natgillin/translations-raw huggingface dataset:
an analysis of the outcomes of testing results.
analizo rezultatov testiranja.
A CCP shall establish the criteria against which it assesses whether its models, their methodologies and liquidity risk management framework can be successfully validated.
CNS določi merila, na podlagi katerih oceni, ali so lahko njeni modeli, njihove metodologije in okvir za upravljanje likvidnostnega tveganja uspešno potrjeni.
The criteria shall include successful testing results.
Merila vključujejo uspešne rezultate testiranja.
Where pricing data is not readily available or reliable, a CCP shall address such pricing limitations and, at least, adopt conservative assumptions based on observed correlated or related markets and current behaviours of the market.
Če podatki o cenah niso na voljo ali niso zanesljivi, CNS upošteva cenovne omejitve in sprejme vsaj konzervativne predpostavke, ki temeljijo na spremljanih povezanih ali sorodnih trgih in trenutnih trendih na trgu.
Where pricing data is not readily available or reliable, the systems and valuation models used for this purpose shall be subject to appropriate governance, including seeking advice from the risk committee, and validation and testing.
Če podatki o cenah niso na voljo ali niso zanesljivi, se sistemi in modeli vrednotenja, ki se uporabljajo za ta namen, ustrezno upravljajo, vključno s pridobitvijo nasveta odbora za tveganja, ter potrjujejo in testirajo.
A CCP shall have its valuation models validated under a variety of market scenarios by a qualified and independent party to ensure that its models accurately produces appropriate prices, and where appropriate, it shall adjust its calculation of initial margins to reflect any identified model risk.
Modele vrednotenja CNS potrjuje kvalificirana in neodvisna oseba ob upoštevanju različnih tržnih scenarijev, da se zagotovi, da so modeli pri izdelavi ustreznih cen natančni, CNS pa po potrebi prilagodi izračun začetnih kritij tako, da odraža kakršna koli ugotovljena tveganja, ki izhajajo iz modela.
A CCP shall regularly conduct an assessment of the theoretical and empirical properties of its margin model for all the financial instruments that it clears.
CNS redno ocenjuje teoretične in empirične lastnosti modela kritij za vse finančne instrumente, za katere opravlja kliring.
Testing programmes
Programi testiranja
A CCP shall have in place policies and procedures that detail the stress and back testing programmes it undertakes to assess the appropriateness, accuracy, reliability and resilience of the models and their methodologies used to calculate its risk control mechanisms including margin, default fund contributions, and other financial resources in a wide range of market conditions.
CNS ima vzpostavljene politike in postopke, ki podrobno opisujejo programe testiranja izjemnih situacij in testiranja za nazaj, ki jih izvaja za ocenjevanje primernosti, natančnosti, zanesljivosti in odpornosti modelov in njihovih metodologij za izračun mehanizmov za upravljanje tveganja, vključno s kritji, prispevki v jamstveni sklad in drugimi finančnimi sredstvi, v vrsti različnih tržnih razmer.
A CCP’s policies and procedures shall also detail the stress testing programme it undertakes to assess the appropriateness, accuracy, reliability and resilience of the liquidity risk management framework.
Politike in postopki CNS podrobno opisujejo tudi program za testiranje izjemnih situacij, ki ga izvaja za oceno ustreznosti, natančnosti, zanesljivosti in odpornosti okvira za upravljanje likvidnostnega tveganja.
The policies and procedures shall include at least methodologies for the inclusion of the selection and development of appropriate testing, including portfolio and market data selection, the regularity of the tests, the specific risk characteristics of the financial instruments cleared, the analysis of testing results and exceptions and the relevant corrective measures needed.
Politike in postopki vsebujejo vsaj metodologije za izbiro in razvoj ustreznega testiranja, vključno z izbiro podatkov o portfeljih in trgih, pogostostjo pregledov, posebnimi značilnostmi tveganj finančnih instrumentov, za katere se opravlja kliring, analizo rezultatov testiranja ter izjemami in ustreznimi korektivnimi ukrepi, ki so potrebni.
A CCP shall include any client positions when performing all tests.
CNS pri izvajanju vseh testov vključi vse morebitne pozicije strank.
Back testing
Testiranje za nazaj
Back testing procedure
Postopek testiranja za nazaj
A CCP shall assess its margin coverage by performing an ex-post comparison of observed outcomes with expected outcomes derived from the use of margin models.
CNS oceni pokritost s kritji z naknadno primerjavo dejanskih rezultatov s pričakovanimi rezultati, ki izvirajo iz modelov kritij.
Such back testing analysis shall be performed each day in order to evaluate whether there are any testing exceptions to margin coverage.
Takšno testiranje za nazaj se opravi vsak dan, da se oceni, ali obstajajo kakršne koli izjeme pri testiranju pokritosti s kritji.
Coverage shall be evaluated on current positions for financial instruments, clearing members and take into account possible effects from portfolio margining and, where appropriate, interoperable CCPs.
Pokritost se oceni za trenutne pozicije za finančne instrumente in klirinške člane ter upošteva možne učinke portfeljskega kritja in, kjer je ustrezno, interoperabilnih CNS.
A CCP shall consider the appropriate historical time horizons for its back testing programme to ensure that the observation window used is sufficient enough to mitigate any detrimental effect on the statistical significance.
CNS v programu testiranja za nazaj upošteva primerna pretekla obdobja, da zagotovi, da je uporabljeno obdobje opazovanja zadostno za omejitev kakršnih koli škodljivih učinkov na statistično značilnost.
A CCP shall consider in its back testing programme, at least, clear statistical tests, and performance criteria to be defined by CCPs for the assessment of back testing results.
CNS v programu testiranja za nazaj upošteva vsaj jasne statistične preskuse in merila uspešnosti, ki jih mora določiti za oceno rezultatov testiranja za nazaj.
A CCP shall periodically report its back testing results and analysis in a form that does not breach confidentiality to the risk committee in order to seek their advice in the review of its margin model.
CNS odboru za tveganja redno poroča o rezultatih in analizi testiranja za nazaj na način, ki ne krši zaupnosti, da ji odbor lahko svetuje pri pregledu modela kritij.
Back testing results and analysis shall be made available to all clearing members and, where known to the CCP, clients.
CNS da rezultate in analizo testiranja za nazaj na voljo vsem klirinškim članom in strankam, če so ji znane.
For all other clients back testing results and analysis shall be made available by the relevant clearing members on request.
Vsem drugim strankam dajo rezultate in analizo testiranja za nazaj na zahtevo na voljo ustrezni klirinški člani.
Such information shall be aggregated in a form that does not breach confidentiality and clearing members and clients shall only have access to detailed back testing results and analysis for their own portfolios.
Take informacije se združijo v obliko, ki ne krši zaupnosti, klirinški člani in stranke pa imajo dostop samo do podrobnih rezultatov in analize testiranja za nazaj za lastne portfelje.
A CCP shall define the procedures to detail the actions it could take given the results of back testing analysis.
CNS določi postopke za natančno opredelitev ukrepov, ki jih lahko sprejme glede na rezultate analize testiranja za nazaj.
Sensitivity testing and analysis
Testiranje in analiza občutljivosti
Sensitivity testing and analysis procedure
Postopek testiranja in analize občutljivosti
A CCP shall conduct sensitivity tests and analysis to assess the coverage of its margin model under various market conditions using historical data from realised stressed market conditions and hypothetical data for unrealised stressed market conditions.
CNS izvaja teste in analizo občutljivosti, da oceni pokritost modela kritij v različnih tržnih razmerah na podlagi preteklih podatkov za izjemne tržne razmere, do katerih je dejansko prišlo, in hipotetičnih podatkov za izjemne tržne razmere, do katerih ni prišlo.
A CCP shall use a wide range of parameters and assumptions to capture a variety of historical and hypothetical conditions, including the most-volatile periods that have been experienced by the markets it serves and extreme changes in the correlations between prices of contracts cleared by the CCP, in order to understand how the level of margin coverage might be affected by highly stressed market conditions and changes in important model parameters.
CNS uporabi širok niz parametrov in predpostavk, da zajame različne pretekle in hipotetične razmere, vključno z obdobji največje nestanovitnosti, do katerih je prišlo na trgih, na katerih posluje, in ekstremne spremembe v korelaciji med cenami pogodb, za katere opravlja kliring, da bi razumela, kako lahko na raven pokritosti s kritji vplivajo najskrajnejše tržne razmere in spremembe pomembnih parametrov modelov.
Sensitivity analysis shall be performed on a number of actual and representative clearing member portfolios.
Analiza občutljivosti se izvede na vrsti dejanskih portfeljev klirinških članov in portfeljev, ki so reprezentativni za CNS.
The representative portfolios shall be chosen based on their sensitivity to the material risk factors and correlations to which the CCP is exposed.
Reprezentativni portfelji se izberejo glede na njihovo občutljivost na bistvene dejavnike tveganja in korelacije, ki jim je CNS izpostavljena.
Such sensitivity testing and analysis shall be designed to test the key parameters and assumptions of the initial margin model at a number of confidence intervals to determine the sensitivity of the system to errors in the calibration of such parameters and assumptions.
Takšno testiranje in analiza občutljivosti sta zasnovana za testiranje glavnih parametrov in predpostavk modela začetnega kritja pri vrsti intervalov zaupanja, da se določi občutljivost sistema na napake pri prilagajanju takih parametrov in predpostavk.
Appropriate consideration shall be given to the term structure of the risk factors, and the assumed correlation between risk factors.
Primerna pozornost se nameni časovni strukturi dejavnikov tveganja in predpostavljeni korelaciji med dejavniki tveganja.
A CCP shall evaluate the potential losses in clearing member positions.
CNS oceni možne izgube v pozicijah klirinškega člana.
A CCP shall, where applicable, consider parameters reflective of the simultaneous default of clearing members that issue financial instruments cleared by the CCP or the underlying of derivatives cleared by the CCP.
Kjer je primerno, CNS obravnava parametre, ki odražajo hkratna neplačila na strani klirinških članov, ki izdajajo finančne instrumente, za katere CNS opravlja kliring, ali osnovna sredstva izvedenih finančnih instrumentov, za katere CNS opravlja kliring.
Where applicable, the effects of a client’s default that issues financial instruments cleared by the CCP or the underlying of derivatives cleared by the CCP shall also be considered.
Kjer je primerno, se upoštevajo tudi učinki neplačila stranke, ki izdaja finančne instrumente, za katere CNS opravlja kliring, ali osnovna sredstva izvedenih finančnih instrumentov, za katere CNS opravlja kliring.
A CCP shall periodically report its sensitivity testing results and analysis in a form that does not breach confidentiality to the risk committee in order to seek its advice in the review of its margin model.
CNS odboru za tveganja redno poroča o rezultatih in analizi testiranja občutljivosti na način, ki ne krši zaupnosti, da ji odbor lahko svetuje pri pregledu modela kritij.
A CCP shall define the procedures to detail the actions it could take given the results of sensitivity testing analysis.
CNS določi postopke za natančno opredelitev ukrepov, ki jih lahko sprejme glede na rezultate analize testiranja občutljivosti.
Stress testing procedure
Postopek testiranja izjemnih situacij
A CCP’s stress tests shall apply stressed parameters, assumptions, and scenarios to the models used for the estimation of risk exposures to make sure its financial resources are sufficient to cover those exposures under extreme but plausible market conditions.
Testi izjemnih situacij CNS parametre, predpostavke in scenarije izjemnih situacij uporabljajo pri modelih za ocenjevanje izpostavljenosti tveganjem, da se zagotovi, da njena finančna sredstva zadostujejo za kritje teh izpostavljenosti v skrajnih, vendar možnih tržnih razmerah.
A CCP’s stress testing programme shall require the CCP to conduct a range of stress tests on a regular basis that shall consider the CCP’s product mix and all elements of its models and their methodologies and its liquidity risk management framework.
Program CNS za testiranje izjemnih situacij od CNS zahteva, da redno izvaja vrsto testov izjemnih situacij, ki upoštevajo raznolikost njenih produktov in vse elemente njenih modelov in njihovih metodologij ter njenega okvira za upravljanje likvidnostnega tveganja.
A CCP’s stress testing programme shall prescribe that stress tests are performed, using defined stress testing scenarios, on both past and hypothetical extreme but plausible market conditions in accordance with Chapter VII.
Program CNS za testiranje izjemnih situacij določa, da se testi izjemnih situacij izvajajo z uporabo določenih scenarijev za testiranje izjemnih situacij, tako na podlagi preteklih kot hipotetičnih skrajnih, vendar možnih tržnih razmer v skladu s poglavjem VII.
Past conditions to be used shall be reviewed and adjusted, where appropriate.
Pretekle razmere, ki se uporabljajo, se pregledajo in prilagodijo, kjer je primerno.
A CCP shall also consider other forms of appropriate stress testing scenarios including, but not limited to, the technical or financial failure of its settlement banks, nostro agents, custodian banks, liquidity providers, or interoperable CCPs.
CNS upošteva tudi druge oblike primernih scenarijev za testiranje izjemnih situacij, med drugim vključno s tehničnimi ali finančnimi težavami njenih poravnalnih bank, nostro zastopnikov, depozitnih bank, ponudnikov likvidnosti, ali interoperabilnih CNS.
A CCP shall have the capacity to adapt its stress tests quickly to incorporate new or emerging risks.
CNS je sposobna hitro prilagoditi svoje teste izjemnih situacij, tako da vključujejo nova ali nastajajoča tveganja.
A CCP shall consider the potential losses arising from the default of a client, where known, which clears through multiple clearing members.
CNS preuči možne izgube zaradi neplačila stranke, če je ta znana, ki opravlja kliring prek več klirinških članov.
A CCP shall periodically report its stress testing results and analysis in a form that does not breach confidentiality to the risk committee in order to seek its advice in the review of its models, its methodologies and its liquidity risk management framework.
CNS odboru za tveganja redno poroča o rezultatih in analizi testiranja izjemnih situacij na način, ki ne krši zaupnosti, da ji odbor lahko svetuje pri pregledu njenih modelov, njihovih metodologij in njenega okvira za upravljanje likvidnostnega tveganja.
Stress testing results and analysis shall be made available to all clearing members and, where known to the CCP, clients.
CNS da rezultate in analizo testiranja izjemnih situacij na voljo vsem klirinškim članom in strankam, če so ji znane.
For all other clients, back testing results and analysis shall be made available by the relevant clearing members on request.
Vsem drugim strankam dajo rezultate in analizo testiranja izjemnih situacij na zahtevo na voljo ustrezni klirinški člani.
Such information shall be aggregated in a form that does not breach confidentiality and clearing members and clients shall only have access to detailed stress testing results and analysis for their own portfolios.
Take informacije se združijo v obliko, ki ne krši zaupnosti, klirinški člani in stranke pa imajo dostop samo do podrobnih rezultatov in analize testiranja izjemnih situacij za lastne portfelje.
A CCP shall define the procedures to detail the actions it could take given the results of stress testing analysis.
CNS določi postopke za natančno opredelitev ukrepov, ki jih lahko sprejme glede na rezultate analize testiranja izjemnih situacij.
Risk factors to stress test
Dejavniki tveganja za test izjemnih situacij
A CCP shall identify, and have an appropriate method for measuring, relevant risk factors specific to the contracts it clears that could affect its losses.
CNS opredeli in ima ustrezno metodo za merjenje pomembnih dejavnikov tveganja, ki so značilni za pogodbe, za katere opravlja kliring, ki bi lahko vplivale na njeno izgubo.
A CCP’s stress tests shall, at least, take into account risk factors specified for the following type of financial instruments, where applicable:
Testi izjemnih situacij CNS upoštevajo vsaj dejavnike tveganja, določene za naslednje vrste finančnih instrumentov, če je primerno:
interest rate related contracts: risk factors corresponding to interest rates in each currency in which the CCP clears financial instruments.
pogodbe, povezane z obrestno mero: dejavnike tveganja, ki ustrezajo obrestnim meram v vsaki valuti, v kateri CNS opravlja kliring finančnih instrumentov.
The yield curve modelling shall be divided into various maturity segments in order to capture variation in the volatility of rates along the yield curve.
Modeliranje krivulje donosnosti se razdeli na različne razrede zapadlosti, da se zajamejo spremembe v nestanovitnosti obrestnih mer vzdolž krivulje donosnosti.
The number of related risk factors shall depend on the complexity of the interest rate contracts cleared by the CCP.
Število povezanih dejavnikov tveganja je odvisno od kompleksnosti pogodb na obrestno mero, za katere CNS opravlja kliring.
Basis risk, arising from less than perfectly correlated movements between government and other fixed-income interest rates, shall be captured separately;
Bazično tveganje, ki izhaja iz nepopolno soodvisnih gibanj med donosi državnih in drugih obrestnih mer s stalnim donosom, se zajame ločeno;
exchange rate related contracts: risk factors corresponding to each foreign currency in which the CCP clears financial instruments and to the exchange rate between the currency in which margin calls are made and the currency in which the CCP clears financial instruments;
pogodbe, povezane z menjalnim tečajem: dejavnike tveganja, ki ustrezajo vsaki tuji valuti, v kateri CNS opravlja kliring, in menjalnemu tečaju med valuto, v kateri se izvajajo pozivi k doplačilu kritja, in valuto, v kateri CNS opravlja kliring finančnih instrumentov;
equity related contracts: risk factors corresponding to the volatility of individual equity issues for each of the markets cleared by the CCP and to the volatility of various sectors of the overall equity market.
pogodbe, povezane z lastniškimi vrednostnimi papirji: dejavnike tveganja, ki ustrezajo nestanovitnosti posameznih izdaj lastniških vrednostnih papirjev za vsakega od trgov, za katere CNS opravlja kliring, in z nestanovitnostjo različnih sektorjev celotnega trga lastniških vrednostnih papirjev.
The sophistication and nature of the modelling technique for a given market shall correspond to the CCP’s exposure to the overall market as well as its concentration in individual equity issues in that market;
Izpopolnjenost in narava tehnike modeliranja za dani trg ustrezata izpostavljenosti CNS celotnemu trgu, kot tudi njeni koncentraciji v posameznih izdajah lastniških vrednostnih papirjev na tem trgu;
commodity contracts: risk factors that take into account the different categories and sub-categories of commodity contracts and related derivatives cleared by the CCP, including, where appropriate, variations in the convenience yield between derivatives positions and cash positions in the commodity;
blagovne pogodbe: dejavnike tveganja, ki upoštevajo različne kategorije in podkategorije blagovnih pogodb in povezanih izvedenih finančnih instrumentov, za katere opravlja kliring CNS, vključno, kadar je to primerno, z razlikami v donosnosti uporabnosti med pozicijami izvedenih finančnih instrumentov in pozicijami denarnih sredstev v blagu;
credit related contracts: risk factors that consider jump to default risk, including the cumulative risk arising from multiple defaults, basis risk and recovery rate volatility.
pogodbe, povezane s posojili: dejavnike tveganja, ki upoštevajo tveganje skokovitega naraščanja verjetnosti neplačila, vključno s kumulativnim tveganjem zaradi več dogodkov neplačil, bazičnim tveganjem in nestanovitnostjo stopnje izterjave.
In its stress tests, a CCP shall also give appropriate consideration at least to the following:
CNS v testih izjemnih situacij ustrezno pozornost nameni tudi vsaj naslednjemu:
correlations, including those between identified risk factors and similar contracts cleared by the CCP;
korelacijam, vključno s tistimi med opredeljenimi dejavniki tveganja in podobnimi pogodbami, za katere opravlja kliring;
factors corresponding to the implied and historical volatility of the contract being cleared;
dejavnikom, ki ustrezajo implicirani in pretekli nestanovitnosti pogodbe, za katero se opravlja kliring;
specific characteristics of any new contracts to be cleared by the CCP;
posebnim značilnostim vseh novih pogodb, za katere bo opravljala kliring;
concentration risk, including to a clearing member, and group entities of clearing members;
tveganju koncentracije, tudi do klirinškega člana in subjektov iz skupine klirinških članov;
interdependencies and multiple relationships;
medsebojni odvisnosti in večkratnim razmerjem;
relevant risks including foreign exchange risk;
ustreznim tveganjem, vključno z valutnim tveganjem;
set exposure limits;
določenim omejitvam izpostavljenosti;
Stress testing total financial resources
Testiranje izjemnih situacij za skupna finančna sredstva
A CCP’s stress-testing programme shall ensure that its combination of margin, default fund contributions and other financial resources are sufficient to cover the default of at least the two clearing members to which it has the largest exposures under extreme but plausible market conditions.
Program testiranja izjemnih situacij CNS zagotovi, da njeno kritje, prispevki v jamstveni sklad in druga finančna sredstva skupaj zadostujejo za pokritje neplačila vsaj dveh klirinških članov, do katerih ima največje izpostavljenosti v skrajnih, vendar možnih tržnih razmerah.
The stress testing programme shall also examine potential losses resulting from the default of entities in the same group as the two clearing members to which it has the largest exposures under extreme but plausible market conditions.
Program testiranja izjemnih situacij prav tako preuči možne izgube v skrajnih, vendar možnih tržnih razmerah, nastale zaradi neplačila subjektov v skupini, iz katere sta dva klirinška člana, do katerih ima največje izpostavljenosti.
A CCP’s stress-testing programme shall ensure that its margins and default fund are sufficient to cover at least the default of the clearing member to which it has the largest exposures or of the second and third largest clearing members, if the sum of their exposures is larger in accordance with Article 42 of Regulation (EU) No 648/2012.
Program za testiranje izjemnih situacij CNS zagotovi, da njena kritja in jamstveni sklad zadostujejo vsaj za pokritje neplačila klirinškega člana, do katerega ima največje izpostavljenosti, ali drugega in tretjega največjega klirinškega člana, če je vsota njune izpostavljenosti večja v skladu s členom 42 Uredbe (EU) št. 648/2012.
The CCP shall conduct a thorough analysis of the potential losses it could suffer and shall evaluate the potential losses in clearing member positions, including the risk that liquidating such positions could have an impact on the market and the CCP’s level of margin coverage.
CNS izvede temeljito analizo možnih izgub, ki jih lahko utrpi, in oceni možne izgube v pozicijah klirinških članov, vključno s tveganjem, da bi unovčenje takih pozicij lahko vplivalo na trg in na raven pokritosti s kritji CNS.