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ESMA clarifies operationalisation of resolution tool WDCI for central counterparties
News 20 May 2026
The European Securities and Markets Authority (ESMA) has published a new briefing providing guidance for National Resolution Authorities (NRAs) for central counterparties (CCPs).
The briefing has been developed by ESMA’s CCP Resolution Committee. It provides a method for NRAs to refer to when implementing the resolution tool called the write down and conversion of instruments tool (WDCI).
The Swedish National Debt Office and other NRAs that are subject to the EU-wide regulation should, according to the regulatory framework, define what data is to be collected by the CCP in order to identify and calibrate the resources that are available for write down. In conjunction with this, we should take into account various factors, such as the impact on clearing members, financial-market infrastructures, and financial stability.
Furthermore, we should ensure that there are processes in place for effectively implementing the WDCI, including preparations for the reorganisation of the CCP following the implementation. The full report is available on ESMA’s website.
News article from 3 July 2025: ESMA provides guidance on a tool for central counterparty resolution
Read more about the Debt Office’s resolution tools for central counterparties