ESMA Final Draft RTS on Margin Transparency and Clearing Costs

JD Supra Trade Law

Published March 11th, 2026

Detected March 12th, 2026

Summary

The European Securities and Markets Authority (ESMA) has published final draft Regulatory Technical Standards (RTS) on margin transparency requirements and clearing costs under EMIR 3. These drafts aim to improve transparency for clearing participants regarding margin calls and clearing fees.

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What changed

ESMA has released two final reports containing draft Regulatory Technical Standards (RTS) concerning margin transparency and clearing costs, as mandated by the review of the European Market Infrastructure Regulation (EMIR 3). The draft RTS on margin transparency specify the information that central counterparties (CCPs) and clearing service providers (CSPs) must provide regarding their margin simulation tools and models, with the goal of enhancing predictability of margin calls for clearing participants. The second set of draft RTS focuses on increasing transparency around clearing fees and associated costs charged by CSPs.

These final draft RTS will now be submitted to the European Commission for adoption, followed by a non-objection period by the European Parliament and the Council of the EU. Regulated entities, particularly those involved in clearing derivatives, should monitor the adoption process and prepare for potential new disclosure requirements related to margin calculations and fees. While these are draft standards, their final adoption could lead to significant changes in how margin and clearing costs are reported and understood within the EU derivatives market.

What to do next

Monitor the adoption process of the draft RTS by the European Commission, Parliament, and Council.
Review current margin simulation tools and fee disclosures for compliance with anticipated transparency requirements.
Prepare for potential implementation of new reporting obligations related to margin calls and clearing costs.

Source document (simplified)

March 11, 2026

ESMA Final Draft RTS On Margin Transparency Requirements And Clearing Costs

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The European Securities and Markets Authority (ESMA) has published two final reports with final draft regulatory technical standards (RTS) mandated under the review of the European Market Infrastructure Regulation (EMIR 3). Both reports were consulted on in June 2025.

The final draft RTS on margin transparency requirements, as required under Article 38 EMIR, specify the information to be provided by central counterparties (CCPs) on their margin simulation tools and by clearing service providers (CSPs) on their margin simulation requirements; and by both on their margin models. The aim is to improve transparency for clearing participants and enable them to better predict margin calls. The final draft RTS contain provisions on the information to be provided by a CCP to its clearing members, the CCP initial margin simulation tool and information to be provided by clearing members and clients providing clearing services.

The final draft RTS on clearing fees and associated costs, as required under Article 7c(4) EMIR, specify further details of the information to be disclosed by CSPs regarding clearing fees to be charged to CCPs for providing clearing services and any other fees charged, as well as any associated costs, with the aim of increasing costs transparency.

Both sets of final draft RTS will now be submitted to the European Commission which has three months to decide whether to adopt the RTS. Following adoption, they are then subject to non-objection by the European Parliament and the Council of the EU.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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Capital Markets + Follow Central Counterparties + Follow EMIR + Follow EU + Follow European Commission + Follow European Securities and Markets Authority (ESMA) + Follow Margin Requirements + Follow Regulation Technical Standards (RTS) + Follow Reporting Requirements + Follow Risk Management + Follow General Business + Follow Finance & Banking + Follow International Trade + Follow Securities + Follow more less

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