Article 303 Treatment of Clearing Members' Exposures to CCPs
1.
An institution that acts as a clearing member, either for its own purposes or as a financial intermediary between a client and a CCP, shall calculate the own funds requirements for its exposures to a CCP as follows:
- (a) it shall apply the treatment set out in Article 306 to its trade exposures with the CCP;
- (b) it shall apply the treatment set out in Article 307 to its default fund contributions to the CCP.
- 01/01/2022
2.
For the purposes of paragraph 1, the sum of an institution's own funds requirements for its exposures to a QCCP due to trade exposures and default fund contributions shall be subject to a cap equal to the sum of own funds requirements that would be applied to those same exposures if the CCP were a non-qualifying CCP.
[Note: This rule corresponds to Article 303 of the CRR as it applied immediately before revocation by the Treasury.]
- 01/01/2022