Every well-built house starts with a strong foundation. In the case of Eurex Clearing, we have built a Clearing House on a sound framework of safeguards — which we call our lines of defense — to protect our customers, the Clearing House and the overall marketplace. The lines of defense are:

• Position close-out
  
• Collaterals of the Clearing Member in default
  
• Clearing Fund contribution of the Clearing Member in default
• Eurex Clearing reserves
• Remaining Clearing Fund
• Eurex Clearing equity capital
  

In addition, our admission requirements, margining procedures and risk management result in enhanced robustness of the Clearing House.

As one of the leading clearing houses globally, we continually set new standards. Going forward, we will be replacing our existing margin methodology (Risk-based Margining) with a new portfolio-based margin approach — called Eurex Clearing Prisma — which will allow for cross margining between listed and OTC derivatives business cleared through Eurex Clearing. Following this, Eurex Clearing Prisma will be further enhanced to include all markets of Eurex Clearing.