Overview

    ECC accepts EUR, GBP and USD as cash collateral and a broad range of bonds that are Eurex* and ECB (European Central Bank) eligible 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.

    Detailed admission criteria and security related haircuts can be found in the file "Accepted Collateral Securities"*. The applied haircuts are calculated with regards to stressed market conditions and an adequate liquidation period. ECC uses haircuts supplied by EUREX Clearing. As such, ECC also uses the collateral valuation model used by EUREX Clearing. The haircuts for foreign currencies are available here

    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.

    To cover risks occurring from short positions in futures or to cover Initial Margin Sport Market (IMSM) ECC accepts EUA as margin credit.

    ECC does not accept equities or gold as collateral.

    * In addition to the selection mechanisms that are used by Eurex Clearing ECC can apply further internal risk control measures. 

    Cash Collateral

    ECC accepts EUR, GBP 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. 

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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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