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For the settlement of payments, GME will determine the net position (debit or
credit) of each purchasing and selling Market Participant towards GME on the
basis of the amounts, including VAT (where chargeable), of the invoices issued
and received by GME in respect of the same invoicing period (single market
session), provided that the following requirements are met:
- the invoice of the operator is received by GME within the time limit set by the
Technical Rules;
- the invoice of GME is received by the PA operator, in compliance with the provisions
of the Law no. 244 dated December 24, 2007 and related implementations, within the
time limit set by the Technical Rules.
If the invoice of GME is not received by the PA operator within the period referred
to in paragraph 4 above, GME defers compensation amounts including VAT, where applicable,
at the time of receipt of the invoice by the PA.
Within the third day following the closing the reference session, GME will:
- close receivables from debtor Market Participants by utilising their available deposit
to the extent necessary;
- refund the amounts posted as a guarantee and exceeding the purchases made in the
session;
- pay payables to seller Market Participants, if GME has received the related invoice.
Payments will be made by bank transfer (“bonifici di importo rilevante” - BIR).
If banking rules do not permit the use of the “BIR” procedure for the amount to
be transferred, the payment will be made under the “Bonifico Urgente” procedure.
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