Dear Sirs and Madams,
Please be advised that as of 1 April 2021 IRGiT SA (“IRGiT”) introduces amendments to the Detailed Clearing and Settlement Rules of the Exchange Clearing House (“Detailed Clearing and Settlement Rules”) comprising:
- issues associated with the possibility of an Exchange Clearing House Member acting as a representative of an Exchange Member,
- issues following from the Regulations of the Exchange Clearing House (Commodity Market) prevailing as of 1 April 2021, taking into account the introduction of the definition of Infringement and other amendments increasing clearing safety.
As regards the rules for servicing a Clearing House Member who discharges the function of an Exchange Member Representative, the Detailed Clearing and Settlement Rules have been supplemented by provisions regulating:
- the principles of performance, by Clearing House Members, of the tasks and duties associated with representing Exchange Members,
- method of calculating the transaction limits for Clearing House Members in connection with introduction of the function of Exchange Member Representative,
- the principles of calculation of collateral margins and payments to the Guarantee Fund for Clearing House Members discharging the function of Exchange Member Representative.
As regards the risk management area and safety of the clearing system, the following changes have been introduced:
- taking into account the Infringement within the meaning of the Regulations of the Exchange Clearing House (Commodity Market),
- updating the provisions pertaining to measures limiting the materialization of risk in connection with the occurrence of an Infringement,
- updating the provisions regarding the operating principles of Guarantee Funds.
Should you have any questions, please do not hesitate to contact us.
Clearing and Settlement Department: firstname.lastname@example.org
Risk Management Department: email@example.com
Development and Member Service Department: firstname.lastname@example.org