On 19 July 2023, the European Securities and Markets Authority (ESMA) issued a final report which contains draft targeted changes to the regulatory technical standards (RTS) on requirements for central counterparties (CCPs) under Commission Delegated Regulation (EU) No 153/2013.

The final report follows a consultation paper that ESMA published in January 2022 and a public hearing in March 2022.

The changes seek to further harmonise CCP policies and procedures for selecting, assessing and reviewing anti-procyclicality (APC) margin measures. In particular, the changes mitigate the potential procyclical effects of big steps margin changes on clearing members and clients and also limit the spread of liquidity stress to other parts of the financial system. Furthermore, the changes provide more granularity on design and use of specific APC tools, while ensuring sufficient flexibility for the CCPs to adapt to market situations.

The final report has been submitted to the European Commission for endorsement within three months in the form of an amending Delegated Regulation. Following adoption, the amending Delegated Regulation would be subject to the non-objection of the European Parliament and the Council.