Regulatory Alerts2026-03-02
Final Report on the Draft RTS on Margin Transparency requirements
The European Securities and Markets Authority (ESMA) has finalized Regulatory Technical Standards to implement the margin transparency requirements introduced by EMIR 3 for Central Counterparties and Clearing Service Providers. These standards mandate detailed disclosure of initial margin model designs, assumptions, and limitations, while requiring the provision of secure simulation tools to enhance the predictability of margin calls for clearing members and clients. ESMA refined the draft rules by removing specific obligations regarding pricing data sources and sensitivity testing results to balance transparency needs with the operational burdens and intellectual property concerns raised by industry respondents.
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