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ARTICLE · 18 JANUARY 2018

Proposed EU Guidelines On CCP Requirement For Anti-Procyclicality Margin Measures

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On January 8, 2018, the European Securities and Markets Authority launched a consultation on proposed guidelines for national regulators of CCPs on the application of the rules requiring CCPs...

European UnionFinance and Banking
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On January 8, 2018, the European Securities and Markets Authority launched a consultation on proposed guidelines for national regulators of CCPs on the application of the rules requiring CCPs to adopt anti-procyclicality margin measures.

The European Market Infrastructure Regulation requires CCPs to impose, call and collect margins to limit its credit exposures from clearing members. A CCP must also regularly monitor and, if necessary, revise the level of its margins to reflect current market conditions taking into account any potentially procyclical effects of those revisions. The Regulatory Technical Standards on requirements for CCPs provides that CCPs must use at least one of three options to limit procyclicality to the extent that the financial soundness of the CCP is not negatively affected.

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