Risk Management: Risk Management 20/21: Concentration Margin

As communicated on the 29th of October, Nasdaq Clearing will implement a change
to the way concentration margin is calculated for all models. The original
implementation date was set to Friday 2021-11-05, however as we understand that
there could be challenges for our members to implement the change this week due
to holidays, we have decided to postpone the implementation until Thursday
2021-11-11 to allow members additional time to adapt. Note also that this
change includes both an adjustment to the porting assumptions used in the
calculation, as well as updated concentration risk haircuts. For detailed
information please contact your key account manager.