“The EU’s clearing policy is entering a pivotal stage with the rollout of EMIR 3.0,” says Klaus Löber, chair of the CCP Supervisory Committee at the European Securities and Markets Authority (ESMA). At the upcoming PostTrade 360° 2025 conference, he will be touching on what he describes as “the EU’s ambitious update” to its clearing framework in a panel titled “What’s up in clearing policy making?”
“This legislative overhaul reflects a renewed commitment to supervisory convergence, a level playing field across member states, and a strategic shift to reduce the EU’s dependency on critical clearing services provided from outside the union,” says Löber. “As chair of the ESMA CCP Supervisory Committee, I see firsthand the scope and ambition of this reform.”
Goal oriented
He lists three primary goals of the new mandate: to strengthen the supervision of EU CCPs; boost the the competitiveness, attractiveness, and resilience of the EU clearing ecosystem; and address systemic risk by reducing over-reliance on third-country CCPs.
“Beyond EMIR 3.0, the policy focus is also shifting toward emerging threats. Operational and cyber risks are increasingly in the spotlight, prompting regulators to modernise the clearing framework in line with evolving technologies and heightened digital vulnerabilities,” Löber adds.
Plan for success
He points out that diverging regulatory approaches between the EU and other major jurisdictions, as well as geopolitical tensions, are only adding to the timeliness and urgency of the clearing reform. The former “may impact cross-border market access, increase compliance costs for participants, and lead to market fragmentation”, while the latter has “highlighted the need for robust and resilient financial market infrastructures”.
He hopes that attendees of his panel will walk away with two key takeaways: “EMIR 3.0 implementation will require significant planning and adjustment – don’t underestimate the timeline. Stay proactive in tracking policy developments to manage regulatory fragmentation and align your clearing strategies accordingly.”
Have you signed up yet to be in Stockholm for PostTrade 360° 2025 on 3–4 September? It’s free for securities operations pros, both trading and investor sides! (Vendor firm representatives need a sponsorship agreement.) The powerful event website lets you register, see all other delegates, schedule sessions and meetings, and message. Find all related articles, including loads of teaser interviews, here.
