Dear Client,
CCP.A receives EMIR clearing authorisation
We are pleased to inform you that today, 14 August 2014, CCP.A has received an authorisation to act as a clearing house pursuant to the European Market Infrastructure Regulation (EMIR) by Austrian Financial Market Authority (FMA). The aim of the regulation is to increase financial market stability by standardizing the legal framework for clearing houses in the European Union and reducing the risk for market participants. The authorisation was approved by an international college of regulators, as required by EMIR.
CCP.A General Terms and Conditions
With the EMIR authorisation CCP.A introduces its own new General Terms and Conditions (GTC) which enter into force on 18 August 2014.
Introduction Settlement Period T+2
CCP.A will change the settlement period from current T+3 to T+2 for all CCP-eligible instruments traded on the Vienna Stock Exchange on 6 October 2014.This follows the intention of European harmonisation efforts prior to the introduction of T2S.
All trades concluded on XETRA until and including Friday 3 October will be settled T+3, trades concluded on XETRA as of Monday 6 October will be settled T+2.
Transactions executed on 3 October and 6 October will be settled on 8 October 2014
The Default management procedures for late deliveries remain the same
- Penalty fines from S+1
- Automatic buy-ins from S+3
- Cancellation of unsettled positions on S+4
- Cash settlement on S+5
Impact on investors: CCP.A receives EMIR clearing authorisation and changes the settlement period to T+2 for all starting from 6 October 2014.