As required under EMIR, article 8.4.2 of EuroCCP’s Clearing Rule Book confirms that EuroCCP will apply its own dedicated financial resources – “skin-in-the-game” – in the event of a member default, prior to the use of clearing fund contributions of non-defaulting clearing participants.
Regulation – Dedicated Own EuroCCP Resources, confirms that EuroCCP must determine the value of its financial resources amounting to 25% of the minimum required capital in the month following the month in which the annual report for prior year is approved.
The minimum capital requirement for determining “skin in the game / dedicated own resources” is the minimum capital required by EuroCCP pursuant to the regulatory technical standards for central counterparties (Regulation EU 152/2013). For the purposes of July 2021 calculation, EuroCCP’s unaudited balance sheet as at 30 June 2021 has been used and the level of dedicated own resources amounts to EUR 6.823.757,36. This amount will apply until a new amount is fixed in accordance with the aforementioned Regulation.
For questions on the above, please contact the Relationship Management team.