CCPmeans a CCP as defined in Article 2, point (1), of Regulation (EU) No 648/2012 of the European Parliament and of the Council.
pro forma modelmeans an initial margin model established, published, and revised through market-led initiatives.
uncleared positionmeans the aggregate month-end average position for the previous 12 months in OTC derivative contracts that are not cleared by a CCP authorised under Article 14 or recognised under Article 25.’;