Pertanto, la CCP è tenuta a coprire attraverso i margini costituiti dal soggetto inadempiente almeno una quota rilevante delle perdite che la CCP potrebbe subire durante il processo di close out.
Therefore, CCPs are required to cover through margins posted by the defaulter, at least, a relevant proportion of the possible loss that during the close out process the CCP might have.
Le CCP non utilizzano i margini costituiti dai partecipanti diretti non inadempienti per coprire le perdite derivanti dall’inadempimento di un altro partecipante diretto.
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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Therefore, CCPs are required to cover through margins posted by the defaulter, at least, a relevant proportion of the possible loss that during the close out process the CCP might have. 