Initial margin

Spot market turnover margin

On the spot markets cleared by ECC the so-called turnover margin is determined. The objective of this margin is to manage the risks that may arise upon default on financial obligations related to buy transactions. It is calculated in line with the internal methodology of ECC, in line with the requirements of EMIR. KELER CCP collects from the Non-clearing Members the margin determined by ECC and forwards it to ECC, however, it may increase the value with the use of an internal risk multiplier to cover risks arising upon default by the Non-Clearing Member concerned towards KELER CCP. The value of the internal risk multiplier is determined in the applicable announcement.


Futures market initial margin

On the futures market cleared by ECC the value of initial margin is determined by instruments and is published on the website of ECC. Its objective is to cover the potential unfavorable change in the value of the open position due to the change of the product price of at least 2 days, with a level of confidence of at least 99%. KELER CCP collects from the Non-clearing Members the margin stated by ECC and forwards it to ECC, however, it may increase the value with the use of an internal risk multiplier to cover risks arising upon default by the Clearing Member concerned towards KELER CCP. The value of the internal risk multiplier is determined in the applicable announcement.


Initial margin on products in delivery

For the futures contracts that will be physically delivered after expiry margin requirement is determined during the period of delivery also, its objective is to cover during the period of delivery also the risks that may arise from any default on purchase price