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 the Transaction Limit. The Transaction Limit represents the excess of resources in the Transaction Margin above the value of the required Delivery Margin.
The minimum value of resources lodged in the Transaction Margin is determined by the Resolution of Management Board of IRGiT (Resolution No. 27/08/01/2018)
Payments feeding the Transaction Limit can be made:
- in cash,
- in form of non-cash collaterals, according to IRGiT rules (Resolution No. 249/75/11/2017)
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.
Example of calculations and update for Delivery Margin