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central counterparty

as defined in Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing…, Article 3, point (35) (Definitions)

an entity which interposes either directly between an auctioneer and a bidder or its successor in title, or between intermediaries representing them, that acts as the exclusive counterparty to each of them guaranteeing the payment of the auction proceeds to the auctioneer or an intermediary representing it or the delivery of the auctioned allowances to the bidder or an intermediary representing it, subject to Article 48

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