Austria: CCP.A MEETING - SEPTEMBER 2016

UniCredit Bank Austria AG
Summary: 
A CCP.A update on the migration to the T2S platform, CCP for the Czech market, amendment of general terms & conditions, and regulatory issues
Wed, 21/09/2016

During today’s semi-annual meeting held in Vienna the Central Counterparty Austria (CCP.A) updated its members on the following projects:

Migration to the T2S platform with Wave 4 (as of 6 February 2017)

  • T2S DVP release – final acceptance test was successful. Participant testing will be available as of 26 September 2016. Go/no-go decision to be made end of October 2016.
  • 5 cycles of guide tests upon request during October and November 2016. Participation in at least one guided test cycle is mandatory.
  • Each securities account in T2S must be linked to a Dedicated Cash Account (DCA) in TARGET2.

Amendments of General Terms and Conditions

  • CCP.A reduced the cash settlement amount for securities to 3% (previous 20%).
  • Use of central bank money to settle transactions.
  • Clearing bank changes to the Austrian National Bank (OeNB).

Update Clearing for the Czech Market

  • A clearing model was finished through mutual cooperation with CSD.P in June 2016.
  • Go-live term of CCP Praha is expected to be in the 1st half of 2019.

Capital Market Infrastructure Development

  • Wiener Borse is planning to launch a new T7 trading system (XETRA replacement) for equity trading at the end of July 2017. Transitions of all other instruments to follow mid-2018.
  • Wiener Borse to inform participants - 27 September in Vienna & 28 September in London; both at 14:30.

Regulatory Issues

  • ESMA stress test finalised. Waiting for ESMA’s recommendations.
  • Public quantitative disclosure standards for CCPs - detailed data is now published quarterly on CCP.A’s website.
  •  Annual on-site assessment by OeNB/ FMA and college meeting took place on 6 September 2016; feedback meeting in October 2016.

Please note that there will be a normal trading and settlement day on 30 December 2016.

Impact on investors:  CCP.A has provided an update on several projects.