The European Association of CCP Clearing Houses (EACH) welcomes the opportunity to provide feedback to the CPMI-IOSCO consultative report "Application of the Principles for Financial Market Infrastructures to stablecoin arrangements". In summary, EACH Members:

• Overall support the Guidance included in the CPMI-IOSCO consultative report;
• Bring the focus on the trend of “Decentralised Finance” (DeFi) emerging with financial products built on DLT networks, often on public blockchains, suggesting that these new environments support investor protection by applying the necessary measures (e.g. KYC, AML, Market Oversight);
• Request a clarification on whether the proposed Guidance will also apply to those FMIs that in the future may want to implement Principle 8 of the PFMI on settlement finality in a DLT context.

For more information, please visit our website www.eachccp.eu