The European Securities and Markets Authority (ESMA) has opened a public consultation on the review of Article 26 of its Regulatory Technical Standards (153/2013) under the European Market Infrastructure Regulation (EMIR) which deals with central counterparties' client accounts.

In a news statement, ESMA said the consultation is aimed at:

• central counterparties (CCPs);
• their clearing members; and
• financial and non-financial counterparties accessing CCP services as clients of clearing members.

The paper asks specific questions on the time horizons for the liquidation period as well as whether one-day gross margin collection for ETDs should this be extended to financial instruments other than OTC derivatives.

ESMA is seeking stakeholder’s feedback until 30 September 2015. The paper is available here.