2023-12-20

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ESAs Final Report on bilateral margining of equity options

The European Supervisory Authorities propose amending Commission Delegated Regulation (EU) 2016/2251 to extend the temporary exemption from bilateral margining requirements for non-centrally cleared single-stock equity options and index options until 4 January 2026. This two-year phase-in addresses the imminent expiration of the previous deadline on 4 January 2024, aiming to prevent market instability while the ongoing EMIR legislative review determines a long-term treatment. The extension maintains the status quo to ensure international regulatory convergence and a level playing field for EU counterparties until permanent provisions are finalized.

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