On December 24, ISDA responded to a consultation from the European Securities and Markets Authority (ESMA) on central counterparty (CCP) participation requirements. Participation requirements for CCPs are vital for safe and efficient clearing markets, and ISDA broadly supports ESMA’s consultation and proposed regulatory technical standards, which promote fair access and clear membership criteria. While some requirements may scale with clearing member size, core standards on risk management and operational resilience should remain robust. ISDA welcomes the inclusion of sponsored models with clear responsibilities and contingency measures, as well as proposals addressing mutualization risks. However, implementation must be phased to avoid operational disruption, premature position unwinds or market instability as abrupt changes could lead to member exits and concentration risks.
Documents (1) for ISDA Response to ESMA on CCP Participation Requirements
Latest
Managing Assets in an Uncertain World: Remarks
Managing Assets in an Uncertain World April 28, 2026 Opening Remarks: The Shift to Digital – Steps to Tokenization Scott O’Malia, ISDA Chief Executive Good afternoon – thanks for joining us for our exclusive Managing Assets in an Uncertain...
Four Directors Join ISDA Board
ISDA has announced that two directors have been elected to the ISDA board and two new directors have been appointed, as ISDA’s 40th Annual General Meeting gets underway in Boston. The newly appointed directors are: Tom Ceusters, Director and Chief...
Episode 56: Countdown to Treasury Clearing
With less than nine months to go until the first US Treasury clearing mandates come into force, BlackRock’s Tyler Wellensiek and BNY’s Nate Wuerffel discuss industry progress. Please view this page via Chrome to access the recording.
Response to Eurosystem Consultation on Appia
On April 22, ISDA responded to the Eurosystem consultation on the Appia roadmap. ISDA broadly supports the roadmap and its high level principles, while recommending that the principle on market access and integration should be expanded to explicitly address interoperability...