The European Securities and Markets Authority (ESMA) has launched a public consultation on draft Regulatory Technical Standards (RTS) setting out the elements central counterparties (CCPs) should consider when defining participation requirements. The draft RTS covers factors CCPs should take into account when establishing admission criteria, including how to assess the ability of non-financial counterparties acting as clearing members to meet margin requirements and default fund contributions. ESMA is seeking input from CCPs and from direct and indirect CCP participants and potential participants, including both financial and non-financial counterparties. Responses are due by 5 January 2026. ESMA plans to publish a final report and submit the final draft RTS to the European Commission by the end of Q1 2026.
European Securities and Markets Authority 2025-10-09
European Securities and Markets Authority launches consultation on draft RTS for CCP participation requirements
The European Securities and Markets Authority (ESMA) has initiated a public consultation on draft Regulatory Technical Standards (RTS) for central counterparties (CCPs) regarding participation requirements. The draft RTS outlines criteria for CCP admission, focusing on assessing non-financial counterparties' ability to meet margin and default fund obligations. ESMA seeks feedback from CCPs and both financial and non-financial counterparties.