MarginOutline of CDS Margin

An amount to cover losses expected to arise as a result of variation of settlement prices until completion of settlement of positions of defaulting participant upon occurrence of default of Clearing Participant (to be calculated using settlement prices with respect to positions of each CDS Clearing Participant).

With respect to positions of each CDS Clearing Participant, an amount to cover variation of NPV obtained using settlement prices as of the day from NPV obtained using settlement prices as of previous business day.