The Clearing Conditions of ECC have been amended and a new release 42a has been published today.
Due to European regulation (recovery and resolution rules for CCPs) and the principles for financial market infrastructures by CPSS-IOSCO, the Clearing Conditions have been amended in sec. 3.8 (Clearing Fund) and sec. 3.12 (Default Management Auctions). The changes are the result of ECCs proposal of the new text and the input of Clearing Members provided during a consultation.
The amendments will take effect as of July, 10th 2019 except for section 3.12.8 which will take effect as of January, 1st 2019.
A brief overview of the changes is provided below.