In accordance with the requirements stipulated in EMIR Article 46 and related RTS 153/2013 ECC accepts a wide range of assets as collateral.

ECC does not accept equities or gold as collateral.

Cash

ECC accepts EUR as collateral for all types of margin for all types of clearing members.

DCP Clearing Members may provide EUR and GBP as cash collateral.

Bonds

ECC accepts a broad range of bonds as collateral that are eligible for ECB (European Central Bank) and admissible for Eurex Clearing*.

ECC accepts bonds as collateral that fulfil the requirements according to RTS 153/2023 Annex 1, Section 1.

Bond collateral haircuts are determined according to RTS 153/2013 Article 41. The applied haircuts are calculated with regard 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 applied 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 at the level of the Institution Clearing Member (CM) and on the default fund as a whole. 

ECC natively supports the custodian Clearstream Europe AG Frankfurt.

Bank Guarantees

ECC accepts bank guarantees only for Spot Market Initial Margin (IMSM) requirements. Bank guarantees cannot be used to cover any other margin requirements.

DCP Clearing Members may provide bank guarantees as trading participant collateral to cover the limit set by ECC.

ECC accepts only bank guarantees that fulfill certain strict criteria and are issued in line with templates provided by ECC.

No haircut is applied for bank guarantees.

ECC applies concentration limits for bank guarantees.

ECC accepts bank guarantees provided by a financial institution only when such financial institution has been admitted as a guarantor at ECC.

Emission Allowances

ECC accepts Emission Allowances - European Union Allowances (EUA) - to offset margin requirements for Initial Margin Spot Market (IMSM) and to offset margin requirements for net short positions in EUA Futures subject to the approval by the respective Institution Clearing Member (CM).

EUA collateral haircuts are determined according to RTS 153/2013 Article 41.

ECC applies concentration limits for providing emission allowances as collateral.

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