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Article 45 › 1

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REGULATION (EU) No 648/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (Text with EEA relevance) · European Union

A CCP shall use the margins posted by a defaulting clearing member prior to other financial resources in covering losses.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04