CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH publishes in the Official Publication Medium based on §§ 31 para. 1, 32 para. 2, 35 para. 7, 36 para. 3, 38 para. 1, 39 para. 1 to 3, 40 para. 6, 43 para. 3, 49 para. 3, 51 para. 5 and 52 para. 3 of the General Terms and Conditions of CCP Austria, within the publication of the Exchange Operating Company Wiener Börse AG of 19 March 2018, the following additional specifications:

 

I. Definition of Terms

ad § 32 para. 2:

Clearing Day

  • every day on which the clearing systems of the Clearing House are available for settlement (see also § 32 para. 1), whereby each trade day on the Vienna Stock Exchange (regulated market and MTF) is considered as a clearing day.

Trade Day

  • the respective trade day at Wiener Börse AG (regulated market and MTF).

Delivery Day

  • the second settlement day after the day of the business transaction.

Trading Period

  • resembles one trade day.

Settlement Period

  • period of two trading days between the day of the business transaction (T) and the settlement day (S) (see also § 27 para. 3).

Separation Days (see § 38)

  • CCP-eligible securities in the Regulated Market and equities in the Third Market where the principal trading venue is located in the European Union - between the settlement day (S) and S+4
  • Other CCP-eligible securities in the Third Market (bonds, ETFs, certificates, warrants and equities where the principal trading venue is located in a third country (Article 16 Regulation (EU) No 236/2012) - between the settlement day (S) and S+7

List of shares in the Third Market with principal trading venue in a third country

Day of Cash Settlement (see § 40)

  • For all CCP-eligible securities in the Regulated Market and for equities in the Third Market, as far as their principal trading venue is located in the EU, the unfulfilled balance is segregated on S+4 and settled on S+5 in cash.
  • For all other CCP-eligible securities, the unfulfilled balance is segregated on S+7 and settled on S+8 in cash.

 

II. Deadline Establishment 

ad § 31 para. 1 and 35 para. 7: Depositing of Clearing Collateral

  • A default on collateral of a Clearing Member occurs if the depositing of clearing collateral, which is determined at the end of a clearing day (margin call), on the cash collateral account or securities collateral account is not performed until 10:00 AM on the next clearing day.

ad § 36 para. 3: Default on Delivery 

  • A default on delivery of a Clearing Member occurs if the securities settlement account managed by a Clearing Member or by a Clearing Agent fails to show sufficient cover until 4:00 PM of the clearing day after the delivery day, or if the settlement is prevented by a suspension of deliveries. 

ad 39 para. 1 to 3: Buy-in procedure

  • CCP-eligible securities in the Regulated Market and equities in the Third Market where the principal trading venue is located in the European Union

The Clearing Member in default on delivery shall instruct CCP Austria by written order to arrange sufficient cover until 4:00 PM on the second clearing day after the beginning of the separation procedure (S+2), if it does not arrange for subsequent covering of the shortfalls. 

The Clearing Member in default on delivery shall arrange for the subsequent delivery until 4:00 PM on the third clearing day after the beginning of the separation procedure (S+3), in order successfully terminate the buy-in procedure. 

The termination of the buy-in procedure happens at 4:00 PM on the fourth clearing day after the beginning of the separation procedure (S+4). 

  • Other CCP-eligible securities in the Third Market (bonds, ETFs, certificates, warrants and equities where the principal trading venue is located in a third country (Article 16 Regulation (EU) No 236/2012)

The Clearing Member in default on delivery shall instruct CCP Austria by written order to arrange sufficient cover until 4:00 PM on the fifth clearing day after the beginning of the separation procedure (S+5), if it does not arrange for subsequent covering of the shortfalls. 

The Clearing Member in default on delivery shall arrange for the subsequent delivery until 4:00 PM on the sixth clearing day after the beginning of the separation procedure (S+6), in order successfully terminate the buy-in procedure. 

The termination of the buy-in procedure happens at 4:00 PM on the seventh clearing day after the beginning of the separation procedure (S+7).

List of shares in the Third Market with principal trading venue in a third country

ad § 43 para. 3: Default on Payment 

  • A default on payment of a Clearing Member occurs if the cash settlement account managed by a Clearing Member or by a Clearing Agent or Payment Agent fails to show sufficient cover in the form of credit balances or credit granted for delivery until 4:00 PM of the delivery day. 

ad § 49 Abs. 3: Contribution to the Default Fund (variable component) 

  • A default on collateral occurs if the Clearing Member fails to meet the obligation to transfer the amount of the variable component of the default fund, calculated and prescribed by CCP Austria, until 4:00 PM of the third clearing day (S+3) to a named account of CCP Austria. 

 

III. Other Deadlines 

ad § 38 para. 1: Separation Procedure 

  • CCP-eligible securities in the Regulated Market and equities in the Third Market where the principal trading venue is located in the European Union

The separation procedure starts with the first settlement run of the delivery day and lasts for a maximum of four clearing days starting with the delivery day, which is determined pursuant to §§ 24 and 27. 

  • Other CCP-eligible securities in the Third Market (bonds, ETFs, certificates, warrants and equities where the principal trading venue is located in a third country (Article 16 Regulation (EU) No 236/2012)

The separation procedure starts with the first settlement run of the delivery day and lasts for a maximum of seven clearing days starting with the delivery day, which is determined pursuant to §§ 24 and 27. 

List of shares in the Third Market with principal trading venue in a third country

ad § 40 para. 6: Cash Settlement 

  • The cash settlement amount to be paid by the defaulting seller, including any processing fee pursuant to CCP Austria’s Schedule of Fees, is debited on the first clearing day after the termination of the separation procedure from the cash settlement account at the Settlement Bank of the seller on behalf of CCP Austria. In case of subscription rights this takes place on the first clearing day after which the latest price is available pursuant to § 40 para. 4. The amount is credited to the cash settlement account of the respective buyer, less any processing fee. 

ad § 51 para. 5: Realization of Clearing Collateral 

  • As from the fifth clearing day after the occurrence of a default, CCP Austria is authorized to realize the contributions of the defaulting Clearing Member to the default fund. 

ad § 52 para. 3: Use of the Default Fund 

  • Each Clearing Member shall replace realized default fund contributions within 10 (ten) bank days, unless the Clearing Member notifies CCP Austria of the termination of its Clearing Membership at least five bank days after the realization of the default fund contributions took place.