Article 45 › 4 EMIR — REGULATION (EU) No 648/2012 OF THE EUROPEAN PARLIAMENT AND…

Article 45 › 4

EMIR

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 dedicated own resources before using the default fund contributions of non-defaulting clearing members. A CCP shall not use the margins posted by non-defaulting clearing members to cover the losses resulting from the default of another clearing member.

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