ESMA opened an evidence call on 9 October concerning tokenised collateral in central clearing. It seeks to understand tokenisation models and the treatment of collateral throughout its lifecycle, especially if a clearing member defaults.[1]
At a glance01
Questions and dates
| Item | Detail |
|---|---|
| Control | Can a CCP access and transfer the collateral?Source 1 |
| Liquidity | Can it be converted when needed?Source 1 |
| Legal safeguards | Client segregation, protection and settlement finalitySource 1 |
| Risk profile | Does tokenisation change an already eligible asset’s risk?Source 1 |
| Responses | Due 15 January 2027; assessment planned for Q1 2027Source 1 |
The process is a call for evidence. It does not itself make a token or its underlying asset eligible collateral or prescribe a universal haircut.[1]
The useful distinction is between the asset, the record of ownership and the mechanism for enforcing rights. Faster ledger transfers may offer little help if legal control is ambiguous or a default-time conversion depends on an unavailable intermediary. Respondents therefore need to explain failure scenarios as well as normal processing.[1]
Sources & further reading
- Evidence call on tokenised collateral in central clearing ESMA · 9 Oct 2026 · Accessed 27 Oct 2026