CCPs are critical clearing and settlement infrastructure entities, and the consultation on collateral management and investment policy directly affects how these systems operate and manage risk.
Low confidence — requires human review. While CCPs support payment systems, this consultation focuses on capital markets collateral and investment policy rather than payment-specific clearing or settlement mechanics.
Specialism
While the consultation addresses CCP collateral and investment policy, it does not directly regulate payment service providers, payment systems, or payment-specific activities; CCPs are securities market infrastructure entities distinct from payment firms.
The consultation touches on risk management and financial stability of CCPs, but lacks the specific DORA, ICT risk, or stress-testing focus that defines Operational Resilience in the payments context.
2026-02-24 09:13:29·adavies@vixio.com
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TITLE: European Securities and Markets Authority Launches Consultation on Central Counterparty Collateral and Investment Policy
BODY:
The European Securities and Markets Authority (ESMA) has launched a consultation on guarantees as central counterparty (CCP) collateral and on certain aspects of CCP investment policy. The consultation paper (ESMA91-1505572268-4513) addresses regulatory frameworks governing how CCPs manage collateral and investment activities.
The consultation examines the use of guarantees as eligible collateral for CCPs, which are critical infrastructure entities that reduce counterparty credit risk in financial markets. Additionally, it reviews specific aspects of CCP investment policy to ensure robust risk management and financial stability. These matters are significant for market participants including clearing members, financial institutions, and other entities that interact with CCP services across the European Union.
The consultation aims to clarify regulatory expectations and potentially establish or refine guidelines on collateral eligibility standards and investment practices. This is noteworthy as it directly impacts how CCPs manage risk, the types of assets they can accept, and how they deploy their resources—all of which have implications for market resilience and participant protection.
Stakeholders, including financial institutions, clearing members, and other interested parties, are invited to submit responses to this consultation. The feedback received will inform ESMA's policy development in this area.
REFERENCES:
European Securities and Markets Authority. Consultation paper on guarantees as CCP collateral and on certain aspects of CCP investment policy. Reference: ESMA91-1505572268-4513. Available at: https://www.esma.europa.eu/