ESMA launches sixth stress test exercise for CCPs

The European Securities and Markets Authority (ESMA) has launched its sixth EU‑wide stress test exercise for central counterparties (CCPs), under the European Market Infrastructure Regulation (EMIR). The stress test aims to assess CCPs' resilience to severe but plausible adverse market scenarios and identify potential vulnerabilities. The exercise, supported by an adverse scenario developed by the European Systemic Risk Board (ESRB), covers 16 CCPs, including all authorised EU CCPs and two UK‑based Tier 2 CCPs, and enhances the analytical framework by introducing improved methodologies and expanded scope. For the first time, it assesses the aggregate impact of CCPs' recovery and resolution arrangements on market participants and EU financial stability. ESMA will launch data collection in early May, with results expected to be published in Q1 2027.

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