Izba Rozliczeniowa Giełd Towarowych S.A. (Commodity Clearing House, “IRGiT”) introduces amendments to the Regulations of the Exchange Clearing House (Commodity Market) (hereinafter: “Regulations”) and the Detailed Clearing and Settlement Rules of the Exchange Clearing House (hereinafter: “Detailed Clearing and Settlement Rules”), including:
in the Regulations:
- possibility of a negative rate of interest on bank accounts where cash is kept under the Clearing House’s clearing guarantee system,
- changes to the Table of Fees and Charges.
in the Detailed Clearing and Settlement Rules:
- changes in the model for determining payments of each Clearing House Member to the guarantee fund,
- changes in the rules for submitting bank guarantees to the guarantee fund,
- possibility of providing non-cash collateral for sureties granted by customers of power companies that provide services to members of the corporate group, in compliance with the Act on Commodity Exchanges,
- possibility of depositing a collateral margin in EUR and bank guarantees for which the amount of the cash benefit for which the bank guarantee has been issued is specified in EUR,
- possibility of a negative rate of interest on bank accounts where cash is under the Clearing House’s clearing guarantee system.
The implementation of the said changes addresses the needs of market participants in improving the effectiveness of the clearing guarantee system and minimizing the level of costs related to exchange trading while maintaining high risk management standards.
Due changes in the Table of Fees and Charges, as of 1 September 2021, the Detailed rules for calculating fees payable by Members of the Exchange Clearing House shall also change.
Moreover, in order to define the general rules concerning the Self-Invoicing service provided by the Clearing House, including the rules of liability of IRGiT and the Clearing House Members, the IRGiT Management Board has approved the Rules for the provision of the self-invoicing service by IRGiT S.A.
All these amendments will enter into force on 1 September 2021.
Should you have any questions, please contact the Risk Management Department at @email .