KELER CCP as central counterparty provides guarantee undertaking on the BSE derivative markets in line with the provisions of EMIR. When accepting the trades Clearing Members conclude on the BSE KELER CCP enters into the transaction in the legal sense, i.e. it becomes the seller to all buyers and the buyer to all sellers (novation). As a result the Clearing Member has no direct exposure to the risk of default by the other counterparty, as from the moment of novation KELER CCP guarantees the settlement of the transaction. To this end KELER CCP operates a guarantee system, the elements of which are determined in line with the arising risks.