1. Prior to the opening of the bidding window for the auctioning of two-day spot or five-day futures, the auctioneer shall only be required to give allowances as collateral to be held in escrow by the clearing system or settlement system acting as custodian, pending their delivery.
2. When the legal measures and technical means necessary to deliver the allowances are implemented, any collateral given by Member States with respect to the auctioning of futures or forwards may, at the option of the auctioning Member State and with the agreement of the auction platform, be released and replaced by allowances to be held in escrow by the clearing system or settlement system acting as custodian, pending their delivery.
3. Where any allowances given as collateral under paragraphs 1 or 2 are not used, the clearing system or settlement system may retain them, at the option of the auctioning Member State, in a nominated holding account held in escrow by the clearing system or settlement system acting as custodian, pending their delivery.