Clearing Fund
In order to ensure continued market integrity, we operate stress-tested
Lines of Defense of which the
Clearing Fund is one. Eurex Clearing maintains a Clearing Fund in order to protect market
participants in the event of a Clearing Member default. In addition, the Clearing Fund is
reviewed every quarter to ensure the fund is aligned with current market risk.
The amount that we require each Member to contribute to the Clearing Fund varies depending
on the status of the given Clearing Member and its total outstanding margin requirement.
The largest of the following amounts must be deposited by Clearing Members:
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EUR 5 million for GCMs or EUR 1 million for DCMs (minimum contribution)
-
Two percent of the 30-day average of the total margin requirement
-
Two percent of the 250-day average of the total margin requirement
The total margin requirement includes all products and asset classes cleared by the Clearing Member.
The contribution level is calculated on a quarterly basis at the end of March, June, September
and December for the subsequent quarter.
