natgillin/translations-raw huggingface dataset:
The framework shall also reflect additional risks to the CCP arising from the simultaneous failure of entities in the group of the defaulting clearing member.
Okvir odraža tudi dodatna tveganja za CNS, ki izhajajo iz istočasnega propada subjektov v skupini klirinškega člana, ki je v zaostanku s plačili.
The framework shall individually identify all the markets to which a CCP is exposed in a clearing member default scenario.
Okvir posamično opredeljuje vse trge, ki jim je CNS izpostavljena v primeru, da pride do neplačila na strani klirinškega člana.
For each identified market the CCP shall specify extreme but plausible conditions based at least on:
CNS za vsak opredeljeni trg določi skrajne, vendar možne razmere, in sicer vsaj na podlagi:
a range of historical scenarios, including periods of extreme market movements observed over the past 30 years, or as long as reliable data have been available, that would have exposed the CCP to greatest financial risk.
vrste preteklih scenarijev, vključno z obdobji izjemnih tržnih gibanj v zadnjih 30 letih oziroma od takrat, ko so na voljo zanesljivi podatki, ki bi CNS izpostavili največjemu finančnemu tveganju.
If a CCP decides that recurrence of a historical instance of large price movements is not plausible, it shall justify its omission from the framework to the competent authority;
Če se CNS odloči, da ponovitev preteklega primera velikih cenovnih gibanj ni možna, pristojnemu organu utemelji, zakaj tega ni vključila v okvir;
a range of potential future scenarios, founded on consistent assumptions regarding market volatility and price correlation across markets and financial instruments, drawing on both quantitative and qualitative assessments of potential market conditions.
vrste morebitnih prihodnjih scenarijev, ki temeljijo na doslednih predpostavkah o nestanovitnosti trgov ter korelaciji cen med trgi in finančnimi instrumenti, pri čemer se zanaša tako na kvantitativne kot na kvalitativne ocene morebitnih tržnih razmer.
The framework shall also consider, quantitatively and qualitatively, the extent to which extreme price movements could occur in multiple identified markets simultaneously.
Okvir kvantitativno in kvalitativno upošteva tudi, v kolikšni meri bi lahko do izjemnih cenovnih gibanj prišlo na več opredeljenih trgih hkrati.
The framework shall recognise that historical price correlations may breakdown in extreme but plausible market conditions.
Upošteva, da v skrajnih, vendar možnih tržnih razmerah pretekla korelacija cen morda ne bo več veljala.
Reviewing extreme but plausible scenarios
Pregled skrajnih, vendar možnih scenarijev
The procedures described in Article 30 shall be reviewed by the CCP on a regular basis, taking into account all relevant market developments and the scale and concentration of clearing member exposures.
CNS redno pregleduje postopke, opisane v členu 30, pri čemer upošteva vsa ustrezna dogajanja na trgih ter obseg in koncentracijo izpostavljenosti klirinških članov.
The set of historical and hypothetical scenarios used by a CCP to identify extreme but plausible market conditions shall be reviewed by the CCP, in consultation with the risk committee, at least annually and more frequently when market developments or material changes to the set of contracts cleared by the CCP affect the assumptions underlying the scenarios and so require an adjustment to the scenarios.
Sklop preteklih in hipotetičnih scenarijev, ki jih CNS uporablja za opredelitev skrajnih, vendar možnih tržnih razmer, CNS ob posvetovanju z odborom za tveganja pregleda vsaj enkrat letno in pogosteje, kadar dogajanja na trgih ali pomembne spremembe niza pogodb, za katere opravlja kliring, vplivajo na predpostavke, ki so osnova za scenarije, in tako zahtevajo prilagoditev scenarijev.
Material changes to the framework shall be reported to the board.
O pomembnih spremembah okvira se poroča organu upravljanja.
LIQUIDITY RISK CONTROLS
KONTROLE LIKVIDNOSTNEGA TVEGANJA
(Article 44 of Regulation (EU) No 648/2012)
(člen 44 Uredbe (EU) št. 648/2012)
Assessment of liquidity risk
Ocena likvidnostnega tveganja
A CCP shall establish a robust liquidity risk management framework which shall include effective operational and analytical tools to identify, measure and monitor its settlement and funding flows on an ongoing and timely basis, including its use of intraday liquidity.
CNS vzpostavi trden okvir za upravljanje likvidnostnega tveganja, ki vključuje učinkovita operativna in analitična orodja za stalno in pravočasno opredelitev, merjenje ter spremljanje njenih tokov poravnave in financiranja, vključno z uporabo likvidnosti znotraj enega dne.
CCPs shall regularly assess the design and operation of their liquidity management framework, including considering the results of the stress tests.
CNS redno ocenjujejo zasnovo in delovanje njihovih okvirov za upravljanje likvidnostnega tveganja, pri tem pa upoštevajo tudi rezultate testov izjemnih situacij.
A CCP’s liquidity risk management framework shall be adequately robust to ensure that the CCP is able to effect payment and settlement obligations in all relevant currencies as they fall due, including where appropriate intraday.
Okvir CNS za upravljanje likvidnostnega tveganja je ustrezno zanesljiv za zagotovitev, da je CNS sposobna izpolnjevati obveznosti v zvezi s plačili in poravnavo v vseh ustreznih valutah, ko obveznosti zapadejo, tudi znotraj enega dne, kadar je to primerno.
A CCP’s liquidity risk management framework shall also include the assessment of its potential future liquidity needs under a wide range of potential stress scenarios.
Okvir CNS za upravljanje likvidnostnega tveganja vključuje tudi oceno morebitnih prihodnjih likvidnostnih potreb ob upoštevanju širokega spektra možnih scenarijev izjemnih situacij.
Stress scenario shall include the default of clearing members according to Article 44 of Regulation (EU) No 648/2012 from the date of a default until the end of a liquidation period and the liquidity risk generated by the CCP’s investment policy and procedures in extreme but plausible market conditions.
Scenarij izjemnih situacij vključuje dogodek neplačila na strani klirinških članov v skladu s členom 44 Uredbe (EU) št. 648/2012 od datuma neplačila do konca obdobja unovčenja ter likvidnostno tveganje, ki je posledica naložbene politike in postopkov CNS v skrajnih, vendar možnih tržnih razmerah.
The liquidity risk management framework shall include a liquidity plan which is documented and retained in accordance with Article 12.
Okvir za upravljanje likvidnostnega tveganja vključuje likvidnostni načrt, ki se dokumentira in hrani v skladu s členom 12.
The minimum content of the liquidity plan shall include the CCP’s procedures for:
Likvidnostni načrt vsebuje vsaj postopke CNS za:
managing and monitoring, at least on a daily basis, its liquidity needs across a range of market scenarios;
upravljanje in spremljanje, vsaj na dnevni osnovi, likvidnostnih potreb v najrazličnejših tržnih scenarijih;
maintaining sufficient liquid financial resources to cover its liquidity needs and distinguish among the use of the different types of liquid resources;
ohranjanje zadostnih likvidnih finančnih sredstev za kritje likvidnostnih potreb in razlikovanje med uporabo različnih vrst likvidnih sredstev;
the daily assessment and valuation of the liquid assets available to the CCP and its liquidity needs;
dnevno ocenjevanje in vrednotenje likvidnih sredstev, ki so na voljo CNS, in njenih likvidnostnih potreb;
identifying sources of liquidity risk;
opredelitev virov likvidnostnega tveganja;
assessing timescales over which the CCP’s liquid financial resources should be available;
oceno časovnih okvirov, v katerih bi morala biti likvidna finančna sredstva CNS na voljo;
considering potential liquidity needs stemming from clearing members ability to swap cash for non-cash collateral;
obravnavo morebitnih likvidnostnih potreb, ki izhajajo iz zmožnosti klirinških članov, da zamenjajo zavarovanje z denarnimi sredstvi za zavarovanje z nedenarnimi sredstvi;
the processes in the event of liquidity shortfalls;
ukrepanje v primeru primanjkljaja likvidnih sredstev;
the replenishment of any liquid financial resources it may employ during a stress event.
obnovitev likvidnih finančnih sredstev, ki jih lahko uporabi v primeru izjemnih situacij.
The board of the CCP shall approve the plan after consulting the risk committee.
Organ upravljanja CNS načrt odobri po posvetovanju z odborom za tveganja.
A CCP shall assess the liquidity risk it faces including where the CCP or its clearing members cannot settle their payment obligations when due as part of the clearing or settlement process, taking also into account the investment activity of the CCP.
CNS oceni likvidnostno tveganje, s katerim se sooča, vključno s primeri, ko CNS ali njen klirinški član v postopku kliringa ali poravnave nista zmožna poravnati plačilnih obveznosti, ko te zapadejo, pri čemer upošteva tudi naložbene dejavnosti CNS.
The risk management framework shall address the liquidity needs stemming from the CCP’s relationships with any entity towards which the CCP has a liquidity exposure including:
Okvir za upravljanje tveganja obravnava likvidnostne potrebe, ki izhajajo iz razmerja CNS s subjektom, do katerega je likvidnostno izpostavljena, vključno s:
settlement banks;
poravnalnimi bankami;
payments systems;
plačilnimi sistemi;
securities settlement systems;
sistemi poravnave vrednostnih papirjev;
nostro agents;
nostro zastopniki;
custodian banks;
skrbniškimi bankami;
liquidity providers;
ponudniki likvidnosti;
interoperable CCPs;
interoperabilnimi CNS;
service providers.
ponudniki storitev.
A CCP shall take into account any interdependencies across the entities listed in paragraph 4 and multiple relationships that an entity listed in paragraph 4 may have with a CCP in its liquidity risk management framework.
CNS upošteva vse medsebojne odvisnosti med subjekti iz odstavka 4 in večkratna razmerja, ki jih lahko ima subjekt iz odstavka 4 s CNS v njenem okviru za upravljanje likvidnostnega tveganja.
A CCP shall establish a daily report on the needs and resources under points (a), (b) and (c) of paragraph 3 and a quarterly report on its liquidity plan under points (d) to (h) of paragraph 3.
CNS zagotovi dnevno poročilo o potrebah in sredstvih iz točk (a), (b) in (c) odstavka 3 ter četrtletno poročilo o likvidnostnem načrtu iz točk (d) do (h) odstavka 3.
The reports shall be documented and retained in accordance with Chapter IV.
Poročila se dokumentirajo in hranijo v skladu s poglavjem IV.
Access to liquidity
Dostop do likvidnosti
A CCP shall maintain, in each relevant currency, liquid resources commensurate with its liquidity requirements, defined in accordance with Article 44 of Regulation (EU) No 648/2012 and Article 32 of this Regulation.
CNS v vseh ustreznih valutah ohranja likvidna sredstva, ki ustrezajo njenim likvidnostnim potrebam, opredeljenim v skladu s členom 44 Uredbe (EU) št. 648/2012 in členom 32 te uredbe.
These liquid resources shall be limited to:
Ta likvidna sredstva so omejena na:
cash deposited at a central bank of issue;
denarna sredstva, deponirana pri centralni banki izdaje;
cash deposited at authorised credit institutions in accordance with Article 47;
denarna sredstva, deponirana pri kreditnih institucijah z dovoljenjem v skladu s členom 47;
committed lines of credit or equivalent arrangements with non-defaulting clearing members;
pravno zavezujoče kreditne linije ali enakovredne ureditve s klirinškimi člani, ki niso v zaostanku s plačili;
committed repurchase agreements;
pravno zavezujoče repo posle;
highly marketable financial instruments that satisfy the requirements of Article 45 and Article 46 and that the CCP can demonstrate are readily available and convertible into cash on a same-day basis using prearranged and highly reliable funding arrangements, including in stressed market conditions.
zelo tržljive finančne instrumente, ki izpolnjujejo zahteve členov 45 in 46 in za katere lahko CNS dokaže, da so lahko takoj na voljo in jih je mogoče isti dan pretvoriti v denarna sredstva z vnaprej določenimi in visoko zanesljivimi ureditvami financiranja, tudi v izjemnih tržnih razmerah.
A CCP shall have regard to the currencies in which its liabilities are denominated and shall take into account the potential effect of stressed conditions on its ability to access foreign exchange markets in a manner consistent with the securities settlement cycles of foreign exchange and securities settlement systems.
CNS upošteva valute, v katerih so denominirane njene obveznosti, in morebitni učinek izjemnih razmer na njeno sposobnost dostopanja do deviznih trgov na način, ki je skladen s cikli poravnave vrednostnih papirjev v sistemih tujih valut in sistemih poravnave vrednostih papirjev.
Committed lines of credit against collateral provided by clearing members shall not be double-counted as liquid resources.
Pravno zavezujoče kreditne linije, ki se zagotovijo v zameno za zavarovanje s premoženjem klirinških članov, se ne štejejo dvojno kot likvidna sredstva.
A CCP shall take action to monitor and control the concentration of liquidity risk exposures to individual liquidity providers.
CNS sprejme ukrepe za spremljanje in nadzor koncentracije izpostavljenosti likvidnostnemu tveganju v zvezi s posameznimi ponudniki likvidnosti.
A CCP shall conduct rigorous due diligence that its liquidity providers have enough capacity to perform according to the liquidity arrangements.
CNS izvaja stroge skrbne preglede za zagotavljanje, da imajo njeni ponudniki likvidnosti zadostne zmogljivosti za izpolnjevanje obveznosti iz ureditev v zvezi z likvidnostjo.
A CCP shall periodically test its procedures to access pre-arranged funding arrangements.
CNS redno testira postopke za dostop do vnaprej dogovorjenih ureditev financiranja.
This may include drawing down test amounts of the commercial lines of credit, to check the speed of access to the resources and reliability of procedures.
To lahko vključuje črpanje testnih zneskov s kreditnih linij poslovnih bank, da se preverita hitrost dostopa do sredstev in zanesljivost postopkov.
A CCP shall have detailed procedures within its liquidity plan for using its liquid financial resources to fulfil its payment obligations during a liquidity shortfall.
CNS ima v likvidnostnem načrtu podrobno določene postopke za uporabo likvidnih finančnih sredstev, da lahko izpolnjuje svoje plačilne obveznosti v primeru primanjkljaja likvidnih sredstev.
The liquidity procedures shall clearly state when certain resources should be used.
Likvidnostni postopki jasno navajajo, kdaj je treba uporabiti določena sredstva.
The procedures shall also describe how to access cash deposits or overnight investments of cash deposits, how to execute same-day market transactions, or how to draw on prearranged liquidity lines.
Postopki opisujejo tudi, kako dostopati do vlog denarnih sredstev ali naložb v vezave denarnih sredstev čez noč, kako izvajati tržne transakcije, ki se poravnajo na isti dan, ali kako črpati vnaprej dogovorjene kreditne linije.
These procedures shall be regularly tested.
Ti postopki se redno testirajo.
A CCP shall also establish an adequate plan for the renewal of funding arrangements in advance of their expiration.
CNS vzpostavi tudi ustrezen načrt za obnovitev ureditev financiranja pred njihovim potekom.
A CCP shall closely monitor and control the concentration of its liquidity risk exposure, including its exposures to the entities listed in Article 32(4) and to entities in the same group.
CNS skrbno spremlja in nadzira koncentracijo izpostavljenosti do likvidnostnega tveganja, vključno z izpostavljenostmi do subjektov, navedenih v členu 32(4), in do subjektov v isti skupini.
A CCP’s liquidity risk management framework shall include the application of exposure and concentration limits.
Okvir CNS za upravljanje likvidnostnega tveganja vključuje uporabo omejitev izpostavljenosti in koncentracije.
A CCP shall define processes and procedures for breaches of concentration limits.
CNS opredeli procese in postopke za primere kršitev omejitev koncentracije.
DEFAULT WATERFALL
KASKADNI PRISTOP K NEPLAČILOM
(Article 45 of Regulation (EU) No 648/2012)
(člen 45 Uredbe (EU) št. 648/2012)
Calculation of the amount of the CCP’s own resources to be used in the default waterfall
Izračun zneska lastnih sredstev CNS, ki se uporabijo pri kaskadnem pristopu k neplačilom
A CCP shall keep, and indicate separately in its balance sheet, an amount of dedicated own resources for the purpose set out in Article 45(4) of Regulation (EU) No 648/2012.
CNS ohranja in v bilanci stanja ločeno navede znesek namenskih lastnih sredstev za potrebe iz člena 45(4) Uredbe (EU) št. 648/2012.
A CCP shall calculate the minimum amount referred to in paragraph 1by multiplying the minimum capital, including retained earnings and reserves, held in accordance with Article 16 of Regulation (EU) No 648/2012 and Commission Delegated Regulation (EU) No 152/2013 [8] by 25 %.
CNS izračuna minimalni znesek iz odstavka 1 tako, da zmnoži minimalni kapital, vključno z zadržanim dobičkom in rezervami, ki se držijo v skladu s členom 16 Uredbe (EU) št. 648/2012 in Delegirane uredbe Komisije (EU) št. 152/2013 [8], s 25 %.
The CCP shall revise that minimum amount on a yearly basis.
CNS navedeni minimalni znesek pregleda in prilagodi enkrat letno.
Where the CCP has established more than one default fund for the different classes of financial instruments it clears, the total dedicated own resources calculated under paragraph 1 shall be allocated to each of the default funds in proportion to the size of each default fund, to be separately indicated in its balance sheet and used for defaults arising in the different market segments to which the default funds refer to.
Če ima CNS več jamstvenih skladov za različne razrede finančnih instrumentov, za katere opravlja kliring, se skupna namenska lastna sredstva, izračunana v skladu z odstavkom 1, razporedijo na vsak jamstveni sklad v sorazmerju z velikostjo jamstvenega sklada, kar se v bilanci stanja navede ločeno in se uporablja za neplačila, ki izhajajo iz različnih tržnih segmentov, na katere se nanašajo jamstveni skladi.
No resources other than capital, including retained earnings and reserves, as referred to in Article 16 of Regulation (EU) No 648/2012 shall be used to comply with the requirement under paragraph 1.
Za izpolnjevanje zahtev iz odstavka 1 se ne uporabljajo nobena druga sredstva razen kapitala, skupaj z zadržanim dobičkom in rezervami, iz člena 16 Uredbe (EU) št. 648/2012.
Maintenance of the amount of the CCP’s own resources to be used in the default waterfall
Ohranjanje zneska lastnih sredstev CNS, ki se uporabi za potrebe kaskadnega pristopa k neplačilom
A CCP shall immediately inform the competent authority if the amount of dedicated own resources held falls below the amount required in Article 35, together with the reasons for the breach and a comprehensive description in writing of the measures and the timetable for the replenishment of such amount.
CNS takoj obvesti pristojni organ, če znesek namenskih lastnih sredstev, ki jih drži, pade pod zahtevano raven iz člena 35, in pri tem poda tudi razloge za kršitev in izčrpen pisni opis ukrepov in časovnega okvira za obnovitev zneska.
Where a subsequent default of one or more clearing members occurs before the CCP has reinstated the dedicated own resources, only the residual amount of the allocated dedicated own resources shall be used for the purpose of Article 45 of Regulation (EU) No 648/2012.
Če do naknadnega neplačila enega ali več klirinških članov pride, preden CNS ponovno vzpostavi namenska lastna sredstva, se samo preostali znesek dodeljenih namenskih lastnih sredstev uporabi za potrebe iz člena 45 Uredbe (EU) št. 648/2012.
A CCP shall reinstate the dedicated own resource at the least within one month from the notification under paragraph 1.
CNS ponovno vzpostavi namenska lastna sredstva najkasneje v enem mesecu od obvestila iz odstavka 1.
COLLATERAL
ZAVAROVANJE S PREMOŽENJEM
(Article 46 of Regulation (EU) No 648/2012)
(člen 46 Uredbe (EU) št. 648/2012)
A CCP shall establish and implement transparent and predictable policies and procedures to assess and continuously monitor the liquidity of assets accepted as collateral and take remedial action where appropriate.
CNS vzpostavi in izvaja pregledne in predvidljive politike in postopke za ocenjevanje in stalno spremljanje likvidnosti sredstev, sprejetih kot zavarovanje s premoženjem, in sprejme popravne ukrepe, kjer je ustrezno.
A CCP shall review its eligible asset policies and procedures at least annually.
CNS pregleda politike in postopke v zvezi s sredstvi, ki so primerna za zavarovanje s premoženjem, vsaj enkrat letno.
Such a review shall also be carried out whenever a material change occurs that affects the CCP’s risk exposure.
Tak pregled se opravi tudi, kadar koli pride do bistvene spremembe, ki vpliva na izpostavljenost CNS tveganju.
Cash collateral
Zavarovanje z denarnimi sredstvi
For the purposes of Article 46(1) of Regulation (EU) No 648/2012, highly liquid collateral in the form of cash shall be denominated in one of the following:
Za namene člena 46(1) Uredbe (EU) št. 648/2012 je visoko likvidno zavarovanje v obliki denarnih sredstev denominirano v eni od naslednjih valut:
a currency for which the CCP can demonstrate to the competent authorities that it is able to adequately manage the risk;
valuta, za katero lahko CNS pristojnim organom dokaže, da je sposobna upravljati njeno tveganje;
a currency in which the CCP clears transactions, in the limit of the collateral required to cover the CCP’s exposures in that currency.
valuta, v kateri CNS opravlja kliring transakcij, v mejah zavarovanja s premoženjem, potrebnega za kritje izpostavljenosti CNS v tej valuti.
Financial instruments
Finančni instrumenti
For the purposes of Article 46(1) of Regulation (EU) No 648/2012, financial instruments, bank guarantees and gold that meet the conditions set out in Annex I shall be considered as, highly liquid collateral.
Za namene člena 46(1) Uredbe (EU) št. 648/2012 finančni instrumenti, bančne garancije in zlato, ki izpolnjujejo pogoje iz Priloge I, štejejo za visoko likvidno zavarovanje.
Valuing collateral
Vrednotenje zavarovanja s premoženjem
For the purposes of valuing highly liquid collateral as defined in Article 37, a CCP shall establish and implement policies and procedures to monitor on a near to real time basis the credit quality, market liquidity and price volatility of each asset accepted as collateral.
CNS za namene vrednotenja visoko likvidnega zavarovanja, kot je opredeljeno v členu 37, vzpostavi in izvaja politike in postopke, s katerimi v čim bolj realnem času spremlja kreditno kvaliteto, tržno likvidnost in nestanovitnost cen posameznih sredstev, sprejetih kot zavarovanje s premoženjem.
A CCP shall monitor on a regular basis, and at least annually, the adequacy of its valuation policies and procedures.
CNS redno in vsaj enkrat na leto spremlja ustreznost politik in postopkov vrednotenja.
Such review shall also be carried out whenever a material change occurs that affects the CCP’s risk exposure.
Tak pregled se opravi tudi, kadar koli pride do bistvene spremembe, ki vpliva na izpostavljenost CNS tveganju.
A CCP shall mark-to-market its collateral on a near to real time basis and, where not possible, a CCP shall be able to demonstrate to the competent authorities that it is able to manage the risks.
CNS zavarovanje s premoženjem vrednoti po tekočih tržnih cenah v čim bolj realnem času, če to ni mogoče, pa lahko pristojnim organom dokaže, da je sposobna upravljati tveganja.
Haircuts
Odbitki
A CCP shall establish and implement policies and procedures to determine prudent haircuts to apply to collateral value.
CNS vzpostavi ter izvaja politike in postopke za določanje razumnih odbitkov pri vrednosti zavarovanja s premoženjem.
Haircuts shall recognise that collateral may need to be liquidated in stressed market conditions and take into account the time required to liquidate it.
Odbitki odražajo verjetnost, da bo zavarovanje s premoženjem morda treba unovčiti v izjemnih tržnih razmerah, in upoštevajo čas, potreben za njegovo unovčenje.