On Monday, ESMA released its preliminary findings on the Active Account Requirement together with the first Annual Report of the Joint Monitoring Mechanism, indicating the rule is shifting some clearing activity toward EU CCPs.
By February 2026, about 500 entities had told ESMA and national competent authorities that they are subject to the AAR. ESMA said those entities account for more than 90% of the notional outstanding held by EU entities in scope of the requirement.
The AAR, introduced under EMIR 3, obliges certain EU counterparties to keep an active account with an EU CCP and clear a representative amount of business through it. The rule covers OTC euro-denominated interest-rate derivatives, OTC zloty-denominated interest-rate derivatives and euro-denominated STIR.
Migration patterns
The interim report found increased clearing at EU CCPs, especially among smaller entities, with some fully relocating positions. ESMA described the broader shift from Tier 2 CCPs as “gradual, but limited” in certain products.
Banks accounted for around half of notifying entities, with many based in France, Germany and the Netherlands.
The JMM annual report confirmed substantial cross-border dependencies between EU and US cleared markets, which ESMA said could also provide paths for shocks to spread.
ESMA said this interim assessment is the first stage of a two-stage review, with a final effectiveness assessment due in 2027.
