Glossary Term: Funds Administration Agent
Acronym: FAA
The Funds Administration Agent (FAA) manages the funds transfer between Elexon Clear Limited and BSC Trading Parties for Trading Charges owed to or by BSC Parties during the balancing and settlement of the market. The FAA sends out the invoices and pays/collects funds.
The FAA also manages the Credit Cover arrangements to ensure that BSC Parties have enough cover when trading within the market. The FAA maintains a Payment Calendar that defines when payments are due for each Settlement Day.
BSC defined definition
means the BSC Agent for Funds Administration in accordance with Section E1.2.4;