UniCredit Bank Austria AG
Summary:
The Central Counterparty in Austria (CCP.A) held a member meeting in Vienna on 20 May 2014.
Wed, 21/05/2014
Dear Client,
The member meeting focused on the following topics:
Update EMIR authorization
- CCP.A applied for authorization as CCP according to EMIR – 12 September 2013
- FMA assessment of additional documentation from 1 February 2014
- CCP.A submitted requested documentation
- FMA confirmed that the CCP.A’s application is complete
- Assessment by FMA together with OeNB (Central Bank) started on 20 March 2014
- 20 workshops with OeNB between 20 March 2014 – 8 May 2014
- CCP.A’s risk assessment expected to be finalized by the end of May 2014
- 10-11 July 2014 meeting with international college
- Decision is expected at the end of July 2014
Amendments to the Clearing Rules effective as of 2 June 2014
- CCP will facilitate full account segregation (i.e. members of the stock exchange will be able to register their underlying clients with CCP.A – in this case the CCP.A will open segregated accounts for registered clients in its books)
- Collateral Policy: A minimum of 10% of the daily margin requirement will have to be placed cash and the rules with regards to the use of securities as collateral will be amended in order to meet EMIR requirements.
- Default Fund: Bank Guarantees will no longer be accepted. In addition to the fixed amount, there will be a dynamic contribution required based on the members traded volumes. The dynamic contribution will be reviewed on a quarterly basis (the CCP.A may, however do additional reviews in case of substantial volume increases)
Changes in Fee Schedule
- Fees for Cash Settlements and by-ins will be raised to EUR 500 (currently EUR 250)
- Adjustment of Training and Exam Fees
- Introduction of pricing for the new segregation services
The CCP.A will also hold a member meeting in London on 22 May 2014.
Impact on investors: CCP.A continues its efforts to receive EMIR authorisation.