KELER CCP operates a guarantee system to make sure that in case of default by Clearing Members the securities and/or cash obligations are met towards the non-defaulting counterparty. The guarantee system consists of individual and collective guarantee elements as follows:
CEEGEX SPOT MARKET
| Type |
Name |
Objective |
Eligible instruments |
| Individual guarantee elements |
Basic Financial Collateral |
The Basic Financial Collateral is to be provided upon entry into the CEEGEX spot market, on one occasion. The objective is to cover exposures arising from trading. Its amount is fixed and is published by KELER CCP in the applicable announcement.
|
In line with the provisions of the Conditions of acceptance of securities and currencies collateral.
|
| Spot market margin |
The spot market collateral calculation consists of the collateral requirement determined on the basis of the physical delivery of the physical futures lots.
In the case of CEEGEX, there is no mandatory turnover margin requirement determined by the KELER CCP. Clearing Members may determine the amount of turnover margin required on a voluntary basis according to their desired trading limits. The determination of the spot market margin is published by the KELER CCP in the applicable announcement.
|
In line with the provisions of the Conditions of acceptance of securities and currencies collateral.
|
| Additional Financial Collateral |
It is to manage Clearing Member individual risks, to sanction the violation of certain obligations, to supplement the clearing member minimum capital or to cover any (temporary or permanent) shortage of individual or collective guarantee elements.
|
In line with the provisions of the Conditions of acceptance of securities and currencies collateral.
|
| Collective guarantee elements |
Collective guarantee fund contribution |
The CEEGEX spot market Clearing Members form a risk pool to individually contribute to the CEEGEX / HUDEX/Gas Collective Guarantee Fund with the minimum contribution amount valid from time to time. Its objective is to cover the risks of stress which are not covered by individual collaterals. The size of the guarantee fund and the methodology and parameters for determining individual contributions are published by the KELER CCP in the applicable announcement on its website.
|
EUR bank money only. |
HUDEX FUTURES MARKET
| Type |
Name |
Objective |
Eligible instruments |
| Individual collateral elements |
Basic Financial Collateral |
The Basic Financial Collateral is to be provided upon entry into the HUDEX gas futures market, on one occasion. The objective is to provide coverage for the risks associated with trading activity, to cover individual exposures arising from day-trading. Its amount is fixed and is published by KELER CCP in the applicable announcement.
|
In line with the provisions of the Conditions of acceptance of securities and currencies collateral.
|
| Initial margin |
The turnover margin is designed to cover a potential change in the product price at least two days with at least 99% confidence. The amount of initial margin is determined by product and is published on the website of KELER CCP.
|
In line with the provisions of the Conditions of acceptance of securities and currencies collateral.
|
| Variation margin |
On the HUDEX gas market the variation margin is the change of value of the open position in the instrument given of the market participant, it can be profit or loss for the Clearing Member. Its value is calculated daily. On T day it is the difference of the trade price and the same day closing price, on the following days it is the difference of the closing prices of the previous settlement day and the actual settlement day. KELER CCP collects the variation margin thus calculated from the participant making a loss on the open position and credits it to the participant making a profit on its position. The amount of variation margin is 0 at both product and market level. |
EUR bank money only. |
| Additional Financial Collateral |
It is to manage Clearing Member individual risks, to sanction the violation of certain obligations, to supplement the clearing member minimum capital or to cover any (temporary or permanent) shortage of individual or collective guarantee elements. |
In line with the provisions of the Conditions of acceptance of securities and currencies collateral.
|
| Collective guarantee elements |
Collective guarantee fund contribution |
The HUDEX futures market Clearing Members form a risk pool to individually contribute to the CEEGEX / HUDEX/Gas Collective Guarantee Fund. Its purpose is to cover the risks of stress that are not covered by individual collaterals. The size of the guarantee fund and the methodology and parameters for determining the individual contributions are published by the KELER CCP in the applicable announcement on its website.
|
EUR bank money only. |