KELER CCP as central counterparty provides guarantee undertaking on the spot capital markets (BSE, BÉTa, MTS Hungary) in line with the provisions of EMIR. With the multilateral netting of the transactions the Clearing Members concluded at the venue of trading concerned KELER CCP enters into the transaction in the legal sense, i.e. it becomes the seller to all buyers and the buyer of 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.