Default Management

As of 31 March 2019, DCCC held $147.2 million in collateral.

DCCC has implemented a Default Fund (DF) that is sufficient to cover the losses of the two-largest Clearing Members, and is of a minimum size of $10 million. DCCC’s own contribution (“skin-in-the-game”) is approximately 27% of the total DF.

In the event of a default of a Clearing Member losses incurred in the management of the default would be met using the following Default Waterfall.