Skip Ribbon Commands
Skip to main content
Polski   English|
Sign In
Navigate Up

Detailed Rules of the OTC Clearing System - modifications

22.10.2018
The amendments of the Detailed Rules of the OTC Clearing System entered into force under Resolution 33/2018 of the KDPW_CCP S.A. Management Board dated 8th October 2018.
The amendments to the Detailed Rules of Transaction Clearing (Organised Trading) are aimed at: 
  • addition to the OTC clearing system of the option of defining clearing accounts as the default account. The functionality will be used where clearing instructions for derivative transactions do not specify a clearing account in the OTC clearing system. In that case, if you define the default account, KDPW_CCP will register the transaction in the default account. We will provide this functionality for derivative transactions for own account of clearing members (the functionality will be extended in the future). Default accounts will be specified in a declaration submitted to KDPW_CCP (Form No. 26 Participant’s declaration providing the identifier (id) of the default account in the otc clearing system);
  • extension of the list of electronic platforms approved by KDPW_CCP to include platforms operating via MarkitWire. The existing regulations refer to the MarkitWire platform (direct connection), which is also used by other platforms for the confirmation of trade or clearing. The modification adds a reference to such platforms supported by MarkitWire for the purposes of accepting trade concluded or confirmed on such platforms for clearing (indirect connection available exclusively via MarkitWire);
  • regulating the option of sending documents (financial information and information of exposures to other CCPs) by email over the internet instead of sending them via SWI (free choice of the method at your discretion). If you decide to use email, documents should be sent to the email address provided by KDPW_CCP for such purposes on the website under the tab Rules (the currently applicable email address is: ccp@kdpw.pl). Such documents should be sent from the email address previously provided in the list of contact persons for KDPW_CCP;
  • introduction of the functionality of encrypting documents sent to KDPW_CCP via SWI or by email over the internet. Documents should be encrypted using a method approved by KDPW_CCP. The currently approved method is PGP asymmetric encryption. It is a cryptographic standard using simple public key infrastructure It is a cryptographic standard that uses a simple public key infrastructure which creates a decentralized network of trust and is based on trust between cooperating persons. The simplicity of this solution makes it a popular tool that allows both secure exchange and secure storage of encrypted documents. PGP encryption feature is supported by commercial software compliant with the OpenPGP standard created by IETF (Internet Engineering Task Force – an organization designated to establish technical standards) as well as by freeware software called GNU Privacy Guard (GPG).
If you believe that transmitted information includes inside information within the meaning of Article 7 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, it should be marked as “inside information” and where it is sent to KDPW_CCP via SWI or by email over the internet, it should be additionally encrypted.
Details of the procedures of PGP/GPG encryption of electronic documents

Detailed Rules of the OTC Clearing System with appendices (08.08.2018 - 21.10.2018)
 

08.08.2018
 
The amendments of the Detailed Rules of the OTC Clearing System entered into force under Resolution No. 24/18 of the KDPW_CCP S.A. Management Board of 23 July 2018. The amendments modify provisions concerning the sourcing of available and reliable market data. Furthermore, point 6 of Appendix 6 is amended as follows: market data for different types of financial instruments will be sourced from the new service SuperDerivatives as the main new service or from Bloomberg or Thomson Reuters if data from the main news service are incomplete, their availability is limited or the adequacy of the data raises reasonable doubt in the opinion of KDPW_CCP (which impairs the quality of the data).
Detailed Rules of the OTC Clearing System with appendices (18.04.2018 - 07.08.2018)

18.04.2018 
Tthe amendments of the Detailed Rules of the OTC Clearing System entered into force under Resolution No. 11/18 of the KDPW_CCP S.A. Management Board of 4 April 2018.
Detailed Rules of the OTC Clearing System with appendices (03.04.2018 - 17.04.2018)

03.04.2018
 
The amendments of the Detailed Rules of the OTC Clearing System applicable to EUR OTC trade entered into force on 3 April 2018, including provisions governing trades denominated and cleared in EUR concerning the application of the EURIBOR and EONIA rates, as well as provisions governing the calculation of margins and valuation of such trades under Resolution No. 21/16 of the KDPW_CCP S.A. Management Board of 17 August 2016 and Resolution No. 10/18 of the KDPW_CCP S.A. Management Board of 19 March 2018.
Detailed Rules of the OTC Clearing System with appendices (02.12.2017 - 02.04.2018)

02.12.2017
 
The amendments of the Detailed Rules of the OTC Clearing System under Resolution no. 54/17 of KDPW_CCP S.A. Management Board dated 20 November 2017.
The amendments to Appendix 6 to the Detailed Rules of the OTC Clearing System are designed mainly to include KDPW_CCP’s access to a new source of data, SuperDerivatives, which will be the main source of data for OTC interest rate derivatives in EUR. The amendments will apply from the first day of clearing of transactions in EUR, which will be announced by KDPW_CCP with an advance notice of at least two weeks.
The remaining amendments are introduced for information only in view of the fact that the National Bank of Poland has taken over from ACI Polska as POLONIA reference rate fixing organiser.
Detailed Rules of the OTC Clearing System with appendices (11.09.2017-01.12.2017)

11.09.2017
The amendments of the Detailed Rules of the OTC Clearing System under Resolution No. 23/17 of KDPW_CCP S.A. dated 28 August 2017 in connection with the suspension of FRA, IRS and OIS fixings by ACI Polska and the change of the WIBID/WIBOR fixing organiser entered into force on 11 September 2017. For the duration of the unavailability of the fixings, the reference rates of OTC derivatives used in clearing are determined by KDPW_CCP on the basis of available contributor quotes.
Detailed Rules of the OTC Clearing System with appendices

20.07.2017

The amendments to the Detailed Rules of the OTC Clearing System under Resolution No. 18/17 of the KDPW_CCP S.A. Management Board dated 6 July 2017 entered into force on 20 July 2017.
The main objective of the amendments is to provide for the clearing of transactions for which no variation margin is calculated because the terms of the transactions require the determination of a settlement amount in the marking to market of such transactions. Consequently, KDPW_CCP will accept for clearing transactions for which a variation margin is calculated as well as transactions where payments are made in respect of settlement amounts calculated daily by KDPW_CCP while the clearing counterparties are not required to deposit or to claim the return of a variation margin. Furthermore, the amendments allow for modifications of the terms of transactions registered in the OTC clearing system. The modification of such terms requires clearing members to submit prior instructions to KDPW_CCP.
Detailed Rules of the OTC Clearing System with appendices

10.01.2017
Amendments of the Detailed Rules of the OTC Clearing System under Resolution No. 77/16 of the KDPW_CCP S.A. Management Board dated 27 December 2016 enter into force on 10 January 2017.
The amendments of the appendices to the Detailed Rules of the OTC Clearing System include the following:
  • modification of the characteristics of the currently cleared derivatives within the same class, including KDPW_CCP’s readiness to clear derivative trades with additional cash payments (fees) as well as amortised swaps (addition of schedules of changes of the nominal amount, interest rate and margin);
  • amendment of Appendix 1a to the Detailed Rules of the OTC Clearing System, point 2 “Detailed terms of the transaction”, first line “Type of bonds”, by inserting a reference to the list of acceptable securities which is published by KDPW_CCP on its website;
  • clarification of the valuation formulae to include transactions in amortised swaps and transactions with additional cash flows;
  • amendment of provisions concerning the credit limit (which is equal to the collateral limit at KDPW_CCP);
  • change of the cut-off time before starting the closing positions on request from 16:30 to 16:00.

24.10.2016
The amendment of the Detailed Rules of the OTC Clearing System approved in Resolution No. 66/16 of the Management Board of KDPW_CCP S.A. dated 10 October 2016 entered into force on 24 October 2016.
KDPW_CCP S.A. has amended point 6 of Appendix 6 to the Detailed Rules of the OTC Clearing System by modifying the description of sources of data in order to cover a potential lack of ACI fixing of FRA, IRS, and OIS rates. Such potential lack of fixing of derivatives rates may be caused by the potential suspension of fixing publication by ACI Polska if the number of banks participating in the fixing falls below the required minimum.

01.09.2016
Amendments of the Detailed Rules of the OTC Clearing System under Resolution No. 21/16 of the of the KDPW_CCP S.A. Management Board dated 17 August 2016 entered into force on 1 September 2016.

The amendments concern in particular the following:
  • Preparations for the introduction of the service of clearing OTC transactions denominated in EUR for the following classes of financial instruments (derivatives): Interest rate derivatives with the following underlying instrument: EURIBOR, EONIA (the service will be launched at a later date to be communicated to the participants with an advance notice of at least two weeks); 
  • Preparations for the establishment of collateral through the posting in the transaction clearing liquidity guarantee system of EUR-denominated debt securities issued by European Union member states other than the Republic of Poland (the service will be launched at a later date to be communicated to the participants with an advance notice of at least two weeks); 
  • Introduction of the possibility of establishing collateral through the posting in the transaction clearing liquidity guarantee system of cash in EUR as deposits/margins, contributions to the OTC guarantee fund; 
  • Introduction of the possibility of making transfers at the request of clearing members.