They can act as a risk buffer because of the extensive financial resources they have at their disposal; these comprise, among others, the clearing members’ collateral, a clearing fund, obligations to make further contributions under additional margin calls, and the CCPs’ own funds.
According to the EU European Market Infrastructure Regulation (EMIR), in future CCPs will even have to be able to withstand the simultaneous default of the two largest clearing members. Juggernauts of the financial system At the moment, a requirement to clear derivatives with CCPs exists only in Japan and the United States.