Poland’s National Depository for Securities (KDPW) is to launch a central clearing counterparty, KDPW_CCP, in July to meet international standards. KDPW will transfer all of its clearing functions to the new KDPW_CCP, while the Warsaw Stock Exchange (WSE) will allow KDPW_CCP to clear all transactions executed in all markets operated by the exchange. KDPW_CCP, which also has its own capital of $36.67 million, will utilize a recently launched risk management system based on the SPANŸ methodology. KDPW is also planning to develop new services later, which will extend the range of clearing house functionality, including securities netting, the clearing and guarantee of OTC derivatives transactions, as well as the clearing and guarantee of repos, reverse repos and market lending.
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