News and announcements
EACH welcomes European Market Infrastructure Regulation
At its meeting in Barcelona, EACH, the European Association of Central
Counterparty Clearing Houses welcomed the upcoming European Market Infrastructure
Regulation but also urged regulators to avoid conflicting regulation. EACH also
confirmed its intention to become an ASBL to strengthen its responsiveness and elected
Marcus Zickwolff from Eurex Clearing as its new Chairman.
Wherever the needs of market users are met, EACH encourages the use of standardized
products and services and supports all measures to improve the safety, integrity and efficiency
of financial markets. Having already delivered a number of OTC derivatives clearing services
and with further developments being planned, EACH members look forward to continuing to
work closely with the European Securities and Markets Authority (ESMA) and national
supervisory authorities to suggest appropriate level 2 legislative proposals as requested by the
upcoming European Market Infrastructure Regulation (EMIR). On a global level EACH will carry
forward its contribution to the principles on financial market infrastructures currently developed
by CPSS-IOSCO and to the new Basel III and Capital Requirements Directive (CRDIV) rules on
CCP exposures.
To further develop and to further strengthen the responsiveness and efficiency of the
association, which acts as the voice of European clearing houses since more than 20 years,
EACH also decided to take steps to become a legal entity, an Association Sans But Lucratif
(ASBL).
In its recent meeting, Marcus Zickwolff of Eurex Clearing was elected Chairman for a two-year
term. His predecessor, Rory Cunningham of LCH.Clearnet, was Chairman for two terms and
continues to be a member of the Executive Board. Bhagwant Singh (EuroCCP) and Marco
Polito (CC&G) were re-elected to the Executive Committee. Newly elected to the Executive
Committee was Ignacio Solloa (MEFF), and Ann Flodström (SIX x-clear) was elected Treasurer.
Marcus Zickwolff, the new Chairman, said: "CCPs are key to the future market structure, which
in Europe, will be shaped by EMIR, MiFID2 and CRDIV. EACH will continue to contribute to the
integrity and the stability of the global financial system. Therefore it will closely work together
with public authorities as well as the financial industry to achieve safe and efficient financial
markets by consistent regulation."
Established in 1991, EACH has currently twenty-three members. Membership is open to all
entities incorporated in Europe and supervised as a central counterparty. Its aims are to discuss
and analyze techniques and developments in central counterparty clearing operations, systems,
position-keeping, risk management tools (initial margining, re-valuation, membership
requirements, default procedures and resources, money settlement arrangements, etc.) and
legal and regulatory issues related to central counterparty clearing.
EACH develops, as appropriate, frames of references of central counterparty clearing and risk
management, and publishes those standards; develops, with appropriate co-ordination (for
example, with other associations such as ECSDA and FESE) positions on proposed European
and global regulatory initiatives relative to central counterparty clearing. It also provides a forum
for the development of the personal contacts necessary to ensure the exchange of risk-related
information in times of potential difficulty and monitors developments in payments, settlement
and custody, as they have a bearing on central counterparty clearing. EACH ensures, as
appropriate, a constructive working relationship with other infrastructure and user associations;
and influences policymakers. EACH is the central counterparties´ voice in Europe and the voice
of European central counterparties globally, ensuring as appropriate a constructive working
relationship with supra-national European and global public authorities and global associations
of central counterparty clearing houses.
Clearing of
gas market in WCCH's hands
Warsaw Commodity Clearing House will be responsible for execution of
clearing process on the exchange gas market, being co-created by GAZ-SYSTEM
S.A. and Polish Power Exchange
The Exchange Settlement House, run by the WCCH - is ready for clearings
of a new market that shall be started for bulk buyers on Polish Power Exchange
in first half of 2012. Permissions, licenses, infrastructure and experience
being in the WCCH's possession shall enable servicing of transactions being
entered into on all commodity markets - including the gas market that is coming
into being now.
Our regulations and clearing system
shall enable diversification of forms of collaterals being lodged as well as
collateral margins amounts in proportion to the risk generated by given
participant of the market. It means that we have an offer not only for direct
members of the House but for clients, which use our services through the agency
of brokerage houses as well - Mr. Ireneusz Łazor, WCCH's
Management Board President said.
The new invoicing system -
so called self-billing - started on the day of January the 1st 2012,
shall be facilitation for future traders. The self billing system will improve
document preparation process and minimize risk of errors during the invoicing
process. Entrusting the Exchange Settlement House with risk management process
and financial service of transactions on the gas commodity market will assure
the highest quality and transparency of clearings and safety for the market
participants. The House is indispensable component in proper and transparent
functioning of the gas market" - Mr. Ireneusz Łazor has added.
At present WCCH clears 156 TWh of electricity, with market value amounting to 32 billion PLN. WCCH is also the member of EACH (The European Association of Central Counterparty Clearing Houses), the association of the greatest clearing houses of CCP type in Europe. EACH membership is a testimony that WCCH meets safety and clearing standards applied by the greatest clearing houses of CCP type in the world.
XX lecie
stowarzyszenia EACH
Europejskie Stowarzyszenie Izb Rozliczeniowych EACH powstało w 1992 r. Jego
priorytetowym celem jest opracowywanie standardów i usług w instytucjach
rozliczeniowych. Organizacja skupia największe izby rozliczeniowe typu CCP,
zarówno z Unii Europejskiej, jak i spoza niej. Obecnie posiada 23 izby członkowskie,
jest jednak otwarta na wszystkie podmioty zarejestrowane w Europie. W związku z tym, że obecnie
na forum europejskim trwają prace legislacyjne dotyczące nowych wymogów i
standardów funkcjonowania izb rozliczeniowych typu CCP, działalność EACH w zeszłym
roku koncentrowała się przede wszystkim na analizie i konsultacjach
przedstawionych dokumentów prawnych. Organizacja już przekazała swoje
stanowisko w sprawie projektów dotyczących kapitalizacji banków, w związku z
ekspozycją na CCP oraz wymogów kapitałowych dla CCP zaproponowanych przez
Komitet Bazylejski oraz Komisje Europejską. W ciągu 20 lat istnienia na
międzynarodowym rynku rozliczeniowym EACH było silnym głosem izb
rozliczeniowych na forum europejskim i z powodzeniem działało na rzecz większej
przejrzystości rynku oraz wykształcenia precyzyjnych standardów rozliczeń
Izba Rozliczeniowa Giełd Towarowych SA jest członkiem EACH od 1 kwietnia
2011 roku. To wyróżnienie jest świadectwem spełnianych przez Izbę standardów
bezpieczeństwa i rozliczeń przedstawionych m.in. w rekomendacjach Komitetu
Systemów Płatności i Rozliczeń (CPSS-IOSCO Recommendations). Wstąpienie w
szeregi EACH umożliwiło IRGiT współpracę z najlepszymi ekspertami w dziedzinie
rozliczeń, rozrachunku oraz zabezpieczeń w Europie. IRGiT jest najmłodszym
członkiem stowarzyszenia EACH.
New invoicing system in
WCCH
On the day of January the 1st Warsaw
Commodity Clearing House started co-called self-billing. The new invoicing
system is aimed at providing the House's members with facilities for using its
services as well as at improving process of creation of documents in the system.
In
practice, implementation of the self-billing means that the members have been
given accelerated access to commission- and transaction invoices through web
page, what shall enable trouble-free closing of monthly reporting period. Moreover, the House's members shall minimize
possibility of errors during issuing transaction invoices and save time of
their employees. The self-billing system also enables an issuer and a purchaser
to settle VAT tax during the same reporting period. Purchase- and sale
transaction invoices as well as commission invoices, generated by WCCH, shall
be available for given member of the House on the private web page, access to
which is protected by a password, while the entire transmission is coded with
use of SSL protocol, what assures confidentiality of data. The House does not
collect fees for the self-billing service.