IRGiT S.A. is an institution responsible for secure clearing and settlement of transactions concluded on the financial market functioning on the trading platforms operated by the Polish Power Exchange. During the clearing process, IRGiT S.A. determines the value of liabilities and receivables resulting from each concluded transaction, sets the collateral levels and automatically credits or debits bank accounts of the parties to the transactions.
In the risk management system, IRGiT S.A. manages every risk that is material from the point of view of the clearing house, including, among others:
- market risk,
- credit risk,
- liquidity risk,
- operational risk.
As part of its activities, IRGiT S.A. continuously monitors the market standing, exposure to risk and financial stability of CSH Members. IRGiT S.A. is also responsible for investing the resources accumulated in the Guarantee Fund while ensuring the highest level of their safety. Transaction clearing in IRGiT S.A. guarantees that they will always be executed on the initial terms specified when they were concluded. For this reason, IRGiT S.A. plays the key role in the safe functioning of the Polish market for financial instruments.
In order to fulfill its responsibility of ensuring safety of the clearing process, the Clearing House maintains the clearing guarantee system. The clearing guarantee system consists of, among others transaction margins, collateral margins and the Guarantee Fund.
The individual elements of the system are discussed in greater details on the relevant sub-sites.
In accordance with the Detailed clearing rules for the Clearing and Settlement House Clearing House Members and their clients have the opportunity to pledge non-cash collaterals in order to partially cover required Collateral Margins.