Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Rozszerzenie środków nadzwyczajnych dotyczących wymogów w zakresie zabezpieczeń CCP

4 October 2023

ESMA91-1505572268-3317

Final Report

Extension of emergency measures on CCP collateral requirements

1 Executive Summary

Reasons for publication

To alleviate liquidity pressures observed in cleared energy markets in spring and summer 2022, ESMA adopted on 14 October 2022 a Final Report revising its regulatory technical standards (RTS) for central counterparties to temporarily expand the pool of eligible collateral by central counterparties (CCPs) to uncollateralised bank guarantees for Non-Financial Counterparties (NFCs) acting as clearing members and to public guarantees for all types of counterparties. These measures contained in Delegated Regulation adopted by the European Commission on 22 October 2022, which amends the RTS, are expiring on 29 November 2023.

Contents

Section 2 provides background on the initial decision to adopt temporary measures expanding the pool of eligible collateral by CCPs during the energy crisis in 2022. Section 3 reviews the current state of energy...