+Section 9 Own funds requirements for exposures to a central counterparty
---+Article 300 Definitions
---+Article 301 Material scope
------+Article 301 1.
------+Article 301 2.
---+Article 302 Monitoring of exposures to CCPs
------+Article 302 1.
------+Article 302 2.
---+Article 303 Treatment of clearing members' exposures to CCPs
------+Article 303 1.
------+Article 303 2.
---+Article 304 Treatment of clearing members' exposures to clients
------+Article 304 1.
------+Article 304 2.
------+Article 304 3.
------+Article 304 4.
------+Article 304 5.
------+Article 304 6.
------+Article 304 7.
---+Article 305 Treatment of clients' exposures
------+Article 305 1.
------+Article 305 2.
------+Article 305 3.
------+Article 305 4.
---+Article 306 Own funds requirements for trade exposures
------+Article 306 1.
------+Article 306 2.
------+Article 306 3.
------+Article 306 4.
---+Article 307 Own funds requirements for contributions to the default fund of a CCP
---+Article 308 Own funds requirements for pre-funded contributions to the default fund of a QCCP
------+Article 308 1.
------+Article 308 2.
------+Article 308 3.
---+Article 309 Own funds requirements for pre-funded contributions to the default fund of a non-qualifying CCP and for unfunded contributions to a non-qualifying CCP
------+Article 309 1.
------+Article 309 2.
---+Article 310 Own funds requirements for unfunded contributions to the default fund of a QCCP
---+Article 311 Own funds requirements for exposures to CCPs that cease to meet certain conditions
------+Article 311 1.
------+Article 311 2.
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Section 9 Own funds requirements for exposures to a central counterparty
Section 9 Own funds requirements for exposures to a central counterparty
1. Overview
| Summary |
Regulation |
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Article 300 Definitions
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Article 300
▼M8
For the purposes of this Section and of Part Seven, the following definitions apply:
▼C2
(1)
‘bankruptcy remote’, in relation to client assets, means that effective arrangements exist which ensure that those assets will not be available to the creditors of a CCP or of a clearing member in the event of the insolvency of that CCP or clearing member respectively, or that the assets will not be available to the clearing member to cover losses it incurred following the default of a client or clients other than those that provided those assets;
(2)
‘CCP-related transaction’ means a contract or a transaction listed in Article 301(1) between a client and a clearing member that is directly related to a contract or a transaction listed in that paragraph between that clearing member and a CCP;
(3)
‘clearing member’ means a clearing member as defined in point (14) of Article 2 of Regulation (EU) No 648/2012;
(4)
‘client’ means a client as defined in point (15) of Article 2 of Regulation (EU) No 648/2012 or an undertaking that has established indirect clearing arrangements with a clearing member in accordance with Article 4(3) of that Regulation;
▼M8
(5)
‘cash transaction’ means a transaction in cash, debt instruments or equities, a spot foreign exchange transaction or a spot commodities transaction; however, repurchase transactions, securities or commodities lending transactions, and securities or commodities borrowing transactions, are not cash transactions;
(6)
‘indirect clearing arrangement’ means an arrangement that meets the conditions set out in the second subparagraph of Article 4(3) of Regulation (EU) No 648/2012;
(7)
‘higher-level client’ means an entity providing clearing services to a lower-level client;
(8)
‘lower-level client’ means an entity accessing the services of a CCP through a higher-level client;
(9)
‘multi-level client structure’ means an indirect clearing arrangement under which clearing services are provided to an institution by an entity which is not a clearing member, but is itself a client of a clearing member or of a higher-level client;
(10)
‘unfunded contribution to a default fund’ means a contribution that an institution that acts as a clearing member has contractually committed to provide to a CCP after the CCP has depleted its default fund to cover the losses it incurred following the default of one or more of its clearing members;
(11)
‘fully guaranteed deposit lending or borrowing transaction’ means a fully collateralised money market transaction in which two counterparties exchange deposits and a CCP interposes itself between them to ensure the performance of those counterparties' payment obligations.
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Article 301 Material scope
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Article 302 Monitoring of exposures to CCPs
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Article 303 Treatment of clearing members' exposures to CCPs
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Article 304 Treatment of clearing members' exposures to clients
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Article 305 Treatment of clients' exposures
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Article 306 Own funds requirements for trade exposures
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Article 307 Own funds requirements for contributions to the default fund of a CCP
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Article 307
Own funds requirements for contributions to the default fund of a CCP
An institution that acts as a clearing member shall apply the following treatment to its exposures arising from its contributions to the default fund of a CCP:
(a)
it shall calculate the own funds requirement for its pre-funded contributions to the default fund of a QCCP in accordance with the approach set out in Article 308;
(b)
it shall calculate the own funds requirement for its pre-funded and unfunded contributions to the default fund of a non-qualifying CCP in accordance with the approach set out in Article 309;
(c)
it shall calculate the own funds requirement for its unfunded contributions to the default fund of a QCCP in accordance with the treatment set out in Article 310.
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Article 308 Own funds requirements for pre-funded contributions to the default fund of a QCCP
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Article 309 Own funds requirements for pre-funded contributions to the default fund of a non-qualifying CCP and for unfunded contributions to a non-qualifying CCP
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Article 310 Own funds requirements for unfunded contributions to the default fund of a QCCP
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Article 310
Own funds requirements for unfunded contributions to the default fund of a QCCP
An institution shall apply a 0 % risk weight to its unfunded contributions to the default fund of a QCCP.
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Article 311 Own funds requirements for exposures to CCPs that cease to meet certain conditions
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,
1.1 References
1.2 Identified Requirements
1.3 Related Standards
2. Identified Requirements
Requirements
| Source |
Requirement |
3. Related Standards
Standards
| Source |
Requirement |
- Builddate: 01.01.2027 00:00:00 -Doknr: CELEX:32013R0575
- EULAW -
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