Accounts and deposits

Before starting clearing activities, each clearing member must furnish proof to the clearing agency that it has the required cash and securities deposit available at the clearing bank and that it has given instructions to set up the required automatic debit/credit facility, the required authorizations to sign and the pledge declarations.

The clearing member must open the following cash and securities accounts with the clearing bank:

Clearing cash and securities accounts

• a cash accounts for each clearing currency for clearing cash amounts
• a securities account for clearing securities transactions with the Central Securities Depository

Collateral cash and securities accounts

• a collateral account for cash security
• a collateral account for the safekeeping of the securities deposited as collateral

When depositing a bank guarantee it is not necessary to set up collateral cash and securities account