|Collateral type||Acceptance criteria|
|Cash||Currencies||EUR, GBP, USD (GBP also for DCP-CM and USD only intraday)|
|Bonds ||Denomination currencies||AUD, CAD, CHF, DKK, EUR, GBP, JPY, NOK, SEK, USD|
|DEM (former Euro-In currencies)|
|General eligibility||Acceptance by European Central Bank|
|Additional sovereigns: AU, CA, GB, JP, US|
|Europe: AT, BE, CZ, DE, DK, ES, FI, FR, GB, HU, IE, IT, LU, NL, NO, PL, SE, SI, |
|World: AU, CA, CH, JP, US|
|Specific eligibility||No unsecured bank bonds from ES, IE, and IT|
|Maturity||> 15-days to maturity|
|< 30Y for CHF, DKK, JPY, NOK, SEK|
|< 50Y for AUD, CAD, EUR, GBP, USD|
|Credit rating||Investment grade issue/issuer rating (≥ BBB-)|
|Upper medium investment grade for unsecured bank bonds (≥ A-)|
|Structures||Selected float and inflation indices|
|No callable, puttable, sinkable, convertible or stripped bonds|
|No bonds with pool factor or negative coupons|
|No ABS, MBS, CDOs|
|Concentration||No more than 25% of issued capital|
|No more than 1 bn EUR issued by EFSF, ESM, SAREB|
|Liquidity||Need to exhibit sufficient liquidity (e.g. reasonable availability of quotes, issued |
|Bank guarantees||General eligibility||Bank guarantees are eligible for Spot Markets only|
|Emission Allowances||Emission Allowances General Eligibility||European Emission Allowances|
- Additional collateral concentration limits apply with respect to the collateral pool, details are provided here: Bond Collateral & Concentration Limits (ecc.de)
- No acceptance of own issues or issues of entities closely linked to the collateral provider/clearing member.
- No acceptance of issues of Deutsche Börse Group.
- Collateral generally has to allow for straight-through-processing (STP), exhibiting suitable safe custody along with full support of custody events.
- Collateral has to comply with admissible taxation law, be un-sanctioned and the issuer must not be subject to financial distress.
The eligibility of specific ISIN along with their respective collateral haircut is disclosed in the Admissible Securities file, published on the website under risk parameters in the section "General Parameters: Bond Collateral & Concentration Limits (ecc.de)".
ECC reserves the right to amend these criteria at any time, in the event that changes in market structure, economics or regulation necessitate such action facilitating the security of the clearing house.