Strafgebühren wegen Margin-Unterdeckung und verspäteter Nachschusszahlungen

Definition

ASX Clear and ASX Clear (Futures) calculate margin requirements using CME SPAN for exchange-traded derivatives, HSVaR/flat-rate CMM models for cash equities and energy products, plus daily variation (mark‑to‑market) and premium margins for short options.[2][3][4][5][9] Where large price moves occur (e.g. >1% in S&P/ASX 200 or >15% in an underlying stock), ASX Clear can trigger intraday margin runs; if a participant’s shortfall exceeds AUD 100,000 and erodes ≥25% of initial margin, an intraday call must be met within two hours.[2] Failure to post required margin on time exposes the participant to default management, including liquidation of positions, penalty interest on overdue obligations and additional charges under the ASX Clear and ASX Clear (Futures) operating rules (logic extrapolation from CCP practices). Given that initial margins for large participant portfolios commonly run into tens or hundreds of millions, even a 0.5–1.0% shortfall attracting 8–12% p.a. penalty or emergency funding for several days can cost tens of thousands of AUD per incident (logic). Repeated intraday calls driven by manual monitoring and spreadsheet-based collateral allocation introduce recurrent costs in treasury spreads, operational firefighting and potential reputational damage with clients when their positions are force‑closed to meet house margin.

Why This Matters

The Pitch: Securities and commodity brokers and clearing participants in Australia 🇦🇺 waste AUD 100,000–500,000 p.a. on margin shortfall penalties, emergency funding spreads and default-related charges. Automation of intraday margin monitoring, collateral optimisation and funding workflows eliminates most of this risk.

Affected Stakeholders

Clearing Risk Manager, Treasury Manager, Head of Prime Brokerage, Back Office Operations Manager, Chief Financial Officer

Related Business Risks