EUROPEAN UNION: ESMA Publishes Responses to its Consultation on Anti-Procyclicality Margin Measures for CCPS

Monday March 12 2018

On 8^th  March 2018, the European Securities and Markets Authority (ESMA) published the responses it received to its Consultation on Draft Guidelines on Anti-Procyclicality Margin Measures for CCPs.

This Consultation was launched on 8^th January 2018 with the aim of clarifying anti-procyclicality provisions for central counterparties (CCPs) laid down in the European Markets Infrastructure Regulation (EMIR).

The consultation focused specifically on:

• the monitoring of margin procyclicality;
• the implementation of anti-procyclicality margin measures; and
• the disclosures to facilitate margin predictability.

ESMA is expected to use the responses in order before publishing its final guidelines on Anti-Procyclicality measures.

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