Bank of England sets out expectations for CCPs accepting tokenised collateral
The Bank of England has opened a consultation on draft supervisory expectations for central counterparties that want to accept tokenised versions of collateral already eligible under the proposed UK CCP Rulebook. It creates no new regime but clarifies what the Bank expects CCPs to consider, and separately asks industry about stablecoins, tokenised money market fund units and tokenised gold as future collateral. Responses close 12 February 2027.
- The draft supervisory statement creates no separate regime but clarifies token-specific factors CCPs must consider under the existing CCP Rulebook process.
- Expectations cover liquidity, valuation and interoperability, settlement finality, credit and concentration risk, operational resilience, and custody and safeguarding.
- Any new collateral type, including tokenised versions of already-accepted assets with non-identical risks, requires the Bank's permission through the margin permissions process.
- The expectations apply to UK CCPs and to recognised non-UK CCPs the Bank deems systemically important to UK financial stability.
- The consultation closes on 12 February 2027 and separately seeks views on stablecoins, tokenised MMF units and tokenised gold as future collateral.