ESMA Consultation on EMIR 3 Post-Trade Risk Reduction Standards

ESMA Consultations

Published February 26th, 2026

Detected March 14th, 2026

Summary

The European Securities and Markets Authority (ESMA) has launched a consultation on proposed regulatory standards for post-trade risk reduction services under EMIR 3. The consultation seeks feedback from financial and non-financial counterparties, service providers, and central counterparties.

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What changed

ESMA has opened a public consultation regarding the development of regulatory technical standards (RTS) for post-trade risk reduction (PTRR) services, as mandated by EMIR 3. This consultation focuses on the specific requirements for PTRR services to qualify for an exemption from the clearing obligation. The consultation paper outlines the proposed standards and seeks input from all interested stakeholders, particularly financial and non-financial counterparties to OTC derivatives, entities providing PTRR services, and central counterparties (CCPs).

Interested parties are invited to submit their comments by April 20, 2026. The feedback received will inform ESMA's finalization of these standards. Regulated entities, especially those involved in OTC derivatives and PTRR services, should review the consultation paper and submit their responses to influence the final regulatory framework. Failure to participate may result in standards that do not align with industry practices or operational capabilities.

What to do next

Review the ESMA consultation paper on EMIR 3 post-trade risk reduction standards.
Submit comments and feedback to ESMA by the deadline of April 20, 2026.
Assess the impact of proposed PTRR standards on current operations and risk management practices.

Source document (simplified)

Consultation on the regulatory standards on the post-trade risk reduction services under EMIR 3

From

26 February 2026

20 April 2026

Respond Post Trading Details

Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

respond to the question stated;
indicate the specific question to which the comment relates;
contain a clear rationale; and
describe any alternatives ESMA should consider. ESMA will consider all comments received by 20 April 2026.

All contributions should be submitted online using the provided reply form in docx format.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Personal data contained in the file will be published as submitted. If you don't wish such personal data to be publicly available, you should not include personal data within the document you upload to a public consultation. Alternatively, you may choose the option to not have your response published on the ESMA website. For further details on data processing, please refer to the record register.

Information on data protection can be found in the Legal Notice and Data Protection section.

Who should read this paper?

All interested stakeholders are invited to respond to this consultation paper. In particular, responses are sought from financial and non-financial counterparties of OTC derivatives transactions, entities providing post trade risk reduction services as well as from central counterparties (CCPs).

Response Form

Activity - None - Asset Management Data Reporting Services Providers (DRSPs) Banking Central Counterparty (CCP) Central Securities Depository (CSD) Credit Rating Agencies Fintech Government, Regulatory and Enforcement Individuals Insurance and Pension Investment Services Investor Relations Issuers Legal and Accountancy Press Sovereign Issuers Others Trade Repository Regulated markets, exchanges and trading systems Institution First name Surname Email Attach files to this response to a consultation Personal data contained in the file will be published as submitted. If you don't wish such personal data to be publicly available, you should not include personal data within the document you upload to a public consultation. Alternatively, you may choose the option to not have your response published on the ESMA website. For further details on data processing, please refer to the record register. Format and size Maximum 5 files.
200 MB limit.
Allowed types: pdf, txt, doc, docx, xls, xlsx, ppt, pptx, pps, ppsx, odt, ods, odp. I do not wish to have my response published on the ESMA website Please check this box if you wish that your response is treated as confidential. The response will not be made publicly available through ESMA website. This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.