KDPW_CCP, the main Polish clearing house, announced today that it has been authorised by its national regulators as a CCP under EMIR. It joins NASDAQ OMX and EuroCCP as the third authorised CCP to date, from a total of 22 initial applications to ESMA. Its application stated an intention to clear the following instruments: IRS\FRA\FX swaps in PLN, single currency IRS in other currencies, and cross-currency interest-rate swaps. KDPW_CCP holds capital of EUR53m from its owner the National Bank of Poland, satisfying the EMIR 25% “skin in the game” requirement.
The Warsaw-based CCP is to be congratulated on its early approval, having built Poland’s only local clearing platform from scratch in 2011. The KPDW Group is also home to the national central securities depositary and was registered as one of the seven ESMA-approved Trade Repositories in November 2013. To date, the group has focused on a national strategy; however, as one of the first entities able to clear throughout Europe, perhaps this is due to change.