Briefing

ESMA asks for evidence on tokenised collateral at central counterparties

Written by WiT Markets EditorialReview Editorially reviewedLast reviewed

Market infrastructureDate only. No clock time was recorded.wit-editorial2 min read

On 9 October 2026 the European Securities and Markets Authority opened a call for evidence on the possible use of tokenised collateral by EU central counterparties. Stakeholders are asked to respond by 15 January 2027. ESMA has not approved tokenised collateral for central clearing.

A collateral block drawn with a dotted edge, for a consultation rather than an approval
Editorial illustration. It is not a photograph of an event, and it does not show a price.

Key facts

  • The call for evidence is dated 9 October 2026.
  • Contributions are due by 15 January 2027.
  • ESMA says it will assess feedback in the first quarter of 2027. No collateral rule is adopted in this release.

ESMA says tokenisation is moving from testing into use, and that collateral mobilisation is particularly relevant for central clearing. The call asks whether, and under what conditions, tokenised forms of collateral could be used safely by EU CCPs. It looks at transfer, management, protection and use of collateral through its life, including when a clearing member defaults.

The models named in the release are tokenised versions of assets that stay in traditional infrastructure, assets issued directly on distributed-ledger technology, and hybrid arrangements, including how they would interact with tokenised cash. ESMA asks whether a CCP could still access, transfer and turn that collateral into liquidity in stress, and how client protection, segregation and settlement finality would work where a ledger meets existing market infrastructure. It also asks whether tokenising collateral that is already eligible changes the risk of that collateral.

Klaus Löber, chair of ESMA’s CCP Supervisory Committee, is quoted saying the usual safeguards should stay: collateral of high quality, legally enforceable, highly liquid, and operationally available in stress and after a default. Verena Ross, ESMA’s chair, describes the call as part of wider work on safe tokenisation. ESMA says it will assess responses in the first quarter of 2027 and then decide whether any regulatory or supervisory step is appropriate. That assessment window is not a start date for a new collateral rule.

Why it matters for investors and traders

Clearing members and CCPs can see the questions ESMA wants answered before anyone treats a token as eligible margin. The questions cover legal enforceability, liquidity, custody, segregation, settlement finality and default management.

Markets discussed: Derivatives. These are the subjects of the briefing, not a list of markets that moved.

Uncertainties

  • The call does not list which tokens, if any, would meet the existing collateral tests.
  • “First quarter of 2027” is not converted here into a calendar day.
  • Responses may be published after the call closes unless a respondent asks otherwise. None are on this page.

What to watch next

  • Keep the 15 January 2027 date as a response deadline, not an approval date.
  • Read a later ESMA decision before treating any tokenised asset as CCP collateral.
  • Separate this EU call from the SEC’s conditional relief for certain tokenized US stock venues.

How to read this development

Call for evidenceEuropean UnionEuropean Securities and Markets Authority

The document is dated 9 October 2026. This briefing was published on 22 October 2026. The two dates are not the same event.

Who is affected

EU central counterparties, clearing members and other stakeholders ESMA invited to respond. No CCP is named.

What changes

No collateral rule changes. ESMA asks how tokenised arrangements would behave across the collateral life, including in a member default.

When it applies

The call is dated 9 October 2026. Contributions are due by 15 January 2027. ESMA says it will assess them in the first quarter of 2027.

Markets, research and tools

Markets: Futures

Further reading: Margin

These links are context. They are not a suggestion to trade, and they are not placed as advertisements.

Saved briefingsStored only on this device. Not an account, and not sent to WiT Markets.

Sources and review

Written by: WiT Markets Editorial. Writes and structures WiT Markets pages. Separates a sourced fact from a cell that is Not confirmed.

Review: Editorially reviewed. This is not a qualified specialist review and it is not a legal sign-off.

Last reviewed: . Next review due . The date is an editorial pass. It is not a live check of every third-party fee.

Regulatory and official sources

Methodology. Editorial policy. Corrections. Report an error.

ESMA call for evidence on tokenised CCP collateral | WiT Markets