> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/emir/articles/45.md).

# Article 45 — Default waterfall

*In force · Consolidated version of 17 January 2025 · Checked against EUR-Lex on 11 Oct 2026 ·* [*Official source*](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02012R0648-20250117)

1. A CCP shall use the margins posted by a defaulting clearing member prior to other financial resources in covering losses.
2. Where the margins posted by the defaulting clearing member are not sufficient to cover the losses incurred by the CCP, the CCP shall use the default fund contribution of the defaulting member to cover those losses.
3. A CCP shall use contributions to the default fund of the non-defaulting clearing members and any other financial resources referred to in [Article 43(1)](/emir/articles/43.md) only after having exhausted the contributions of the defaulting clearing member.
4. A CCP shall use dedicated own resources before using the default fund contributions of non-defaulting clearing members. A CCP shall not use the margins posted by non-defaulting clearing members to cover the losses resulting from the default of another clearing member.
5. In order to ensure consistent application of this Article, ESMA, shall, after consulting the relevant competent authorities and the members of the ESCB, develop draft regulatory technical standards specifying the methodology for calculation and maintenance of the amount of the CCP’s own resources to be used in accordance with paragraph 4.

   ESMA shall submit those draft regulatory technical standards to the Commission by 30 September 2012.

   Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

### Related Level 2 and Level 3

#### Binding measures

* [153/2013 — RTS — Requirements for central counterparties \[in force\]](/emir/level-2/rts/153-2013-requirements-for-central-counterparties.md)

#### Guidance and Q\&A

* [ESMA Q\&A 887 — Q\&A — Use of margins posted by non-defaulted Clearing Members \[Answer Published\]](/emir/level-3/q-and-a/esma/esma-qa-887-use-of-margins-posted-by-non-defaulted-clearing-members.md)

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[Title IV — Requirements for CCPs](/emir/titles/iv.md) · [← Article 44](/emir/articles/44.md) · [Article 45a →](/emir/articles/45a.md)