Stock Exchange Members, who take part as participating Clearing Members in the clearing system of CCPA, 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).

Margin Calculation 

Stock Exchange Members, who act as Direct Clearing Members in the clearing process, deposit margins defining CCPA as beneficiary. The margin requirements are calculated on the basis of the balance of open trades and take the risk factors into account.

Risk factors:

Bonds0,095
Funds0,10
Certificate0,35
Rights/Subscription rights0,10
Warrants0,9999

 

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, CCPA guarantees the complete coverage of the current clearing risk without tying up liquidity unnecessarily.

According to Article 38 EMIR, CCPA provides Clearing Members with a margin simulation tool that enables them to determine the amount on a gross basis that CCPA may additionally require as a margin payment when clearing a new position. This tool is also available in the Clearing System BCS (under Risk Management – What if). The results of the simulation are non-binding.