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ESMA provides guidance on a tool for central counterparty resolution
News 3 heinäkuuta 2025
The European Securities and Markets Authority (ESMA) has published a new briefing to provide guidance for national resolution authorities for central counterparties (CCPs).
The briefing, which is the first of its kind, was developed by ESMA’s CCP Resolution Committee. It provides a method that national resolution authorities may refer to when implementing the resolution tool known as a resolution cash call.
According to the guidance, resolution authorities subject to the common EU regulatory framework are to define what data must be retrieved from a CCP for calibrating the resources that need to be made available through a cash call.
In the event of this, the resolution authority should take into account the impact on various factors, such as clearing members and financial stability. Resolution authorities also need to ensure that processes are in place for executing cash calls, as well as regularly test that such processes function properly.
The full report is available on ESMA’s website:
CCP Resolution Briefing on the Operationalisation of resolution cash calls
Read more about the Debt Office’s resolution tools for central counterparties