The introduction of the new Clearing System requires some changes in the General Terms and Conditions of CCP Austria. The contents of those changes were already presented at our Member Meeting on 18 February 2020. The work on the adaptations of the General Terms and Conditions of CCP Austria, on the one hand with regard to the new Clearing System and on the other hand in (early) implementation of parts of the requirements of the CSDR (Regulation No. 909/2014) and the Technical Regulatory Standards on Settlement Discipline (Regulation No. 2018/1229), have now been completed.

 

In addition to linguistic adjustments, especially in the English version of the General Terms and Conditions, the following content-related changes were made:

 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  • The cash settlement amount has been replaced by the cash compensation with edited calculation method: premiums of 20% or 3% have been removed (§ 40 GTC)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:

OVERVIEW OF THE DOCUMENTS

In order to provide a transparent overview of the content-related adaptions, the General Terms and Conditions are available in mark-up mode (major content-related changes) as well as in the final version and can be called up using the following links:

 

Documents in mark-up version

General Terms and Conditions of CCP Austria (mark-up English version)

Publications to the General Terms and Conditions (mark-up English version)

 

Final documents

General Terms and Conditions of CCP Austria (English version)

Publications to the General Terms and Conditions (English version)