Amendments to IRGIT Regulations – amended Regulations of the Exchange Clearing House (Commodity Market)

The amendments to the Regulations involve modifications in the wording of §45r(2) and §47(2) and are intended to implement the conclusions arrived at during consultations held with potential participants in the Agricultural Commodity Market (RTRS), which will be launched in March 2020 under the auspices of the commodity exchange operated by Towarowa Giełda Energii S.A. (Polish Power Exchange, TGE).

In accordance with the new wording of the Regulations, cash settlement of Clearing House Members’ liabilities on account of transactions executed on the RTRS as a result of auctions subject to the obligation to deposit a bid bond as well as refunds of the bid bonds will take place on the 21st day following the date of the transaction. The postponement of this date serves the purpose of implementation of the postulates proposed within the framework of consultations on the principles of operation of the RTRS and aims to extend the period available for verification of the commodities purchased on this market. The entity purchasing an agricultural commodity on the RTRS under the auction system will have the opportunity to verify the quantity and quality of the commodity purchased on the exchange and submit its reservations (if any) in accordance with the principles adopted by TGE.

The amendments to the Regulations of the Exchange Clearing House (Commodity Market) will come into effect on 1 March 2020.