Default waterfall

In order to cope with the default of the financial obligation of Clearing Members, KELER CCP operates guarantee system. Elements of the guarantee system in addition to KELER CCP’s own and other financial resources are the individual and collective elements of the Clearing Members. The elements of the guarantee system are used in the order specified in case of default, as shown in the picture below.

Please click here to view the prevailing amount of the other financial resources of KELER CCP.