Background
CCPA was established in 2004 through the merger of spot market clearing activities of Oesterreichische Kontrollbank AG – which had acted as a settlement agent for spot products since 1949 – and derivatives clearing activities of Wiener Börse AG since 1991.
Since 14 August 2014, CCPA has held a licence under the European Market Infrastructure Regulation (EMIR) and is subject to supervision by the national supervisory authority, the Financial Market Authority (FMA). In 2021, CCPA’s EMIR clearing licence was extended to include spot electricity market products traded on the EXAA.
To remain compliant with ongoing regulatory requirements – including EMIR, the IOSCO Principles for Financial Market Infrastructures, the Digital Operational Resilience Act (DORA) and the Regulation on CCP Recovery & Resolution – and to represent its position within the European context, CCPA is a member of the European Association of Clearing Houses (EACH www.eachccp.eu) and is represented in various working groups (Legal, Policy, Risk, Energy, Cyber Security). Furthermore, CCPA has been an Observer Member of CCP Global (www.ccp-global.org) since 2026. This is intended to ensure that processes and systems are continuously aligned with current European and international regulatory developments.
Strategic Focus of CCPA
CCPA is run as a lean and cost-efficient organisation. The company has positioned itself as the clearing and risk management organisation in Austria and, together with the other capital market infrastructures – the Vienna Stock Exchange and OeKB CSD – and in close cooperation with EXAA as the Austrian electricity exchange, supports the further development and internationalisation of the Austrian capital and energy markets.
By strengthening our client relationships, we offer bespoke solutions in accordance with our terms and conditions and the regulatory framework for the various aspects of clearing and risk management. In our own interests and those of our clearing members and clients, we are constantly working to further develop services and processes relating to clearing and risk management for both the capital market and the electricity market.
CCPA sees itself as a customer-oriented company whose service comprises clearing and the management of all relevant risks. CCPA assumes the execution and default risk for all CCP-eligible securities on the Vienna Stock Exchange when settling securities transactions, thereby representing a central pillar of the Austrian market infrastructure.
Strategy of CCPA
As an infrastructure provider, CCPA guarantees the orderly and transparent settlement of transactions concluded on the Vienna Stock Exchange and EXAA. With a modern clearing system, CCPA contributes to a strong and internationally competitive domestic capital and energy market. The CCPA uses the Eurosystem’s TARGET services and is an indirect participant in T2S (for securities settlement) and a direct participant in T2 (for payment settlement). Both financial market infrastructure services support efficient, secure and Europe-wide harmonised securities and payment settlement.
In the electricity market, CCPA has concluded settlement agreements for the financial settlement of cross-border electricity trades within the market coupling framework in order to enable market participants, together with EXAA in its role as Nominated Electricity Market Operator (NEMO), to trade in the pan-European market coupling auction.
Business Objectives of CCPA
- Provision of a secure, efficient and effective infrastructure in Austria for the settlement of securities and electricity exchange transactions
- through the use of technological products and in accordance with international standards and regulations
- Ongoing compliance with all regulatory and legal requirements for a CCP
- in particular EMIR, DORA, CCP Recovery & Resolution
- ESMA stress tests and other supervisory review processes
- Mitigation of systemic risk and increased transparency
- by acting as a central counterparty in securities and electricity exchange transactions
- Harmonisation of settlement practices with those of the leading European markets
- by taking international market standards into account and continuously adapting to European market practices
- Simplification of settlement process chains
- through the greatest possible integration of the participating systems and the use of standardised interfaces in both securities market and electricity market clearing
- Cost awareness throughout the entire settlement chain, at the CCPA and among clearing participants
- through efficient processes, modern and secure IT systems, and transparent fee structures
- Ongoing expansion of the broad product range of cleared securities categories
- approx. 12,000 ISINs
- Shares, bonds, warrants, certificates and funds
- approx. 950 internationally listed shares from 19 different home markets
- Expansion to include spot electricity market products traded on EXAA
CCPs as an opportunity to develop capital markets
Central Counterparties (CCPs) and regulatory requirements are a broadly discussed topic in the financial world. Following the global financial crisis in 2008 and 2009, CCPs have increasingly become a standard for most developed capital markets. It's the regional and smaller capital markets who currently need to decide if introducing a CCP has the potential to unlock access to international trading activity. This might provide a chance to establish a more modern market infrastructure, an increase of liquidity and access to capital to fuel the financing of future growth. The Exchange Operating Company Wiener Börse AG has published a White Paper regarding this topic.
White Paper (PDF 1 MB)
