The European Securities and Markets Authority (ESMA) published its first central counterparty (CCP) resolution briefing, setting out a methodology for National Resolution Authorities (NRAs) to operationalise the resolution cash call mechanism when drafting CCP resolution plans. Developed by ESMA’s CCP Resolution Committee, the briefing outlines that NRAs should specify the data a CCP must collect to calibrate the resources available via a cash call, assess the potential impact on stakeholders such as clearing members, financial markets and financial market infrastructures, and ensure that execution processes are in place and tested through dry-runs.
European Securities and Markets Authority 2025-06-25
European Securities and Markets Authority issues first CCP resolution briefing on operationalising resolution cash calls
The European Securities and Markets Authority (ESMA) released its inaugural central counterparty (CCP) resolution briefing, detailing a methodology for National Resolution Authorities (NRAs) to implement the resolution cash call mechanism in CCP resolution plans. The briefing, developed by ESMA’s CCP Resolution Committee, advises NRAs on data collection, stakeholder impact assessment, and execution process testing.