introducere in instrumente financiare derivate - Bursa de valori ...
introducere in instrumente financiare derivate - Bursa de valori ...
introducere in instrumente financiare derivate - Bursa de valori ...
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SC <strong>Bursa</strong> <strong>de</strong> Valori Bucuresti SA<br />
In ve<strong>de</strong>rea <strong>in</strong><strong>de</strong>pl<strong>in</strong>irii atributiilor <strong>de</strong> contraparte centrala, CCB adm<strong>in</strong>istreaza riscul <strong>de</strong> <strong>de</strong>fault al membrilor<br />
compensatori pr<strong>in</strong> impunerea mai multor niveluri <strong>de</strong> protectie prezentate <strong>in</strong> cele ce urmeaza.<br />
b) Despre Casa <strong>de</strong> Compensare Bucuresti<br />
Componenta a grupului f<strong>in</strong>anciar BVB<br />
In calitate <strong>de</strong> actionar majoritar al CCB, <strong>Bursa</strong> <strong>de</strong> Valori Bucuresti (BVB) urmareste ment<strong>in</strong>erea<br />
<strong>in</strong>tegritatii Pietei Derivatelor pr<strong>in</strong> asigurarea mecanismelor post-tranzactionare care sa<br />
corespunda practicilor <strong>in</strong>ternationale <strong>in</strong> materie <strong>de</strong> reglementare, operare si management al<br />
riscului, cu respectarea legislatiei romane <strong>in</strong> vigoare.<br />
Managementul riscului<br />
Obiectivul pr<strong>in</strong>cipal al CCB <strong>in</strong> calitate <strong>de</strong> contraparte centrala este <strong>de</strong> a garanta <strong>in</strong><strong>de</strong>pl<strong>in</strong>irea<br />
obligatiilor f<strong>in</strong>anciare si <strong>de</strong> orice alta natura ale membrilor compensatori care <strong>de</strong>curg d<strong>in</strong><br />
trazactionarea <strong>in</strong>strumentelor f<strong>in</strong>anciare <strong><strong>de</strong>rivate</strong> pe Piata Derivatelor adm<strong>in</strong>istrata <strong>de</strong> BVB.<br />
CCB efectueaza adm<strong>in</strong>istrarea categoriilor pr<strong>in</strong>cipale <strong>de</strong> riscuri pr<strong>in</strong> utilizarea a patru niveluri<br />
pr<strong>in</strong>cipale <strong>de</strong> protectie (<strong>de</strong>fence l<strong>in</strong>es):<br />
Rezerve<br />
Garantii<br />
f<strong>in</strong>anciare<br />
Sistemul <strong>de</strong><br />
Marje<br />
Membrii<br />
compensatori<br />
Primul nivel <strong>de</strong> protectie: Membrii compensatori<br />
Participantii directi la sistemul adm<strong>in</strong>istrat <strong>de</strong> CCB <strong>in</strong><strong>de</strong>pl<strong>in</strong>esc conditii <strong>de</strong> acces similare cu cele<br />
stabilite <strong>de</strong> alte case <strong>de</strong> compensare/contraparti centrale d<strong>in</strong> Europa <strong>in</strong> ceea ce priveste capitalul<br />
<strong>in</strong>itial m<strong>in</strong>im, stabilitatea f<strong>in</strong>anciara, sistemele <strong>in</strong>formatice si procedurile <strong>in</strong>terne <strong>de</strong> management al<br />
riscului, personalul <strong>de</strong> specialitate autorizat, etc., astfel <strong>in</strong>cat sa se asigure efectuarea <strong>in</strong> siguranta a<br />
operatiunilor cu <strong>in</strong>strumente f<strong>in</strong>anciare <strong><strong>de</strong>rivate</strong> <strong>in</strong> relatia cu CCB si clientii proprii.<br />
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