Preamble
Recitals 60
Chapter I - GENERAL (Article 1) 1
Chapter II - RECOGNITION OF THIRD COUNTRY CCPs (Article 25 of Regulation (EU) No 648/2012) (Article 2) 1
Chapter III - ORGANISATIONAL REQUIREMENTS (Article 26 of Regulation (EU) No 648/2012) (Article 3-11) 9
Chapter IV - RECORD KEEPING (Article 29 of Regulation (EU) No 648/2012) (Article 12-16) 5
Chapter V - BUSINESS CONTINUITY (Article 34 of Regulation (EU) No 648/2012) (Article 17-23) 7
Chapter VI - MARGINS (Article 41 of Regulation (EU) No 648/2012) (Article 24-28) 5
Chapter VII - DEFAULT FUND (Article 42 of Regulation (EU) No 648/2012) (Article 29-31) 3
Chapter VIII - LIQUIDITY RISK CONTROLS (Article 44 of Regulation (EU) No 648/2012) (Article 32-34) 3
Chapter IX - DEFAULT WATERFALL (Article 45 of Regulation (EU) No 648/2012) (Article 35-36) 2
Chapter X - COLLATERAL (Article 46 of Regulation (EU) No 648/2012) (Article 37-42) 6
Chapter XI - INVESTMENT POLICY (Article 47 of Regulation (EU) No 648/2012) (Article 43-46) 5
Chapter XII - REVIEW OF MODELS, STRESS TESTING AND BACK TESTING (Article 49 Regulation (EU) No 648/2012) (Article 47-62) 16
Annexes 2
- Annex I - ▼M3
- Annex II - Conditions applicable to highly liquid financial instruments
Amending acts 3

liquidation period

Definitions over time (1)

15/06/2016 – today applies on 12/11/2026 Article 1, Commission Delegated Regulation (EU) No 153/2013 Scope: Whole act

For the purposes of this Regulation, the following definitions apply:

‘liquidation period’ means the time period used for the calculation of the margins that the CCP estimates necessary to manage its exposure to a defaulting member and during which the CCP is exposed to market risk related to the management of the defaulter’s positions;

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