Risk Monitoring
Exposure Monitoring
As the CCP, IDClear will monitor the Variation Margin and Initial Margin of the CCP Members, which are communicated to the CCP Members daily after trading through the Margin Report. CCP Members are required to maintain a certain value or portion of the Initial Margin in the form of funds (Minimum Cash Maintenance) of at least:
- 50% (fifty percent) of the total Initial Margin; or
- IDR 1,000,000,000 (one billion rupiah), whichever is greater.
Trading Limit Monitoring
IDClear will monitor the Trading Limit of CCP Members. If any CCP Member has exposure greater than the value of the collateral in the Collateral Account, IDClear will issue a Margin Call to the concerned CCP Member. The CCP Member receiving the Margin Call must provide additional deposits, so that the deposit value matches or exceeds the exposure held by the CCP Member. The delivery of the Margin Call to the CCP Member is done as follows:
- Intraday Margin Calls are delivered by IDClear at any time during trading hours on the Clearing Day of PUVA; and
- Interday Margin Calls are delivered by IDClear at the same time as the issuance of the DHK PUVA.
A CCP Member who receives a Margin Call must fulfill it on the Clearing Day of PUVA, under the following conditions:
- Intraday Margin Calls must be fulfilled by the end of the trading hours on the Clearing Day of PUVA; and
- Interday Margin Calls must be fulfilled on the next Clearing Day of PUVA, no later than 12:00 PM WIB.
In the event that a CCP Member cannot fulfill the Margin Call:
- If the Intraday Margin Call is not fulfilled during trading hours on the Clearing Day of PUVA, the CCP Member will not be able to register the Initial Contract of PUVA until the Intraday Margin Call is fulfilled;
- If the deadline for fulfilling the Intraday Margin Call has passed, it will become an Interday Margin Call;
- If the Interday Margin Call is not fulfilled by the set deadline, the CCP Member will be declared in Default Condition.