The European Market Infrastructure Regulation (EMIR) states that a CCP shall accept highly liquid collateral with minimal credit and market risk to cover its initial and ongoing exposure to its clearing members.
While it is doubtful that a VC would meet such a requirement, clear guidelines ex ante would be helpful, and financial stability considerations will need to be taken into account by the relevant authorities. In my view, it should be examined whether any VC activity carried out by FMIs must be ringfenced from their other activities.