CCPs fear prescriptive Esma standards on margin and risk

Esma could take key risk management decisions out of the hands of CCPs, according to new discussion paper on the technical standards required by European clearing rules


European regulators are considering a host of prescriptive rules that would limit the ability of central counterparties (CCPs) to set their own risk management policies – a prospect that is causing concern among senior figures in the industry, after the first details were revealed in a European Securities and Markets Authority (Esma) discussion paper yesterday.

"I think we have to find a healthy balance between supervisors' legitimate interest in making sure the system as a whole is secure, and

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