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European Union
Commission Delegated Regulation (EU) 2016/2251
Chapter I
Section 3
Article 9
1.

Commission Delegated Regulation (EU) 2016/2251

In forceThis text since 14 Feb 2023law://eu/reg/2016/2251/art_9__para_1@2026-11-11

Version in force onWhereEuropean Union

Contents

1. Counterparties shall calculate variation margin in accorda…
2. Counterparties shall calculate initial margin in accordanc…
3. For the purpose of determining the calculation date for in…

Contents

1. Counterparties shall calculate variation margin in accorda…
2. Counterparties shall calculate initial margin in accordanc…
3. For the purpose of determining the calculation date for in…

1.Counterparties shall calculate variation margin in accordance with Article 10 at least on a daily basis.

Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.

Key facts

Type: Delegated regulation · Commission Delegated Regulation (EU) 2016/2251 · EEA relevant
Adopted: 4 Oct 2016
In force: 4 Jan 2017
Applies from: 4 Feb 2017
Applies from: 1 Mar 2017
Applies from: 4 Jul 2017
Applies from: 1 Sept 2017
Applies from: 1 Sept 2018
Applies from: 31 Dec 2018
Applies from: 1 Sept 2019
Applies from: 1 Sept 2021
Applies from: 1 Sept 2022
Text current to: 14 Feb 2023
Applies from: 4 Jan 2024
Applies from: 30 Jun 2025
Made by: European Commission
Official: EUR-Lex 32016R2251 · ELI

Topics

contract credit institution financial instrument financial legislation financial transaction futures market trading margin Freedom of establishment Free movement of capital

History · 1 version

14 Feb 2023Reading

Connections

Cited by 7: this act3 provisions; Commission Delegated Regulation (EU) 2023/3144 provisions; Commission Implementing Decision (EU) 2021/11082 provisions; Commission Implementing Decision (EU) 2021/11075 provisions; Commission Implementing Decision (EU) 2021/11065 provisions; Commission Implementing Decision (EU) 2021/11055 provisions; Commission Implementing Decision (EU) 2021/1104
Cites 1: this act

Defined terms · 3

Show every defined term

initial margin
means the collateral collected by a counterparty to cover its current and potential future exposure in the interval between the last collection of margin and the liquidation of positions or hedging of market risk following a default of the other counterparty;
netting set
means a set of non-centrally cleared over-the-counter (‘OTC’) derivative contracts between two counterparties that is subject to a legally enforceable bilateral netting agreement.
variation margin
means the collateral collected by a counterparty to reflect the results of the daily marking-to-market or marking-to-model of outstanding contracts referred to in Article 11(2) of Regulation (EU) No 648/2012;

eu/reg/2016/2251