ESMA asks for evidence on tokenised collateral at EU clearing houses

The European Securities and Markets Authority (ESMA) launched a call for evidence on 9 October 2026 on whether EU central counterparties (CCPs) could use tokenised collateral. It is inviting all interested stakeholders to respond by 15 January 2027.

What ESMA is asking

ESMA says tokenisation is moving from testing into real-world use, and that collateral mobilisation is emerging as a particularly relevant use for central clearing. The call for evidence asks whether, and under what conditions, tokenised forms of collateral could be used safely and effectively by EU CCPs.

It covers several models: tokenised versions of assets held in traditional infrastructures, which ESMA calls “digital twins”; assets issued directly on distributed ledger technology; and hybrid arrangements, including how these interact with tokenised cash and other settlement assets.

ESMA wants to know how each model would work across the collateral lifecycle, particularly if a clearing member defaults. That includes whether a CCP could access, transfer and convert tokenised collateral into liquidity when needed, and how client protection, segregation and settlement finality would be ensured where distributed ledger technology meets traditional market infrastructure. It also asks whether tokenising collateral that is already eligible changes its risk profile.

Safeguards stay the same

Klaus Löber, who chairs ESMA’s CCP Supervisory Committee, said the fundamental safeguards for CCP collateral remain unchanged. According to ESMA, collateral must be of high quality, legally enforceable, highly liquid and easily available, including in stressed conditions and after a clearing member default.

What it means for the market

For futures and options traders, CCP collateral rules decide which assets clearing members can post as margin. The call for evidence does not change any rule. It is a fact-finding exercise, and ESMA has not said whether new requirements will follow.

What happens next

Responses are due through ESMA’s consultation page by 15 January 2027 and will be published unless respondents ask otherwise. ESMA says it will assess the feedback in the first quarter of 2027 and then decide on the most appropriate course of action, including any regulatory or supervisory convergence action within its remit.