{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2017/581 — RTS — Clearing access [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-2/rts/2017-581-clearing-access-in-respect-of-trading-venues-and-central/articles/12","url":"https://www.headlesslaw.com/mifir/level-2/rts/2017-581-clearing-access-in-respect-of-trading-venues-and-central/articles/12","title":"Article 12 — Collateral and margining requirements of economically equivalent 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Delegated Regulation (EU) 2017/581 · binding · OJ L 87, 31.3.2017 · dated 24 Jun 2016 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2016-06-24","entry_into_force":"2017-04-20","locators":{"document_date":"CELLAR 32017R0581 work_date_document","entry_into_force":"CELLAR 32017R0581 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/rts/2017-581-clearing-access-in-respect-of-trading-venues-and-central","path":"/mifir/level-2/rts/2017-581-clearing-access-in-respect-of-trading-venues-and-central","name":"Commission Delegated Regulation (EU) 2017/581","number":"2017/581","celex":"32017R0581","title_official":"COMMISSION DELEGATED REGULATION (EU) 2017/581 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on clearing access in respect of trading venues and central counterparties (Text with EEA relevance)","document_date":"2016-06-24"},"position":{"kind":"article","key":"12","index":12,"articles":21,"annexes":1},"prev":{"path":"/mifir/level-2/rts/2017-581-clearing-access-in-respect-of-trading-venues-and-central/articles/11","key":"11","title":"Article 11 — Non-discriminatory and transparent fees charged by trading venues"},"next":{"path":"/mifir/level-2/rts/2017-581-clearing-access-in-respect-of-trading-venues-and-central/articles/13","key":"13","title":"Article 13 — Netting of economically equivalent contracts"},"act_anchor":"#art-12"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2017/581/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/level-2/rts/2017-581-clearing-access-in-respect-of-trading-venues-and-central.md","unit_text_sha256":"0b7a98730cd7f7dbee5c89c7e73fe08f5b5a32cec9b699b698011a3205fe12ad","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifir/level-2/rts/2017-581-clearing-access-in-respect-of-trading-venues-and-central/art-12","kind":"article","key":"12","heading":"Article 12 — Collateral and margining requirements of economically equivalent contracts","text":"## <a id=\"art-12\"></a>Article 12 — Collateral and margining requirements of economically equivalent contracts\n\n1. <a id=\"art-12-p-1\"></a>The CCP shall determine whether contracts traded on the trading venue to which it has granted access are economically equivalent to contracts with similar risk characteristics already cleared by the CCP.\n1. <a id=\"art-12-p-2\"></a>For the purposes of this article, a CCP shall consider all contracts traded on the trading venue to which it has granted access, which are in the class of financial instruments covered by the CCP's authorisation referred to in [Article 14](https://www.headlesslaw.com/emir/articles/14) of Regulation (EU) No 648/2012, or by any subsequent extension of authorisation referred to in [Article 15](https://www.headlesslaw.com/emir/articles/15) of that Regulation, as economically equivalent to the contracts in the respective class of financial instruments already cleared by the CCP.\n1. <a id=\"art-12-p-3\"></a>A CCP may consider a contract traded on the trading venue to which it has granted access, which presents a significantly different risk profile or material differences from the contracts already cleared by the CCP in the respective class of financial instruments, as non-economically equivalent where the CCP had obtained an extension of the authorisation pursuant to [Article 15](https://www.headlesslaw.com/emir/articles/15) of Regulation (EU) No 648/2012 with respect to that contract and in connection with that trading venue's access request.\n1. <a id=\"art-12-p-4\"></a>A CCP shall apply to economically equivalent contracts referred to in paragraph 1 the same margin and collateral methodologies, irrespective of where the contracts are traded. A CCP shall subject the clearing of an economically equivalent contract referred to in paragraph 1 to the adoption of changes to the CCP's risk models and parameters, only if necessary in order to mitigate the risk factors in relation to that trading venue or the contracts traded thereon. Such changes shall be considered as significant changes to the CCP's models and parameters referred to in [Articles 28](https://www.headlesslaw.com/emir/articles/28) and [49](https://www.headlesslaw.com/emir/articles/49) of Regulation (EU) No 648/2012.\n\n","marks":[],"text_hash":"0b7a98730cd7f7dbee5c89c7e73fe08f5b5a32cec9b699b698011a3205fe12ad","revision":1}}