Abwicklungs-Agenten

Pursuant to the rules, both clearing agents and clearing banks are clearing facilities.

They process the instructions of participating clearing members. Furthermore, they permit the safekeeping of clearing collateral with the exception of guarantees. As operators of their own (decentralized) clearing systems, they are under the obligation to include any relevant instructions in their systems and to process these so as to ensure orderly clearing.

Clearing agents do not enter into the transactions of their clearing customers, nor do they assume any liability for delivery. Within the scope of Article 2 (20) or Article 2 (31) of the Austrian Banking Act only the following can act as clearing agents:

• Austrian credit institutions
• all credit institutions licensend to operate in a Member State of the EU including their branch office in third countries
• all companies whose business consists of receiving cash or other repayable monies for depositing from the public and licensed to grant loans for their own accounts, and who have been licensed to carry on the business in other member states, including their branch offices
• recognized investments firms 
• recognized clearing agents which have signed the European Code of Conduct for Clearing and Settlement

They need to have own funds of at least EUR 50,000,000.