Recital 51

(51) Recent events of extreme volatility on commodity markets illustrate the fact that non-financial counterparties do not have the same access to liquidity as financial counterparties. Therefore, non-financial counterparties should only be allowed to offer client clearing services to non-financial counterparties belonging to the same group. Where a CCP has accepted or intends to accept non-financial counterparties as clearing members, that CCP should ensure that non-financial counterparties are able to demonstrate that they can fulfil the margin requirements and provide default funds contributions, including in stressed conditions. Given that non-financial counterparties are not subject to the same prudential requirements and liquidity safeguards as financial counterparties, direct access of non-financial counterparties to CCPs should be monitored by the competent authorities of CCPs accepting them as clearing members. The competent authority of the CCP should report to ESMA and the college on a regular basis on the products cleared by non-financial counterparties, the overall exposure and any identified risks. This Regulation does not aim to restrict the ability of non-financial counterparties to become direct clearing members of a CCP in a prudentially sound manner.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.