ESMA Minta Bukti Soal Tokenised Collateral di Clearing

• Masukan dibuka untuk semua pemangku kepentingan hingga 15 Januari 2027.
• ESMA menilai potensi tokenised collateral di central clearing.
• Umpan balik akan dinilai pada kuartal I 2027.

Action

European Securities and Markets Authority (ESMA) membuka Call for Evidence tentang potensi penggunaan tokenised collateral oleh central counterparties (CCPs). Lembaga itu meminta bukti apakah bentuk agunan bertokenisasi bisa dipakai secara aman dan efektif oleh CCP Uni Eropa.

ESMA Minta Bukti Soal Tokenised Collateral di Clearing

ESMA juga menyoroti bagaimana tokenisation dapat memengaruhi transfer, pengelolaan, perlindungan, dan penggunaan collateral sepanjang siklus hidupnya.

Respondents

ESMA meminta kontribusi dari semua pemangku kepentingan yang berminat. Respons akan dipublikasikan setelah konsultasi ditutup, kecuali jika responden meminta sebaliknya.

Tokenisation has the potential to make Europe’s financial markets more efficient, integrated and innovative. As it moves from experimentation to the mainstream, we must create the conditions for tokenised markets to operate safely and at scale across borders, with legal certainty, interoperable infrastructures and appropriate supervision. This Call for Evidence is an important part of ESMA’s broader work to ensure that tokenisation develops safely and at scale across the Single Market, and that Europe is well placed to reap the benefits of this new technology.

— Verena Ross, Chair of ESMA

Tokenisation can support more efficient collateral mobilisation and contribute to the further integration of EU post-trade markets. At the same time, it is key that the fundamental safeguards applicable to CCP collateral remain unchanged. Collateral must be of high quality, legally enforceable, highly liquid, and easily operationally available, including in stressed conditions and following a clearing member default. Through this Call for Evidence, we want to understand how tokenised arrangements work in practice and whether the existing framework can accommodate them safely and effectively.

— Klaus Löber, Chair of ESMA’s CCP Supervisory Committee

Effective

ESMA menetapkan batas pengajuan kontribusi pada 15 Januari 2027. Lembaga itu akan menilai masukan pada kuartal I 2027 dan kemudian menentukan langkah yang paling tepat, termasuk kemungkinan tindakan regulatory atau supervisory convergence dalam kewenangannya.

Penalty

Tidak ada denda atau penalti dalam pengumuman ini.