- FMA grants EMIR authorisation
- Stricter requirements for clearing house increase financial market stability
- Austrian clearing procedures in line with the highest international standards
CCP Austria (CCP.A), Austria's clearing house for exchange transactions, today announces it has received the authorisation to act as a clearing house pursuant to the European Market Infrastructure Regulation (EMIR) by the Austrian Financial Market Authority (FMA). The aim of the regulation is to increase financial market stability by standardising the legal framework for clearing houses in the European Union and reducing the risk for market participants. The authorisation was approved by an international college of regulators, as required by EMIR.
Birgit Kuras, Member of the Management Board of the Vienna Stock Exchange and of the Supervisory Board of CCP Austria: "The EMIR authorisation confirms that the domestic clearing procedures are in line with the highest international standards. The safe clearing of securities transactions is very important for both domestic and international market participants."
"The whole team worked very hard over the past few months to prepare for the authorisation and so we are very pleased about the outcome. The EMIR license confirms the commitment of CCP Austria and its excellent performance as a key player for the infrastructure of the Austrian capital market," stated Wolfgang Aubrunner, Managing Director of CCP.A.
To obtain the EMIR clearing licence, CCP.A. ensured that it complies, among others, with more stringent capital requirements for the clearing house, changes to account management and the calculation method for the clearing fund, and changes to the procedures in case of default of a clearing member.
"The admission as a clearing house under EMIR is the biggest milestone in CCP Austria’s ten-year history," added Ludwig Niessen, Managing Director of CCP Austria. "The certification also clearly shows that as a central counterparty we operate at the highest level of excellence in our business and are also well prepared to service other markets in the future."
The domestic clearing house is one of the most efficient in Europe, with a modern clearing solution. It clears over 10,000 securities such as stocks, bonds, certificates and warrants. CCP Austria provides its services to around 70 national and international clearing members from nine different countries and manages a collateral pool amounting to over EUR 220 million.
For further information, please contact:
Peter Gumpinger, Oesterreichische Kontrollbank AG
Phone: +43 664 80 531 2441
Julia Resch, Wiener Börse AG
Phone: +43 1 531 65-186
About CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH (CCP.A)
CCP.A, is a joint subsidiary of Oesterreichischen Kontrollbank AG (OeKB) and Wiener Börse AG. It was founded in 2004 and operates as a central counterparty. It provides downstream trade services and as a central counterparty it ensures secure and reliable clearing as well as risk management for exchange transactions. The central clearing infrastructure between buyer and seller reduces the risks and costs involved in securities transactions, and makes market access easier for new investors and market participants.
About the European Market Infrastructure Regulation (EMIR)
Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC Derivatives, Central Counterparties (CCPAs) and Trade Repositories (TRS) (EMIR) entered into force on 16 August 2012. The Commission Delegated Regulations (EU) Nos. 148/2013 to 153/2013 of 19 December 2012 supplementing EMIR were published in the Official Journal of the European Union of 23 February 2013 and entered into force on 15 March 2013 with a six-month transition period.
About Oesterreichische Kontrollbank AG (OeKB)
OeKB is Austria's central financial and information service provider for the exporting sector and the capital market. Since it was founded in 1946, OeKB has acted in the interest of the overall economy and offers a broad range of specialized services for companies from all industries and to financial institutions and the Republic of Austria. OeKB operates decentralised, independently and sustainably. The owners of OeKB are commercial banks located in Austria.
About the Vienna Stock Exchange
The Vienna Stock Exchange is a 100% subsidiary of the CEE Stock Exchange Group (CEESEG) which includes the stock exchanges of Budapest, Ljubljana and Prague. The CEE Stock Exchange Group is the largest stock exchange group in the region. In addition to the four stock exchanges, CEESEG operates three commodity exchanges and holds stakes in five clearing systems (CCPs) and two central securities depositories (CSDs). CEESEG makes access to the local markets and trading easier with the aim of improving liquidity. The CEESEG stock exchanges cooperate with 12 exchanges in Central and Eastern Europe and are highly appreciated worldwide for their unique CEE know-how.