The fifteen or so central counterparty clearing houses (CCPs) established in the European Union, or of systemic importance (Tier 2 CCPs) established in third countries, are resilient in the face of credit, concentration and operational risks, according to the European Securities and Markets Authority’s (ESMA) stress test, the results of which were published on Tuesday, 5 July.
CCPs remained generally resilient despite increased market volatility following Russia’s invasion of Ukraine,...