natgillin/translations-raw huggingface dataset:
A CCP shall, where applicable, consider in its stress tests, the effects of the default of a clearing member that issues financial instruments cleared by the CCP or the underlying of derivatives cleared by the CCP.
Kjer je primerno, CNS v testih izjemnih situacij upošteva učinke neplačila klirinškega člana, ki izdaja finančne instrumente, za katere CNS opravlja kliring, ali osnovna sredstva izvedenih finančnih instrumentov, za katere CNS opravlja kliring.
A CCP’s stress tests shall consider the liquidation period as provided for in Article 26.
Testi izjemnih situacij CNS upoštevajo obdobje unovčenja, kot je določeno v členu 26.
Stress testing liquid financial resources
Testiranje izjemnih situacij za likvidna finančna sredstva
A CCP’s stress-testing programme of its liquid financial resources shall ensure that they are sufficient in accordance with the requirements laid down in Chapter VIII.
Program testiranja izjemnih situacij CNS za likvidna finančna sredstva zagotovi, da so zadostna v skladu z zahtevami iz poglavja VIII.
A CCP shall have clear and transparent rules and procedures to address insufficient liquid financial resources highlighted by its stress tests to ensure settlement of payments obligations.
CNS ima jasna in pregledna pravila in postopke za obravnavo primerov nezadostnih likvidnih finančnih sredstev, ki so jih izpostavili njeni testi izjemnih situacij, da zagotovi poravnavo plačilnih obveznosti.
A CCP shall also have clear procedures for using the results and analysis of its stress tests to evaluate and adjust the adequacy of its liquidity risk management framework and liquidity providers.
CNS ima tudi jasne postopke za uporabo rezultatov in analizo testov izjemnih situacij, da oceni in prilagodi ustreznost njenega okvira za upravljanje likvidnostnega tveganja in ponudnikov likvidnosti.
The stress testing scenarios used in the stress testing of liquid financial resources shall consider the design and operation of the CCP, and include all entities that might pose material liquidity risk to it.
Scenariji za testiranje izjemnih situacij, ki se uporabljajo pri testiranju izjemnih situacij za likvidna finančna sredstva, upoštevajo strukturo in poslovanje CNS ter vključujejo vse subjekte, ki lahko zanjo predstavljajo pomembno likvidnostno tveganje.
Such stress tests shall also consider any strong linkages or similar exposures between its clearing members, including other entities that are part of the same group, and assess the probability of multiple defaults and the contagion effect among its clearing members that such defaults may cause.
Tako testiranje izjemnih situacij upošteva tudi vse močne povezave ali podobne izpostavljenosti med njenimi klirinškimi člani, vključno z drugimi subjekti, ki so del iste skupine, in oceni verjetnost več neplačil in učinek širjenja negativnih vplivov med njenimi klirinškimi člani, ki jih lahko taka neplačila povzročijo.
Coverage and use of test results
Kritje in uporaba rezultatov testiranja
Maintaining sufficient coverage
Ohranjanje zadostnega kritja
A CCP shall establish and maintain procedures to recognise changes in market conditions, including increases in volatility or reductions in the liquidity of the financial instruments it clears, so as to promptly adapt calculation of its margin requirement to appropriately account for new market conditions.
CNS vzpostavi in vzdržuje postopke za zaznavanje sprememb v tržnih razmerah, vključno s povečanji v nestanovitnosti ali zmanjšanji likvidnosti finančnih instrumentov, za katere opravlja kliring, tako da lahko hitro prilagodi izračun svoje zahteve po kritju, da ustrezno upošteva nove tržne razmere.
A CCP shall conduct tests on its haircuts in order to ensure collateral can be liquidated at least at its haircutted value in observed and extreme but plausible market conditions.
CNS izvaja teste odbitkov za zagotovitev, da se zavarovanje s premoženjem lahko unovči vsaj pri vrednosti po odbitku v zaznanih in skrajnih, vendar možnih tržnih razmerah.
If a CCP collects margin at a portfolio, as opposed to product level, it shall continuously review and test offsets among products.
Če CNS zbira kritje na ravni portfelja in ne na ravni produkta, stalno pregleduje in testira izvedena pobotanja med produkti.
A CCP shall base such offsets on prudent and economically meaningful methodology that reflects the degree of price dependence between the products.
CNS takšna pobotanja izvede na osnovi preudarne in ekonomsko smiselne metodologije, ki odraža stopnjo cenovne odvisnosti med produkti.
In particular, a CCP shall test how correlations perform during periods of actual and hypothetical severe market conditions.
CNS zlasti testira, kako se korelacije razvijajo v obdobjih dejanskih in hipotetičnih težkih tržnih razmer.
Review of models using test results
Pregled modelov na podlagi rezultatov testiranja
A CCP shall have clear procedures to determine the amount of additional margin it may need to collect, including on an intraday basis, and to recalibrate its margin model where back testing indicates that the model did not perform as expected with the result that it does not identify the appropriate amount of initial margin necessary to achieve the intended level of confidence.
CNS ima jasne postopke za določitev zneska dodatnega kritja, ki ga bo morda morala zbrati, tudi znotraj enega dne, in za prilagoditev modela kritij, kadar testiranje za nazaj pokaže, da model ni deloval po pričakovanjih in je privedel do rezultata, ki ne podaja ustreznega zneska začetnega kritja, potrebnega za doseganje želene ravni zanesljivosti.
Where a CCP has determined that it is necessary to call additional margin it shall do so by the next margin call.
Če CNS ugotovi, da je potrebno dodatno kritje, tega zahteva ob naslednjem pozivu k doplačilu kritja.
A CCP shall evaluate the source of testing exceptions highlighted by its back tests.
CNS oceni vir izjem pri testiranju, ki so jih izpostavili testi za nazaj.
Depending on the source of exceptions, the CCP shall determine whether a fundamental change to the margin model, or to the models that input into it, is required and whether the recalibration of current parameters is necessary.
Glede na vir izjem CNS določi, ali je potrebna temeljna sprememba modela kritij ali modelov, ki zagotavljajo vhodne podatke zanje, in ali je potrebna ponovna prilagoditev trenutnih parametrov.
A CCP shall evaluate the sources of testing exceptions highlighted by its stress tests.
CNS oceni vire izjem pri testiranju, ki so jih izpostavili testi izjemnih situacij.
The CCP shall determine whether a fundamental change to its models, their methodologies or its liquidity risk management framework is required or if the recalibration of current parameters or assumptions is necessary, on the basis of the sources of exceptions.
Na osnovi virov izjem CNS določi, ali je potrebna temeljna sprememba njenih modelov, njihovih metodologij ali njenega okvira za upravljanje likvidnostnega tveganja oziroma ali je potrebna prilagoditev trenutnih parametrov ali predpostavk.
Where the results of the tests show an insufficient coverage of margin, default fund or other financial resources, a CCP shall increase overall coverage of its financial resources to an acceptable level by the next margin call.
Če rezultati testov kažejo na nezadostno pokritost kritja, jamstvenega sklada ali drugih finančnih sredstev, CNS poveča splošno pokritost svojih finančnih sredstev na sprejemljivo raven do naslednjega poziva k doplačilu kritja.
Where the results of the tests show insufficient liquid financial resources, the CCP shall increase its liquid financial resources to an acceptable level as soon as is practicable.
Če rezultati testov kažejo na nezadostna likvidna finančna sredstva, CNS svoja likvidna finančna sredstva poveča na sprejemljivo raven takoj, ko je to izvedljivo.
A CCP shall, in reviewing its models, their methodologies and the liquidity risk management framework, monitor the frequency of reoccurring testing exceptions to identify and resolve issues appropriately and without undue delay.
CNS pri pregledu svojih modelov, njihovih metodologij in okvira za upravljanje likvidnostnega tveganja spremlja pogostost ponovitve izjem pri testiranju, da ustrezno opredeli in razreši probleme brez nepotrebnega odlašanja.
Reverse stress tests
Povratno testiranje izjemnih situacij
A CCP shall conduct reverse stress tests which are designed to identify under which market conditions the combination of its margin, default fund and other financial resources may provide insufficient coverage of credit exposures and for which its liquid financial resources may be insufficient.
CNS izvaja povratne teste izjemnih situacij, ki so namenjeni ugotavljanju, v katerih tržnih razmerah lahko kombinacija njenega kritja, jamstvenega sklada in drugih finančnih sredstev privede do nezadostne pokritosti kreditnih izpostavljenosti in za katere so lahko likvidna finančna sredstva nezadostna.
When conducting such tests, a CCP shall model extreme market conditions that go beyond what are considered plausible market conditions, in order to help determine the limits of its models, its liquidity risk management framework, its financial resources and its liquid financial resources.
Pri izvajanju takih testov CNS v modelu uporabi skrajne tržne razmere, ki presegajo to, kar šteje za možne tržne razmere, da določi omejitve njenih modelov, njenega okvira za upravljanje likvidnostnega tveganja, njenih finančnih sredstev in njenih likvidnih finančnih sredstev.
A CCP shall develop reverse stress tests tailored to the specific risks of the markets and of the contracts that it provides clearing services for.
CNS razvije povratne teste izjemnih situacij, ki so prilagojeni specifičnim tveganjem trgov in pogodb, za katere opravlja storitve kliringa.
A CCP shall use the conditions identified in paragraph 1 and the results and analysis of its reverse stress tests to help in identifying extreme but plausible scenarios in accordance with Chapter VII.
CNS uporabi pogoje, opredeljene v odstavku 1, ter rezultate in analizo povratnih testov izjemnih situacij, da opredeli skrajne, vendar možne scenarije v skladu s poglavjem VII.
A CCP shall periodically report its reverse stress testing results and analysis in a form that does not breach confidentiality to the risk committee in order to seek their advice in its review.
CNS odboru za tveganja redno poroča o rezultatih in analizi povratnega testiranja izjemnih situacij na način, ki ne krši zaupnosti, da ji odbor lahko svetuje pri pregledu.
Testing default procedures
Testiranje postopkov v primeru neplačil
A CCP shall test and review its default procedures to ensure they are both practical and effective.
CNS testira in pregleduje postopke v primeru neplačil, da zagotovi, da so praktični in učinkoviti.
A CCP shall perform simulation exercises as part of the testing of its default procedures.
CNS v okviru testiranja postopkov v primeru neplačil izvaja simulacijske vaje.
A CCP shall, following testing of its default procedures, identify any uncertainties and appropriately adapt its procedures to mitigate such uncertainty.
Po testiranju postopkov v primeru neplačil CNS opredeli morebitne negotovosti in ustrezno prilagodi postopke, da negotovosti zmanjša.
A CCP shall, through conducting simulation exercises, verify that all clearing members, where appropriate, clients and other relevant parties including interoperable CCP’s and any related service providers, are duly informed and know the procedures involved in a default scenario.
CNS z izvajanjem simulacijskih vaj potrdi, da so vsi klirinški člani ter, kjer je primerno, stranke in druge ustrezne osebe, vključno z interoperabilnimi CNS in vsemi drugimi povezanimi ponudniki storitev, ustrezno obveščeni in seznanjeni s postopki v scenariju neplačila.
Validation and testing frequency
Pogostost vrednotenja in testiranja
A CCP shall conduct a comprehensive validation of its models and their methodologies at least annually.
CNS vsaj enkrat letno izvede celovito vrednotenje modelov ter njihove metodologije.
A CCP shall conduct a comprehensive validation of its liquidity risk management framework at least annually.
CNS vsaj enkrat letno izvede celovito vrednotenje okvira za upravljanje likvidnostnega tveganja.
A CCP shall conduct a full validation of its valuation models at least annually.
CNS vsaj enkrat letno izvede celovito potrditev modelov vrednotenja.
A CCP shall review the appropriateness of the policies specified in Article 51 at least annually.
CNS vsaj enkrat letno preveri ustreznost politik, opredeljenih v členu 51.
A CCP shall analyse and monitor its model performance and financial resources coverage in the event of defaults by back testing margin coverage at least daily and conducting at least daily stress testing using standard and predetermined parameters and assumptions.
CNS analizira in spremlja uspešnost modela in pokritost finančnih sredstev v primeru neplačil z vsaj dnevnim testiranjem pokritosti kritij za nazaj in z izvajanjem vsaj dnevnih testov izjemnih situacij z uporabo standardnih in vnaprej določenih parametrov in predpostavk.
A CCP shall analyse and monitor its liquidity risk management framework by conducting at least daily stress tests of its liquid financial resources.
CNS analizira in spremlja okvir za upravljanje likvidnostnega tveganja z izvajanjem vsaj dnevnih testov izjemnih situacij za likvidna finančna sredstva.
A CCP shall conduct a detailed thorough analysis of testing results at least on a monthly basis in order to ensure its stress testing scenarios, models and liquidity risk management framework, underlying parameters and assumptions are correct.
CNS vsaj mesečno izvede podrobno temeljito analizo rezultatov testiranja, da zagotovi, da so scenariji za testiranje izjemnih situacij, modeli in okvir upravljanja likvidnostnega tveganja ter osnovni parametri in predpostavke pravilni.
Such analysis shall be conducted more frequently in stressed market conditions, including when the financial instruments cleared or markets served in general display high volatility, become less liquid, or when the size or concentrations of positions held by its clearing members increase significantly or when it is anticipated that a CCP will encounter stressed market conditions.
Taka analiza se izvaja bolj pogosto v izjemnih tržnih razmerah, vključno s primeri, ko finančni instrumenti, za katere se opravlja kliring, ali trgi, za katere CNS opravlja storitve, na splošno izkazujejo visoko nestanovitnost, postanejo manj likvidni ali ko se koncentracije, ki jih držijo njeni klirinški člani, močno povečajo ali ko se pričakuje, da se bo CNS soočila z izjemnimi tržnimi razmerami.
Sensitivity analysis shall be conducted at least monthly, using the results of sensitivity tests.
Analiza občutljivosti se izvede najmanj enkrat mesečno na osnovi rezultatov testov občutljivosti.
This analysis should be conducted more frequently when markets are unusually volatile or less liquid or when the size or concentrations of positions held by its clearing members increase significantly.
Ta analiza bi se morala izvajati bolj pogosto, kadar so trgi neobičajno nestanovitni ali manj likvidni ali kadar se velikost ali koncentracije pozicij, ki jih držijo njeni klirinški člani, bistveno povečajo.
A CCP shall test offsets among financial instruments and how correlations perform during periods of actual and hypothetical severe market conditions at least annually.
CNS vsaj enkrat letno testira pobotanja med finančnimi instrumenti in razvoj korelacij v obdobjih dejanskih in hipotetičnih težkih tržnih razmer.
A CCP’s haircuts shall be tested at least monthly.
Odbitki CNS se testirajo vsaj enkrat mesečno.
A CCP shall conduct reverse stress tests at least quarterly.
CNS povratne teste izjemnih situacij izvaja vsaj enkrat na četrtletje.
A CCP shall test and review its default procedures at least quarterly and perform simulation exercises at least annually, in accordance with Article 61.
CNS v skladu s členom 61 testira in pregleda postopke v primeru neplačil vsaj enkrat na četrtletje in izvaja simulacijske vaje vsaj enkrat letno.
A CCP shall also perform simulation exercises following any material change to its default procedures.
CNS simulacijske vaje izvaja tudi po morebitnih bistvenih spremembah postopkov v primeru neplačil.
Time horizons used when performing tests
Časovna obdobja, ki se uporabljajo pri izvajanju testiranj
The time horizons
Časovna obdobja
The time horizons used for stress tests shall be defined in accordance with Chapter VII and shall include forward-looking extreme but plausible market conditions.
Časovna obdobja, ki se uporabljajo za teste izjemnih situacij, se določijo v skladu s poglavjem VII in vključujejo skrajne, vendar možne tržne razmere, ki so usmerjene v prihodnost.
The historical time horizons used for back tests shall include data from at minimum the most recent year or as long as a CCP has been clearing the relevant financial instrument if that is less than a year.
Pretekla časovna obdobja, ki se uporabljajo za testiranje za nazaj, vključujejo podatke iz vsaj zadnjega leta ali vse od takrat, ko je CNS opravljala kliring za zadevne finančne instrumente, če je to manj kot eno leto.
Information to be publicly disclosed
Informacije, ki se javno razkrijejo
A CCP shall publicly disclose the general principles underlying its models and their methodologies, the nature of tests performed, with a high level summary of the test results and any corrective actions undertaken.
CNS javno razkrije splošna načela, na katerih temeljijo njeni modeli in njihove metodologije, vrsto testov, ki jih izvaja, ter na najvišji ravni pripravljen povzetek rezultatov testov in vseh sprejetih korektivnih ukrepov.
A CCP shall make available to the public key aspects of its default procedures, including:
CNS javnosti omogoči vpogled v ključne vidike svojih postopkov v primeru neplačil, vključno z:
the circumstances in which action may be taken;
okoliščinami, v katerih se lahko ukrepa;
who may take those actions;
osebami, ki lahko sprejmejo ukrepe;
the scope of the actions which may be taken, including the treatment of both proprietary and client positions, funds and assets;
področjem uporabe ukrepov, ki se lahko sprejmejo, vključno z obravnavanjem tako lastnih kot pozicij, sredstev in premoženja strank;
the mechanisms to address a CCP’s obligations to non-defaulting clearing members;
mehanizmi za obravnavanje obveznosti CNS do klirinških članov, ki niso v zaostanku s plačili;
the mechanisms to help address the defaulting clearing member’s obligations to its clients.
mehanizmi za pomoč pri obravnavanju obveznosti klirinškega člana, ki je v zaostanku s plačili, do njegovih strank.
Point (h) Section 2 of Annex I shall apply from three years after the date of entry into force of this Regulation in respect of transactions on derivatives, as referred to in points (b) and (d) of Article 2(4) of Regulation (EU) No 1227/2011 of the European Parliament and of the Council [10].This Regulation shall be binding in its entirety and directly applicable in all Member States.
Točka (h) oddelka 2 Priloge I se za transakcije z izvedenimi finančnimi instrumenti, kot so opredeljeni v točkah (b) in (d) člena 2(4) Uredbe (EU) št. 1227/2011 Evropskega parlamenta in Sveta [10], začne uporabljati tri leta po začetku veljavnosti te uredbe.Ta uredba je zavezujoča v celoti in se neposredno uporablja v vseh državah članicah.
OJ L 352, 21.12.2012, p. 32.
UL L 352, 21.12.2012, str. 32.
Conditions applicable to financial instruments, bank guarantees and gold considered as highly liquid collateral
Pogoji, ki se uporabljajo za finančne instrumente, bančne garancije in zlato, ki štejejo za visoko likvidno zavarovanje
For the purposes of Article 46(1) of Regulation (EU) No 648/2012, highly liquid collateral in the form of financial instruments shall be financial instruments meeting the conditions provided for in point 1 of Annex II to this Regulation or transferable securities and money-market instruments which meet each of the following conditions:
Za namene člena 46(1) Uredbe (EU) št. 648/2012 so visoko likvidno zavarovanje v obliki finančnih instrumentov finančni instrumenti, ki izpolnjujejo pogoje iz točke 1 Priloge II k tej uredbi, ali prenosljivi vrednostni papirji in instrumenti denarnega trga, ki izpolnjujejo vse naslednje pogoje:
the CCP can demonstrate to the competent authority that the financial instruments have been issued by an issuer that has low credit risk based upon an adequate internal assessment by the CCP.
CNS lahko pristojnemu organu dokaže, da je finančne instrumente izdal izdajatelj, ki ima na podlagi ustrezne notranje ocene CNS nizko kreditno tveganje.
the CCP can demonstrate to the competent authority that the financial instruments have a low market risk based upon an adequate internal assessment by the CCP.
CNS lahko pristojnemu organu dokaže, da imajo na podlagi ustrezne notranje ocene CNS finančni instrumenti nizko tržno tveganje.
In performing such an assessment, the CCP shall employ a defined and objective methodology that shall not fully rely on external opinions;
Pri pripravi ocene CNS uporabi opredeljeno in objektivno metodologijo, ki se ne zanaša v celoti na zunanja mnenja;
they are denominated in one of the following currencies:
denominirani so v eni od naslednjih valut:
a currency the risk of which the CCP can demonstrate to the competent authorities that it is able to manage;
valuta, za katero lahko CNS pristojnim organom dokaže, da je sposobna upravljati njeno tveganje;
a currency in which the CCP clears contracts, in the limit of the collateral required to cover the CCP’s exposures in that currency;
valuta, v kateri CNS opravlja kliring pogodb, v mejah zavarovanja s premoženjem, potrebnega za kritje izpostavljenosti CNS v tej valuti;
they are freely transferable and without any regulatory or legal constraint or third party claims that impair liquidation;
so prosto prenosljivi in brez kakršnih koli regulativnih ali pravnih omejitev oziroma prosti zahtevkov tretjih oseb, ki bi ovirali njihovo unovčenje;
they have an active outright sale or repurchase agreement market, with a diverse group of buyers and sellers, to which the CCP can demonstrate reliable access, including in stressed conditions;
za njih je na voljo delujoč trg za neposredno prodajo ali repo posle z raznoliko skupino kupcev in prodajalcev, pri tem pa lahko CNS dokaže, da lahko do njega zanesljivo dostopa, tudi v izjemnih razmerah;
they have reliable price data published on a regular basis;
zanje so na voljo zanesljivi podatki o cenah, ki se redno objavljajo;
they are not issued by:
ne izdaja jih:
the clearing member providing the collateral, or an entity that is part of the same group as the clearing member, except in the case of a covered bond and only where the assets backing that bond are appropriately segregated within a robust legal framework and satisfy the requirements set out in this section;
klirinški član, ki zagotavlja zavarovanje s premoženjem, ali subjekt, ki je del iste skupine kot klirinški član, razen v primeru krite obveznice in samo, če je premoženje, ki krije tako obveznico, ustrezno ločeno z zanesljivim pravnim okvirom in izpolnjuje zahteve iz tega oddelka;
a CCP or an entity that is part of the same group as a CCP;
CNS ali subjekt, ki je del iste skupine kot CNS;
an entity whose business involves providing services critical to the functioning of the CCP, unless that entity is an EEA central bank or a central bank of issue of a currency in which the CCP has exposures;
subjekt, katerega poslovanje vključuje zagotavljanje storitev, ki so ključne za delovanje CNS, razen če je tak subjekt centralna banka iz EGP ali centralna banka izdaje valute, v kateri ima CNS izpostavljenosti;
they are not otherwise subject to significant wrong-way risk.
niso kako drugače predmet večjega tveganja zaradi neugodnih gibanj.
Bank guarantees
Bančne garancije
A commercial bank guarantee, subject to limits agreed with the competent authority, shall meet the following conditions to be accepted as collateral under Article 46(1) of Regulation (EU) No 648/2012:
Bančna garancija poslovne banke, ki je predmet omejitev, dogovorjenih s pristojnim organom, izpolnjuje naslednje pogoje, da je lahko sprejeta kot zavarovanje s premoženjem v skladu s členom 46(1) Uredbe (EU) št. 648/2012: