Updated Regulations effective 9 December

Dear Clearing Participant,

Following the October 2021 review cycle, selected regulations have been updated.  Please see the below summary of changes:

  • Regulation Collateral / Regulation Cash Collateral Account: the legibility of Regulation Collateral has been improved and relevant content of Regulation Cash Collateral Account has been merged with Regulation Collateral. Regulation Cash Collateral Account will no longer be used. As a consequence, the references to Regulation Cash Collateral Account in the Clearing Rule Book have been removed.
  • Regulation Clearing Hours: the Clearing Hours have been changed from 07:30-20:30 CET to 07:30-19:30 CET, to align with the hours that EuroCCP is operational, and superfluous operational detail has been removed.
  • Regulation Clearing Days: the Clearing Days have been updated for 2022. Settlement during bank holidays of CSD’s has been addressed.
  • Regulation Portability: the requirement to have a legal opinion on file or to have the written consent of the insolvency practitioner appointed for the defaulting Clearing Participant will not apply to the porting of Derivatives Contracts of Clearing Participants located in the Netherlands.
  • Regulation Settlement: the legibility of the regulation has been improved and updated where necessary. This regulation is likely to change in the near future to the coming into effect of settlement discipline rules under CSDR.
  • Regulation Corporate Actions, Regulation Buy in Procedures, Regulation Complaints: small improvements have been made.
  • Regulation Collateral: the words “issuer criteria” have been removed.

In accordance with article 3.3 of the Clearing Rule Book, with this newsflash, Clearing Participants are given 30 days’ notice of the above changes. The changes will apply as of 9 December 2021, except for the changes to Regulation Clearing Days, which will apply as of 1 January 2022.

Should you have any questions relating to these changes please contact our relationship management team.