Clearing Systems & Operations
Nodal Clear employs highly automated systems to support the clearing function. SWIFT messages are used for all initial margin and variation margin calls.
Nodal Clear conducts two margin calls each trading day. The intra-day call is calculated at mid-day, with payments due at 2:00 pm Eastern Time (ET). The end of day call is calculated after market close at 5:00 pm ET, with payments due at 9:00 am ET the following business day. A schedule of key operational times and windows for Nodal Clear can be found here.
Nodal Clear’s banking systems allow clearing members to access key real time and historical data relating to margins, payment flows, and posted collateral via a graphical user interface (GUI). Nodal clearing members can also use the banking systems to post additional collateral, request collateral substitution, or request the release of excess collateral. In addition, Nodal Clear provides banking files at the end of the day to allow clearing members to automate their processing of Nodal Clear data. For specifications for the end of day banking files, please contact Clearing Services.