+CHAPTER 3 Prudential requirements
---+Article 40 Exposure management
---+Article 41 Margin requirements
------+Article 41 1.
------+Article 41 2.
------+Article 41 3.
------+Article 41 4.
------+Article 41 5.
---+Article 42 Default fund
------+Article 42 1.
------+Article 42 2.
------+Article 42 3.
------+Article 42 4.
------+Article 42 5.
---+Article 43 Other financial resources
------+Article 43 1.
------+Article 43 2.
------+Article 43 3.
---+Article 44 Liquidity risk controls
------+Article 44 1.
------+Article 44 2.
---+Article 45 Default waterfall
------+Article 45 1.
------+Article 45 2.
------+Article 45 3.
------+Article 45 4.
------+Article 45 5.
---+Article 45a Temporary restrictions in the case of a significant non-default event
------+Article 45a 1.
------+Article 45a 2.
------+Article 45a 3.
---+Article 46 Collateral requirements
------+Article 46 1.
------+Article 46 2.
------+Article 46 3.
---+Article 47 Investment policy
------+Article 47 1.
------+Article 47 2.
------+Article 47 3.
------+Article 47 4.
------+Article 47 5.
------+Article 47 6.
------+Article 47 7.
------+Article 47 8.
---+Article 48 Default procedures
------+Article 48 1.
------+Article 48 2.
------+Article 48 3.
------+Article 48 4.
------+Article 48 5.
------+Article 48 6.
------+Article 48 7.
------+Article 48 8.
---+Article 49 Review of models, stress testing and back testing
------+Article 49 1.
------+Article 49 1a.
------+Article 49 1b.
------+Article 49 1c.
------+Article 49 1d.
------+Article 49 1e.
------+Article 49 1f.
------+Article 49 1g.
------+Article 49 1h.
------+Article 49 1i.
------+Article 49 2.
------+Article 49 3.
------+Article 49 4.
------+Article 49 5.
------+Article 49 6.
---+Article 49a Accelerated procedure for non-significant changes to a CCP’s models and parameters
------+Article 49a 1.
------+Article 49a 2.
------+Article 49a 3.
------+Article 49a 4.
------+Article 49a 5.
------+Article 49a 6.
------+Article 49a 7.
---+Article 50 Settlement
------+Article 50 1.
------+Article 50 2.
------+Article 50 3.

CHAPTER 3 Prudential requirements

CHAPTER 3 Prudential requirements

1. Overview

,
Article 40 Exposure management

Article 40

Exposure management

A CCP shall measure and assess its liquidity and credit exposures to each clearing member and, where relevant, to another CCP with which it has concluded an interoperability arrangement, on a near to real-time basis. A CCP shall have access in a timely manner and on a non-discriminatory basis to the relevant pricing sources to effectively measure its exposures. This shall be done on a reasonable cost basis.

▼M18

Without prejudice to Article 1(4) and (5), and with the objective of facilitating central clearing by public sector entities, ESMA shall, by 25 June 2026, issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 specifying the method to be used by CCPs authorised under Article 14 of this Regulation for the calculation of exposures and of the contributions, if any, to the financial resources of CCPs by public sector entities participating in such CCPs, duly taking account of the mandate of public sector entities.

▼B

Article 41 Margin requirements
Article 42 Default fund
Article 43 Other financial resources
Article 44 Liquidity risk controls
Article 45 Default waterfall
Article 45a Temporary restrictions in the case of a significant non-default event
Article 46 Collateral requirements
Article 47 Investment policy
Article 48 Default procedures
Article 49 Review of models, stress testing and back testing
Article 49a Accelerated procedure for non-significant changes to a CCP’s models and parameters
Article 50 Settlement

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards
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