How to become a clearing member - organised market

Eligible as KDPW_CCP participants in organised trading are:

• investment firms,
• domestic banks,
• foreign investment firms,
• other legal entities, provided that that are eligible as a participant under the relevant legislation in force in the Republic of Poland and, pursuant to the provisions of the Rules, their participation is aimed at cooperating with KDPW_CCP with respect to activities performed in the clearing system,
• entities authorised to provide clearing services as a CCP.

Types of participation:

• Clearing member is an entity which is liable to KDPW_CCP for the proper performance of its obligations arising from the clearing of transactions, including obligations related to the creation and operation of a transaction clearing liquidity guarantee system, with respect to all securities transactions concluded in:
  • regulated market,
  • alternative trading system or
  • negotiated lending system by another entity designated by it in accordance with the rules;
  and its participation may be of one of three types:
  • GENERAL CLEARING MEMBER - representative in securities trading,
  • INDIVIDUAL CLEARING MEMBER,
  • GENERAL CLEARING MEMBER - representative in the derivatives market, 
• NON-CLEARING MEMBER – the participant concludes transactions in:
  • regulated market,
  • alternative trading system or
  • negotiated lending system,

but it does not hold clearing member status in any respect and is a client of a participant holding such status.

How to become a KDPW_CCP participant?

• Conclusion of a participation agreement: submission of an application (Template 1 – clearing member, Template 2 – non-clearing member) with enclosures set out in § 20 of the Rules of Transaction Clearing (organised trading);

• Data set up in kdpw_stream;
• Tests in the test environment;

• Payment of a contribution to the clearing guarantee system (initial contribution: for the regulated market ≥ 500 000 PLN, for ATS ≥ 100 000 PLN);
• Financial requirements:

• Technical requirements – maintaining technical and technological infrastructure necessary to set up connections with the KDPW_CCP IT system dedicated to the operation of the clearing system;
• KYC requirements;
• Production roll-out;