Dear Client,
KELER CCP submitted its application for EMIR compliant CCP license to the applicable supervisory authority, the Central Bank of Hungary, in mid-September 2013 in order to be able to continue providing services under EMIR. The application was approved on 25 October 2013 by issuing the "Confirmation of Readiness" document.
On 4 July 2014 KELER CCP received the European Union license stated in the European Market Infrastructure Regulation (EMIR), which serves both the domestic and the regional capital and energy market players. The license has been issued by the Central Bank of Hungary based on the decision of the Supervisory College.
KELER CCP is the ninth European clearing house that successfully complied with the conditions set by ESMA.
KELER CCP received the license to clear the following asset classes:
- MiFID financial Instruments
- Securities (financial instruments referred to in points 1, 2 and 3 of Section C of Annex I of MiFID)
Equity and Debt - Regulated Market
- Derivatives (financial instruments referred to in points 4 to 10 of Section C of Annex I of MiFID)
Equity, Debt, Interest Rate, Currencies, Commodities - Regulated Market
2. Other
- Derivatives that are not MiFID financial instruments
Commodities
- Assets that are not MiFID financial instruments
Commodities
The General Meeting of KELER Ltd. decided to extend the joint and several liability provided to KELER CCP until the EMIR license is received, but no later than the day of the 2015 Annual General Meeting.
In line with the above, KELER CCP also announced that KELER terminated the joint and several liability on 4 July 2014. KELER CCP will continue to meet the requirements and recommendations on the amounts of capital and guarantee undertaking to comply with the EMIR regulation.
Impact on investors: The EMIR licence makes it possible for KELER CCP’s clients to continue applying the favourable capital requirements in line with CRR.