The European Securities and Markets Authority launched a Call for Evidence on 9 October 2026 regarding the potential use of tokenised collateral by central counterparties. Stakeholders have until 15 January 2027 to submit contributions.
Examining Tokenisation Models
The Call for Evidence focuses on how tokenisation may affect the transfer, management, protection, and use of collateral throughout its lifecycle. ESMA examines different models, including digital twins of assets held in traditional infrastructures and assets issued directly on distributed ledger technology.
ESMA is seeking feedback on how these models would operate during a clearing member default. This includes whether central counterparties could access, transfer, and convert tokenised collateral into liquidity when needed.
Leadership Views and Next Steps
ESMA Chair Verena Ross stated that tokenisation has the potential to make Europe's financial markets more efficient, integrated, and innovative. Klaus Löber, Chair of ESMA's CCP Supervisory Committee, noted that fundamental safeguards for collateral must remain unchanged.
ESMA will assess the feedback received in the first quarter of 2027. Based on this assessment, the agency will determine its next regulatory or supervisory course of action.
Key facts and where they come from
- ESMA launched a Call for Evidence on the potential use of tokenised collateral by central counterparties.
launched a Call for Evidence on the potential use of tokenised collateral by central counterparties (CCPs).
- Interested stakeholders can submit contributions until 15 January 2027.
submit their contributions by 15 January 2027.
- ESMA will assess the feedback received in the first quarter of 2027.
ESMA will assess the feedback received in the first quarter of 2027.