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For the settlement of payments, GME determines the net position (debit or credit) of each seller- and purchaser-Market 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).
Within the third day from the close of the reference session, GME will:
- close 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 seller Market Participants, if GME has received the related invoice.
Payments are made by bank transfer (“bonifici di importo rilevante” - BIR).
If banking rules do not permit the use of the “BIR” procedure for the amount to be transferred, the payment will be made under the “Bonifico Urgente” procedure.
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