Overview

    ECC accepts EUR cash and a broad range of ECB (European Central Bank) eligible government bonds and EUA emission allowances to fund margin requirements. For Spot Market Initial Margin Requirements ECC accepts Bank Guarantees issued in line with templates provided by ECC. For DCP model ECC accepts cash collateral in EUR and GBP as well as bank guarantees in EUR and GBP.

    Haircuts are applied to reflect the potential changes of the market value in stressed market conditions over a liquidation period of, at least, 3 days for bonds and 2 days for EUA emission allowances.

    ECC imposes concentration limits on certain issuers, countries and currencies depending on their credit rating. Concentration limits are applied on the level of the Clearing Member and on the default fund as a whole. ECC natively supports the custodian Clearstream Banking Frankfurt with CREATION and CASCADE accounts being available.

    The detailed admission criteria are published in the file "Accepted Collateral Securities". The haircuts for foreign currencies are available here. Details on concentration limits are published in the file "Concentration Limits".

    ECC natively supports the custodian Clearstream Banking Frankfurt with CREATION and CASCADE accounts being available.

    * ECC uses ratings by Fitch, S&P and Moody's as well as an internal rating.

    Cash Collateral

    ECC only accept Euro and USD as collateral. Regular overnight Initial Margin Calls will be carried out in Euro only. Intraday Margin Calls can be furnished in Euro, USD or securities.

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    Guarantees Collaterals

    To cover Spot Market Initial Margin Requirements ECC accepts Bank Guarantees that fulfill certain criteria. Bank Guarantees cannot be used to cover any other margin requirements.

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    Collateral Security

    ECC accepts a wide variety of highly liquid bonds as collateral. ECC does not accept own issues (wrong-way risk) as well as close link securities as eligible collateral. Debt securities that have a remaining term of 15 calendar days or less are not accepted as well.

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    Collateral Emissions

    The number of emission rights eligible as margin collateral is the amount of emission rights booked in the internal inventory account for at least 105 days.

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    Direct Contact

    Risk Operations

    +49 341 24680-444 clearing@ecc.de

    Accepted Securities

    Information on accepted securities collateral is provided in the xls-file "Accepted Collateral Securities".

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    Collateral Deposit and Release

    For exchange of collaterals without the GUI please use the faxform for intraday or standard deposit or release.

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    Concentration Limits

    In order to meet the requirements according to EMIR and the Regulatory Technical Standards, ECC established "Concentration Limits".

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