Default fund structure

Default funds are designed to cover potential market risks that are not covered by the margin model (confidence level of 99%) in the event of a member default and in times of stressed market conditions.

SIX x-clear Ltd offers default funds for specific markets (e.g. SSX) and special asset classes (e.g. Securities Lending, CO2) to avoid spill-over effects and reflect the customer’s choice of "solidarity level" in the event of a member default for the chosen markets only. To avoid any operational workload for our customers, SIX x-clear Ltd’s default funds are fixed in size and the member’s default fund contribution will be recalculated once a month.

Currently the following default funds are in place: