The separate monitoring of transaction limits and a margin pool for the ATS will be rolled out on 17-18 April 2021. The KDPW_CCP S.A. Management Board will publish on 6 April 2021 a resolution concerning the minimum initial deposit requirement (WDR) dedicated to the ATS at PLN 100,000.
The timeline of the process of posting initial deposits for the ATS is as follows:
19 April 2021 – members post minimum initial deposits for the ATS (PLN 100,000) during the clearing day; please note in particular potential any margin requirements resulting from your activity in the TBSP ATS. On that day, transaction limit management messages cannot be transmitted or received; however, KDPW_CCP will provide all necessary information by phone;
19 April 2021 – KDPW_CCP calculates initial margins separately for the two organised trading segments (ATS and regulated market) during the EOD process;
20 April 2021 – KDPW_CCP processes net payments and initiates the separate monitoring for the ATS and the regulated market during the opening procedure.
New margin type codes will be introduced in connection with the separate monitoring and margining of ATS transactions:
- MATS - initial margin for ATS transactions;,
- MAGB - initial deposit for ATS transactions.
The MARI and MARS codes will be assigned to regulated market transactions.
KDPW_CCP members clearing Alternative Trading System transactions will be required to post collateral for the separate monitoring (ATS initial deposit (WDR ASO), code MAGB) on 19 April 2021. The terms and conditions of posting and releasing such cash collateral are identical to those applicable to initial deposits on the regulated market (regulated market initial deposit (WDR RR), code MARI). Initial margins in the Alternative Trading System (ATS initial margin (WDZ ASO), code MATS) will be calculated for the first time on the night of 19 April 2021. The terms and conditions of posting and releasing such collateral are identical to those applicable to initial margins on the regulated market (regulated market initial margin (WDZ RR), code MARS). To enable the posting of collateral in securities, accounts are available for the new types of collateral as follows: account ID 4007 for MAGB, account ID 4008 for MATS (institution code 0900 remains unchanged).
Clearing members and their developers have the opportunity to test in the TST_B test environment, and starting April 7, also in the TSTA environment.