The European Securities and Markets Authority (ESMA) has published an interim report assessing the effectiveness of the active account requirement (AAR) for central counterparties (CCPs), finding it contributes to financial stability by ensuring CCPs maintain active accounts in the EU. The report, dated 6 July 2026, is the first interim evaluation under the AAR framework introduced to reduce over-reliance on UK CCPs post-Brexit.
The AAR, part of the European Market Infrastructure Regulation (EMIR) 2.2, requires EU clearing members and clients to hold active accounts at EU CCPs for certain derivatives. ESMA's report draws on data from CCPs and national competent authorities, concluding that the requirement has increased the volume of clearing activity in EU CCPs without significant disruption to market functioning. The report notes that the share of euro-denominated interest rate swaps cleared in the EU has risen since the AAR's implementation.
ESMA's interim assessment is a key input for the European Commission's review of the AAR, which must decide by 2027 whether to extend, modify, or phase out the requirement. The report does not make formal recommendations but highlights areas for further monitoring, including the potential for increased costs for clearing members and the need to avoid fragmentation of liquidity. The Joint Monitoring Mechanism, established under EMIR 2.2, will continue to track the AAR's impact alongside ESMA.
The report's publication follows the European Commission's broader review of CCP supervision and the EU's clearing ecosystem. Stakeholders, including CCPs and clearing members, have expressed mixed views: some argue the AAR has successfully bolstered EU clearing capacity, while others caution that it may increase operational costs and reduce efficiency. ESMA's findings will inform the ongoing policy debate on balancing financial stability with market competitiveness.