CCP.A – Member Meeting

UniCredit Bank Austria AG
Summary: 
A list of topics from the last CCP.A Member Meeting.
Mon, 06/05/2013

CCP.A held a member meeting in Vienna and London at the end of last week. The main focus was on the following topics:

1st Experience with the new cash market clearing system

  • The migration and first days of operations ran smoothly
  • Settlement efficiency remained at a very high level
  • Four clearing agents switched to ISO Reporting
  • SICS (file) reporting will be supported until the end of 2014   

Next to come with the new cash market clearing system (system release mid 2013)

  • Settled position report (currently email workaround)
  • Cash obligation forecast    

Next to come due to EMIR requirements

  • Flexible account structure (account segregation on different levels possible)
  • Margin calculation
  • Collateral valuation, haircuts calculation and concentration limits
  • Default fund calculation

Recent changes to CCP.A rules

  • Amendments covering the new functionalities in the cash market clearing system (account structure and reporting)
  • Stop-button functionality
  • Changes in default management

Important update in default management policy

  • Members obligation to provide sufficient collateral until 9.00 CET– if it is not sufficient
  • CCP.A declares members’ default
  • Immediate suspension from trading – applies to DCMs, GCMs and their NCMs
  • Penalty interest: 1% per day, at least EUR 70
  • Same applies when sufficient cash is not supplied by 10.00 am and at 2.00 pm sharp

EMIR activities

  • Technical standards entered into force in March 2013, effective as of September 2013
  • Organisational requirements until July 2013 – CCP.A will introduce a new supervisory board and risk committee
  • Account structure: omnibus and individual client segregation possible
  • Eligible collateral: cash, liquid bonds (no bank guarantees will be accepted)
  • Default fund: calculation based on actual exposure (minimum contribution EUR 50,000)

Billing of CCP fees

  • Membership fees
  • Collateral management fees
  • User and account management fees

Impact on investors: Updates on CCP.A rule changes and default management policy.