ESMA clarifies CCP margin rules

European Union
By Costas Mourselas
11 Apr 2017

The European Securities and Markets Authority (ESMA) has clarified margin rules under the European Market Infrastructure Regulation (EMIR) in a new document, outlining the situations in which central counterparties (CCPs) may allow up to 100% collateral reductions for derivatives contracts.

The opinion, expressed by ESMA, states that, where “two contracts are considered as the same product”, the CCP will be able to offset the full amount of collateral determined by its margin model.

In the original delegated legislation, which further clarified a document regulating OTC derivatives and CCPs, ...

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