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For settlement of payments, GME determines the net position (debit or credit) of each selling and buying Participant towards GME on the basis of the amounts (including VAT) of the invoices issued and received by GME in respect of the same invoicing period (single market session) whereas the following requirements are met:
- the invoice of the operator is received by GME within the time limit set by the Technical Rules;
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the invoice of GME is received by the PA and non-PA operator within the time limit set by the Technical Rules.
If this is not the case, GME defers compensation amounts including VAT, where chargeable, at the time of receipt of the GME’s invoice by the participant and of the participant’s invoice by GME.
After the end of the reference session and within the time limit provided in the Technical Rules, GME will:
- settle 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 selling Participants, provided that GME has received the related
invoice.
The payment to the PA Market Participant net creditor will be made within the working day following the determination of the net position.
The payments will be made by SEPA Credit Transfer with Priority or equivalent procedures.
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