daily. It is used only for instruments from Energy Day Ahead Market. The required amount of the historic margin is determined in accordance with Detailed Clearing Rules for the markets operated by TGE S.A.
Example of calculations and update for Transaction Limit.