ESMA has launched a consultation on new rules governing the use of guarantees as collateral by EU central counterparties (CCPs) and on the standards that should shape CCP investment policies.
The proposals sit within the wider EMIR 3.0 reform package, which aims to reinforce the resilience of EU clearing and ensure that collateral posted to CCPs remains high‑quality, liquid, and enforceable under stress.
The changes would directly affect clearing members, clients posting margin, CCPs operating in the EU, and entities issuing guarantees. ESMA is seeking feedback on when guarantees should be eligible, how they should be valued, and what safeguards are needed to mitigate credit and liquidity risks. The consultation also revisits CCP investment practices, including concentration limits and expectations around cash and non‑cash asset management.
As EMIR 3.0 moves toward finalisation, this consultation will help shape the Regulatory Technical Standards that define the detailed rulebook for EU CCP risk management.
