The European Securities and Markets Authority (ESMA) released an interim report on the Active Account Requirement (AAR) and the first annual report of the Joint Monitoring Mechanism (JMM). The AAR aims to reduce financial stability risks from EU entities' exposure to systemically important third-country central counterparties (CCPs). Preliminary findings indicate around 500 entities, representing over 90% of EU derivatives activity, notified ESMA they are subject to the AAR. These notifications are widespread across member states, with banks forming half of the notified group. Early signs suggest increased clearing at EU CCPs, especially among smaller entities, and a limited shift in market share from third-country CCPs to EU CCPs. The JMM's first annual report details its work in monitoring EU CCPs, clearing members, and clients. The JMM also analyzed cross-border developments, particularly concerning the United States, highlighting interdependencies between EU and US cleared markets. The report assesses trends affecting EU CCPs, noting expansion in cleared asset classes and products. It also inventoried existing EU-wide stress tests to explore synergies within the clearing ecosystem. The AAR's effectiveness will be more comprehensively assessed in 2027 with more complete data. ESMA will develop a dedicated methodology for this future assessment.