The European Securities and Markets Authority (ESMA) the EU’s monetary markets regulator and supervisor, revealed as we speak a Final Report reviewing the RTS to additional harmonise CCP insurance policies and procedures for choosing, assessing and reviewing anti-procyclicality (APC) margin measures.
ESMA’s proposals embody focused modifications to the prevailing RTS as a way to higher mitigate the potential procyclical results of huge steps margin modifications on clearing members and purchasers, in addition to restrict the unfold of liquidity stress to different components of the monetary system.
The revised RTS purpose to harmonise the insurance policies and procedures for choosing and reviewing the anti-procyclicality margin measures and to supply extra granularity on design and use of particular APC instruments, whereas guaranteeing ample flexibility for the CCPs to adapt to given market conditions.
The Last Report is submitted to the European Fee for endorsement inside three months within the type of an amending Delegated Regulation. Following their adoption, the RTS would then be topic to the non-objection of the European Parliament and of the Council.
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