TITLE: European Securities and Markets Authority Launches Consultation on Central Counterparty Collateral and Investment Policy BODY: On 23 February 2026, the European Securities and Markets Authority (ESMA) launched a consultation on guarantees as central counterparty (CCP) collateral and on certain aspects of CCP investment policy. The consultation invites comments from all interested stakeholders, with particular focus on central counterparties, clearing members, and clients of CCPs, including non-financial counterparties. The consultation seeks stakeholder feedback on specific matters outlined in the consultation paper, with respondents encouraged to address the questions summarised in Annex 1. ESMA is seeking responses that clearly reference the specific question being addressed, provide detailed rationale for comments, and identify any alternative approaches that should be considered. The consultation covers the use of guarantees as collateral within CCP arrangements and aspects of how CCPs manage their investment portfolios, both areas of significance for the functioning and resilience of European clearing infrastructure. All contributions must be submitted online by 30 April 2026. Following the close of the consultation period, ESMA will publish all responses received unless respondents request otherwise. Respondents wishing to keep their submissions confidential should clearly indicate this in their submission, though standard confidentiality statements in email messages will not be treated as confidentiality requests. Personal data contained in submissions will be published as submitted unless respondents choose not to have their response published on the ESMA website. **Reference:** ESMA Consultation Paper ESMA91-1505572268-4513, available at https://www.esma.europa.eu/

Consultation on guarantees as CCP collateral and on certain aspects of CCP investment policy

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