Regulatory Alerts2007-08-20 | Circular 2/2007Added
Circular 2/2007 — Amending Circular 115/2002
This circular incorporates Office 305.-088/2007 into Circular 115/2002, modifying the calculation of the Average Activity Index (IAA) for applicants and the premium for government securities lending operations by Market Makers. Specifically, it updates the measurement period for the IAA and establishes a formula for the lending premium based on a government funding rate and a factor determined by the Market Maker's activity in repo and lending markets. A fixed premium factor of 5% applies to new Market Makers for two months after incorporation, while existing Market Makers are subject to a variable factor calculated monthly. These modifications entered into force on September 27, 2007, and October 1, 2007, respectively.
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