Chapter VI : Central Counterparties

(Sections 48(1)(a), 48(1A), 53(2A) and 107(1)(b))

For the purposes of this Chapter, unless the context indicates otherwise, references to “central counterparty” also mean an applicant for a central counterparty licence and licensed central counterparty;

9. Legal basis

10. Access and participation

11. Governance

12. Risk committee

13. Risk management framework

14. Related parties, subsidiaries and associates

15. Outsourcing

16. Compliance function

17. Efficiency, disclosure and transparency

18. Internal audit function

19. Business continuity

20. Custody, settlement and physical deliveries

21. Qualifying capital

22. General capital requirements

23. Specific capital requirements for credit risk, counterparty credit risk and market risk

24. Specific capital requirements for business risk and for winding-up or restructuring

25. Capital calculation requirements for operational risk

26.Capital calculation requirements for credit risk

27. Capital calculation requirements for credit risk

28. Calculation requirements of the minimum required capital for CVA risk

29. Calculation of a central counterparty's credit exposure in terms of the current exposure method

30. Specific capital calculation requirements for market risk

31. Liquidity risk

32. Segregation and portability

33. Margin requirements

34. Default procedures

35. Default fund

36. Other financial resources

37. Default waterfall

38. Collateral requirements

39. Investment strategy and safeguarding of assets

40. Review of models, stress testing and back testing

41. Interoperability arrangements

42. Record keeping