CCP.A MEETING SEPTEMBER 2015

During last week’s semi-annual meetings held in Vienna and London, the Central Counterparty Austria (CCP.A)  updated its members on the following projects:
Migration to T2S platform

• On September 2016 the Austrian CSD will migrate to the T2S platform. Consequently the settlement process has to be adapted and integrated into the new European infrastructure.
• Settlement of securities instructions will take place on accounts of CCP.A opened with OeKB CSD on T2S platform.
• CCP.A will migrate in two phases: In Phase 1 starting with T2S, this will have no impact on the members of the CCP (procedures and timing of batches will remain unchanged) - only the processes between OeKB CSD and the CCP will be adapted. In Phase 2 – scheduled for Q1 2017 – the netting/offsetting/allocation algorithm and the timing of the batches will change.
• Corporate Actions Claims – no change to current procedure.
• Buyer Protection – If a member applies additional buyer protection, CCP.A will introduce the counterparts to each other for bilateral agreements.

Clearing Services for Prague Stock Exchange (PSE)

• Bilateral Meetings held in July 2015 showed positive progression on the clearing member side.
• CCP.A model for Czech market was delivered
• CM Information package was delivered

Unbundling of prices

• As of 1 January 2016 the traditional all-in transaction fees of the Vienna Stock Exchange will be unbundled.
• The Vienna Stock Exchange will charge trading fees only
• CCP.A will introduce clearing fees per cleared trade (6 Tiers between EUR 0.20 and EUR 0.08) and settlement fees per net settlement (6 Tiers between EUR 1.50 and EUR 0.75)

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