Polish clearinghouse is EMIR compliant 14 April 2014 Warsaw Reporter: Georgina Lavers
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The Polish Financial Supervision Authority (KNF) has authorised the clearinghouse KDPW_CCP as EMIR compliant.
According to the European Market Infrastructure Regulation (EMIR), all clearinghouses active in the EU were required to file an authorisation application with the national supervision authority by 15 September 2013.
So far, 22 clearinghouses in the EU have filed the necessary documents. The Polish clearinghouse is the third to be authorised in all EU, the first was Nasdaq OMX Clearing AB and the second was European Central Counterparty N.V.
“The obligation of clearing interbank market derivatives in authorised clearing houses is most likely to take effect at the beginning of 2015,” said Iwona Sroka, CEO and president of KDPW_CCP.
“Banks trading in OTC instruments denominated in the Polish zloty already have the opportunity to clear their transactions in an authorised clearing house. We expect the service to bring many benefits to the Polish financial market: it will release credit limits imposed by banks on their counterparties, reduce capital requirements for exposures to counterparty risk, improve the liquidity of the interbank market and mitigate operational risk.”
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