On April 15, 2015, Regulations on the calculation of margin periods of risk of netting sets, which calculation firms must use to calculate their own funds requirements when acting as a clearing member, were published in the Official Journal of the European Union. The Regulations, which supplement the Capital Requirements Regulation, provide for the calculation of exposures to clients according to whether a transaction is cleared by a qualifying CCP or not. A qualifying CCP is one which has been authorized or recognized under the European Market Infrastructure Regulation.

The Regulations are available at: http://eur-lex.europa.eu/legalcontent/EN/TXT/PDF/?uri=OJ:JOL_2015_098_R_0001&from=EN