The update establishes regulatory technical standards for central counterparties to disclose clearing fees and costs, which directly concerns clearing and settlement infrastructure governance and transparency.
Low confidence — requires human review. While CCPs facilitate cross-border settlement, this update focuses on fee disclosure standards rather than cross-border payment flows themselves.
Specialism
The update concerns fee transparency and disclosure requirements for clearing services, which relates to customer protection through informed decision-making, though the primary focus is on CCP operational transparency rather than direct payment service user protection.
Low confidence — requires human review. The RTS establishes standardized information requirements and disclosure formats for CCPs, which could relate to regulatory reporting obligations, but the content is primarily about market infrastructure transparency rather than traditional regulatory reporting to authorities.
2026-03-03 09:13:07·adavies@vixio.com
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TITLE: European Securities and Markets Authority Publishes Final Report on Clearing Fees and Associated Costs Regulatory Technical Standards
BODY:
The European Securities and Markets Authority (ESMA) has published a final report on regulatory technical standards (RTS) concerning information on clearing fees and associated costs under Article 7c(4) of the European Market Infrastructure Regulation (EMIR).
The RTS establishes requirements for central counterparties (CCPs) to provide transparent and standardised information regarding clearing fees and associated costs to market participants. The standards aim to enhance market transparency and enable participants to make informed decisions when selecting clearing services. The requirements specify the format, content, and frequency of fee disclosures that CCPs must provide, ensuring consistency across the European Union's clearing infrastructure.
The final report reflects ESMA's consultation process and incorporates feedback from market participants, CCPs, and other stakeholders. The standards address the information that CCPs must disclose, including direct clearing fees, indirect clearing costs, and ancillary service charges. By establishing harmonised disclosure requirements, the RTS seeks to reduce information asymmetries and facilitate fair competition among CCPs while protecting market participants from unexpected or hidden costs.
The implementation of these standards will apply to all CCPs authorised or recognised under EMIR. Market participants, including clearing members and their clients, will benefit from enhanced clarity regarding the true cost of clearing services across different venues.
ESMA's final report provides the basis for the European Commission to adopt the RTS as binding regulatory standards applicable across EU member states.
**Reference:**
ESMA91-1505572268-4519 Final Report on the Draft RTS on Information on Clearing Fees and Associated Costs