Articles 43(3) and 48(2) of EMIR

Article 43(3) and 48(2) of EMIR - Limited exposures of Clearing Members

Can a CCP have provisions in their rules under which non-defaulting clearing members can be called for additional funds in the event of a default of another clearing member where:

1. The size of the additional contribution is limited to a pre-defined monetary amount (e.g. an assessment of up to EUR XX million per clearing member)?

2. The size of the additional contribution is limited to an amount which is relative to the exposure that the clearing member brings to the CCP (e.g. an assessment of up to X times the clearing member’s prefunded default fund contribution)?

3. There is no pre-defined monetary or relative limit on the size of the additional contribution?