For this process, SENAF calculates the settlement prices of each security based on the prices at market close. For those securities without this price at the end of the session, SENAF calculates the theoretical price based on the theoretical price curve and IRRs at the time.

Once the settlement price has been fixed for each of the traded securities according to the above procedure, SENAF will carry out a daily settlement of the transactions by comparing the price of each of the transactions with the settlement price (market closing price).

If the buy price of each of the traded securities is below the settlement price, the buying Member shall receive a credit for the difference between the buy price and the settlement price, and the selling Member shall receive a debit for the difference in price between the sell and the settlement price.

If, however, the buy price of each of the traded securities is higher than the settlement price, the buying Member shall receive a debit for the difference between the buy price and the settlement price, and the selling Member shall receive a credit for the difference between the sell price and the settlement price.

The Members who are to receive a credit by the settlement process will have the interests on the amount paid discounted from the credit at that day’s EONIA rate, taking into account the days until the following settlement; for those Members who are due to receive a debit, they will have interest credited using the same calculation.

Confirmation of the settlements will then be issued to all the Members involved.

The amounts to be charged or paid into the account will be entered on the settlement date of the transactions once the transactions are successfully completed.

SENAF will on a daily basis report to the Bank of Spain the credit or debit corresponding to each entity for registration in its treasury accounts.