meta_id 2931019

On 4 March 2026, the Bank of England published a consultation paper setting out its proposed approach to using its requirements and permissions powers to facilitate a discretionary mobilisation stage for new central counterparties (CCPs) seeking recognition. The consultation establishes a framework whereby prospective CCPs can operate under de minimis limits during mobilisation—a temporary phase following recognition but before full business-as-usual operations. During mobilisation, new CCPs would conduct live testing with minimal activity levels while completing their operational build-out and meeting outstanding regulatory requirements. The Bank proposes using its requirements powers under section 55L of the Financial Services and Markets Act 2000 (FSMA) to impose voluntary requirements (VREQs) for de minimis limits, and its permissions power under section 138BA of FSMA to modify or waive specific rules where appropriate. De minimis limits may include restrictions on clearing activity volumes, CCP membership numbers, and loss or risk metrics. The Bank anticipates prospective CCPs may seek modifications to rules covering minimum capital requirements (with an expectation of at least £1 million during mobilisation), skin-in-the-game requirements, independent board member appointments, external risk committee appointments, business continuity objectives, and disaster recovery testing. The mobilisation application process integrates both the VREQ and permissions applications into a single streamlined submission alongside the recognition application. Mobilisation periods are expected to last up to 12 months, after which CCPs must demonstrate full compliance with unmodified rules to exit. The consultation closes on 4 June 2026. Responses should be submitted via email to CCP_mobilisation_CP@bankofengland.co.uk or through the consultation response form. The final statement of policy will be published following consideration of feedback and is expected to take effect alongside the final CCP rules, anticipated no earlier than the end of the first half of 2026.