Page 43 - 期货和衍生品行业监管动态（2025年6月）

期货和衍生品行业监管动态

《欧盟市场基础设施监管条例 3》引入了若干措施，以使欧盟清算服务及欧

盟中央对手方更加高效、更具竞争力，包括通过增加关于提供清算服务的成本与

费用以及中央对手方和清算服务提供商所收取保证金的透明度。

下一步

公开征求意见截至 2025 年 9 月 8 日。

基于收到的反馈，ESMA 将准备最终报告，并于 2025 年 12 月 25 日前向欧

盟委员会提交最终技术标准草案。

ESMA Consults on Margin Transparency and Cost of Clearing (2025/6/24)

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, launched today two public consultations following

the review of the European Market Infrastructure Regulation (EMIR 3).

ESMA is encouraging stakeholders to share their views about:

 the type of information to be disclosed by clearing service providers (CSPs)
to their clients, in relation to costs and fees for the provision of clearing

services; and

 the requirements regarding the central counterparties’ (CCPs) margin
simulation tool and CSPs’ margin simulations; and the type of information

to be provided by CCPs and CSPs regarding their margin models.

EMIR 3 introduces several measures to make EU clearing services and EU CCPs

more efficient and competitive, including by increasing transparency regarding costs

and fees for the provision of clearing services and margins called by CCPs and CSPs.

Next steps

The deadline for responses to the consultation papers is 8 September 2025.

Based on the responses received, ESMA will prepare the final reports and submit

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