Dear Sirs and Madams,
Izba Rozliczeniowa Giełd Towarowych S.A. (“IRGiT”) has amended the Detailed Clearing and Settlement Rules of the Clearing and Settlement House, in particular by:
- adaptation of the provisions governing the calculation of initial and variation margins to the differentiation of VAT rates for different delivery periods,
- clarification of the provisions governing the opening of accounts in the clearing system,
- clarification of issues related to withdrawals and refunds of transaction margins,
- introduction of an obligation to lock RES Property Rights when holding a sell balance in the given series of forward contracts,
- clarification of the provisions, which govern the grouping of positions in forward contracts for RES Property Rights into delivery periods, and the addition of a description of the methodology for calculating clearing prices for these delivery periods,
- addition of provisions on the moment when changes are registered in the Non-Cash Collateral Register,
- clarification of provisions governing the transfer of positions,
- other editorial and clarifying changes.
The template of the Application for execution of / amendment to a Clearing and Settlement House Membership agreement has also been changed.
The amendments will come into effect as of 10th of April 2025.
Please do not hesitate to contact us if you have any questions or require further information.
- Risk Management Department: 22 341 98 20
- Clearing and Settlement Department: 22 341 99 80
- Development and Member Service Department: 22 341 99 21