CCP Austria clears all those transactions that were concluded by trading with CCP-eligible securities at the Wiener Börse AG, the Vienna Stock Exchange facility. As a center party to a contract, we are located between buyer and seller, assuming the fulfillment and the cancellation risk for all trades.
CCP-eligible securities include 12,000 instruments, which are traded in all of the Wiener Börse AG market segments: equity market, bond market and structured products. By defining securities categories, a distinction is drawn between home and foreign stocks, share certificates, profit-sharing rights, subscription rights, bond issues, certificates and equity warrants.
Agreed between CCP.A, Wiener Börse AG and OeKB CSD GmbH
Merely very few securities are excluded of clearing due to technical and risk issues (see the non-CCP-eligible securities published by Wiener Börse AG).
The following cases cannot or will not be included in the CCP.A-system:
- Securities that cannot be processed by OeKB CSD GmbH - this includes:
- A global certificate is held by the issuer (and not by OeKB CSD GmbH or another custodian, with which OeKB CSD GmbH has a link) – regarding stock exchange listings, this is possible in the Vienna MTF only, as long as no transaction is concluded via the stock exchange (Regulation (EU) 909-2014 Article 3)
- Conditions of Annex 2 of the GTC of OeKB CSD GmbH (inventory overview) are not fulfilled (security is NOT set-up on the T2S platform or there are restrictions)
- Registered bonds
- Dual currency bonds (example of dual currency bonds: nominal currency in EUR, interest payment in JPY)
- Floaters facing more interest rate adjustments than coupon dates (e.g. half-yearly interest rate adjustment, yearly coupon date).
- Foreign currency bonds for which there is no ECB reference rate.
- Bonds with series of amortisation (Note: Bonds with amortisation by instalments, i.e. partial amortisations by reduction of face value or pool factor are CCP-eligible).
- Performance linked bonds WITHOUT a face value repayment guarantee, for which no NAV is published by us.