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About the service


KDPW_CCP S.A. in partnership with TBSP Poland plans to implement, as of 5 October 2020, mandatory clearing of guaranteed transactions of the cash market.

Planned timeline:

The next step is the development of the optimal model and timeline of central clearing for Repo/TBSP/Bondspot markets

Presentation: Introduction of the KDPW_CCP service on Treasury BondSpot Poland
Planned clearing of TBSP transactions: Update for non-KDPW participants

KDPW_CCP accepts transactions for clearing according to the TBSP trading timetable from 07:45 to 17:00. TBSP cash segment transactions will be marked under ISO (four characters) and secured by the GPW BondSpot ATS guarantee fund.
The clearing member of the seller and the clearing member of the buyer will receive from KDPW_CCP a confirmation of the acceptance of the transaction for clearing in message sese.sts.002.02 with status <StsCd>PEND</StsCd> and sections:
Examples of xml messages: sese.sts.002.02_PEND sese.sts.002.02_PEND_PK

If a transaction is cancelled, each clearing member receives from KDPW_CCP a confirmation of the cancellation in message sese.sts.002.02 with status <StsCd>CAND</StsCd> and reason code: CANS, Cancelled By System - Instruction has been cancelled by the clearing system.
Examples of xml messages:sese.sts.002.02_CAND sese.sts.002.02_CAND_PK

In addition, according to the declaration provided by the clearing member, secl.00x.00x.0x messages are sent.
The declaration template is available in the tab Members/Document templates

The degree of utilisation of the transaction limit set depending on the collateral posted by clearing members is monitored during the session from 07:45 to 18:00. KDPW_CCP may issue a collateral call during the TBSP session if a transaction limit is used up or exceeded. If the posted collateral is fully used up and the initial deposit is not replenished within the set time limit, the member trading on TBSP may be blocked.
For more information, see the tab Monitoring of limits during a trading session


Collateral in the clearing guarantee system operated by KDPW_CCP includes::
  • initial deposits – minimum payment of PLN 100,000 (aggregate initial deposit for organised trading);
  • initial margins – no minimum payment, calculated on the basis of the clearing member’s current exposure under the SPAN® methodology (message: colr.mrg.001.02);
  • GPW BondSpot ATS guarantee fund – minimum contribution at PLN 100,000, fund contributions are updated on a daily basis (message colr.sgf.001.03), payments and withdrawals are processed in the morning of the next day together with other credits/debits.
Clearing members pay and withdraw initial margins by sending instructions to the KDPW_CCP system.
Cash payments in PLN towards initial margins and the fund are initiated by KDPW_CCP according to the clearing timetable.
Clearing members are informed of any change in the collateral register operated by KDPW_CCP by means of the status message colr.sm1.002.03.
For more information, see the tab Members/Collateral management

Clearing members receive post-clearing messages during the session with the following details: 
  • payments in respect of initial margins on the cash market - colr.mrg.001.02;
  • payments in respect of the guarantee fund - colr.sgf.001.03;
  • credits and debits in the clearing system - colr.stm.001.02;
  • balance of cash payments - camt.smt.001.04;
  • ecurities flows as at the trade date - semt.ssf.001.02;
  • settlement fail at S+4 - secl.007.001.02.
Message structures are available in the tab Members/IT tools – organised trading
KDPW_CCP charges fees for transaction clearing according to the Table of Fees attached to the Rules of Transaction Clearing (Organised Trading).
A new fee will be added to the Table of Fees: the fee for the clearing of sale of TBSP bonds at 0.0035% of the trade value.
The Table of Fees is published under the tab Rules/Organised trading

Credits and debits in respect of initial margins and the guarantee fund are paid on the following day during the KDPW_CCP payment session. Netting transfers are executed in the NBP account of the payer’s bank named by the clearing member. Payers’ NBP accounts are credited or debited according to KDPW_CCP instructions. Transfers are executed from 08:00 to 08:30. Clearing participants receive status messages colr.sm1.002.03 after the update of collateral balances.

Transactions are settled in KDPW on the basis of settlement orders issued by KDPW_CCP on the trade date (T+2 settlement).
In the event of a settlement fail at S+4, KDPW_CCP processes the settlement fail by issuing an offer to buy missing securities on BondSpot.
KDPW_CCP informs clearing members of the purchase in message secl.009.001.02 – securities purchase confirmation.
A fee of PLN 1,000 is charged for the transaction.

Clearing members receive *.DGR messages by ESDI/WEB on a quarterly basis, providing details of entitlements from investments of cash of the transaction clearing liquidity guarantee system. In addition, messages colr.sm2.001.01 are sent after the end of each month providing the entitlement forecast.
For more information on entitlements, see the tab Members/Entitlements from assets posted by CM

The clearing day timetable and the scope of information provided to clearing members in organised trading are available in the tab Members/Timetable of the clearing day

Prior to the launch on 5 October 2020 of KDPW_CCP’s clearing of guaranteed transactions of TBSP cash segment participants, the cash segment participants are required to submit/send to KDPW_CCP the following documents: 
  • the declaration of operation in the clearing system on a new market, including the participant’s code - Form No. 34;
  • the application for the extension of participation to include representation of the trading entity - Form No. 1;
  • the statement of the participant clearing transactions in the alternative trading system organised by BondSpot S.A. if the participant is to represent another trading entity in clearing - Form No. 9;
  • the declaration of accession to the GPW BondSpot ATS guarantee fund, unless the participant has posted contributions in the fund - Form No. 11;
  • the statement of the participant providing the institution code for the purposes of participation in the GPW BondSpot ATS guarantee fund - Form No. 33 - if the participant is to operate under more than one activity type in the clearing system and use for such purpose more than one identifier issued to it by KDPW_CCP (institution code);
  • the statement of the participant providing the ID of the relevant account (default account in KDPW_CCP for TBSP transactions) - Form No. 21.

Information concerning participation in clearing system tests and any questions concerning the structure of accounts and the configuration of clearing members or message templates should be sent to