The members participating in the ATHEX securities market are the ATHEX Trading Members as far as the transactions execution is concerned and the ATHEXClear Clearing Members / Operators as far the clearing, settlement and registry of the aforementioned transactions is concerned.

ATHEX Trading Members

The Trading Members who participate in the trading services are distinguished based on their headquarters and the place of their activities into:

  • Trading Members based in Greece (TM)
  • Trading Members based in Cyprus and
  • Trading Members based outside Greece and Cyprus (Remote Members - RM)

 

The abilities of the members who are active as Trading Members involve the following services:

  • Orders receipt and execution through the use of the operational abilities of ATHEX's trading systems.
  • Operation within certain framework as described in ATHEX Rulebook for the risk management and the assurance of the clearing and settlement of transactions through the mechanism of the Clearing House.
  • Informing of the clients or/and their co-operators about the executed orders.
  • Λειτουργίες διάρθρωσης στις οποίες περιλαμβάνεται η συμπλήρωση, διάσπαση.
  • Ομαδοποίηση και διόρθωση των εντολών εκκαθάρισης (συναλλαγών) που προκύπτουν από τις εκτελεσθείσες συναλλαγές μετά το τέλος της συνεδρίασης.

ATHEXClear Clearing Members / Operators

The participants in the clearing operations are distinguished into two types:

  • Direct Clearing Members (DCM) who clear transactions that have been executed by themselves as Trading Members.
  • General Clearing Members (GCM) who clear transactions that might be executed either by themselves as Trading Members or by other Trading Members. A General Clearing Member is not indispensably a Trading Member also.

The Trading Members through their access to the clearing mechanism execute the following operations:

  • Λειτουργίες διάρθρωσης στις οποίες περιλαμβάνεται η συμπλήρωση, διάσπαση, ομαδοποίηση και διόρθωση των εντολών εκκαθάρισης που προκύπτουν από τις εκτελεσθείσες συναλλαγές μετά το τέλος της συνεδρίασης.
  • Μετάθεση του διακανονισμού συναλλαγών  σε Θεματοφύλακες σύμφωνα με οδηγίες των πελατών τους ή των ΜΔ που εξυπηρετούν.
  • Covering of their obligations regarding the counterparty risk towards the Clearing Mechanism.
  • Informing of their clients and the Trading Members that they serve regarding their obligations (guarantees, credit limits)
  • Covering of all the obligations regarding the settlement of transactions within the framework that the Clearing House defines.

The participants in the Settlement and Registry operations are distinguished into two types according to their ability to register settlement instructions other than on-exchange transactions. These are the simple DSS Operators and the General Operators.

For their activation in the Settlement operations, their access to the Settlement Bank is required as well as their access to the Shares and Securities Accounts Registries for:

  • The provision/receipt of the necessary cash flows and
  • The use of the necessary Securities Account for the commitment of the quantities to be delivered and for the charge or credit of the securities when the settlement is completed.

The registry services include the following activities:

  • Safekeeping of the securities by holding the necessary files in the securities accounts in the Dematerialised Securities System in the name of the clients,
  • Participation on behalf of the clients in corporate actions or other corporate events of the Issuers,
  • Direct and precise informing of the shareholders regarding the status and rights of the securities held,
  • Other operations of the Depository which involve the Share management and the investors Securities' Account
  • Fulfilment of the clients' tax obligations as they derive from the corresponding Laws.

For the fulfilment of their obligations the Clearing Members are required to participate in the settlement and registry services as well.

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