Methodology for assessing the effectiveness of the active account requirement
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ESMA publishes the methodology it will use to assess whether the EMIR 3 active account requirement (AAR) reduces EU counterparties' excessive exposure to systemically important third-country (Tier 2) CCPs. The assessment has three strands: implementation status, effectiveness against the risks and possible complementing measures.
Key points
- Next step: a data request to the market, including risk sensitivities (PV01, DV01) and default fund contributions.
- Quantitative thresholds and other complementing measures will be assessed.
- Industry roundtables planned for early 2027.
Who is affected
Financial and non-financial counterparties subject to the active account requirement, EU and UK CCPs.
Deadlines
Final report to Parliament, Council and Commission planned for 2027.
Plain-language version
ESMA, the EU's stock market watchdog, has explained how it will judge whether a new rule works: requiring EU firms to keep an active account at EU clearing houses, so they rely less on large ones outside the EU. A clearing house makes sure both sides of a trade pay up. ESMA will ask the market for data and deliver its report in 2027.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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