ESMA launches sixth CCP stress test exercise
ESMA launched its sixth EU-wide stress test for Central Counterparties, using an adverse market scenario from the ESRB.
ESMA's sixth CCP stress test will assess credit, liquidity, concentration and operational risks across EU CCPs under an ESRB-designed adverse scenario. Results will inform supervisory expectations and potential calibration of CCP risk frameworks across the EU.
CCP resilience is systemic; outcomes shape clearing member exposures, margin practices, and supervisory action.
Action Required
CCPs and clearing members should prepare data submissions and review margin, liquidity, and concentration resilience under the scenario.
Pan-EU stress test of systemically important market infrastructure with direct implications for clearing members.
Monitor ESMA CCP stress test scope and timeline. Assess firm-level exposures to EU CCPs, margin sensitivity, and contingent liquidity needs under adverse scenarios. Update CCP risk register and counterparty concentration limits.
“ESMA launched its sixth stress test exercise for CCPs, supported by an adverse market scenario provided by the ESRB, under the European Market Infrastructure Regulation mandate.”
Published: 2026-04-30