Home » Members » Members Directory » Budapest Clearing and Settlement House, KELER
Central Clearing House and Depository (Budapest) Ltd. (KELER)
Hungary
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Asbóth utca 9-11.
1075 Budapest
Hungary
Tel : +361 483 6100
URL: www.keler.hu
Established: 1993
Type: - |
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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.
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