Implementation of a new trading system (UTP) for the cash market and the derivatives market by the Warsaw Stock Exchange and the clearing and settlement procedure on 16 April 2013
In connection with the implementation of UTP by the WSE on 15 April 2013, in particular the WSE’s decision to have no trading session on 16 April 2013, please be reminded that KDPW_CCP performs clearing and KDPW performs settlement of exchange trade on 16 April 2013. This means that 16 April 2013 will be included in the calculation of the due date of settlement of transactions with a fixed clearing cycle (e.g., T+3 for shares, T+2 for bonds) and on that day:
- transactions whose due date of clearing or settlement is 16 April 2013 will be cleared and settled;
- kdpw_stream will distribute standard clearing and settlement reports (messages);
- the amount of margins may change due to cash market settlement on that day and the shorter time to maturity of options.
We are not planning any modifications in clearing and settlement in order to avoid additional difficulties and complications during the upcoming implementation of UTP. Furthermore, for regulatory reasons, any exclusion of a date from clearing and settlement requires at least a month’s advance notice.
Furthermore, in connection with UTP implementation on 15 April, please be reminded that the following are also scheduled on that date:
- implementation of new versions of messages (acmt.blr.001.02, acmt.bls.001.02) and a new model of blocking exchange members according to clearing member instructions;
- optional online distribution of messages secl.001.001.02 (trade confirmation) and secl.002.001.02 (trade cancellation confirmation);
- function of cancelling trades not yet sent for settlement by KDPW_CCP;
- extended functionalities of message sese.sts.002.01 (it will be sent to all clearing members wishing to receive the message as a notification of all trades sent for clearing to a clearing member – previously only trades of remote exchange members);
- sending the MIC in messages sese.sts.001.03 and sese.sts.002.01;
- sending order identifiers in messages sese.sts.001.03 and sese.sts.002.01 only in the field AddtInf.
In the event of the WSE’s activation of the procedure of roll-back to WARSET, the modifications listed above will also be recalled.
Furthermore, according to the Communication Plan drawn up by the Exchange, please be reminded that in the transition period, when the roll-back procedure may be activated, KDPW_CCP will notify participants and the Exchange of completion of the clearing process on a clearing day in a message distributed by ESDI.