389. The data included in this section should be reported by all the counterparties whose SFTs have been centrally cleared unless these counterparties are subject to the mandatory delegation under Article 4(2) in which case it should be the entity specified in that Article the one that reports.
390. In order to be able to use the services of a CCP, both CM 1 and CM 2 post margin to the CCP. The margin is composed of initial margin and variation margin [There might also be excess margin, which would be the part of the collateral in excess of the required level.]. The margin that clearing members post with the CCP has no direct relationship to the collateral of the SFT. The CCP uses the margin to cover all the risks arising from the transactions that it clears for the respective clearing members. The margin that the clearing members post to the CCP may also cover risks arising from transactions other than SFTs, such as trades in derivatives.
5.5.1 CCP interposing itself between the two c
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