Consultation on Draft Guidelines on Anti-Procyclicality Margin Measures for CCPs 

Consultation on Draft Guidelines on Anti-Procyclicality Margin Measures for CCPs 

from 08 January 2018 to 28 February 2018


Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

  • respond to the question stated;
  • indicate the specific question to which the comment relates;
  • contain a clear rationale; and
  • describe any alternatives ESMA should consider.

ESMA will consider all comments received by 28 February 2018.

All contributions should be submitted online at under the heading ‘Your input - Consultations’.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise.  Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at under the heading Legal Notice.

Who should read this paper

All interested stakeholders are invited to respond to this consultation paper. In particular, responses are sought from central counterparties (CCPs), clearing members and clients of clearing members.

Document available for this Consultation
08/01/2018ESMA70-151-1013Consultation Paper on Draft Guidelines on Anti-Procyclicality Margin Measures for CCPs 


Activity Institution Download
Asset Management Amundi
Others European Systemic Risk Board Secretariat
Others FIA
Central Counterparty (CCP) EACH
Central Counterparty (CCP) Eurex Clearing AG
Central Counterparty (CCP) CCP12
Central Counterparty (CCP) London Stock Exchange Group
Central Counterparty (CCP) LCH Group