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ºFinancial Safeguard System |
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The Financial
Safeguard System has the main purpose of ensure that Asigna has sufficient
reserves to cover the clearing guarantee it provides to the market. In this
way, if a Client of some Clearing Member is in default of its obligations,
the Clearing Member must apply its own Internal Financial Safeguard System to
restore that default of obligations, including extra charges generated by the
failure. The resources that structure the Safeguard System are of the
following types: Funds Managed by Clearing Members (1) Additional Margin The
main depositors of this fund are the Clients and it can be constituted in
cash or securities. The individual contribution of each Clearing Member may
be used to cover client's liquidity risk. It is managed by the Clearing
Member, who has the obligation of survey the deposit of this fund on a daily
basis. The procedure to determine "the amount" to be deposited as
additional margin depends on: a) Margin requirement for the portfolio (market
risk); and b) credit evaluation of the Client. Funds Managed by Clearing House (1) Margin Margins
must be sufficient to cover maximum possible losses that could be generated
per each open contract. The main depositors of this fund are the Clients
through the Clearing Members and it can be constituted in cash or securities.
The individual contribution of each Clearing Member may be used to cover
client's market risk. It is managed by the Clearing House, who has the
obligation of survey the deposit of this fund on a daily basis. The
determination of "the amount" to be deposited as margin depends on
the individual risk of every portfolio that carries open positions; this risk
is determined by Theoretical Intermarket Margin
System methodology. (2) Clearing Fund The
main depositors of this Clearing Fund are the Clearing Members and it can be
constituted only in cash. The individual contribution of each Clearing Member
may be used to cover the default of any Clearing Member and Asigna has the
obligation of survey the deposit of this fund on a daily basis. The procedure
to determine "the amount" to be deposited in the Clearing Fund is
established in accordance to the Rules and Regulations. It is the maximum of
the followers: a) The preoperational deposit established as MXP$100,000; b) a
percentage determined by the Risk Management Committee (10%) based on the
average of the Margin requirements maintained in the last 30 labor days, and
c) a percentage to be determined by the Risk Management Committee (10%) based
on the Margin requirement of the last trading day. Clearing Member Supervisory Capital (1) Proprietary Clearing
Member's Supervisory Capital These
funds must be provided by the Clearing Members to make up their own position
and are used to cover default obligations. The Proprietary Member Working
Capital is estimated daily as the maximum between the sum of the Margins
deposited in the Clearing House multiplied by 4% and the equivalent to 2.5
millions of investment units linked to inflation. (2) Third-Party Clearing
Member's Supervisory Capital These
funds must be provided by the Clearing Members to make up their third
position and are used to cover default obligations. The Third-Party Member
Working Capital is estimated daily as the maximum between the sum of the
Margins deposited in the Clearing House multiplied by 8% and the equivalent
to 5 millions of investment units linked to inflation. Clearing House Capital (1) Clearing House
Capital This
fund is used in cases where all the Trustees are in default of their
obligations. In that case Asigna has its own Capital to respond to the
failure; this Capital is conformed by at least 15 millions of investment
units linked to inflation. Asigna's
Internal Rules and Regulations establish the policies and procedures related
to the use of resources that structure the Safeguard System.
*
Notional Value adjusted by Interest Rate Futures Contracts Duration. |
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