Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport końcowy z przeglądu RTS w odniesieniu do cykliczności depozytu zabezpieczającego kontrahenta centralnego

le19 July 2023

ESMA91-1505572268-3217

Final Report

Review of the RTS with respect to the procyclicality of CCP margin

1 Executive Summary

Reasons for publication

The global market turmoil which occurred in March and April 2020 following the emergence of COVID-19 has acted as a live test of the resilience of EU CCPs and the suitability of their regulatory and supervisory framework.

While CCPs have performed overall well throughout the crisis, ESMA’s analysis revealed a lack of convergence regarding the implementation of the APC tools across EU CCPs, which can in part be addressed by reviewing and enhancing the RTS defining the APC tools and the modalities of their use.

ESMA published a Consultation Paper on 27 January 2022 with draft targeted changes to the RTS on requirements for CCPs under the Commission Delegated Regulation (EU) No 153/2013 (‘the RTS’) which ran until 31 March 2022. ESMA also held a public hearing on the Consultation Paper on 17 March 2022. In accordance with Article 41(5)...