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ESMA specifies requirements for post-trade risk reduction services

The European Securities and Markets Authority (ESMA) has outlined requirements for post-trade risk reduction services to qualify for exemption from the clearing obligation under EMIR 3, impacting entities involved in derivatives trading, including crypto-asset service providers (CASPs).

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ESMA published the final report on October 20, 2026, detailing requirements for post-trade risk reduction (PTRR) services. The report specifies conditions that providers and users must meet for certain OTC derivative transactions to qualify for exemption from the clearing obligation under EMIR 3.

The final report is titled "Final report on the Regulatory Standards on the requirements for Post-Trade Risk Reduction services for the purpose of the clearing obligation exemption under EMIR" and is referenced as ESMA74-1049116226-981.

The requirements apply to entities involved in derivatives trading, including crypto-asset service providers (CASPs).

Firms must review the final report and assess their current practices against the new requirements by the deadline of October 20, 2026. The draft Regulatory Technical Standards will be submitted to the European Commission for endorsement as the next procedural step.

Source: ESMA, official publication, retrieved 2026-10-20

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