The Clearing Members contribute individually to the Trading Platform and Balancing Gas Market Default Fund (TP KGA) by sharing the risk. The collective guarantee element is designed to cover the essential stress risks not covered by individual collateral. In the event of default, if the individual collateral and the collective guarantee fund contribution of the defaulting Clearing Member and the basic guarantee capital of the KELER CCP allocated to the TP and Balancing Gas Market do not provide sufficient coverage to cover the shortfall, the collective guarantee fund contribution of the non-defaulting Clearing Members will also be used. For more information on the order of use of the Individual and Collective Guarantee Elements, please see the ’Default Waterfall’ section.
The size of the TP KGA and contributions of Clearing Members are determined and collected monthly, risk proportionately, based on the historic Balancing Gas Market turnover margin data. The size of the TP KGA is determined on the basis of a 'bottom-up' method, i.e. the sum of the guarantee fund contributions determined individually per Clearing Member results the size of the final TP KGA.
At least annually KELER CCP checks that the default fund is sufficient and parameters are appropriate. The parameters of the default fund determination exact methodology are published in the applicable announcement.