Collateral given by the bidder
1. Prior to the opening of the bidding window for the auctioning of two-day spot contracts, bidders or any intermediaries acting on their behalf shall be required to give collateral to the clearing system or settlement system linked to the auction platform conducting the auctions.
2. If so requested, any unused collateral given by an unsuccessful bidder, together with any interest accrued on cash collateral, shall be released, as soon as practicable after the close of the bidding window.
3. If so requested, any collateral given by a successful bidder that has not been used for settlement, together with any interest accrued on cash collateral, shall be released, as soon as practicable after settlement.
Collateral given by the auctioneer
1. Prior to the opening of the bidding window for the auctioning of two-day spot contracts, the auctioneer shall be required to give collateral by giving allowances to be held in escrow by the clearing system or settlement system acting as custodian, pending their delivery. The volume and delivery date of those allowances shall be specified in the auction tables corresponding to the auction calendars referred to in Article 12 or 13, in accordance with Delegated Regulation (EU) 2019/1122.
2. Where any allowances given as collateral under paragraph 1 are not used, the clearing system or settlement system may retain them, at the option of the auctioning Member State, in a nominated Union Registry account held in escrow by the clearing system or settlement system acting as custodian, pending their delivery.
