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Exchange Clearing House of the National Depository for Securities

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 House of the National Depository for Securities

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  1. Exchange Clearing Houseof the NationalDepository for Securities Marek Paszkowski – KDPW SupervisionDepartment Jarosław Stańczak – poee Warsaw, 13 September 2010

  2. GIR Rules 6 September 2010 The Polish Financial Supervision Authority (KNF) approves the Rules of the KDPW Exchange Clearing House

  3. 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.

  4. 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

  5. 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

  6. 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

  7. CLEARING AND SETTLEMENT

  8. 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

  9. GIR MembersPaymentFlow PaymentFlow Seller’s clearing account Buyer’s clearing account Gross payment on deliveryday Gross payment once per week NationalDepository’s clearing account

  10. 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.

  11. TransactionFees • GIR issuesinvoices for transactionfees on a monthlybasis. • Transactionfeesareinvoiced for all trade concluded in the settlement period. • VAT isadded to net pricesaccording to applicablelegislation.

  12. 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.

  13. www.kdpw.pl NationalDepository for Securities (Krajowy Depozyt Papierów Wartościowych S.A.) ul. Książęca 4, 00-498 Warsaw, Poland kdpw@kdpw.pl

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