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