On 6 May 2026 the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) opened a consultation that would rewrite parts of two documents every central counterparty already works to: the 2017 CCP resilience guidance and the 2015 public quantitative disclosure standards. The CPMI-IOSCO initial margin package folds six…
ESMA opened a consultation on 18 August 2026 on the technical standards that turn EMIR Article 7d into a working return, and comments close on 12 October 2026. Article 7d, added to EMIR by Regulation (EU) 2024/2987 (EMIR 3), requires clearing members and clients that clear contracts through a central counterparty recognised under Article 25…
On 23 February 2026 ESMA opened a consultation (paper reference ESMA91-1505572268-4513) on the draft regulatory technical standards that set the conditions for using guarantees as CCP collateral at an EU central counterparty. The consultation closed on 30 April 2026. The subject is narrow on paper and wide in practice: the draft RTS amends Commission Delegated…
When a clearing member defaults, what decides whether the rest of the market keeps trading is rarely whether the CCP has enough margin on file. It is whether the operational machine around the default works under pressure: can client positions be ported to a surviving member before the porting window closes, can the defaulter’s book…