Mandatory testing of the key aspects of the procedure in the event of default
On 25 November 2015 we will conduct, with the involvement of market participants, testing of the key aspects of the procedure in the event of default under transactions accepted by KDPW_CCP for clearing in the clearing system for transactions concluded in organised trading and in the OTC clearing system (non-organised trading). The objective of the test is to verify the solutions and procedures available to KDPW_CCP in the event of a crisis and to verify whether all clearing members are properly prepared to perform procedures applicable in the event of default under the clearing of transactions. Under the Rules of Transaction Clearing (organised trading) and the Rules of Transaction Clearing (non-organised trading) every clearing member has the obligation to participate in testing organised by KDPW_CCP.
The detailed test timetable and the exhaustive test assumptions and scenarios will be communicated to you on or before 10 November 2015.