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Exchange Clearing House of the National Depository for Securities

Explore the main assumptions, eligibility criteria, required documents, clearing and settlement processes, payments, and invoicing rules of the Exchange Clearing House of the National Depository for Securities. This comprehensive guide covers membership requirements, collateral regulations, and solutions for transaction accounting. Simplify your understanding of trading procedures and financial transactions within the WSE Commodity Market.

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Exchange Clearing House of the National Depository for Securities

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  1. Exchange Clearing Houseof the National Depository for Securities Marek Paszkowski, NDS Supervision Department Jarosław Stańczak - poee Warsaw, 13 September 2010

  2. Exchange Clearing House Rules 6 September 2010 ThePolish Financial Supervision Authority approvestheRules of the Exchange Clearing House of NDS

  3. Mainassumptions MAIN ASSUMPTIONS: • The Exchange Clearing House will clear and settletransactionsconcluded on the WSE Commodity Market poee • Settlement will be made via NORDEA BANK POLSKA S.A. • Funds will be blockedin bank accounts of Exchange Clearing House Members

  4. Exchange Clearing House Members Thefollowingentitiesareeligible as Exchange Clearing House Members: • Participants of the WSE Commodity Market poeewhichhold an FSA licence to operateexchangecommodityaccountsorregisters • Holders of an accountwiththe clearing bank NORDEA BANK POLSKA S.A. • Entitieswithrequired equity of PLN 3.2 millionincase of brokeragehouses, commoditybrokeragehouses, and energy enterprises.

  5. Requireddocuments (1) Requiredofficialdocuments: • Copy of thefounding deed and a valid copy or excerpts from the relevant company register; • Copy of therelevantlicenceunderstood(in case of an Energy Enterprise) as : • licence to produce, transmit, distribute or trade in electricity; • declaration of the Management Board of theapplicant confirming that a transmission service provision agreement has been signed; • FSA licence to operateexchangecommodityaccountsorregisters.

  6. Requireddocuments (2) Thefollowingdocumentsshall be attached to a membershipapplication: • declaration indicting the number of an account in NORDEA BANK POLSKA S.A.; • powers of attorney given to the National Depository to dispose of funds deposited in the Clearing Account – annex to theaccountagreementwith NORDEA BANK POLSKA S.A.; • powers of attorney to close Positions; • declaration giving consent to arbitration by the arbitration court at the National Depository; • cards with specimen signatures of: • the applicant’s authorised representatives; • persons authorised to make and receive declarations from the Clearing House on behalf of the applicant, these declarations not being declarations of intent; • information card containing a list of staff employed in posts involving exchange commodity trading-related activities.

  7. CLEARING AND SETTLEMENT

  8. Collateralagainstorders and transactions • Collateralagainstproper performance of obligations on the energy market iscomprised of collateralagainstsubmittedordersand collateralagainstconcludedtransactions • Collateral of a Clearing House MemberisestablishedintheMember’s Clearing Account.

  9. Clearing House Memberspayments Paymentschema Buyer’s Clearing Account Seller’s Clearing Account Gross payment on deliverydate Gross payment on a weeklybasis NDS Clearing Account

  10. Invoicing • All concludedtransactionsshall be invoiced • VAT invoices for provision of goods following the conclusion of a transaction are issued by and to KDPW. VAT is added to the net price in accordance with the relevant regulations in force • VAT invoices for provision of goods are issued separately for each delivery date of exchange products

  11. Clearing fees • The Clearing House shallissueinvoices for clearing fees on a monthlybasis. • Clearing fees of all transactions concluded within a given clearing period shall be invoiced. • VAT shall be added to net Prices at rates according to applicable regulations.

  12. Solutionsfacilitatingtransactionaccounting • Schedulesindicatingtheamount to be invoiced and theamount of theinvoice to be issued by the Exchange Clearing House aredistributed (to indicatedpersons) one daybeforetheinvoicedate. • In addition, remindersindicatingtheinvoicedate, theinvoice period, and theduedate for a givenmontharedistributedatthebeginning of themonth. • Authorisedpersonshave 24/7 access to viewfundsintheaccount, itemised as available and blockedfunds.

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

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