On 25 June 2025, the European Securities and Markets Authority (ESMA) published its first central counterparty (CCP) resolution briefing.
The briefings are intended to provide a methodology that national resolution authorities (NRAs) may consider when drawing resolution plans for CCPs. They are not subject to any ‘comply or explain’ mechanism for NRAs and are non-binding.
The current briefing provides a methodology that NRAs may consider when including the resolution cash call in CCP resolution plans. The NRA should define and receive the relevant data from the CCP so that it can calibrate the available amount of resources available through a cash call. The NRA should also take into account the impact on relevant stakeholders, such as clearing members, financial markets and linked financial market infrastructures. The NRA should also ensure the appropriate implementation of the resolution cash call.