General description

On the energy markets ECC is the central counterparty, KELER CCP as the General Clearing Member of ECC provides guarantee undertaking. As a General Clearing Member KELER CCP has Non-clearing Members that trade on the markets cleared by ECC, KELER CCP is responsible towards ECC for the risks they take, i.e. in case of Non-clearing Member default on purchase price or margin KELER CCP has to provide the missing amount to ECC. KELER CCP collects from its Non-clearing Members the margin requirement determined by ECC and forwards it to ECC. KELER CCP is entitled to collect additional margin from the Non-clearing Members both on the spot and the futures market due to taking additional risk. KELER CCP publishes the margin amounts in the applicable announcement. KELER CCP contributes to the default fund of ECC, the Non-clearing Members have no such contribution obligations.