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# Article 38 — Cash collateral

**Commission Delegated Regulation (EU) No 153/2013 · binding · OJ L 52, 23.2.2013 · dated 19 Dec 2012 [in force]**

*In force · Consolidated version of 7 March 2024 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0153-20240307)*

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

<a id="art-38-p-a"></a>**(a)** a currency for which the CCP can demonstrate to the competent authorities that it is able to adequately manage the risk;

<a id="art-38-p-b"></a>**(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.