A Central Counterparty is an entity of
the financial infrastructure that complements the services of clearing and
settlement for the operations in a market of financial assets (stocks,
derivatives, bonds, etc.), its main function is to
become the debtor and the creditor for the trades originally agreed by the
brokerage houses in the market. In other words, it becomes responsible for the delivery
of the securities to the buyer and to pay the cash to the seller.
the Central Counterparty (CCV) contributes to create a more secured financial
environment in which systemic and counterparty risks are mitigated. CCV operates
according to the main trends and best practices in the industry on risk
management and clearing and settlement; contributing therefore to make possible
to the participation of the local infrastructure into other markets.
The strength of the CCV is determined by the soundness of their guarantee funds
for covering the risks the Central Counterparty assumes. The following chart compares
the level of risk (VaR represented by the yellow
bars) and the amount of the contribution fund during the last year.
Contribution Fund and Value at