ESMA launches call for evidence on tokenised collateral in central clearing

The European Securities and Markets Authority (ESMA) has opened a formal call for evidence examining whether tokenised collateral can be used safely and effectively by central counterparties (CCPs) within the EU. Stakeholders have until 15 January 2027 to submit responses, after which ESMA will assess the feedback in the first quarter of 2027 and determine whether regulatory or supervisory convergence action is warranted.

The inquiry covers the full collateral lifecycle, asking how tokenisation affects the transfer, management, protection, and use of collateral under normal and stressed conditions. ESMA is specifically interested in two broad models: digital twins of assets held in traditional infrastructure, and assets issued natively on distributed ledger technology (DLT), including hybrid arrangements and their interaction with tokenised cash and other settlement assets. A central concern is whether CCPs could reliably access, transfer, and liquidate tokenised collateral following a clearing member default, and how client segregation and settlement finality would hold up where DLT intersects with legacy market infrastructure.

ESMA Chair Verena Ross framed the exercise as part of a broader programme to ensure tokenisation scales across the Single Market with legal certainty and interoperable infrastructure. Klaus Löber, Chair of ESMA’s CCP Supervisory Committee, underlined that existing safeguards around collateral quality, legal enforceability, liquidity, and operational availability must remain intact regardless of the technology layer. The consultation does not pre-suppose that rule changes are necessary; that determination follows the evidence-gathering phase.