ESMA seeks evidence on tokenised collateral for EU CCPs
09 October 2026 Europe
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The European 网爆吃瓜 and Markets Authority (ESMA)has launched a call for evidence on the potential use cases for tokenised collateral by central counterparties (CCPs).
The initiative focuses in particular on how tokenisation may affect the transfer, management, protection, and use of collateral throughout its lifecycle for EU CCPs.
ESMA鈥檚 call for evidence will examine different tokenisation models, including digital twins 鈥� tokenised versions of assets held in traditional infrastructure 鈥� assets issued directly on distributed ledger technology (DLT), and the interaction between hybrid arrangements and tokenised cash and other settlement assets.
ESMA is interested in how these models would operate, particularly in the event of a clearing member default.
The regulator wants to know whether CCPs could access, transfer, and convert tokenised collateral into liquidity when necessary, and how client protection, segregation, and settlement finality could be ensured where DLT interacts with traditional market infrastructure.
ESMA is also seeking to understand if and how the tokenisation of already eligible collateral may change its risk profile.
Speaking on the initiative, Verena Ross, chair of ESMA, says: 鈥淭his Call for Evidence is an important part of ESMA鈥檚 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.鈥�
Klaus L枚ber, chair of ESMA鈥檚 CCP Supervisory Committee, adds: 鈥淭okenisation can support more efficient collateral mobilisation and contribute to the further integration of EU post-trade markets.
鈥淭hrough 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.鈥�
Relevant participants have until 15 January 2027 to submit their evidence.
The initiative focuses in particular on how tokenisation may affect the transfer, management, protection, and use of collateral throughout its lifecycle for EU CCPs.
ESMA鈥檚 call for evidence will examine different tokenisation models, including digital twins 鈥� tokenised versions of assets held in traditional infrastructure 鈥� assets issued directly on distributed ledger technology (DLT), and the interaction between hybrid arrangements and tokenised cash and other settlement assets.
ESMA is interested in how these models would operate, particularly in the event of a clearing member default.
The regulator wants to know whether CCPs could access, transfer, and convert tokenised collateral into liquidity when necessary, and how client protection, segregation, and settlement finality could be ensured where DLT interacts with traditional market infrastructure.
ESMA is also seeking to understand if and how the tokenisation of already eligible collateral may change its risk profile.
Speaking on the initiative, Verena Ross, chair of ESMA, says: 鈥淭his Call for Evidence is an important part of ESMA鈥檚 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.鈥�
Klaus L枚ber, chair of ESMA鈥檚 CCP Supervisory Committee, adds: 鈥淭okenisation can support more efficient collateral mobilisation and contribute to the further integration of EU post-trade markets.
鈥淭hrough 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.鈥�
Relevant participants have until 15 January 2027 to submit their evidence.
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