CCP.A – Member Meeting

UniCredit Bank Austria AG
Summary: 
CCP.A Member Meeting
Wed, 04/12/2013

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

Update EMIR authorisation

  • CCP applied for authorization as CCP according to EMIR – 12 September 2013
  • FMA assessment of additional documentation from 1 February 2014
  • Authorization expected to be finalized by October 2014 latest

New General Business Terms and Conditions

  • New Account segregation
  • New Default fund calculation and procedure for contribution
  • Collateral policy changed
  • expected February 2014

Individual Client segregation

  • CCP.A will provide its members (GCM, DCM & NCM) the option to fully segregated their underlying (non-member)clients at CCP level
  • In order to do so the clients of a DCM, GCM or NCM, must be registered at CCP.A
  • Standard procedure will remain an omnibus collateral and settlement account per DCM

Default fund

  • Contribution of individual member will be proportional to the member’s exposure
  • Minimum contribution per DCM will remain EUR 50,000
  • Stress testing results confirmed that the minimum contribution would be sufficient according to current volumes
  • Bank guarantees will not be accepted anymore as of February 2014           

Collateral Policy

  • ECB single list bonds with haircut <10%
  • Quoted in EUR and expiration time at least one year
  • Assignable to ECB liquidity class 1-3
  • Concentration expected to change as of February 2014 – securities only 90% of total with a maximum of EUR 10 million   

Organisational Changes due to EMIR

  • New Supervisory Board 
  • Risk Committee set up ( Guenter Schnaitt, Head of GSS Austria confirmed as clients representative)

Update Price Schedule

  • Fees for the optional client segregation:
    • initial implementation: EUR 1,000 per registered client
    • monthly account maintenance fee EUR 250 per registered client
    • Settlement Fee: EUR 2,50 per settlment
    • Cash settlement and buy-in fees will change to EUR 500 (old EUR 250)           

Close down of the Derivative market at Vienna Stock Exchange on 21 March 2014

Settlement Cycle T+2

  • EU CSD regulation sets a timeframe for T2S markets to implement T+2 at the minimum six month before T2S migration, at  latest by 1 January 2016 
  • CCP.A’s position – shortening settlement cycle will reduce risk, no technical impact on clearing system
  • Opinions of clearing members requested by end of 2013 – possible migration on October 2014 discussed