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Amendments of the Rules of Transaction Clearing (organised trading) and Detailed Rules of Transaction Clearing (organised trading)

20 December 2016 is the effective date of amendments of the Rules of Transactions Clearing (organised trading) under Resolution No 3/175/15 of the Supervisory Board of KDPW_CCP S.A. dated 27 March 2015 (as amended) and the Detailed Rules of Transaction Clearing (organised trading) under Resolution No. 73/16 of the KDPW_CCP S.A. Management Board dated 6 December 2016.

The amendments of KDPW_CCP S.A. regulations have been drafted to align them with the provisions of the Act on Trading in Financial Instruments which eliminate the obligation to register derivatives in KDPW. Consequently, clearing members who only trade in derivatives (without delivery of financial instruments registered in the settlement institution) will not be required to maintain an account with KDPW or to have a settlement agent. As a result, settlement in KDPW will apply to all transactions in securities and to all deliveries of securities upon the exercise of derivatives. However, where only transactions in derivatives are registered in a participant’s clearing accounts, position transfers will not require the settlement of the transaction in the relevant settlement institution.
Following the elimination of the requirement to register derivatives in KDPW, participants are required to enter transactions in derivatives in their records immediately upon receipt from KDPW_CCP of documents confirming the execution of an operation in clearing accounts, according to the rules applicable to the account system in the clearing system.

The text of the resolutions amending the Rules of Transaction Clearing (Organised Trading) and the Detailed Rules of Transaction Clearing (Organised Trading) is available in the

Last modified: 07-12-2016 Go up