In the event of a default, pursuant to § 34 General Terms and Conditions of Business of CCP Austria, CCP.A has the right to carry out the realization of the clearing collateral including the cash balances and the acceptance balances as well as the contributions of the defaulting Clearing Member to the default fund in order to cover all remaining open liabilities including any open penalties and interest on arrears, fees according to the Schedule of Fees of CCP.A and of the Exchange Operating Company, and any losses caused by the Clearing Member or Clients.
According to CCP.A's General Terms and Conditions of Business, collateral is realized in the following order of sequence:
- Cash collateral and all cash balances that would result in a credit on the cash clearing accounts of a Clearing Member on the delivery day
- Securities collateral and acceptance balances (securities that are to be received by the defaulting Clearing Member
- All contributions of the defaulting Clearing Member to the default fund pursuant to § 49