Rules for the Clearing and Settlement
of Transactions on the Spot Market of
CEGH Gas Exchange of Wiener Börse –
Clearing Rules CEGH Gas Spot Market
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§ 1. Scope of Application and Clearing House
(1) These Rules govern the clearing and settlement of exchange transactions on the spot market of CEGH
Gas Exchange of Wiener Börse in its function as a general commodity exchange (spot market transactions).
Wiener Börse AG as the exchange operating company has commissioned the European Commodity Clearing
AG (hereinafter "ECC" or "clearing house") to clear and settle such exchange transactions in the function of
clearing house pursuant to § 26 par. 3 Stock Exchange Act.
(2) The clearing house is the central counterparty for all exchange transactions concluded on the spot market
of CEGH Gas Exchange of Wiener Börse. The clearing house is also responsible for the financial and physical
clearing of trades concluded or registered and for the risk management of the exchange transactions in
accordance with the provisions of the applicable Clearing Rules of EEC (ECC Clearing Rules).
(3) The ECC has the right – except when acting as central counterparty – to charge third parties with the
execution of certain tasks and functions stated in par. 2 if these tasks are fulfilled and executed under the
ultimate responsibility and control of the clearing house.
§ 2. Participation in Clearing
(1) Every exchange member is under the obligation to take part in the clearing and settlement of spot market
transactions according to the Participation Rules of CEGH Gas spot market and the ECC Clearing Rules.
(2) Participation in clearing and settlement is possible either directly or indirectly. The direct participation in
clearing and settlement is possible if an exchange member has a direct clearing license or a general clearing
license of the ECC. A purely trading member that does not have a clearing license has to take part in clearing
(indirectly) (non-clearing member - NCM) and enter into a NCM agreement with a clearing member of ECC
that will support said member.
§ 3. Clearing and Settlement and Clearing Rules
(1) According to the provisions of the ECC Clearing Rules, spot market transactions are concluded between
the clearing house ECC and the trading member. If the trading member is a NCM, the supporting clearing
member guarantees the fulfillment of these transactions in cash and provides services in connection with the
clearing and settlement for the NCM.
(2) The provisions of the ECC Clearing Rules, as amended, apply to the financial and physical clearing and
settlement of the relevant spot market transactions including the provisions relating to the clearing and
settlement of CEGH spot market products subject to the following conditions:
a) The provisions on sub-CCPs do not apply;
b) The selection of non-Austrian legal jurisdiction in the ECC Clearing Rules does not affect the
obligation to comply with the fundamental principles of Austrian law, international norms
mandatory in Austria and the Rules of Procedure of the Court of Arbitration of the Vienna Stock
Exchange (Art. XXV Code of Civil Procedure).
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c) The rules on liability of clearing members as guarantors for the financial fulfillment of spot market
transactions shall be interpreted as provisions on non-accessory liability waiving all rights to raise
objections from the underlying relationship.
d) The rules on the conclusion of spot market transactions between ECC and clearing members
shall be interpreted as rules on the direct conclusion of transactions between the involved parties
in a manner that excludes the assumption of debt and also excludes any assignment.
e) The place of fulfillment for financial clearing is Leipzig in accordance with the ECC Clearing Rules.
Place of fulfillment for physical delivery of CEGH Gas Spot Contracts – VP Baumgarten shall be
Baumgarten, Austria as defined by the contract specifications; Place of fulfillment for physical
delivery of CEGH Gas Spot Contracts - Oberkappel shall be Oberkappel, Austria as defined by
the contract specifications.
f) The provisions of the ECC Clearing Rules on “Rights and Obligations of Clearing Members” (at
the time these Rules enter into force items 3.1.1 (3), (4) and (6) ECC Clearing Rules) and on
“Default and Technical Default” (at the time these Rules enter into force items 3.9.1 and 3.9.2 of
ECC Clearing Rules shall apply under the condition that the concerned exchange member and
ECC and CEGH shall immediately inform the exchange operating company in such cases. The
exchange operating company shall decide on the exclusion from membership, suspension of
membership or the temporary exclusion from participation in trading (§ 19 Stock Exchange Act).
Furthermore, in such cases the exchange operating company may initiate on behalf of ECC
offsetting trades for closing out net positions in the name of and for the account of the concerned
exchange members or it may take other measures that result in the closing out of the net
positions of the exchange member.
g) ECC may use the services of a third party defined by CEGH as a contractual partner in the case
of default of a trading member with delivery or acceptance obligations (at the time of entry into
force of these provisions, item 5.4.3 (3) ECC Clearing Rules) if cover trades are to be concluded
(back-up/ back-down services). If, in the case of a default, CEGH and ECC reach the conclusion
that it is not possible to perform a substitute delivery or acceptance, then CEGH will carry out
haircuts on open delivery and acceptance obligations for transactions not yet settled for the
account of the concerned exchange member (reconciliation). Other measures of ECC according
to the ECC Clearing Rules shall not be affected by this.
h) ECC Clearing Rules shall be promulgated in their valid version as well as these Clearing Rules in
the official disclosure media of the exchange operating company and on the website of the Vienna
§ 4. Applicable Law, Stock Exchange Court of Arbitration, Separability Clause
(1) The clearing and settlement of spot market transactions shall be subject to Austrian law (with the exception
of the provisions of International Private Law) unless otherwise specified by the ECC Clearing Rules.
(2) All disputes arising from or within the context of fulfilling exchange trades, including issues of whether or
not a trade has been carried out between two parties, shall be settled by the Stock Exchange Court of
Arbitration under exclusion of the courts of general jurisdiction pursuant to the decree by the Federal Minister
of Finance and the Federal Minister of Economic Affairs and Labour in agreement with the Federal Minister of
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Justice regarding the implementation of Article XIII Code of Civil Procedure (Arbitration Rules of the Vienna
Stock Exchange), Federal Law Gazette II no 230/2000 as the mandatory arbitration court imposed by law.
(3) In the event that individual provision of these Rules is or becomes fully or partly invalid or non-executable,
this shall not affect the validity or enforcement of the remaining provisions. The invalid provision shall be
replaced by a valid provision which is as close as possible legally to the original economic objective of the
§ 5. Entry into Force
These rules shall enter into force on 15 October 2009.*)
*) Day the original version took effect
Promulgated by Official Decree No. 1643 of 12 October 2009 of the exchange operating company, Wiener
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