> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/emir/level-3/q-and-a/esma/esma-qa-848-most-relevant-currencies-for-the-determination.md).

# ESMA Q\&A 848 — Q\&A — Most relevant currencies for the determination \[Answer Published]

*Answer Published · ESMA publication · Checked against the ESMA publication on 11 Oct 2026 ·* [*Official source*](https://www.esma.europa.eu/publications-data/questions-answers/848)

|                         |                                                                                           |
| ----------------------- | ----------------------------------------------------------------------------------------- |
| **Full title**          | ESMA Q\&A 848 — Q\&A — Most relevant currencies for the determination \[Answer Published] |
| **Issuer**              | ESMA                                                                                      |
| **Reference**           | ESMA\_QA\_848                                                                             |
| **Document type**       | Q\&A                                                                                      |
| **Date**                | published 27/04/2023; answer 20-03-2013                                                   |
| **Addressees**          | Not recorded                                                                              |
| **Legal basis**         | Article 18 of EMIR - old CCP question 1 dated 20/03/2013                                  |
| **Related instruments** | None recorded                                                                             |
| **Text on this page**   | Word for word — the full text of the ESMA publication                                     |

**Most relevant currencies for the determination of participation in a college**

#### Question

Which are the criteria to be used by a new entity that applies for authorisation as a CCP, if the respective entity has not performed any clearing activities before?

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#### Answer

In the case of a new entity which has not performed any clearing activities before, the determination of the most relevant currencies for the purpose of membership of the CCP college would be performed on the basis of the relative share of each currency in the estimated volumes across all financial products proposed to be cleared by the CCP.

A similar determination would also be made for CCPs which have performed clearing activities for less than one year.

***

### Related Level 1 articles

* [Article 18 — College](/emir/articles/18.md)