CCP Austria has changed the cash settlement amount for an open shortfall in securities in percentage quotes (i.e. bonds in percentage quotes) by reducing it from 20% to 3%. This change is reflected in the amended text of § 40 (3) of the General Terms and Conditions of Business of CCP Austria.
Additionally, the complaint process in § 56 of the General Terms and Conditions of Business of CCP Austria has been adjusted in order to be consistent with the new process launched through the CCP Austria website: https://www.ccpa.at/en/complaint/
CCP Austria has now explicitly provided a maximum period of 15 banking business days for conducting an investigation for the complaint.
The revised General Terms and Conditions of Business of CCP Austria come into force as of 1 September 2016 and will apply only to members of CCP Austria. For a tracked version of the changes please contact your Relationship Manager in GSS Austria.
Impact on investors: No direct impact on investors. These changes are expected to contribute to strengthening and developing the Austrian capital market.