To improve the attractiveness of its offer and optimize the operation of the clearing guarantee system, Izba Rozliczeniowa Giełd Towarowych S.A. (Warsaw Commodity Clearing House, “IRGiT”) has amended the Detailed Clearing and Settlement Rules of the Exchange Clearing House, expanding the catalog of non-cash collateral with insurance guarantees issued by Korporacja Ubezpieczeń Kredytów Eksportowych S.A. (Export Credit Insurance Corporation).
Clearing House Members will be able to provide insurance guarantees to cover the required collateral margin values. The collateral margin recognition factor for insurance guarantees will be set in a Communique issued by the Risk Management Department Director and published on the IRGiT website. The remaining guarantee surplus cannot be allocated to cover other elements of the clearing guarantee system.
The detailed rules for the submission of insurance guarantees are described in §34c and §34d of the Detailed Clearing and Settlement Rules. The form of insurance guarantees will be published on the IRGiT website.
IRGiT additionally introduces the following amendments to the Detailed Clearing and Settlement Rules:
- a detailed regulation of issues related to withdrawals and refunds of transaction margins, and
- a detailed regulation of issues related to the creation of delivery periods for gas market products, and
- other editorial and clarification changes.
The amendments will come into effect as of 16 December 2024.
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Detailed Clearing and Settlement Rules of the Exchange Clearing House