Clearing cycle

All references to time are to Central European Time (CET).

T = Trading Day
T+1 = First settlement day following the trading day

06:00 T	Start of Clearing Hours
19:00 T	End of Clearing Hours
21:00 T	A net settlement amount arising from the Mark-to-Market Settlement, Delivery Period Settlement, Premium Settlement, Option Exercise Settlement and Fee Settlement is calculated.
22:00 T	NOS instructs the Settlement Bank to credit or debit the Collateral and Settlement Account for the net settlement amount.
23:00 T	End of day Margin Requirement and minimum Cash requirement to be posted on T+1 are calculated (Margin deficit or Cash deficit are referred to as Margin Call and Cash Call respectively).
23:00 - 24:00 T	Clearing Reports are made available to the Clearing Member on the NOS Web Office. The Clearing Reports are made available at latest 06:00 T+1.
15:00 T+1	Final time for posting of Collateral to cover the end of day Margin Requirement and Cash requirement.
19:00 T+1	Final time for making written complaints to NOS regarding Cleared Contracts.

NOS may in its sole discretion Clear trades outside Clearing Hours.

Our Clearing Calendar is here.