Contributions from clearing participants and the central counterparty, which are used to cover potential losses in case one or more participants fail to fulfill their obligations. The main goal of these funds is protecting the stability of the central counterparty and reducing the risks for the entire financial system
How is it used
Used after the defaulting participant's margin has been exhausted. An extraordinary revaluation of funds is possible in case of increased volatility or risk concentration
How are they calculated
Calculation is performed annually with analysis of historical and hypothetical stress scenarios. The ability of funds to cover the two largest uncovered losses (Cover-2) is assessed. Statistical methods are used: standard deviation, EWMA, etc.
When are they replenished
If the clearing funds are insufficient (based on the assessment results), the participants and/or the central counterparty itself make additional contributions. The amounts of new contributions are determined by formulas reflecting the risk profile of a clearing participant
| Markets | The amount of guarantee funds, KZT | The amount of the reserve funds, KZT |
|---|---|---|
| Stock market | 840 000 000 | 2 208 000 000 |
| FX market | 664 000 000 | 1 500 000 000 |
| Derivatives market | 78 000 000 | 170 000 000 |