Margining of a cleared interest rate swap OR, IF PARTY A IS NOT A MEMBER OF THE CCP, AND PARTY A IS IN-THE-MONEY Initial Initial Initial Margin Margin Margin Party A Clearing CCP Party B (Buyer) Broker (Seller) Variation Variation Variation Margin Margin Margin CCP Default Fund Default Default Fund Contribution Fund Contribution Excess Initial Margin UNRESTRICTED 51
2nd R3 Smart Contract Templates Summit (All Slides) Page 51 Page 53