Clarification on payment of penalties to counterparties of clearing participants A and B

Under the Clearing Rules, the clearing organization transfers penalties to the counterparty under contracts of clearing participants of categories A or B only if funds have been received on the clearing organization’s account.

If a guarantee contribution is not fulfilled by a participant of categories A or B, the clearing organization has no legal grounds to transfer the penalty amount to the counterparty’s account.

The Exchange may be involved as a third party to provide clarifications, but it is not a proper defendant.