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
Only very few securities are excluded from clearing for technical or risk reasons (see the non-CCP-eligible securities published by Wiener Börse AG).
The following cases cannot be included in the CCP.A-system:
- securities not available for settlement by OeKB CSD
- dual currency bond with different currencies for nominal and coupon payments
- bonds with nominal currencies without ECB reference rate
- floating rate notes with more interest rate adjustments than coupon payments
- bonds with series of amortization by lottery (“Serientilgung mit Auslosung”, formerly used for Austrian government bonds)
- bonds for which no accrued interest rate is delivered in the trade information
- performance linked bonds without capital protection and Net Asset Value on reliable basis traded in trading model “single intraday auction”
- securities for which back tests show that the margin model provides no reasonable results to evaluate open positions