The resources of the clearing guarantee system comprise own capital of KDPW_CCP S.A. including dedicated resources separated from the own assets of KDPW_CCP. KDPW_CCP dedicates own resources equal to at least 25% of the capital requirement (according to Article 16(2) of EMIR).
The amount of dedicated resources is calculated taking into account the allocation of such resources in relation to the amount of the clearing fund and the guarantee funds operated by KDPW_CCP. The dedicated resources of KDPW_CCP are used immediately after the contributions of the defaulting member to the clearing fund or the relevant guarantee fund are used. Next, after the resources contributed by other participants to the clearing fund or the relevant guarantee fund are used, the own resources of KDPW_CCP are used up to 110% of the capital requirement. After these are used, the members are requested to make additional contributions to the clearing fund or the relevant guarantee fund in an amount up to 50% of the previous contribution. Finally, the remaining own resources of KDPW_CCP are used. The resources waterfall is presented in the chart
KDPW_CCP informs participants of the amount of the dedicated resources and the allocation of such resources in the tab
Funds, dedicated resources and allocation