ECC accepts cash in Euro and selected securities as collateral. A market-oriented interest rate is paid on cash collateral. Cash is recorded as collateral by means of a title transfer.

Securities have to fulfil general criteria for acceptance. Haircuts are applied to reflect the potential changes in market value over the close-out period. Securities are recorded as collateral by pledging a CSD account.

The acceptance criteria and applicable haircuts for securities are published in the document “Acceptable securities”, which is amended from time to time. A comprehensive list of accepted securities is published in a detailed ISIN list, which is amended from time to time.

The Clearing Member needs access to the following systems and depositories to participate in ECC’s collateral management process: