A limited company, currently wholly owned by National Grid, which provides payment and settlement services under the Balancing and Settlement Code (BSC), and, through its subsidiary, EMR Settlement Limited, settlement services for the Contracts for Difference (CFDs) on behalf of the CFD counterparty (the Low Carbon Contracts Company or LCCC) and the body responsible for Capacity Market payments (the Electricity Settlement Company or ESC) and various other industry roles. For more information, see Practice notes, Electricity industry: overview and Balancing and Settlement Code: market roles.