Clearing

Clearing

Clearing of the organized electricity market – day ahead segment in Macedonian market area is governed according the rules for operation of the organized electricity market – Clearing & Financial settlement rules for the organized electricity market. MEMO Ltd is using a multilateral clearing mechanism to act as CCP and to provide clearing services and ensure the financial security of transactions concluded on our market.

Multilateral clearing mechanism is composed from:

• MEMO as CCP
• Clearing portal
• Internet banking system – e-banking of our clearing bank

In the clearing process MEMO will take all claims and liabilities of market participants for the given trading day and will prepare the following documents:

• Invoices for debtors – Payment time T+1 until 09:45
• Self-invoice for claims – Payment time T+2 until 14:00
• Trade reports for the given day.
• Offset reports for the settlement day.

All the documents will be available to the market participant via the Clearing portal. Clearing portal is a browser-based platform and only requires an internet connection with an established internet browser. Client certificates are used as an authentication mechanism for log in and usage.

Clearing portal provides Market Members to see their own documents created during the clearing process with the possibility for exporting it in different formats for further usage. The clearing portal also provides an overview of the trades concluded on the market and a view of the trade limit for the trading sessions. The Ticket submission module incorporated in the portal provides fast and easy communication between CCP and Market member for submitting requests and resolving issues that may occur during day-to-day business. For detailed guide on how to use the clearing portal please look at the user guide manual on the following link.

Payments that arise from the activities from trading on the organized electricity market – day ahead segment will be settled via our bank account in our clearing bank. Market participants will transfer funds to MEMO ltd in line with their liabilities on the settlement account and MEMO ltd will transfer funds to Market participants in line with their claims from the settlement account.

As an addition to the settlement account, another bank account has been created for managing the financial deposits of the market participants. MEMO Ltd is the holder of this bank account and the cash deposits from every market participant will be held in separate sub accounts. For this the market participant will have read only access to the e-banking system of our clearing bank. Transferring funds from these sub accounts will be done with a request from the clearing portal.