* Poland began working on the Central Counterparty (CCP) more than two years ago, whereas the Romanian exchanges can't seem to agree on a local counterparty

In the interview she gave to BURSA, Iwona Sroka spoke about the Polish approach in authorizing the Central Counterparty (CCP), an institution which is a European requirement for the settlement of derivatives.

The domestic stock exchanges - BVB and Sibex - have recently begun discussing the creation of a local Central Counterparty, which requires a minimum capital of 7.5 million Euros, but in order for this project to succeed, aside from money there is also a need for maximum efficiency.

In contrast, the Poles have begun working on their central counterparty two years ago, and they have now reached the stage of submitting the documents for authorization, a process which is expected to take approximately six months.

Reporter: How did the Polish Stock market approach the obligation of a central counterparty authorized on a European level? What will be the solution applied in the case of Poland?

Iwona Sroka: In 2011, the KDPW has created an independent clearing house: KDPW_CCP. In line with the international standards, we have separated two types of risks: the risks of a central depository (CSD) and the risk of clearing and guaranteeing the trades (CCP).

Meanwhile the EU was working on the regulations called EMIR (ed. note: European Market Infrastructure Regulation (EMIR) - the EU regulation no. 648/2012 concerning over the counter derivatives, central counterparties and trade repositories), which concerns both the authorization of central counterparties, as well as the obligation to clear OTC derivatives through a central counterparty and to report the derivative trades to a central trade repository.

Together with the participants on our market, we have consulted the r