Market infrastructures

With the entry into force of the EMIR and the CRD IV/CRR, several provisions require the EBA to issue regulatory technical standards, opinions and reports on the interaction between credit institutions and investment firms on the one hand and market infrastructures on the other hand. To guarantee the full and consistent implementation of the regulations, the EBA closely collaborates with the other European Supervisory Authorities (ESAs) and the European System of Central Banks (ESCB) for the prudential requirements of banks' exposures to Central Counterparties (CCPs), CCP capital, Central Securities Depositories (CSD), and the over-the-counter (OTC) derivatives reform. The EBA also closely monitors the development and implementation of international proposals on market infrastructures from the Basel Committee (BCBS) and International Organisation of Securities Commissions (IOSCO).

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Technical Standards, Guidelines & Recommendations

Technical standards

Adopted and published in the Official Journal of the EU

Regulatory Technical Standards on risk mitigation techniques for OTC derivatives not cleared by a central counterparty (CCP)

These Regulatory Technical Standards (RTS) are to be developed by the Joint Committee of the European Supervisory Authorities (ESAs) will define the risk mitigation techniques to be put in place for OTC derivatives not cleared by a central counterparty (CCP). In particular, it will elaborate on the level of capital and collateral counterparties to derivatives transactions need to maintain, the type of collateral and segregation arrangements as well as on the procedures to apply an intragroup exemption.
Final draft RTS/ITS adopted by the EBA and submitted to the European Commission

Regulatory Technical Standards on prudential requirements for central securities depositories (CSDs)

The draft Regulatory Technical Standards (RTS) on prudential requirements for central securities depositories (CSDs) have been developed within the framework established by the Regulation on settlement and Central Securities Depositories (CSD-R), which aims to increase the safety and efficiency of securities settlement and settlement infrastructures.
Adopted and published in the Official Journal of the EU

Implementing Technical Standards on the Hypothetical Capital of a Central Counterparty (CCP)

The Implementing Technical Standards (ITS) on the reporting of the hypothetical capital of a central counterparty (CCP) relates to prudential requirements for banks’ exposures to central counterparties. In particular, they specify a reporting frequency on a quarterly basis and the template for the information that a CCP has to deliver to all credit institutions and investment firms that are clearing members, as well as to the supervisory authorities competent for those clearing members.

Opinions, Reports and other Publications

Opinions