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Rules of Transaction Clearing (non-organised trading) - archive

2020:
Temporary reduction of the fee for the management and administration of cash posted as contributions to the OTC guarantee fund and cash posted as margins (point 5.2 of the Table of Fees)
The reduction of the fees applied from 1 July 2020 to 31 December 2020. Resolution No. 28/436/20 of the KDPW_CCP Supervisory Board dated 15 May 2020

In connection with the decision of the Polish Financial Supervision Authority of 23 October 2020 approving amendments to the Rules of Transaction Clearing (non-organised trading) adopted in Resolution No. 8/416/20 of the Supervisory Board of KDPW_CCP S.A. dated 4 March 2020 amended by Resolution No. 54/462/20  of the Supervisory Board of KDPW_CCP S.A. dated 6 August 2020 the Management Board of KDPW_CCP S.A. announces that the amendments entered into force on 1 December 2020.
The amendments of the Rules of Transaction Clearing (non-organised trading) under those Resolutions aim to:
  • introduce an additional channel of electronic communications (GUI system) to the regulations, which not only gives users access to the clearing system but also supports the submission of information and declarations in electronic format in the system as referred to in the Rules of Transaction Clearing (non-organised trading) or regulations issued thereunder, including in particular orders to open or close clearing accounts, orders concerning collateral, and (at a later date) orders concerning position transfers. The GUI system in its proposed form (i.e., including the aforementioned functionalities) will be available on the KDPW_CCP S.A. website under a dedicated agreement to be proposed by KDPW_CCP (the content of the new agreement and the new access request applications required to join the GUI system in its proposed form will be communicated at a later date). It should be noted that the SWI system will continue to operate as the mandatory communication system for participants while the GUI system, including the functionalities defined in the KDPW_CCP regulations and operated via the KDPW S.A. system, will be optional;
  • introduce provisions governing the terms and conditions of communications in special circumstances, including in the event of a contingency or other significant threats, such as the current epidemic threat. Consequently, in such circumstances, derogations will be allowed from the requirements of the Rules of Transaction Clearing (non-organised trading) or regulations issued thereunder regarding the format of documents containing declarations or information, subject to mutual consent of KDPW_CCP and the participant. The Management Board of KDPW_CCP S.A. may, in its Resolution, define circumstances where declarations or information should be submitted in electronic format via the SWI system or the GUI system or in writing;
  • introduce provisions authorising the use, in the event of default of a clearing member participating in more than one clearing system organised by KDPW_CCP, of any surplus which:
    - remains after the payment of the member’s debits due by virtue of its participation in another system organised by KDPW_CCP;
    - represents such member’s own funds; or
    - has been contributed by that member as collateral securing all transactions cleared by such member or transactions concluded and cleared on the member’s account.
    In that case, in accordance with ESMA guidance, KDPW_CCP should freely pay any debits arising from the clearing of transactions by using also such own funds of the member rather than returning such funds and using contributions of other members posted in the fund. Consequently, such funds should constitute part of the of each transaction clearing liquidity guarantee system. Therefore, such surplus will, once posted in the relevant account managed for KDPW_CCP, constitute financial collateral contributed as initial deposit to each of the systems;
  • introduce other amendments of editorial nature.
Rules of Transaction Clearing (non-organised trading) - consolidated text, 01.07.2020 - 30.11.2020
Appendix 1 - Table of Fees
Appendix 2 - OTC Guarantee Fund Rules
Appendix 3 - Priorities assigned to markets and prices taken as the reference price for the purpose of calculating the market value of financial instruments

In connection with the decision of the Polish Financial Supervision Authority of 15 June 2020 approving amendments to the Rules of Transaction Clearing (non-organised trading) adopted in Resolution No.
26/434/20 of the Supervisory Board of KDPW_CCP S.A. dated 15 May 2020, entered into force on 1 July 2020.
The amendments concern the Table of Fees laid out in Appendix 1 to the Rules of Transaction Clearing (non-organised trading), including: 
  • fees for the management and administration of cash posted as contributions to the relevant fund and cash posted as margins (excluding cash in EUR) – change of the minimum fee threshold;
  • fees charged on posted securities – reduction of the fee from 0.2% to 0.1% per quarter and removal of maximum and minimum fee amounts.
In connection with Resolution No. 28/436/20 of the Supervisory Board of KDPW_CCP S.A. dated 15 May 2020, the fee for the management and administration of cash posted as contributions to the OTC guarantee fund and cash posted as margins, referred to in point 5.2 of the Table of Fees, will be reduced from the effective date of the amendments of the Table of Fees under Resolution No. 26/434/20 of the Supervisory Board of KDPW_CCP S.A. to 31 December 2020 as follows: if the amount of the fee equal to 0.1% times the basis for the calculation of the fee in a quarter is more than 100% of the income earned for the participant in the quarter, the fee charged to the participant for the quarter will be equal to 100% of such income. Rules of Transaction Clearing (non-organised trading) - consolidated text, 01.10.2019 - 30.06.2020
Appendix 1 - Table of Fees
Appendix 2 - OTC Guarantee Fund Rules
Appendix 3 - Priorities assigned to markets and prices taken as the reference price for the purpose of calculating the market value of financial instruments

2019:
Temporary reduction of the fee for the management and administration of assets deposited as contributions to the OTC guarantee fund and assets posted as deposits or margins
(point 5.1 of the Table of Fees)

The reduction of the fees applied from 1 January 2019 to 29 February 2020.
Resolution
No. 4/351/19 of the KDPW_CCP S.A. Supervisory Board dated 31 January 2019 amended by Resolution No. 49/396/19 of the KDPW_CCP Supervisory Board dated 23 September 2019.

Temporary waiver of the fees clearing of EUR transactions in KDPW_CCP (point 2.1 of the Table of Fees)

The waiver of the fee applied from 1 January 2019 to 29 February 2020.
Resolution
No. 5/352/19 of the KDPW_CCP S.A. Supervisory Board dated 31 January 2019 amended by Resolution No. 56/403/19 of the KDPW_CCP Supervisory Board dated 23 September 2019.

Amendments of the Rules of Transactions Clearing (non-organised trading) entered into force on 1 October 2019 following the decision of the Polish Financial Supervision Authority (KNF) of 5 September 2019 approving the amendments adopted under Resolution No. 43/345/18 of the KDPW_CCP S.A. Supervisory Board dated 21 December 2018, as amended by Resolution No. 38/385/19 of the KDPW_CCP S.A. Supervisory Board dated 17 June 2019 and Resolution No. 47/394/19 of the KDPW_CCP S.A. Supervisory Board dated 12 August 2019.

The following modifications are to be expected as a result of the entry into force of the aforementioned amendments to the Rules of Transaction Clearing (non-organised trading):
  • clearing members’ required contributions to the OTC guarantee fund managed by KDPW_CCP will be updated on a daily basis,
  • the methodology of calculating the fund value and the participants’ contributions will be modified,
  • additional margins will no longer be required,
  • the maximum value of the fund will no longer be determined,
  • the first (initial) contribution to the fund will be adjusted,
  • a single institution code will be used for the purposes of participation in the fund,
  • certain matters concerning clearing member default will be clarified in the regulations,
  • the amount of the flat-rate withholding tax charged to non-resident clearing members will be defined.

    Rules of Transaction Clearing (non-organised trading) - consolidated text, 21.02.2018 - 30.09.2019
    Appendix 1 - Table of Fees
    Appendix 2 - OTC Guarantee Fund Rules
    Appendix 3 - Priorities assigned to markets and prices taken as the reference price for the purpose of calculating the market value of financial instruments


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