There was an opening of insolvency proceedings on the assets of Maple Bank GmbH from Amtsgericht Frankfurt am Main on February 11, 2016 at 13:07 p.m. under reference GZ: 810 lN 128/16 M-18-5.
In accordance with §20, par. 1 of the General Terms and Conditions of Business of CCP. A, CCP.A is eligible to interrupt the Clearing Agreement with a Clearing Member due to existing significant reasons. Significant reasons take place, if an insolvency or similar proceeding has been opened towards the Clearing Member.
Based on this reason, the Management Board of CCP.A has decided to terminate the Clearing Agreement with Maple Bank GmbH pursuant to § 20, par. 1 of the General Terms and Conditions of the CCP. A with immediate effect.
On 6 February 2016, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht; BaFin) issued a ban on disposals and payments ("Moratorium") with respect to the Clearing Member Maple Bank GmbH. For this reason, the Vienna Stock Exchange declared the suspension of the Exchange Membership of Maple Bank GmbH on 8 February 2016. As a consequence, CCP.A declared the suspension of the Clearing Agreement of Maple Bank GmbH as well as the Other Default pursuant to § 34 para. 1 subpara. e of the General Terms and Conditions of CCP.A. This has been duly notified to the NCA.
In the course of the Default Management Process, all open trades of Maple Bank GmbH have been orderly cleared on 9 February 2016. This had no effect on other Clearing Members, especially no use of own dedicated resources of CCP.A or the Default Fund has taken place.
