Glossary Term: Clearing Account
BSC Clearing Account is used to temporarily hold funds that are being transferred between market participants and the BSC Clearer for settlement purposes.
The BSC Clearing Account ensures that all trading charges, ad hoc trading charges, and reconciliation charges are accurately processed and settled. It also helps in managing the credit cover provided by market participants, ensuring that there are sufficient funds to cover their trading activities.
This account is managed by the Funds Administration Agent (FAA)
BSC defined definition
Means the clearing account established with the BSC Banker in the name of the BSC Clearer pursuant to Section N4.1.1(a);
BSC documentation
Further information
- Guidance Note on How to read Advice Notes and Confirmation Notices
- Guidance Note on Overview of Trading Charge Invoices