Realization

Cash market 

In the event of default, the collateral deposited to secure all remaining open liabilities is realized.

According to the rules, collateral is realized in the following order of sequence:

• Cash collaterals and all cash balances
• Securities deposited as collateral and securities
• Bank guarantees
• All contributions to the clearing fund

Derivatives market

In the event of default, the clearing agency first realizes the positions on the position accounts of the stock exchange member to cover open liabilities. The clearing agency then nets all open positions of the exchange member concerned against all of its other position accounts. In the event general clearing member defaults, the following applies:

• The GCM's positions, and if applicable, the positions of the indirect clearing member(s) causing the default shall be netted.
• If possible, positions are transferred to other general clearing members.
• Positions are closed out on the third trading day after the default.
• At the latest, on the third clearing trading day after the default, the clearing agency has the right to realize the collateral in the order of ranking the same as on the cash market.