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The approval of the Polish clearing house triggers the authorization of currency products in regulated markets and repo products, neither of which has been approved previously
KDPW_CCP, in a press release states that it has met all requirements for such institutions under EU Regulation EMIR. EMIR requires companies to comply with the obligation of reporting details of derivative contracts concluded both on the regulated market and in OTC trade to special entities: trade repositories. The obligation start date was 12 February 2014. Trades can only be reported to institutions that satisfy the requirements laid down in EMIR, as confirmed by registration of the trade repository with ESMA (European Securities and Markets Authority). KDPW has launched a trade repository service and ESMA registered the Trade Repository on 7 November 2013 as one of the first four trade repositories in Europe and the first and only one operating in the region of Central and Eastern Europe.
It should be noted that the Polish clearing house is the third clearing house to be authorised in all of the EU! The first was Nasdaq OMX Clearing AB (18 March 2014) and the second was European Central Counterparty N.V. (1 April 2014).
“The positive opinion of the College and eventually the relevant decision of the Polish Financial Supervision Authority allow KDPW_CCP to operate as an authorised CCP across the European Union including the addition of the interbank OTC derivatives market to the authorised scope of the clearing house’s services,” said Iwona Sroka, CEO and President of KDPW_CCP.