CP0703 – Credit Default Process
Formal title: Credit Default Process
Current Status
Submission
Assessment
CPC Consultation
Committee Decision
Awaiting Implementation
Implemented
Summary
BSC Section M3 relates to the process followed when a Trading Party goes into Level 1 or Level 2 Credit Default. The process for notifying Parties has been carried out by Elexon since NETA Go-live because the ECVAA were not obliged to do this within the ECVAA Service Description. The Communications Requirements Document was updated to allow Elexon to carry out this notification on behalf of the ECVAA. Updates are also required to the ECVAA Service Description, Communications Requirements Document to include an obligation on the ECVAA relating to the issue of Credit Default notices and the posting of Credit Default statements on the BMRS.
Progression
This CP was implemented