- Warsaw Commodity Clearing House (“IRGiT”) has amended the Regulations of the Exchange Clearing House (“Regulations”) and the Detailed Clearing and Settlement Rules for markets operated by TGE S.A.
- The amendments to these regulations are aimed at adjusting these regulations to the extent allowing IRGiT to provide financial service of transactions concluded on the Intra-Day Market (IDM) operated by the Polish Power Exchange in the XBID model.
A provision is added to § 29 of the Regulations of the Exchange Clearing House (Commodity Market) specifying that the cash settlements of transactions cleared by IRGiT are made in the Polish currency. This will also apply to exchange transactions concluded on the IDM within the framework of XBIT, for which the quotations will be in the Euro currency. The method of translating the transaction value expressed in the foreign currency to the Polish currency is set out in the Detailed Clearing and Settlement Rules for markets operated by TGE S.A.
The amendments to § 33, § 35 and § 47 of the Regulations are made to incorporate the Polish Power Exchange’s plans to extend the IDM quotation schedule, under which quotations may be conducted on a 24-hours-a-day basis. According to the amendment made to § 47 sec. 1, cash settlements of transactions concluded on the IDM will be made on the second day following the delivery date.
In connection with the amendments to the Regulations, the provisions of the Detailed Clearing and Settlement Rules for markets operated by TGE S.A. governing the clearing and settlement of transactions concluded on the IDM in the XBID model have been adjusted. In particular, the amendments:
1) provide for the necessary currency conversion of transactions concluded in Euro and cleared in PLN,
2) divide the Transaction Limit into the Basic Transaction Limit and the Transaction Limit dedicated to the IDM,
3) provide for the fact that IDM quotations will be conducted on a 24-hours-a-day basis.
The amendment to the Regulations of the Exchange Clearing House (Commodity Market) and The new version Detailed Clearing Rules for the markets operated by TGE S.A will come into force on 19 November 2019.