ESMA Reports Early Shift Toward EU CCPs Under EMIR 3, but Tier 2 CCPs Remain Dominant
PARIS, July 6, 2026 — The European Securities and Markets Authority (ESMA) has reported preliminary evidence that the European Union’s Active Account Requirement (AAR) under EMIR 3 is beginning to shift derivatives clearing activity toward EU-based central counterparties (CCPs), although systemically important third-country CCPs continue to dominate the market and the regulator says it is too early to draw definitive conclusions.
