KDPW_CCP To Clear and Guarantee Clearing of New Instruments Introduced to Trading on WSE
KDPW_CCP will be clearing new instruments: futures contracts on WIBOR reference rates and futures contracts on Treasury bonds to be introduced to trading on the exchange as of 18 October 2013.
In the process of clearing, KDPW_CCP records trades and other operations in futures contracts, performs the marking-to-market and the final clearing of futures contracts, and calculates the debits or credits in respect of maintenance margins required by KDPW_CCP of clearing members as the sum of the debits and credits established for individual accounts assigned to a clearing member.
Furthermore, KDPW_CCP manages the futures trade clearing liquidity guarantee system which covers the following:
a) initial margins;
b) maintenance margins;
c) additional margins;
d) default fund;
e) KDPW_CCP’s own capital.
The detailed rules of depositing collateral securing claims arising from the new futures contracts, calculating margins and clearing such contracts are set out in Chapter 4 of the Trading Rules for a WIBOR reference rates futures contracts scheme and a short-term, mid-term and long-term Treasury bonds futures contracts scheme available on the WSE website: www.wse.com.pl
In order to boost the competitiveness of the Polish futures market, KDPW_CCP has decided to introduce a temporary waiver of fees for the registration of trades in futures contracts introduced into trading as of 18 October 2013 and for transfers of positions in such contracts. The fee waiver is effective until 18 October 2014.
Resolution of the KDPW_CCP Supervisory Board concerning the fee waiver