Skip Ribbon Commands
Skip to main content
Navigate Up

Clearing fund/ Relevant guarantee fund

The clearing fund and the guarantee funds secure liabilities arising from transactions concluded in organised trade and cleared in KDPW. The resources of each fund are a part of the clearing liquidity guarantee system and may be used in the event of clearing member default if assets contributed by the defaulting member as collateral combined with the dedicated resources of KDPW_CCP allocated to the fund are insufficient to cover the member’s losses.


  • the funds are mutual guarantee funds, i.e., clearing members are jointly and severally liable to pay contributions to the funds;

  • the clearing fund/relevant guarantee fund covers the risk of default under extreme market conditions of the clearing member with the biggest exposure or the second and third biggest members if their aggregate exposure is greater;

  • a clearing member’s exposure is the sum of the uncovered risk determined for all of the member’s portfolios, equal to the difference between hypothetical loss of the portfolio as at the end of day in the clearing system based on extreme parameters and the initial margin required from the clearing member;

  • the determined size of the fund may be increased by using a predefined increment ratio;

  • the fund participants are KDPW_CCP clearing members, i.e., institutions issued a unique LEI code. If an institution active in KDPW_CCP uses more than one unique participant code allocated to a given type of activity in any one fund, the entity which will pay contributions to the fund and, optionally, the institutions which are to receive messages concerning the required contribution amount must be identified: to that end, the clearing member submits a declaration to KDPW_CCP ;

  • contributions of clearing members are proportionate to the average exposure of the member in the period under review, subject to a minimum payment;

  • the first contributions must be made in cash;

  • KDPW_CCP accepts the following as contributions:
    • cash (PLN, EUR),
    • Treasury securities,
    • debt securities in EUR issued by EU Member States other than Poland;
  • securities are credited up to 90% of the required contribution amount;

  • minimum contributions to the fund:
    • PLN 500 000 – Clearing Fund, 
    • PLN 100 000 - GPW BondSpot ATS Guarantee Fund,
    • PLN 100 000 – On-Demand Lending Guarantee Fund;
  • contributions to the funds are determined in PLN;

  • the fund resources are updated on a daily basis. The fund participants are notified on every clearing day about the amount of the contribution required at the following day.