{
  "url": "https://openlegislation.uk/eu-regulation-2013-153/annex-II/division-2",
  "json_url": "https://openlegislation.uk/eu-regulation-2013-153/annex-II/division-2.json",
  "legislation": "eur/2013/153",
  "legislation_title": "Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on requirements for central counterparties (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2013-153",
  "path": "annex/II/division/2",
  "kind": "division",
  "number": "2",
  "heading": "For the purposes of Article 47(1) of Regulation (EU) No 648/2012, derivative contracts can also be considered highly liquid financial investments, bearing minimal credit and market risk if they are entered into for the purpose of:",
  "text": "(a) hedging the portfolio of a defaulted clearing member as part of the CCP’s default management procedure; or\n(b) hedging currency risk arising from its liquidity management framework established in accordance with Chapter VIII.\nWhere derivative contracts are used in such circumstances, their use shall be limited to derivative contracts in respect of which reliable price data is published on a regular basis and to the period of time necessary to reduce the credit and market risk to which the CCP is exposed.\nThe CCP’s policy for the use of derivative contracts shall be approved by the board after having consulted the risk committee.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2013/153/annex/II/division/2",
    "retrieved_at": "2026-11-01T14:48:50.528950+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}