The introduction of the new Clearing System on 29 June 2020 required some changes in the General Terms and Conditions of CCP Austria.
Amendments related to New Clearing System
- No “hold/release” functionality (§ 28 GTC)
- Default Fund minimum contribution instead of fixed component (§ 49 GTC)
Amendments related to (partly) CSDR implementation
- Change of a few terminologies in accordance with the CSDR and the RTS Settlement Discipline: e.g. "delivery day" replaced by "actual/intended settlement day" or "separation procedure" replaced by "extension period"
- Technical default on delivery: extension periods according to the CSDR and the RTS Settlement Discipline have been added (§§ 34 et seq GTC)
- The cash settlement amount has been replaced by the cash compensation with edited calculation method: premiums of 20% or 3% have been removed (§ 40 GTC)
Respective changes in the publications of the GTC
- Adjustment of term definitions
- Extension periods pursuant to Article 36 of the RTS Settlement Discipline have been added
- The extension period and buy-in process steps have been edited accordingly
The changes in the process of a (technical) default on delivery can be illustrated as follows:
The objective of the General Terms and Conditions of CCP Austria is to ensure and maintain an efficient, orderly functioning and regulated financial market.
The CCP.A GTC apply to the clearing of exchange transactions and to transactions concluded on the “Vienna MTF“ of the Vienna Stock Exchange. Exceptions to this are exchange transactions in securities pursuant to § 29 GTC which have not been included in the clearing system by CCP Austria ("non-CCP-eligible securities") as well as securities transactions which are concluded through an official broker.
The CCP.A GTC contain general provisions and the procedures as well as the framework for the organization of clearing, the clearing procedures, the treatment of default events and the deposit and realization of clearing collateral and contributions to the default fund.
The CCP.A GTC have to be accepted by all Clearing Members as admission requirement.