Default waterfall


In order to be able to meet the financial obligations of the Clearing Members in the event of a default, the KELER CCP operates a guarantee system. The elements of the guarantee system are the individual and collective guarantee elements of the Clearing Members, the basic guarantee capital and the additional guarantee capital of the KELER CCP. The elements of the guarantee system are used in the event of a default in the order set out in the diagram below.

Please click here to view the prevailing amount of CEEGEX / HUDEX/Gas Collective Guarantee Fund and the dedicated own resources and other financial resources of KELER.