GPW - Giełda Papierów Wartościowych w Warszawie S.A.

Regulatory Filings • Dec 16, 2021

Current Report No. 25/2021Date: 16 December 2021Topic: Signingof a Term Sheet with Towarowa Giełda Energii S.A., the HungarianNational Bank and the Budapest Stock Exchange concerning plannedestablishment of Central Post-trade Solutions (CPS)Legal basis:Article 17(1) MAR - inside informationContent:TheManagement Board of the Warsaw Stock Exchange ("GPW") announces that itsigned a Term Sheet on 16 December 2021 with Towarowa Giełda Energii(TGE), the Hungarian National Bank and the Budapest Stock Exchange withthe intention of establishing a commodity market post-trade operatorCentral Post-trade Solutions ("CPS") on or before 30 September 2022.GPWholds 100% of the share capital of TGE and indirectly, via TGE, 100% ofthe share capital of Izba Rozliczeniowa Giełd Towarowych S.A. ("IRGiT").IzbaRozliczeniowa Giełd Towarowych S.A. is responsible for financialclearing of exchange transactions and for the safety of cleared markets.IRGiT clears and settles transactions on TGE.The HungarianNational Bank and the Budapest Stock Exchange hold:? the HungarianNational Bank directly holds 53.33% of the share capital of Keler CSDand the Budapest Stock Exchange holds the remaining 46.67% of the sharecapital of Keler CSD;? the Hungarian National Bank directly holds0.1% of the share capital of Keler KSZF Zrt. ("Keler CCP"), the BudapestStock Exchange directly holds 0.09% of Keler CCP, and the remaining99.81% of the shares are held by Keler CSD.Keler CSD is the onlycentral securities depository in Hungary. The company owners are theHungarian National Bank and the Budapest Stock Exchange.KelerCCP performs clearing house functions as a central counterparty, clearstransactions and operates a clearing liquidity guarantee system.Thefollowing transactions are expected under the Term Sheet following theestablishment of Central Post-trade Solutions:1) TGE will contributein kind all IRGiT shares to Central Post-trade Solutions;2) theHungarian National Bank and the Budapest Stock Exchange will contributein kind all Keler CCP shares held directly or indirectly to CentralPost-trade Solutions.Under the Term Sheet, the Polish party willbe the majority shareholder of Central Post-trade Solutions to beestablished.The Term Sheet sets out the framework for furthernegotiations. The final terms of the potential investment agreement maydiffer from the framework defined in the Term Sheet. The provisions ofthe Term Sheet are not binding and the conclusion of the investmentagreement will depend, among others, on GPW conducting a due diligenceand obtaining required corporate approvals.The Company willannounce next steps in the process in separate current reports.Legalbasis:Article 17(1) of Regulation (EU) No 596/2014 of the EuropeanParliament and of the Council of 16 April 2014 on market abuse (marketabuse regulation) and repealing Directive 203/6/EC of the EuropeanParliament and of the Council and Commission Directives 2003/124/EC,2003/125/EC and 2004/72/EC (EU Official Journal L 173) ("MAR")