CCP Risk Assessment
ESMA supports the early identification and assessments of risks in relation to CCPs and the broader clearing ecosystem.
CCP Stress Test
ESMA’s stress-testing exercise is a key tool in ensuring proper risk assessments of EU CCPs and Tier 2 TC-CCPs, enabling the early identification of risks and ensuring further convergence based on its findings. ESMA was the first authority to conduct jurisdiction-wide CCP stress-testing exercises and has continued to improve its methodology based on lessons learned from past exercises. The ESMA CCP Stress Test is therefore an essential supervisory tool that contributes to financial stability and supervisory convergence in the EU.
Building on the experience of the 4th stress-test which included for the first time a focus on operational risk linked to third-party providers, ESMA’s CCP stress-testing framework will progressively expand to other emerging risks such as cyberthreats and more complex and multi-faceted risks linked to climate change. ESMA will continue working with the ESRB to develop relevant stress narratives and seeking innovations in scenarios where possible.