ESMA, along with the majority of EU CCPs, participated in a global fire-drill during the week starting 13 November 2023. Over 30 CCPs simultaneously simulated their default management processes, coordinated by ESMA in collaboration with EU and non-EU authorities, CCPs, and industry associations.
The exercise aimed to identify potential operational bottlenecks in procedures and promote the sharing of best practices among CCPs, contributing to financial stability. The simulation involved the default of a hypothetical clearing member, and the coordinated testing allowed for the evaluation of procedures simultaneously.
Other Features
best practice
CCPs
clearing
cooperation
financial stability
operational
process
securities
surveys
Date Published: 2023-11-13
Regulatory Framework: European Market Infrastructure Regulation (EMIR), Regulation on a framework for the recovery and resolution of central counterparties (CCPRRR)
Regulatory Type: information
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