Username: Password:  
 
Jump to home Association of Future Markets
 
 
 
  
Printer friendly version
Home » Members » Members Directory » Budapest Clearing and Settlement House, KELER

Central Clearing House and Depository (Budapest) Ltd. (KELER)

Hungary

Asbóth utca 9-11.
1075 Budapest
Hungary
Tel : +361 483 6100
URL: www.keler.hu

Established: 1993

Type: -



 


Contracts:

As the sole clearing house in Hungary, in the frame of its Central Counterparty (CCP) service, KELER provides settlement guarantee for all the products of the Budapest Stock Exchange (BSE).

KELER provides clearing and settlement services for all types of futures products of BSE.

ACCESS TO FUTURES MARKETS: At present BSE is the only futures market cleared and settled by KELER.

 

INITIAL MARGIN :

Initial margin is calculated by SPANÒ (Standard Portfolio Analysis of Risk). Margins are subject to change with market moves.

Product

Combined code

Trading months

Price change range (+/-)

Initial margin to maximum price change for derivatives products

(HUF/contract)

Spread between trading months

Additional margin for delivery month

HUF

%

HUF

%

HUF

BUMIX

B57

All trading months

200 HUF

20 000

50%

20 000

0%

0

BUX

B21

All trading months

1 550 HUF

15 500

60%

12 400

0%

0

OTPBUXETF

B63

All trading months

65 HUF

65 000

50%

65 000

30%

19 500

AAA Auto

B67

All trading months

35 HUF

70 000

50%

70 000

50%

35 000

Állami Nyomda

B60

All trading months

1 200 HUF

120 000

50%

120 000

50%

60 000

BIF

B58

All trading months

170 HUF

170 000

50%

170 000

50%

85 000

Danubius

B29

All trading months

800 HUF

80 000

50%

80 000

50%

40 000

Econet

B50

All trading months

25 HUF

250 000

50%

250 000

50%

125 000

Egis

B31

All trading months

1 400 HUF

70 000

50%

70 000

50%

35 000

ELMÜ

B53

All trading months

4 000 HUF

200 000

50%

200 000

50%

100 000

ÉMÁSZ

B48

All trading months

3 400 HUF

340 000

50%

340 000

50%

170 000

EXBUS

B33

All trading months

20 HUF

2 000

50%

2 000

50%

1 000

FHB

B52

All trading months

150 HUF

150 000

50%

150 000

50%

75 000

Fotex

B40

All trading months

90 HUF

90 000

50%

90 000

50%

45 000

Freesoft

B59

All trading months

600 HUF

60 000

50%

60 000

50%

30 000

Forrás OE.

B65

All trading months

270 HUF

135 000

50%

135 000

50%

67 500

Forrás T.

B66

All trading months

400 HUF

200 000

50%

200 000

50%

100 000

Graphisoft Park

B62

All trading months

150 HUF

150 000

50%

150 000

50%

75 000

Humet

B47

All trading months

15 HUF

150 000

50%

150 000

50%

75 000

Linamar

B44

All trading months

400 HUF

400 000

50%

400 000

50%

200 000

MOL

B22

All trading months

1 550 HUF

77 500

50%

77 500

30%

23 250

MTELEKOM

B23

All trading months

65 HUF

65 000

50%

65 000

30%

19 500

OTP

B25

All trading months

530 HUF

106 000

50%

106 000

30%

31 800

ORCO

B64

All trading months

2 000 HUF

50 000

50%

50 000

50%

25 000

Pannonflax

B51

All trading months

200 HUF

200 000

50%

200 000

50%

100 000

Pannonplast

B34

All trading months

150 HUF

375 000

50%

375 000

50%

187 500

Phylaxia

B49

All trading months

5 HUF

200 000

50%

200 000

50%

100 000

Rába

B36

All trading months

200 HUF

200 000

50%

200 000

50%

100 000

Richter

B26

All trading months

3 000 HUF

150 000

50%

150 000

30%

45 000

Synergon

B46

All trading months

180 HUF

180 000

50%

180 000

50%

90 000

TVK

B24

All trading months

670 HUF

67 000

50%

67 000

30%

20 100

Zwack

B38

All trading months

1 900 HUF

190 000

50%

190 000

50%

95 000

 

 

Product name

HUF settled product

HUF settled weekly product

HUF settled option product

Trading months

Price change range (+/-)

Initial margin to maximum price change for derivatives products

Spread between trading months

Spread parameters between trading months

(HUF/contract)

%

(HUF/spread)

3 BUBOR

X

all trading months

0,68

%

17 000

50%

17 000

1 BUBOR

X

all trading months

0,68

%

5 700

50%

5 700

5 REF.ÁK.

X

all trading months

2

%

20 000

50%

20 000

6 BUBOR

X

all trading months

0,68

%

34 000

50%

34 000

CHF/HUF

X

X

all trading months

5,5

HUF

5 500

80%

2 200

CZK/HUF

X

X

all trading months

0,35

HUF

35 000

70%

21 000

EUR/HUF

X

X

X

all trading months

8,5

HUF

8 500

80%

3 400

GBP/HUF

X

X

all trading months

13

HUF

13 000

70%

7 800

JPY/HUF

X

X

all trading months

7,3

HUF

7 300

70%

4 380

PLN/HUF

X

X

all trading months

2,5

HUF

25 000

70%

15 000

TRY/HUF

X

X

all trading months

6,1

HUF

6 100

70%

3 660

USD/HUF

X

X

X

all trading months

7

HUF

7 000

80%

2 800

AUD/USD

X

X

all trading months

0,025

USD

5 000

50%

5 000

CAD/JPY

X

X

all trading months

3,5

JPY

5 250

50%

5 250

CHF/JPY

X

all trading months

2,8

JPY

4 200

50%

4 200

EUR/CHF

X

all trading months

0,038

CHF

5 700

50%

5 700

EUR/CZK

X

X

X

all trading months

0,8

CZK

7 200

50%

7 200

EUR/GBP

X

X

all trading months

0,02

GBP

7 000

50%

7 000

EUR/HRK

X

all trading months

0,28

HRK

9 800

50%

9 800

EUR/JPY

X

X

X

all trading months

4,6

JPY

6 900

50%

6 900

EUR/NOK

X

all trading months

0,2

NOK

6 000

50%

6 000

EUR/PLN

X

X

X

all trading months

0,11

PLN

7 700

50%

7 700

EUR/RON

X

all trading months

0,15

RON

10 500

50%

10 500

EUR/RUB

X

all trading months

1,8

RUB

12 600

50%

12 600

EUR/SEK

X

all trading months

0,24

SEK

6 000

50%

6 000

EUR/TRY

X

X

all trading months

0,07

TRY

9 800

50%

9 800

EUR/USD

X

X

X

all trading months

0,037

USD

7 400

50%

7 400

GBP/CHF

X

X

X

all trading months

0,058

CHF

8 700

50%

8 700

GBP/JPY

X

X

X

all trading months

6,4

JPY

9 600

50%

9 600

GBP/SEK

X

all trading months

0,34

SEK

8 500

50%

8 500

GBP/USD

X

X

all trading months

0,052

USD

10 400

50%

10 400

USD/BRL

X

all trading months

0,1

BRL

10 000

50%

10 000

USD/CAD

X

X

X

all trading months

0,035

CAD

5 600

50%

5 600

USD/CHF

X

X

X

all trading months

0,038

CHF

5 700

50%

5 700

USD/CZK

X

all trading months

0,6

CZK

5 400

50%

5 400

USD/JPY

X

X

X

all trading months

4

JPY

6 000

50%

6 000

USD/MXN

X

all trading months

0,58

MXN

8 700

50%

8 700

USD/NOK

X

all trading months

0,19

NOK

5 700

50%

5 700

USD/PLN

X

all trading months

0,1

PLN

7 000

50%

7 000

USD/RUB

X

all trading months

1,3

RUB

9 100

50%

9 100

USD/SEK

X

all trading months

0,22

SEK

5 500

50%

5 500

USD/TRY

X

X

all trading months

0,06

TRY

8 400

50%

8 400

USD/UAH

X

all trading months

0,24

UAH

8 400

50%

8 400

EUR/CSD

X

all trading months

3,5

CSD

10 500

50%

10 500

AUD/JPY

X

all trading months

3,6

JPY

5 500

50%

5 500

NZD/JPY

X

all trading months

3,2

JPY

4 800

50%

4 800

Product name

HUF settled product

FX settled product

Option product

Trading months

Price change range (+/-)

Initial margin to maximum price change for derivatives products

(HUF/contract)

Euro wheat

X

X

All trading months

1200

120 000

Feed wheat

X

All trading months

1200

120 000

Feed corn

X

X

All trading months

1200

120 000

Feed barley

X

All trading months

1200

120 000

Sunflower

X

X

All trading months

2000

200 000

Rape

X

All trading months

2000

200 000

Ammonium nitrate

X

All trading months

1200

30 000

Soybean meal

X

All trading months

1200

120 000

Grain index

X

All trading months

1200

120 000

Central European wheat

X

All trading months

4,8 EUR

120 000

Central European feed wheat

X

All trading months

4,8 EUR

120 000

Central European feed corn

X

All trading months

4,8 EUR

120 000

Central European feed barley

X

All trading months

4,8 EUR

120 000

Central European sunflower

X

All trading months

8 EUR

200 000

Central European rape

X

All trading months

8 EUR

200 000

Kilo-Gold (physical)

X

All trading months

27 USD

180 000

Kilo-Gold (cash)

X

All trading months

27 USD

180 000

MARGIN FUNDING

Initial margin can be deposited by clearing members in cash or in securities in accordance with KELER’s effective “Conditions of acceptance of securities and currencies collateral”.

KELER only accepts currencies and securities listed below as financial collateral.

Securities denominated in HUF:

  • Government securities that are listed or shall be listed on the Budapest Stock Exchange (BSE) under the agreeement between Budapest Stock Exchange and the State Debt Management Agency Ltd. (ÁKK),
  • Discount T-Bills and Treasury Notes without reference to listing,
  • Mortgage bonds listed on the BSE,
  • Corporate bonds listed on the BSE and specified in the present list of conditions,
  • Equity securities listed on the BSE and included in the BUX-basket.

Securities denominated in foreign currency:

Securities issued by the Hungarian State or the -National Bank of Hungary (henceforward: non-HUF denominated Hungarian government bonds ).

 

 

Security category

Base valuation price

Haircut

Government securities

fixed interest or discount issue

< 1 year

price calculated from ÁKK’s reference yield

2%

1-3 year

4%

3 year <

5%

Mortgage bonds

fixed interest

< 1 year

price calculated from ÁKK’s reference yield

3%

1-3 year

5%

3 year <

6%

variable interest

market reflected price, unique assigned price

3%

Corporate bonds

fixed interest or discount issue

< 1 year

last stock exchange closing price

15%

1-3 year

17%

3 year <

19%

variable interest

15%

Stock securities

EGIS, MATAV, MOL, OTP, RICHTER

15%

Other stocks included in BUX-basket

20%

Non-HUF denominated Hungarian government bonds

face value calculated in HUF

15%

 

Acceptable currencies

Base valuation price

Haircut

HUF

Nominal value

0%

CHF

NBH’s offical HUF exchange middle rate

7%

EUR

JPY

PLN

USD

 

In addition, collective guarantee funds are established to embody the mutual guarantee among members. CGF contributions are held separately from day to day margin requirements and may be used either as a mutual fund to meet any losses arising from a clearing member’s insolvency or delay, or as the second level of funds available to meet any deficiencies arising in the event of a clearing member’s default. CGF contributions have to be deposited in cash in order to move funds easier.