Clearing Banks

SB – the Settlement Bank, which executes payments for IRGiT associated with the settlement of transactions concluded on financial markets on the Polish Power Exchange. It keeps the following accounts dedicated to a given Clearing House Member: IRGiT’s transaction margin sub-account, which is used to hold transaction margins, and IRGiT’s collateral margin sub-account, which is used to hold the required collateral margins.

CB – the Clearing Bank, which executes payments for Clearing House Members associated with the settlement of transactions concluded on financial markets on the Polish Power Exchange. It keeps the Member’s Clearing Bank Account, which is used for cash settlements with IRGiT (associated with the clearing of financial instruments and with updates of collateral margins). The Clearing Bank provides its services based on the agreement concluded with the Clearing House Member, IRGiT and its Settlement Bank.

CB’s role in the cash settlement of financial instruments (not applicable to the CO2 emission allowance market)

CB’s role in the cash settlement of financial instruments (applicable to the CO2 emission allowance market)

CB’s role in the cash settlement – updating of the collateral margins