3.

Prior to the termination of any of the contracts referred to in paragraph 1, the resolution authority shall take the following steps: require the CCP under resolution to value each contract, and update the account balances of each clearing member; determine the net amount payable by or to each clearing member, taking account of any due but unpaid variation margin, including variation margin due as a result of the contract valuations referred to in point (a); and notify each clearing member of the determined net amounts and require the CCP to pay or collect them accordingly. The clearing members shall, without undue delay, communicate the application of such tool to their clients and the way in which such application affects them.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.