SKDD-CCP Smart Clear d.d.

skdd-ccp was founded with the intention of transferring financial instruments clearing operations from the skdd to skdd-ccp as a central counterparty (ccp). prior to the transfer of the skdd's clearing operations to the skdd-ccp, settlement was guaranteed solely by participant members' contributions to the guarantee fund, whereas the skdd-ccp, among others, guarantees with its assets aswell. the reason for the transfer of operations is the regulation (eu) no 648/2012 of the european parliament and of the council of 4 july 2012 on otc derivatives, central counterparties and trade repositories (hereinafter: emir), which entered into force in august 2012. emir has, among others, defined conditions under which central counterparties should operate. central counterparties (ccps) are legal entities which mediate between counterparties in contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer. ********************************* skdd-