PFSA Determines KDPW_CCP’s Application for Extension of Authorisation with New Instruments Is Complete
The Polish Financial Supervision Authority (PFSA) has determined that the application of the clearing house KDPW_CCP for the extension of its authorisation to include a new class of instruments under EMIR* is complete. KDPW_CCP is planning to clear and settle transactions at auctions on an auction platform offering emission allowances EUA/EUAA for sale on the primary market.
PFSA will review KDPW_CCP’s risk assessment within four months after the determination that the application is complete. The assessment will be presented to the Supervisory College which has 30 calendar days to issue an opinion concerning KDPW_CCP’s compliance with the EMIR requirements concerning the extended range of cleared instruments.
KDPW was authorised to clear PLN instruments in organised trading and on the OTC market in April 2014. In 2016, the authorisation was extended to the clearing of EUR instruments. The application for the extension of the authorisation to include EUA/EUAA clearing allows KDPW_CCP to enter a new business segment: the commodity market.
KDPW_CCP is a clearing house authorised under EMIR and responsible for the clearing of transactions on the regulated market, in the alternative trading system and OTC trades. KDPW_CCP clears transactions based on a range of mechanisms which systemically mitigate the risk of counterparty default.