Banks, CCPs protest Esma’s ‘prescriptive’ procyclicality rules

Dealers welcome model transparency push, but call for greater say on methods to combat spikes

Esma headquarters, Paris
Esma headquarters, Paris
Photo: Esma

Banks and clearing houses alike are railing against “prescriptive” new rules proposed by European regulators to curb spikes in initial margin (IM) at central counterparties (CCPs) during times of severe market stress.

Almost two years after the rapid spread of the coronavirus sent shockwaves through markets, and saw margins spike dramatically for many assets, the European Securities and Markets Authority (Esma) proposed amendments to European Union rules on January 27 aimed at preventing a

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here