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 Conditions to fulfil after granting participation status in KDPW_CCP

According to § 15 of the Rules of transaction clearing (organised trading), depending on the type of activities performed by a participant, the type of transactions for which the clearing member status is held, and the market of such transactions, the participant who has been granted clearing member status should:
  • make a contribution to the clearing guarantee fund;
  • submit a written declaration on admission to the relevant guarantee fund and make a contribution to this fund (Form No. 11);
  • make a contribution to the on-demand lending guarantee fund;
  • pay an initial deposit;
  • pay an initial deposit for loans;
  • submit a written power of attorney (Form No. 25) for KDPW_CCP to:
    • close the participant’s derivatives positions for which the participant holds clearing member status, in instances specified in the Rules of transaction clearing (organised trading);
    • receive and submit on its behalf declarations of will on matters concerning the transfer within the transaction clearing liquidity guarantee system of positions arising from transactions executed by an entity acting with the participation type of non-clearing member, represented by the participant in the clearing system, or executed on the account of such entity, together with the collateral of such positions posted as initial margin, and perform actions referred to in § 69a - § 69c of the Rules of transaction clearing (organised trading) in the cases described in the rules;
  • submit a written the power-of-attorney for KDPW_CCP to execute securities sale and purchase orders on the account of the participant within the scope necessary to perform obligations arising from the clearing of transactions for which the participant holds the status of clearing member (Form No. 14)
  • open a clearing account in the clearing system relevant for the given participation type (Form No. 28),
  • deliver a declaration, where the participant commits to ensure the submission of transaction reports or which designates KDPW_CCP as the entity to submit transaction reports to the relevant trade repository where the obligation to submit transaction reports to a trade repository results from relevant regulations (Form No. 24).

Capital requirements

The capital requirements for participants holding the status of KDPW_CCP clearing member are defined in detail in § 24 of the KDPW_CCP Rules of transaction clearing (organised trading):

Type of participation status Minimum capital requirements
Bank, Credit institution, Foreign bank Brokerage House, Foreign investment firms, Foreign legal entities Company operating a clearing house, Enitity with a seat outside the territory of the RP performing tasks in the scope of clearing transactions made in financial instruments trading

GUR
(General Clearing Member)

PLN 50 million plus a multiple of PLN 5 million for representation of other entities in KDPW_CCP

PLN 15 million plus a multiple of PLN 2 million for representation of other entities in KDPW_CCP

PLN 100 million

IUR
(Individual Clearing Member)

PLN 25 million

PLN 4 million

 


Amount of initial contributions into the clearing guarantee system
A participant holding the status of clearing member is required to make an initial contribution to the basic resources of the fund depending on the market:
  • regulated market
    Participants shall make the first contribution to the basic resource of the clearing guarantee fund exclusively in the form of cash. The amount of the contribution shall not be lower than 500,000 PLN.
    Participants make payments to the guarantee fund through contributions consisting of (§ 4 of the Rules of the clearing guarantee fund):
    • cash accepted by KDPW_CCP (PLN/EUR),
    • securities accepted by KDPW_CCP, which are Treasury securities,
    • accepted debt securities, which are denominated in EUR and issued by European Union Member States other than the Republic of Poland.A participant holding clearing member status posts an initial deposit of PLN 100,000 according to Resolution No. 5/14 of the KDPW_CCP Management Board dated 20 January 2014. Securities and cash in EUR are recognised up to 100% of the initial deposit amount.
  • alternative trading system (ATS)
    Participants shall make the first contribution to the basic resource of the fund exclusively in the form of cash. The amount of the contribution shall not be lower than 100,000 PLN.
    Participants make payments to the WSE BondSpot ATS guarantee fund through contributions consisting of (§ 4 of the Rules of the WSE BondSpot ATS guarantee fund):
    • cash acceptable to KDPW_CCP (PLN/EUR),
    • securities acceptable by KDPW_CCP, which are Treasury securities,
    • accepted debt securities, which are denominated in EUR and issued by European Union Member States other than the Republic of Poland.

    Financial and reporting requirements

    A participant holding the status of clearing member is required to provide KDPW_CCP S.A. with regular financial information as defined in § 28 - § 30 of the Rules of transaction clearing (organised trading). If a participant no longer fulfils the requirements referred to in § 24 or § 25 of the Rules of transaction clearing (organised trading), it shall be obliged to notify KDPW_CCP of this in writing within two days indicating the reasons for the non-compliance as well as steps taken to remedy it.
    A special fee will be charged to a clearing member who fails to provide the financial information referred to, respectively, in § 28 subpara. 1 points 1-3 or § 29 of the Rules of transaction clearing (organised trading), prepared for the given reporting period, within the time limit set for its provision in the applicable legislation, in the amount of PLN 200 for each day of delay but no more than PLN 10,000, separately for each item of financial information for the given reporting period.
    More info Reporting

Technical requirements
In relations between KDPW_CCP S.A. and KDPW_CCP participants, declarations and information prepared in electronic form are provided with the intermediation of KDPW on the terms laid down in agreements made between KDPW and participants, which accept the effect of declarations of will made and information provided in electronic form. This form of communication with KDPW_CCP is activated on the conclusion of an agreement between the KDPW_CCP participant and KDPW. A declaration or information provided in electronic form pursuant to § 4 subpara. 1 of the Rules of transaction clearing (organised trading) should be prepared in a specific format or in a specific structure as presented on the KDPW_CCP website.

Templates of documents – SWI System