Polish CCP Signs First Member

Warsaw-based KDPW_CCP is a subsidiary of KDPW, the Polish central securities depository.

Initially, KDPW_CCP offers swap clearing denominated in the Polish zloty, but plans to offer other currencies by 2014. CCPs act as intermediaries in the trading of OTC instruments, guaranteeing the transaction in the case of one counterparty defaulting.

Under the European Market Infrastructure Regulation (EMIR), clearing houses are being instituted as a part of wider derivatives reform. The European Securities Markets Authority (ESMA) is charged with maintaining a list of instruments that are el

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