Clearing cycle

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

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

09:00 T	Start of Clearing Hours
16:00 T	End of Clearing Hours
18:00 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
18:00 T	End of day Margin Requirement is calculated
06:00 T+1	Updated bank balances are sent from the Settlement Banks to NOS via the Coordination Bank
07:00 T+1	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.)
07:00 T+1	Clearing Reports are made available to the Clearing Members and the Settlement Banks on the NOS Web Office
11:00 T+1	Final time for the Settlement Bank to confirm the posting of Collateral to cover the Margin Requirement and Cash requirement
11:30 T+1	NOS instruct the Settlement Banks via the Coordination Bank to credit or debit the Collateral and Settlement Account for the net settlement amount calculated the previous Trading Day (T)
16:00 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.