On 4 March 2026, the Bank of England (BoE) issued a consultation paper on the approach to using its requirements and permissions powers to facilitate mobilisation of new central counterparties (CCPs). The consultation paper is relevant to all prospective UK CCPs seeking recognition by the BoE.
Background
The BoE published its approach to onboarding new financial market infrastructure (FMI) firms in July 2025. This approach clarified that new FMIs, including CCPs, could pursue the discretionary stage of mobilisation, which takes place after a firm has been authorised or recognised. During mobilisation, a CCP would operate under de minimis limits and be subject to proportionate regulatory oversight. Mobilisation is not the stage at which CCPs should commence the building out of strategies, processes, and systems, but instead provides additional time to deliver these elements while subject to de minimis limits.
Consultation
In the consultation paper a new statement of policy (SoP) is proposed that will establish the BoE’s approach to using its permissions and requirements powers to facilitate a discretionary mobilisation stage as part of the onboarding process of new CCPs. In particular, the draft SoP sets out how the BoE will use these powers to impose de minimis limits under which the CCP will operate throughout the duration of the agreed mobilisation period and, where appropriate, to give permission to modify or waive certain rules.
Next steps
The deadline for comments on the consultation paper is 4 June 2026.