Summary
European Commodity Clearing AG (ECC) will introduce a harmonised margin methodology for all physically settled certificate products – the Certificate Risk Margin (CERM) – effective as of 30 November 2026. The new CERM framework consolidates the risk coverage of certificate products across spot markets and expired derivatives into a single, transparent methodology. It replaces the current multi-class setup:
- Current Exposure Spot Market (CESM) for spot certificates,
- Additional Margin Emissions (AMEM) for expired certificate derivatives, and
- Delivery Margin Emissions (DMEM / IMSM premium margin) for physical delivery risk.
Under CERM, risk from open payment and delivery obligations from both spot and futures certificate transactions are covered under a unified approach.
Because the introduction of CERM primarily represents a restructuring and consolidation of existing certificate risks into a unified framework, ECC expects no major overall impact on margin requirements for market participants.
Please find detailed information in the document below.
CONTACT
European Commodity Clearing AG
T +49 341 24680-444
clearing@ecc.de