Izba Rozliczeniowa Giełd Towarowych S.A. ( “IRGiT”) has amended the Detailed Clearing and Settlement Rules for markets operated by TGE S.A. (“Detailed Clearing and Settlement Rules”) by:
- introducing the option to provide bank guarantees as contributions to the Guarantee Fund,
- formulating more precisely the provisions regarding the Transaction Limit dedicated to the IDM,
- formulating more precisely the provisions regarding the coverage of payment reservations with monetary assets of a Clearing House Member deposited on the Transaction Margin Bank Account.
With a view to making IRGiT’s offering more attractive and continuing the efforts aimed at optimizing the operation of the clearing guarantee system, amendments have been introduced to the Detailed Clearing and Settlement Rules permitting Clearing House Members to submit bank guarantees as contributions to the Guarantee Fund. Accordingly, the bank guarantee form approved by IRGiT has also been amended. This form will be published on IRGiT’s website. At the same time, please be advised that bank guarantees previously accepted by IRGiT do not require alignment of their wording with the new form.
Addressing the expectations of market participants, the new provisions of the Detailed Clearing and Settlement Rules also formulate more precisely the rules governing the acceptance of banks as issuers of bank guarantees considered as non-cash collateral, which will ensure greater transparency of the acceptance process applied by IRGiT.
Moreover, amendments have also been made resulting in an elaboration and clarification of issues pertaining to the applicability of and changes in the Transaction Limit dedicated to the IDM and provisions regarding the coverage of payment reservations with monetary assets of a Clearing House Member deposited on the Transaction Margin Bank Account.
The said amendments will come into effect on 27th March 2020.