KDPW_CCP, the Polish central clearing house, closed its first year of operations on July 1, in which it processed almost 20 million transactions, or 50,000 per day, worth 616 billion Polish zloty.
The clearing house clears trades in cash and derivative instruments on the regulated market and in the alternative trading system, as well as OTC trades.
KDPW, the Polish CSD from which the CCP was created on July 1 2011, is the sole shareholder of the joint stock company.
Share capital was increased from 100 million to 200 million zloty in June, in support of KDPW_CCPs multi-tiered clearing guarantee system. It is hoping to obtain the status of qualified central counterparty under the Capital Requirements Directive (CRD) and to have the company authorized as a central counterparty under the draft Regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories (EMIR).
Together with representatives of the biggest banks active in Poland, we are preparing a service consistent with European regulations which enter into force as of 2013, says Iwona Sroka president and CEO of KDPW_CCP. As a result, OTC trade on the Polish market will be cleared by the local clearing house KDPW_CCP. The OTC market is an important segment of our financial market, whose trading value is a multiple of the capital market.
For more on the launch of KDPW_CCP, see A CCP grows in Poland, Global Custodian, Summer 2011.
(OS)