Article 45 Highly secured arrangements maintaining cash

the deposit is in one of the following currencies:

1. (i)

   a currency the risks of which the CCP can demonstrate with a high level of confidence that it is able to manage;

2. (ii)

   a currency in which the CCP clears transactions, in the limit of the collateral received in that currency;

the deposit shall be placed with one of the following entities:

1. (i)

   an authorised credit institution as defined under Directive 2006/48/EC that the CCP can demonstrate to have low credit risk based upon an internal assessment by the CCP. In performing such assessment the CCP shall employ a defined and objective methodology that shall not fully rely on external opinions and that takes into consideration the risk arising from the establishment of the issuer in a particular country;

2. (ii)

   a third country financial institution that is subject to and complies with prudential rules considered by the competent authorities to be at least as stringent as those laid down in Directive 2006/48/EC and which has robust accounting practices, safekeeping procedures, and internal controls and that the CCP can demonstrate to have low credit risk based upon an internal based upon an internal assessment by the CCP. In performing such assessment the CCP shall employ a defined and objective methodology that shall not fully rely on external opinions and that takes into consideration the risk arising from the establishment of the issuer in a particular country.