Open hearing on CCP anti-procyclicality measures

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, will hold an open hearing for its Consultation Paper on the review of the RTS with respect to the procyclicality of CCP margins.

On 27 January 2021 ESMA published a consultation paper with the aim to gather stakeholders feedback on the proposed amendments to the EMIR RTS that aim to further harmonise CCP policies on margin changes, as well as the use of anti-procyclicality margin tools across the EU.

The closing date for responses is 31 March 2022. ESMA will consider the responses to the consultation with a view to publishing a final report by summer 2022.

This open hearing, chaired by Nicoletta Giusto (CCP SC Independent member), aims at providing an opportunity for interested stakeholders (such as CCPs, clearing members, and other entities that are impacted by the anti-procyclicality margin measures under EMIR) to discuss the proposals in advance of providing consultation responses.