Testing of the key aspects of the default procedures
On 16 – 17 June 2020 we will conduct, with the involvement of market participants, testing of the key aspects of the default procedures relating to obligations arising from transactions accepted for clearing in the clearing system for transactions concluded in organised trading and in the OTC clearing system (non-organised trading).
The test will check the solutions and procedures put in place by KDPW_CCP and also check whether all clearing members and other interested parties are duly informed about clearing default procedures and whether their solutions ensure the necessary measures required in the event of potential business continuity issues in connection with the coronavirus pandemic in Poland.
The test is not mandatory within the meaning of § 32a of the Rules of Transaction Clearing (organised trading) and § 36a of the Rules of Transaction Clearing (non-organised trading). However, the default test report will be prepared on the basis of a questionnaire provided by ESMA’s CCP Supervisory Committee. We encourage all clearing members to take part in the test. The test report will be presented to PFSA for its assessment of the operational preparedness of KDPW_CCP and clearing members during the current coronavirus pandemic.