ESMA Explores Tokenized Collateral for EU Clearinghouses
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Written by Ezra Reguerra, staff writer | Edited by Yohan Yun, staff editor
ESMA seeks evidence tokenized collateral can be cashed out in crisis
Latest News
Published: Oct 9, 2026
The European Securities and Markets Authority (ESMA) is gathering industry input on the legal, liquidity, and operational risks associated with tokenized collateral before deciding on additional EU regulatory measures.
“We must create the conditions for tokenized markets to operate safely and at scale across borders, with legal certainty, interoperable infrastructures, and appropriate supervision,” said ESMA Chair Verena Ross.
Tokenized collateral is gaining traction in European clearing operations as banks and investors explore faster margin requirement fulfillment through securities tokenization. ESMA’s review will assess whether existing EU rules adequately equip clearinghouses to access and liquidate such collateral during market stress.
In July 2025, Eurex Clearing launched a collateral service based on distributed ledger technology, with JPMorgan executing the first live transaction for Dutch pension investor PGGM.
Key issues under consideration:
- Liquidity: Potential delays in redemption procedures or restrictions on transfers.
- Ownership: Whether token transfers confer ownership or enforceable rights over underlying assets.
- Integration: The role of systems like Pontes, launched by the Eurosystem in September, in connecting blockchain infrastructure with existing settlement systems.
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