The Settlement Agents are not OMIClear’s members, although they are recognized by OMIClear to provide settlement services to market members.
There are two types of Settlement Agents:
Financial Settlement Agent – it is an agent who acts as an intermediary between the payment system (TARGET2) and a Clearing Member in order to assure cash settlements. All financial institutions that are connected to TARGET2 can perform this function.
Physical Settlement Agent – it is an OMEL member who can trade and settle on the day-ahead market. The role of a Physical Settlement Agent consists in being the intermediary between the trading accounts owners and the physical settlement system, ensuring that any holder of a trading account may make the physical delivery of its positions.