Page 53 - 期货和衍生品行业监管动态（2026年2月）

期货和衍生品行业监管动态

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

markets regulator and supervisor, has published its draft Regulatory Technical

Standards (RTS) setting out new and revised clearing thresholds (CTs) under EMIR 3.

The proposed thresholds ensure continuity in the coverage of systemic risk in

over- the- counter (OTC) derivative markets while avoiding unnecessary complexity

and additional compliance burdens for market participants.

To reduce unnecessary complexity and burden, ESMA has:

 retained five CTs categories, avoiding additional categories or more granular

thresholds;

 clarified the timing of calculation of positions, allowing counterparties to

apply the new CTs during their usual assessment window or earlier, if they

wish to benefit sooner from the new regime;

 enhanced stability and visibility in the mechanism triggering the review of

the CT.

Additionally, ESMA suggests increasing the thresholds in the commodity,

interest rate and credit derivatives asset classes compared to what was proposed in the

Consultation Paper published in April 2025. These adjustments reflect recent price
developments, inflation and other relevant market factors while ensuring a

proportionate coverage of the systemic risk.

Although respondents to the consultation requested broader recognition of

structured hedging arrangements, including virtual power purchase agreement

(VPPAs), ESMA confirms that any change to the hedging exemption would require

amendments at Regulation level and therefore cannot be addressed in these RTS.

As a reminder, entities active in OTC derivative markets and exceeding one or

more CTs are subject to additional requirements, notably the clearing obligation.

Next steps

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