Version in force , Modified +97 −26§
Amended by Regulation (EU) 2024/2987 32024R2987 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2022/1671 32022R1671 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
The description of the entities considered in the daily liquidity needs measurement was changed from referring to the two clearing members with the largest exposures to referring to the two entities with the largest exposures that are clearing members or liquidity providers, excluding central banks.
Cited: Art. 44, v1 (external, EUR-Lex) · Art. 44, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 12 August 2022 02012R0648-20220812 → this version, in force 24 December 2024 02012R0648-20241224
Article 44
Liquidity risk controls
1. A CCP shall at all times have access to adequate liquidity to perform its services and activities. To that end, it shall obtain the necessary credit lines or similar arrangements to cover its liquidity needs in case the financial resources at its disposal are not immediately available. A clearing member, parent undertaking or subsidiary of that clearing member together shall not provide more than 25 % of the credit lines needed by the CCP.
A CCP shall measure, on a daily basis, its potential liquidity needs. It shall take into account the liquidity risk generated by the default of at least the two clearing members entities to which it has the largest exposures. exposures and which are clearing members or liquidity providers, excluding central banks.
2. In order to ensure consistent application of this Article, ESMA shall, after consulting the relevant authorities and the members of the ESCB, develop draft regulatory technical standards specifying the framework for managing the liquidity risk that CCPs are to withstand in accordance with paragraph 1.
ESMA shall submit those draft regulatory technical standards to the Commission by 30 September 2012.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.