ESMA final draft RTS on margin transparency requirements and clearing costs

The European Securities and Markets Authority (ESMA) has published two final reports with final draft regulatory technical standards (RTS) mandated under the review of the European Market Infrastructure Regulation (EMIR 3). Both reports were consulted on in June 2025.

The final draft RTS on margin transparency requirements, as required under Article 38 EMIR, specify the information to be provided by central counterparties (CCPs) on their margin simulation tools and by clearing service providers (CSPs) on their margin simulation requirements; and by both on their margin models. The aim is to improve transparency for clearing participants and enable them to better predict margin calls. The final draft RTS contain provisions on the information to be provided by a CCP to its clearing members, the CCP initial margin simulation tool and information to be provided by clearing members and clients providing clearing services.

The final draft RTS on clearing fees and associated costs, as required under Article 7c(4) EMIR, specify further details of the information to be disclosed by CSPs regarding clearing fees to be charged to CCPs for providing clearing services and any other fees charged, as well as any associated costs, with the aim of increasing costs transparency.

Both sets of final draft RTS will now be submitted to the European Commission which has three months to decide whether to adopt the RTS. Following adoption, they are then subject to non-objection by the European Parliament and the Council of the EU.

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