Default Fund

CEEGEX / HUDEX/Gas Collective Guarantee Fund is the common default fund of the futures and the spot CEEGEX markets. Contributions to the fund are determined and collected once a month. In line with the requirements of EMIR the default fund has to cover the higher of the highest risk or the sum of the second and third higher risks (max (1;2+3)) that result from the daily stress tests of KELER CCP. KELER CCP checks daily that the default fund amount is sufficient and should it not be sufficient it takes measures immediately to cover the shortage either by imposing additional financial collateral or by recalculating the default fund. The parameters of default fund determination methodology are published in the applicable announcement; the methodology document published describes the methodology in detail.

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Requirements of Guarantee Funds