(68)Margin calls and haircuts on collateral may have procyclical effects. CCPs, competent authorities and ESMA should therefore adopt measures to prevent and control possible procyclical effects in risk-management practices adopted by CCPs, to the extent that a CCP’s soundness and financial security is not negatively affected.
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New version applies from 03/01/2017 — introduced by Regulation (EU) No 600/2014 (MIFIR).
117 provisions change.
Later versions: 01/04/2017, 30/06/2017, 01/01/2019, 17/06/2019, 18/12/2019, 01/01/2020, 18/06/2020, 11/02/2021, 13/02/2021, 28/06/2021, 12/08/2022, 24/12/2024, 17/01/2025.
Recital 68 changes in this version: compare with the current text.