Page 56 - 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

素征求反馈意见，包括对参与者的透明度、算法保障措施、交易后风险缓释操作

的执行、需执行的控制以及记录保存。最后，草案还描述了相关监管机构应如何

进行监测。

监管技术标准（RTS）草案规定了交易后风险缓释服务必须满足的要求，以

使场外（OTC）衍生品交易有资格获得清算义务豁免。草案聚焦于当前市场上使

用的三种主要服务类型：压缩、投资组合再平衡和基差风险优化。

监管技术标准旨在确保豁免不被用来规避清算义务，同时通过利用自 EMIR

3 制度启动以来的现行实践，兼顾简化和减负目标。

下一步

邀请利益相关方在 2026 年 4 月 20 日前就咨询文件中提出的建议提供反馈意

见。监管技术标准草案将于 2026 年第四季度提交给欧盟委员会。

ESMA Consults on Post-trade Risk Reduction Services under EMIR 3
(2026/2/26)

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

markets regulator and supervisor, has launched a consultation on the requirements for
how post-trade risk reduction (PTRR) services can benefit from the conditioned

exemption from the clearing obligation introduced under the European Market

Infrastructure Regulation (EMIR 3).

ESMA is seeking feedback on several elements of the framework for the PTRR

service providers to operate under the exemption, including transparency towards

participants, algorithm safeguards, execution of PTRR exercises, controls to be

performed and record keeping. Finally, the consultation describes how monitoring

should be conducted by the relevant authorities.

The draft Regulatory Technical Standards (RTS) set out the requirements that

PTRR services must meet for over-the-counter (OTC) derivative transactions to

qualify for the exemption from the clearing obligation. They focus on the three main

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