Zarządzanie ryzykiem w izbie rozliczeniowej KDPW_CCP
The article “Risk Management in the Clearing House KDPW_CCP” discusses the operation of a transaction guarantee and clearing system by the company KDPW_CCP S.A. On the Polish market, KDPW_CCP performs the functions of a clearing house and a central counterparty for transactions made in organized...
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| Format: | Article |
| Language: | English |
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Wydawnictwo Naukowe Wydziału Zarządzania Uniwersytetu Warszawskiego
2013-06-01
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| Series: | Problemy Zarządzania |
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| Online Access: | https://pz.wz.uw.edu.pl/resources/html/article/details?id=166709 |
| Summary: | The article “Risk Management in the Clearing House KDPW_CCP” discusses the operation of a transaction
guarantee and clearing system by the company KDPW_CCP S.A. On the Polish market, KDPW_CCP
performs the functions of a clearing house and a central counterparty for transactions made in organized
trading and on OTC markets. As part of the services offered by the clearing house to the financial
market, an adequate risk management model plays an important role and guarantees the clearing of
transactions sent to the clearing house.
The paper describes the functions performed by the clearing house on the financial market and
the mechanisms it uses to operate the risk management system. The model adopted by KDPW_CCP is
based on a multi-tier system of clearing guarantees including formal legal requirements for participants
of the clearing house as well as a system of margins and contributions to a default fund. An important
element of the system is the own capital of the clearing house KDPW_CCP which can be used in case
of default of a participant of the clearing house. |
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| ISSN: | 1644-9584 2300-8792 |