KDPW_CCP Starts OTC Derivatives Clearing on 2 January 2013
On 19 December 2012, the Financial Supervision Commission approved the Transaction Clearing Rules (Non-organised Trading). The provisions of the Rules are available in the "Regulations" tab. The Rules take effect as of 2 January 2013. As of that date, the clearing house KDPW_CCP will start clearing trade in the OTC clearing system.
With the launch of the OTC derivatives and repo clearing service, the Polish market is ready to comply with the provisions of the Regulation of the European Parliament and of the Council on OTC derivative transactions, central counterparties and trade repositories (EMIR). The Regulation requires specific classes of OTC derivatives to be cleared through CCP clearing houses. Clearing of OTC derivatives through CCP clearing houses should mainly mitigate the risk of default of trading parties.
On 19 November 2012, in line with the project timetable, the clearing house KDPW_CCP made available for testing the kdpw_otc system used to clear OTC trade. Some market participants are already using the kdpw_otc system test environment.
Warsaw, 19 December 2012