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    Default Waterfall

    A default waterfall refers to the sequence of steps and resources used to manage and cover losses if a clearing member defaults on its obligations, such as failing to settle a trade or meet margin requirements.

    STEP 01

    Collateral lodge by the defaulted Clearing Member to secure margin requirement

    STEP 02

    Collateral lodge by the defaulted Clearing Member as contribution to the (Guarantee Fund)

    STEP 03

    CSEClear contribution to the (Guarantee Fund)

    STEP 04

    Collateral lodge by other Clearing Member as contribution to the (Guarantee Fund)

    STEP 05

    Sale of suspended securities purchased by the defaulted Clearing Member

    STEP 06

    Assets of CSEClear

    Order of Application of Financial Resources