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Exchange Clearing House of the National Depository for Securities. Marek Paszkowski – KDPW Supervision Department Jarosław Stańczak – poee Warsaw , 13 September 2010 . GIR Rules. 6 September 2010
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Exchange Clearing Houseof the NationalDepository for Securities Marek Paszkowski – KDPW SupervisionDepartment Jarosław Stańczak – poee Warsaw, 13 September 2010
GIR Rules 6 September 2010 The Polish Financial Supervision Authority (KNF) approves the Rules of the KDPW Exchange Clearing House
MainAssumptions MAIN ASSUMPTIONS: • The functions of GIR include the clearing and settlement of trade on WSE Commodity Market poee. • Settlement via NORDEA BANK POLSKA S.A. • Assetsblocked in bank accounts of GIR Members.
GIR Members Entitieseligible as GIR Members: • participants of the WSE Commodity Market poeeholding KNF approval for operation of accountsorregisters of exchange commodities • holding anaccount with the clearing bank NORDEA BANK POLSKA S.A. • holding necessary equity – PLN3.2 millionfor securities brokers, commoditybrokers andenergycompanies
Requireddocuments (1) Requiredofficialdocuments: • copyof the foundingdeed and validcopyorextract from the relevant register • copyof the relevantpermitunderstoodas (for anenergycompany): • licenceto produce, transmit, distributeortrade in electricity • declarationof the applicant’s Management Board confirming the conclusion of a transmission service provisionagreement • KNF approval for operation of accountsorregisters of exchange commodities
Requireddocuments (2) The followingshould be attached to a membershipapplication: • declarationindicating the accountnumber with NORDEA BANK POLSKA S.A. • power of attorneyfor KDPW to usefundsdeposited in the clearing account – appendix to the bank accountagreement with NORDEA BANK POLSKA S.A. • power of attorney to closepositions • declarationaccepting the jurisdiction of the KDPW Court of Arbitration • cardof samplesignatures of: • personsauthorised to represent the applicant • personsauthorised to give to GIR and to receive for the applicantdeclarationsotherthandeclarations of will • informationcardincluding the list of employeesengaged in serving trade in exchange commodities
Order and Trade Collateral • Collateralsecuringliabilities on the energy market consists in collateralagainstsubmittedorders and collateralagainstconcludedtrades • Allcollateral of a GIR Memberisestablished in the Member’s clearing account
GIR MembersPaymentFlow PaymentFlow Seller’s clearing account Buyer’s clearing account Gross payment on deliveryday Gross payment once per week NationalDepository’s clearing account
InvoicingRules • Allconcluded trade isinvoiced. • VAT invoices for delivery of goods in execution of a trade areissued by and to the NationalDepository. VAT isadded to net pricesaccording to applicablelegislation. • VAT invoices for delivery of goodsareissuedseparately for eachday of delivery of exchange goods.
TransactionFees • GIR issuesinvoices for transactionfees on a monthlybasis. • Transactionfeesareinvoiced for all trade concluded in the settlement period. • VAT isadded to net pricesaccording to applicablelegislation.
Solutions Facilitating Trade Accounting • One daybeforeinvoicing, statementsaresent by e-mail (to indicatedpersons) showing the amount to be invoiced to GIR and the amount to be invoiced by GIR. • Authorisedpersonshave 24/7 access to viewownaccountbalanceincludingfree and blockedassets.
www.kdpw.pl NationalDepository for Securities (Krajowy Depozyt Papierów Wartościowych S.A.) ul. Książęca 4, 00-498 Warsaw, Poland kdpw@kdpw.pl