Klaus Löber, a senior official at the European Securities and Markets Authority (ESMA), warned on 28 April 2026 that central counterparties (CCPs) must strengthen their risk management frameworks and that cross-border supervisory coordination needs improvement, speaking at the IDClear International Conference on Financial Market Infrastructure. The speech, which did not announce new regulatory proposals, reinforced ESMA's ongoing focus on implementing the European Market Infrastructure Regulation (EMIR) review that entered into force in 2024.
Löber stressed that CCPs must maintain robust risk management frameworks, particularly in light of recent stress events in energy and commodity derivatives markets. He called for closer cooperation between national competent authorities and ESMA to address gaps in cross-border supervision, especially for CCPs that clear significant volumes of euro-denominated transactions from outside the EU. The speech implicitly advocates for a precautionary approach, prioritising systemic stability over short-term cost savings.
Policy orientation and trade-offs
Löber's remarks highlight a tension between financial stability and market efficiency. Stricter CCP resilience requirements could increase clearing costs for market participants, potentially reducing liquidity in derivatives markets. Conversely, weaker oversight might expose the financial system to contagion risks, as seen during the 2022 energy crisis.
Impact on stakeholders
CCPs face higher compliance costs and potential capital requirements if ESMA tightens stress-testing and margin rules. Clearing members, including banks and broker-dealers, may see increased collateral demands, affecting their balance sheets. End-users such as energy firms and corporates that rely on derivatives for hedging could face higher hedging costs. EU regulators gain stronger coordination tools but must balance national interests with centralised oversight.
Expected institutional follow-up
ESMA is expected to publish a consultation paper on CCP resilience later in 2026, potentially proposing amendments to EMIR technical standards. The European Commission may also incorporate Löber's concerns into its upcoming review of the CCP recovery and resolution framework. Market participants should monitor ESMA's work on cross-border equivalence decisions for third-country CCPs.