The European Securities and Markets Authority (ESMA) has published a consultation paper on the draft regulatory technical standards (RTS) for the considerations CCPs should take when defining participation requirements. The draft RTS should take into account proportionality and effective risk management.
Participation requirements under the European Market Infrastructure Regulation (EMIR 3.0) call for CCPs to establish “the categories of admissible clearing members and the admission criteria” for the relevant products that they clear. The criteria must be “non-discriminatory, transparent, and objective so as to ensure fair and open access to the CCP”. Exceptions to the rule are allowed if criteria that restrict access are considered necessary to mitigate risks to the CCP.
Additionally, CCPs are allowed to “accept non-financial counterparties (NFCs) as clearing members only if those NFCs are able to demonstrate how they intend to fulfill the margin requirements and default fund contributions, including in stressed market conditions”.
ESMA is seeking stakeholder feedback on what a CCP should consider when establishing its admission criteria and assessing the ability of NFCs acting as clearing members to meet margin requirements and default fund contributions.
Responses from CCPs, as well as direct, indirect, and potential participants of CCPs are particularly valued. The deadline to respond is 5 January 2026.
