Daily · ESMA Tokenisation and Board Changes · October 9, 2026

Key points

ESMA seeks evidence on tokenised collateral

ESMA launched a Call for Evidence on the potential use of tokenised collateral by central counterparties (CCPs). The authority is seeking evidence on whether, and under what conditions, tokenised forms of collateral could be used safely and effectively by EU CCPs. The focus is on how tokenisation may affect the transfer, management, protection and use of collateral throughout its lifecycle.

Verena Ross, Chair of ESMA, commented on the launch. Stakeholders are invited to submit contributions by 15 January 2027.

ESMA leadership transition confirmed

The Council of the European Union confirmed Carlo Comporti's appointment as the next Chair of ESMA at its meeting on 9 October 2026 in Brussels. Comporti will take up his position on 1 November 2026, replacing Verena Ross, who described him as bringing decades of experience in European financial markets regulation.

Concurrently, ESMA appointed Carlos San Basilio of the Comisión Nacional del Mercado de Valores (CNMV) as the new member of its Management Board, replacing Comporti. The election took place at the Board of Supervisors meeting in Paris on 6 October 2026. From 1 November 2026, the Management Board will consist of Carlo Comporti and Thorsten Pötzsch.

FSB review highlights resolution funding gaps

The Financial Stability Board (FSB) published a thematic review on public sector backstop funding mechanisms as a peer review report on 9 October 2026. The report found that few FSB jurisdictions have a public sector backstop arranged in advance that can credibly meet the funding needs of large systemic banks in resolution or failure.

The peer review concluded that further work is needed to complete the implementation of Key Attribute 6 to ensure resolution remains a credible option to deal with the failure of large systemic banks.

UK and US regulatory appointments and proposals

The FCA Board appointed Liam Coleman as chair of the Financial Ombudsman Service, with the approval of the Treasury. Coleman will take up the permanent role on 10 October 2026 for a 3-year term after serving as interim chair for the last year. He is also group chair of London & Quadrant Housing Trust.

In the US, the Securities and Exchange Commission (SEC) proposed amendments to the Investment Company Act cross-trading rule to expand the securities eligible for cross trading by registered funds. The proposal was announced on 9 October 2026.

US exchange fee and rule filings

Several US exchanges filed proposed rule changes published in the Federal Register on 9 October 2026, all for immediate effectiveness. Investors Exchange LLC (IEX) filed to modify criteria for qualifying for the reduced incremental fee, while MEMX LLC filed to amend its Fee Schedule.

The Nasdaq Stock Market LLC proposed establishing a credit tier for non-displayed liquidity-providing orders under Nasdaq Equity 7, Section 118. NYSE Arca and NYSE American both filed to adopt fees for one-minute intra-day volume reports in their options proprietary market data fee schedules. Cboe EDGX Exchange, Inc. proposed amendments to Rule 11.15 on clearly erroneous executions, and Cboe Clear U.S., LLC filed an amendment to its application for registration as a clearing agency under Section 17A of the Securities Exchange Act of 1934.

EBA dashboard and clarifications

The European Banking Authority (EBA) published its CRR3/CRD6 dashboard on 9 October 2026, showing that banks maintain capital levels well above minimum requirements under the fully loaded Basel III framework. EBA also published final Q&As 2025_7617 on accrued interest on withdrawable central bank reserves and clarification 2026_7725 on non-resident matters.

Our read

The ESMA Call for Evidence signals a concrete regulatory pathway for tokenised assets in central clearing, moving the discussion from conceptual to operational. The simultaneous leadership transition at ESMA, with Comporti taking over from Ross, suggests a stable institutional environment for advancing these priorities. The FSB's finding on public sector backstops highlights a persistent gap in resolution frameworks that may influence future stress testing and contingency planning for large banks.

This digest was produced automatically by a large-language-model system from the regulator publications and official sources listed below; it is AI-generated content and may contain inaccuracies. It is not legal advice — verify wording and deadlines against the original documents.

Sources