Article 38 Cash collateral

For the purposes of Article 46(1) of Regulation (EU) No 648/2012, highly liquid collateral in the form of cash shall be denominated in one of the following:

1. (a)

   a currency for which the CCP can demonstrate to the competent authorities that it is able to adequately manage the risk;

2. (b)

   a currency in which the CCP clears transactions, in the limit of the collateral required to cover the CCP’s exposures in that currency.