ESMA Consults On Margin Transparency & Cost Of Clearing

The European Securities and Markets Authority (ESMA) has launched two public consultations aimed at enhancing transparency in clearing services. The MOVE follows a review of the European Market Infrastructure Regulation (EMIR 3), which seeks to improve the efficiency and competitiveness of EU clearing services and central counterparties (CCPs).

Key focus areas include the disclosure of costs and fees by clearing service providers (CSPs) to their clients, as well as requirements for margin simulation tools and models used by CCPs and CSPs. These measures are designed to provide greater clarity on clearing expenses and margin calls, potentially reducing operational risks for market participants.

Stakeholders have until 8 September 2025 to submit responses. ESMA will then prepare final reports and submit draft technical standards to the European Commission by 25 December 2025.