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KDPW_CCP

KDPW_CCP. Company Presentation September 2014. Overview of the Polish Capital Market. Financial Supervision Authority (KNF). KDPW. WSE Main Market, BondSpot , Catalyst , NewConnect , OTC. KDPW_CCP. National Bank of Poland. Financial institutions and intermediaries.

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KDPW_CCP

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  1. KDPW_CCP Company Presentation September 2014

  2. Overview of the Polish Capital Market Financial Supervision Authority (KNF) KDPW WSE Main Market, BondSpot, Catalyst, NewConnect, OTC KDPW_CCP National Bank of Poland Financial institutions and intermediaries Institutional investors Issuers Individual investors

  3. join the celebrations of the 25th anniversary of economic freedom in Poland ___________________________________ was established in 1991 was separatedin 1994, asan independent, joinstock company was created in 2011

  4. KDPW_CCP 33% 33% • KDPW: • Trade repository service – EMIR compliant. One of the first 4 trade repositories in UE. ESMA registration of KDPW_TR (7 Nov. 2013) • LEI – one of the 14 agencies in the worldallocatingLEIs • KDPW_CCP: • Established: July2011 • 100% of sharesownedby KDPW • KDPW_CCP own capital: PLN 218 M (ca. EUR 52 M) • Central counterparty functionality through novation • Reporting to KDPW_TR (non mandatory) • KDPW_CCP the 3rd authorised clearing house in Europe 33% 100 %

  5. Mainresponsibilities of KDPW and KDPW_CCP 100% Clearing Settlement Regulated Market ATS Derivative OTC REPO OTC Regulated Market ATS Cash OTC Central Securities Depository Risk Management Managing Deposit Accounts Registering and Safekeeping of Securities SPAN VaR Corporate Actions Collateral Management Operational Links with Foreign CSDs Database Management PLN Govt. Bonds T-Bills WIG20 Companies NumberingAgency (ISIN, LEI) Investor Compensation Scheme Asset Management Guarantee Fund OFE Transfer Payments Trade Repository Exchange Clearing House (GIR KDPW)

  6. KDPW_CCP Milestones July 2011 Nov. 2012 8.04.2014

  7. AuthorisedCCPs in UE (as of 12.09.2014)

  8. KDPW_CCP - Markets & Products CASH MARKET DERIVATIVES MARKET Regulated ATS Regulated OTC OTC - Warsaw Stock Exchange (WSE) - BondSpot - NewConnect - Catalyst - BondSpot - Warsaw Stock Exchange (WSE) • OTC (MarkitWire, SWIFTAccord) • MatchingEngine for REPO shares, bonds, subscription rights, allotment certificates, investment & structured certificates, index participation units, mortgage bonds, warrants, ETFs shares, allotment certificates, bonds, mortgage bonds futures contracts, options, index participation units Forward Rate Agreements, Interest Rate Swaps, Overnight Index Swaps, Basis Swaps T-bonds

  9. About KDPW_CCP • KDPW_CCP operates as a CCP (central counterparty) within the meaning of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, performing the clearing of transactions executed in the cash and derivatives markets, both in on-exchange and off-exchange (OTC) markets. • In accordance with KDPW_CCP regulations (the Rules of Transaction Clearing (Organised Trading) and the Rules of Transaction Clearing (Non-Organised Trading)) KDPW_CCP becomes the counterparty for all transactions accepted for clearing. • This is performed using the mechanism of clearing novation, introduced on the basis of the Law on Trading in Financial Instruments.

  10. Regulated Market and Alternative Trading System KDPW_CCP guarantees clearing of transactions executed on the regulated cash and derivativesmarket. Regulated cash market trading platformsRegulated derivativesmarket trading platform KDPW_CCP guarantees clearing of transactions executed on the cash market in the alternative trading system. ATS cash market trading platforms:

  11. OTC Clearing in KDPW_CCP Since the end of 2012 KDPW_CCP hasoperatedan OTC derivatives trade clearing system including a clearing liquidity guarantee system. Main functionalities of the OTC trade clearing system: clearing of trades accepted to the OTC clearing system and intermediation in settlement arising from clearing riskmanagement collateral management function of central counterparty (CCP) through novation reporting to the Trade Repository (service offered by KDPW) National Bank of Poland Confirmationplatforms* Bank A Communication SWIFT Trade Repository(KDPW) Bank B • CSD (KDPW) • reposettlement • safekeeping SWI EMIR compliant

  12. OTC Clearing: Cleared Instruments FRA IRS OIS Basis Swaps REPO In the future: instruments denominated in EUR and other currencies – with regard to market demand. KDPW_CCP hasfocused on OTC derivatives denominated in PLN PLN

  13. OTC Clearing: ConfirmationPlatforms • MarkitWire KDPW_CCP clears trades on the basis of clearing instructions delivered by an electronic platform operator (MarkitWire, SWIFTAccord or proprietary matching solution for REPO). • SWIFTAccord

  14. Reporting to Trade Repository • In addition to compliance with its reporting obligations as a CCP, KDPW_CCP has developed the service of reporting derivative contracts to the Trade Repository operated by KDPW (KDPW_TR) on request of Clearing Members. • Reporting can be delegated both by Clearing Members and through them by their Clients and entities concluding derivative transactions on request of their Clients (Brokers). • On 7 November 2013 The European Securities Market Authority (ESMA) has registered the KDPW Trade Repository, confirming that it fulfills all trade repository requirements under EMIR. • The KDPW Trade Repository (KDPW_TR) wasone of the first four such institutions to be registered in Europe. • KDPW_TR is approved to registerall derivative contractsclasses,both from the regulated and OTC market. EMIR compliant

  15. _CCP: Clearing Guarantee System – Default Waterfall EMIR compliant

  16. Capital Requirements for Clearing Members Organised Trading: General clearing member: the amount of PLN 50 M (ca. EUR 12 M) and the sum of PLN 5 M (ca. EUR 1.2 M) for each entity represented by the clearing member in any scope for the clearing of transactions performed by KDPW_CCP – for banks; the amount of PLN 15 M (ca. EUR 3.5 M) and the sum of PLN 2 M (ca. EUR 0.5 M) for each entity represented by the clearing member in any scope for the clearing of transactions performed by KDPW_CCP – for brokerage houses; Ordinary (direct) clearing member: PLN 25 M (ca. EUR 6 M) for banks; PLN 4 M(ca. EUR 1 M) for brokerage houses; Clearing house: PLN 15 M (ca. EUR 3.5 M). OTC Market: General clearing member: PLN 100 M (ca. EUR 25 M); Individual clearing member: PLN 50 M (ca. EUR 12.5 M); Clearing house: PLN 100 M (ca. EUR 25 M).

  17. www.kdpwccp.eu

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