Gross Omnibus Client Accounts
European Union Electricity Market Glossary


 

Gross Omnibus Client Account represents one of two main levels of segregation within omnibus client account  (the other is Net Omnibus Client Account), where the margin called by the CCP in respect of the CCP transactions is called on the basis of the gross CCP transactions recorded in the omnibus client account.

 

Gross Omnibus Client Accounts are among the range of products of different degrees of segregation, voluntarily developed by some CCPs, whereas mandatory for CCPs under the EMIR Regulation are one type of omnibus client cccount and one type of individual client account.

 

"Margining on a gross basis would imply that the netting of positions of different indirect clients in the same gross omnibus indirect account, or the use of the margin of an indirect client to cover for the margin requirement of another indirect client in the same gross omnibus account, could not be performed when recording the positions of each indirect client and when calculating and calling the corresponding margin requirements," says ESMA in the recital 9 to the relevant draft regulatory technical standard (Final Report Draft regulatory technical standards on indirect clearing arrangements under EMIR and MiFIR, 26 May 2016, ESMA/2016/725 (p. 33)).

 

Documentation

 

Final Report Draft regulatory technical standards on indirect clearing arrangements under EMIR and MiFIR, 26 May 2016, ESMA/2016/725

 

 

Last Updated on Tuesday, 28 June 2016 20:22
 

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