Stats › Intraday et microstructure de marché › Skin in the game
A clearing house must put up 25% of its minimum capital before touching members' money, which is 143 million euro at the largest European one
| Resource | Montant | Clearing house |
|---|---|---|
| Skin in the game | EUR 143m | Eurex Clearing, 31 December 2024 |
| Second skin in the game | EUR 57m | Idem |
| Further dedicated amount, capped | EUR 300m | Idem |
| Parent letter of comfort, maximum | EUR 600m | Idem |
| Default fund requirements of all members | About EUR 8.2bn | Idem |
| Margin collateral held | About EUR 92.3bn | Idem |
From the clearing house's own public self assessment against the international principles. The default fund is calibrated to the simultaneous default of the two largest members at 99.9 per cent confidence and is recalculated monthly. The same document also carries a 2025 column at 105,552 million euro of margin and 10,442 million of default fund, which is not reconciled with the 2024 figures and is recorded as published.
The rule is 25 per cent of minimum regulatory capital, not 25 per cent of equity. At the largest European clearing house that is 143 million euro of dedicated own resources, against 92 billion euro of margin collateral held.
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