P307 – Amendments to Credit Default arrangements
Formal title: Amendments to Credit Default arrangements
P307 proposes to extend the duration of the Query Period that is given to a participant prior to entering Credit Default from the present 24 hours to a period of at least 24 hours which must include a minimum of five consecutive Business Hours in a single Working Day.
E.ON UK raised P307 on 4 June 2014. The Panel agreed to submit P307 to an Assessment Procedure, during which it underwent the Workgroup’s Assessment Consultation. The Workgroup recommended that P307 should be approved, and its Assessment Report was presented to the Panel on 13 November 2014.
The Panel initially recommended that P307 should be approved, and issued its Report Phase Consultation. The Panel made its final recommendation that P307 should be approved at its meeting on 11 December 2014. P307 was approved by the Authority on 29 January 2015 for implementation on 25 June 2015 as part of the June 2015 BSC Systems Release.