On 30 April 2026, the European Securities and Markets Authority (ESMA) began its sixth stress‑test exercise for Central Counterparties (CCPs). The test, designed under the European Market Infrastructure Regulation (EMIR), evaluates how CCPs would handle adverse market events and multiple member defaults. It covers 16 CCPs, including all EU‑authorised entities and two UK Tier 2 CCPs, and is based on an adverse scenario supplied by the European Systemic Risk Board (ESRB).
The framework includes a Credit Stress Test, Concentration Risk Analysis, Reverse Stress Test, and, for the first time, a Recovery and Resolution Component that measures the aggregate impact of CCPs’ recovery tools. ESMA will issue a data request in early May, validate submissions with national authorities, analyze results, and publish the final report in the first quarter of 2027.
© European Securities and Markets Authority (ESMA).
Summary adapted from ESMA materials available at https://www.esma.europa.eu .
This document has been drafted using material downloaded from ESMA’s website.
ESMA does not endorse this publication and is not liable for copyright or other intellectual‑property‑rights infringements or for any damages.
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