Preconditions For Risk Assessment Over SKDD-CCP Fulfilled

Croatia
Zagrebacka Banka d.d.
Summary: 
HANFA evaluated SKDD-CCP request for authorization to provide services of a central counterparty as complete and ready for risk assessment process.
Mon, 18/05/2015

Following the SKDD-CCP Smart Clear Inc. (SKDD-CCP) submission of the Application for authorization to provide services of a central counterparty, and subsequent amendments to provided documents, Croatian Financial Services Supervisory Agency (HANFA) adopted a decision confirming the application as complete and ready for risk assessment process. HANFA is obliged to inform the SKDD-CCP about the final decision on the request not later than six months from the date of respective decision made on 12 May 2015.

Simultaneously with the process of meeting legal requirements, SKDD-CCP has undertaken third external test of its system on 16 May 2015, together with the Zagreb Stock Exchange (ZSE), Central Depository & Clearing Company (CDCC) and potential members of the SKDD-CCP. Test included simulation of one trading day in the systems of ZSE and SKDD-CCP as well as the simulation of all procedures within the CDCC and SKDD-CCP system which are necessary for settlement of transactions with respect to one trading day SKDD-CCP executes the clearing for. 

Impact on investors:  SKDD-CCP application to provide services of a central counterparty evaluated as complete. Related Newsflashes: NEWSFLASH CROATIA – SKDD-CCP Smart Clear Inc. go live postponed