The central counterparties (CCP) of the EU are resilient to extreme shocks on the market. This is the conclusion reached by the European Securities and Market Authority (ESMA) on the basis of the results of the stress test it carried out in 2017 on 16 CCPs and published on Friday 2 February.
Central counterparties are the link between two parties to a transaction (trade in bonds, shares, derivative instruments or raw materials). Their aim is to ensure that the transaction runs smoothly, even...