Formal title: Correction to ECVAA Service Description - Determination of Minimum Eligible Amount
As part of the ECVAA Interim Release, CP519 implemented a methodology by which the ECVAA calculates a Trading Party’s ‘minimum eligible amount’ prior to Credit Cover reduction. Although the CP has been implemented successfully within the ECVAA System, an error was made in the drafting of the Service Description that has left an inconsistency in the definition of a Trading Party’s minimum eligible amount of Credit Cover.
In section 11. 1a of the ECVAA SD, the minimum eligible amount is described as “…the amount of Credit Cover for which the Credit Cover Percentage, as calculated for the current Settlement Period, would be no greater than 75%. ”
This change proposes to bring the ECVAA SD into line with the BSC and Operating Procedures.
This CP was implemented