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Direct access to Derivatives Market and ADECH is restricted to those organisations which have been accepted as Members, having fulfilled the legal requirements and submitted the details required by the Membership application.
The operating framework of Derivatives Market and ADECH and the requirements to be fulfilled by the members, has been laid down by the Law 2533/97 as in force, as well as by the regulatory Decisions by the Board of Directors of the two companies.
Derivatives Market Agents and Proprietary Traders offer their services for all categories of products traded in Derivatives Market, once they sign the relevant agreements with the Exchange. In case a proprietary trader is not willing to participate in a category of derivative products, it has to forward to Derivatives Market a Non trading Declaration for the particular product category. With this declaration the Member is restricted to trade this particular product category for both its own account and its clients. Market Makers must sign separate contracts with Derivatives Market for each product they wish to engage in market making.
Law 2533/97 as in force, has laid down the operating framework of Derivatives Market (A.E. S.A.) and ADECH and the requirements to be fulfilled by the Members, whilst the control and supervision of the functioning of Derivatives Market (A.E. S.A.) and ADECH, according to the legal provisions of the capital market, are exercised by the Hellenic Capital Market Commission. Regarding transactions on the financial derivatives market, the Law stipulates the allowed financial products, the minimum capital necessary for all the Members of Derivatives Market, matters of transparency and conduct of transactions, the obligations for briefing and informing end-clients, the settlement of transactions upon expiration or during the exercising of contracts, the daily cash settlements overdue by Members and end-clients, the obligation of subscribing margin limits and Member quarantees to ADECH, as well as the method of transferring derivatives account to other Members of ADECH.
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Members of Derivatives Market (A.E. S.A.)
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Simple Members |
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They are not allowed to conduct transactions on their own account but the can only introduce into the system orders on behalf of their clinets.
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Proprietary Traders |
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They place orders on their own account as well as on behalf of their clients, and have limited obligations.
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Market Makers |
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Apart from being allowed to conduct transactions on behalf of their clients and on their own account, they are obliged to give bids and offers for products for which they have applied for licence. Market Makers are obliged to operate within a pre-arranged set of rules, defined by Derivatives Market (A.E. S.A.).
Members of ADECH not willing to participate in trading transactions are considered as Non Trading Members.
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Members of ADECH:
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Direct Clearing member |
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A Direct Clearing Member entitles the company to carry out clearing for its own transactions and those of its customers.
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General Clearing member
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A General Clearing Member is entitled to clear its own transactions, those of its customers and those of Non-Clearing Members engaged in bilateral give-up agreements.
Members of Derivatives Market (A.E. S.A.) not willing to clear transactions, are obliged to sign an agreement with a General Clearing Member and are considered as Non-Clearing Members.
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