ESMA asks whether tokenised collateral can be used safely in central clearing

Serguey Asael Shinder10 October 2026, 09:472 min read

The European Securities and Markets Authority (ESMA) opened a Call for Evidence on 9 October asking whether central counterparties (CCPs) in the EU could accept tokenised collateral. Responses are due by 15 January 2027.

Why now. In ESMA's view tokenisation is leaving the pilot stage for live markets, and collateral mobilisation is emerging as one of the most relevant uses for central clearing. The question is whether, and under what conditions, EU CCPs could accept tokenised forms of collateral safely.

What is in scope. The call looks at the whole collateral lifecycle — transfer, management, protection and use — across several models:

• "Digital twins": tokenised versions of assets that remain held in traditional infrastructures;
• assets issued directly on distributed ledger technology;
• hybrid arrangements, and their interaction with tokenised cash and other settlement assets.

The stress test that matters. ESMA puts particular weight on what happens when a clearing member defaults: whether a CCP could access, transfer and convert tokenised collateral into liquidity when needed, and how client protection, segregation and settlement finality would work where a ledger meets traditional market infrastructure. It also asks whether tokenising collateral that is already eligible changes its risk profile.

What will not change. ESMA is explicit that the fundamental safeguards stay: collateral must be high quality, legally enforceable, highly liquid and operationally available, including under stress and after a member default. The call asks whether tokenised arrangements can meet those standards — not whether the standards should bend.

What happens next. Responses will be published unless respondents ask otherwise. ESMA will assess the feedback in Q1 2027 and decide on "the most appropriate course of action", which could include supervisory convergence measures within its remit. For tokenisation projects pitching collateral use cases, this is the document that sets the bar — default management and legal finality, not settlement speed.

Source: ESMA press release on tokenised collateral in central clearing, 9 October 2026 — https://www.esma.europa.eu/press-news/esma-news/esma-seeks-evidence-use-tokenised-collateral-central-clearing