Trading Charge payments are made to or by Parties 29 days after a Settlement Day. Credit Cover ensures that ELEXON has enough collateral from you to cover these payments if you cannot make them. For further information on Credit Cover please refer to the Credit Cover Information Sheet. If you have any queries regarding Credit Cover please email them to credit-default@elexon.co.uk.

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What do I need to do?

To lodge Cash Credit cover:

You will need to provide the credit cover to the Funds Administration Agent (FAA) which will be held in the reserve account:

Barclays Bank Plc.

Sort Code: 20-00-00

Beneficiary Account Name: Elexon Clear Limited. Reserve Account.

Beneficiary Account Number: 00256269

IBAN: IBAN GB96 BARC 2000 0000 2562 69

Please email the FAA via the BSC Service Desk (bscservicedesk@cgi.com) prior to lodging credit.

Please note that the above bank account is for lodging Credit Cover only and is separate to the two bank accounts used to pay BSC Charges and Trading Charges.

To provide Credit Cover by a letter of credit:

The templates that can be used to form the letter of credit can be found in Annex M-1, M-2 & M-3 of the BSC. The letter of credit must be issued from a Bank with a credit rating of A or greater and must be valid for a minimum of 3 months.

Once the letter has been drafted please provide a copy to the FAA at:

Martin Wiles

Keats House

The Office Park

Springfield Drive

Leatherhead

Surrey

KT22 7LP