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Amendments to the Rules of Transaction Clearing (non-organised trading) and the Detailed Rules of the OTC Clearing System

The amendments to the Rules of Transaction Clearing (non-organised trading) under Resolution No. 35/234/16 of the KDPW_CCP S.A. Supervisory Board dated 13 December 2016, amended by Resolution No. 10/251/17 of the KDPW_CCP S.A. Supervisory Board dated 25 April 2017, and amendments to the Detailed Rules of the OTC Clearing System under Resolution No. 18/17 of the KDPW_CCP S.A. Management Board dated 6 July 2017 enter into force on 20 July 2017.

The main objective of the amendments is to provide for the clearing of transactions for which no variation margin is calculated because the terms of the transactions require the determination of a settlement amount in the marking to market of such transactions. Consequently, KDPW_CCP will accept for clearing transactions for which a variation margin is calculated as well as transactions where payments are made in respect of settlement amounts calculated daily by KDPW_CCP while the clearing counterparties are not required to deposit or to claim the return of a variation margin. Furthermore, the amendments allow for modifications of the terms of transactions registered in the OTC clearing system. The modification of such terms requires clearing members to submit prior instructions to KDPW_CCP.
Other amendments of the Rules of Transaction Clearing (non-organised trading) include:
- elimination of the credit limit in view of the on-going monitoring of risk tolerance under the collateral limit when a transaction is sent to the OTC clearing system. Due to these modifications, if the collateral limit referred to in § 87 subpara. 3 of the Rules of Transaction Clearing (non-organised trading) is exceeded before the effective date of the amendments, the provisions of the Rules in the wording applicable before the effective date of the amendments apply to the effects of such exceedance and the resulting actions taken by KDPW_CCP;
- amendments to the Table of Fees to the extent of the fee for late provision of financial information by the clearing member to KDPW_CCP. The fee is charged for each day starting three days after the date when a specific financial report is required to be provided (currently the fee is not charged as it has been waived until 31 July 2017).

The text of the resolutions amending the Rules of Transaction Clearing (non-organised trading) and the Detailed Rules of the OTC Clearing System is available in the
http://www.kdpwccp.pl/en/kdpw_ccp/Development/OTC_CLEARING/Pages/regulations.aspx​

Last modified: 10-07-2017 Go up