IRGiT S.A. (hereinafter “IRGiT”) has amended the Regulations of the Exchange Clearing House (Commodity Market), in particular in order to implement the postulates put forward by participants of the Agricultural Commodity Market (hereinafter “ACM”) in respect to:
- A change of the term of cash settlement of the amounts due to Clearing House Members – for transactions concluded in auctions;
- A change of the rules for providing bid bonds.
As a result of these amendments, the rules governing the financial services provided to the ACM will be more readily adjustable to the current needs of the market’s participants.
In connection with the above and in line with the recommendation of the Agricultural Market Council established at the Polish Power Exchange (hereinafter “POLPX”), the Detailed Clearing and Settlement Rules of the Agricultural Commodity Market have been amended by incorporating the decisions of POLPX and IRGiT on:
- waiving the obligation to provide a bid bond in order to open an auction on the ACM, and
- reducing the term of cash settlement of transactions concluded on ACM auctions to day T+1.
The above amendments will come into effect as of 21 February 2022.