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Dear Sirs and Madams

Please be advised that, as of 9 September 2020, Izba Rozliczeniowa Giełd Towarowych S.A. (“IRGiT”) will introduce amendments to the Detailed Clearing and Settlement Rules of the Clearing and Settlement House regarding the serving of Clearing House Members intending to act as a Representative of a Trading Venue Member along with certain other clarifying amendments.

The amendments concerning a Representative of a Trading Venue Member involve clarification of the provisions in the area of registration of financial instruments and the clearing and settlement of transactions. Amendments have also been made to the clearing guarantee system, including the rules for setting transaction limits (§ 15). In the case of Clearing House Members acting a Representative of a Trading Venue Member, the transaction margin will also consist of a Transaction Limit dedicated to each Trading Venue Member. The value of this limit will be determined on the basis of the Clearing House Member’s declaration (§ 8 sec. 3).

Bearing in mind the need to ensure the security of clearings, a rule has been introduced (§ 4 sec. 6) that a Trading Venue Member represented by a Clearing House Member may not at the same time be a Clearing House Member. Moreover, a Trading Venue Member may be represented by only a single Clearing House Member.

The form of the application for the execution of/amendments to the Clearing and Settlement House membership agreement has also been amended.
 

The other amendments include:

  •  rules for the settlement of liabilities and receivables of a Clearing House Member through the transaction margin sub-account kept by the Settlement Bank in a situation where the Clearing House Member fails to perform its obligations (§ 32 sec. 3),
  • balancing of liabilities and receivables under transactions executed on RIF_EUA and OTF_RTPM (§ 40 sec. 4),
  • order in which the funds of the Clearing House Member are used in the event of limiting direct payments (§ 49 sec. 5),
  • payment order batches with regard to the description of cash transfers under the split-payment mechanism (§ 53).

You are welcome to contact us with any questions you may have on mail @email