ESMA is consulting on a review of Article 26 of the RTS on requirements for CCPs on the time horizons for the liquidation period under EMIR. ESMA seeks feedback on the length of the margin period of risk (MPOR) for CCPs’ client accounts under the relevant RTS. The MPOR determines the amount of initial margins collected by a CCP. The ESMA proposal is to reduce the MPOR from 2-day to 1-day for gross omnibus accounts and individual segregated accounts for exchange-traded derivatives and securities. ESMA published a discussion paper in August setting out its proposals, but says some respondents did not properly understand that this proposal is for an additional option. It confirms an Omnibus Segregated Account net (margined at two days) would still be available. As additional safeguards, it is also proposing to require CCPs to collect intraday margins. It will not be taking forward its proposal to require a pre-existing arrangement with a back-up clearing member. Consultation closes on 1 February 2016. (Source: ESMA Consults on EMIR MOPR for CCP Accounts)