Stock Exchange Members, who take part as participating Clearing Members in the clearing system of CCP.A, must deposit collateral with OeKB as the clearing bank for securing the clearing risk.
The collateral requirements are calculated on the basis of the balance of open trades and risk factors
(Margin Calculation Methodology).
Stock Exchange Members, who act as Direct Clearing Members in the clearing process, deposit margins defining CCP Austria as beneficiary. The margin requirements are calculated on the basis of the balance of open trades and take the risk factors into account.
For shares, participations, certificates and ETF's risk factors are calculated daily.
Automatic monitoring ensures that the value of the margin deposited corresponds to the calculated clearing risk. Thus, CCP. A guarantees the complete coverage of the current clearing risk without tying up liquidity unnecessarily.
According to Article 38 EMIR, CCP.A provides Clearing Members with a margin simulation tool that enables them to determine the amount on a gross basis that CCP.A may additionally require as a margin payment when clearing a new position. This tool is available in the Closed User Group (under Publications) section as well as in the Clearing System BCS (under Risk Management – What if). The results of the simulation are non-binding.