Article 38
Transparency
A CCP shall account separately for costs and revenues of the services provided and shall disclose that information to ESMA and the competent authority.
A CCP shall publicly disclose the volumes of the cleared transactions for each class of instruments cleared by the CCP on an aggregated basis.
A CCP shall provide its clearing members with information on the initial margin models it uses, including methodologies for any add-ons, in a clear and transparent manner. That information shall:
clearly explain the design of the initial margin model and how it operates, including in stressed market conditions;
clearly describe the key assumptions and limitations of the initial margin model and the circumstances under which those assumptions are no longer valid;
be documented.
Clearing members providing clearing services and clients providing clearing services shall provide their clients with at least the following:
information on the way that the margin models of the CCP work;
information on the situations and conditions that might trigger margin calls;
information on the procedures used to establish the amount to be posted by the clients; and
a simulation of the margin requirements to which clients might be subject under different scenarios.
For the purposes of point (d), the simulation of the margin requirements shall include both the margins required by the CCP and any additional margins required by the clearing members and the clients providing clearing services. The results of such simulation shall not be binding.
Upon the request of a clearing member, a CCP shall, without undue delay, provide that clearing member with the information requested to allow that clearing member to comply with the first subparagraph of this paragraph, unless such information is already provided pursuant to paragraphs 1 to 7. Where the clearing member or a client provides clearing services, and where appropriate, they shall transmit that information to their clients.
ESMA, in consultation with EBA and the ESCB, shall develop draft regulatory technical standards to further specify:
the requirements that the simulation tool is to comply with and the type of output to be provided pursuant to paragraph 6;
the information to be provided by CCPs to clearing members regarding transparency of margin models pursuant to paragraph 7;
the information to be provided by clearing members and clients providing clearing services to their clients under paragraphs 7 and 8; and
the requirements of the simulation of margins to be provided to clients and the type of output to be provided pursuant to paragraph 8.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 25 December 2025.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.