ESMA Publishes CCP Admission Criteria Standards Under EMIR 3

The European Securities and Markets Authority published final draft regulatory technical standards on July 8 covering the elements central counterparties should consider when setting admission criteria for clearing members.

The standards follow the EMIR 3 review and focus on participation requirements in CCPs. ESMA said the draft RTS address elements related to clearing member admission criteria, including non-financial counterparties and sponsored membership models.

The release says the RTS do not set the actual admission criteria for each CCP. Instead, they define the elements that CCPs should consider when establishing those criteria. ESMA consulted on the draft standards in the final quarter of 2025 and held a public hearing in November 2025.

The standards now go to the European Commission for endorsement, followed by scrutiny from the European Parliament and the Council.

Why it matters

CCP access rules influence who can clear trades directly or through sponsored models, which affects clearing competition, operational setup and margin workflows. For traders, the topic is indirect but important because clearing access and membership design can influence how brokers, liquidity providers and larger clients handle derivatives exposure.

Clearer admission criteria may also matter for non-financial counterparties that use derivatives for hedging. If the final framework changes how CCPs evaluate participants, firms may need to revisit clearing arrangements and broker relationships.

What to watch next

Watch the European Commission endorsement process and any changes during parliamentary or Council scrutiny. Clearing brokers and CCPs may later update client documentation, sponsored-access models or onboarding standards once the RTS are finalized.