CCP stress tests have found capital shortfalls – Esma

Small increases to stress-test scenarios would have left Ice Clear Europe “in material breach”

Two CCPs need to increase capital resources to withstand shocks, says Esma

Europe’s central counterparties (CCPs) are “overall resilient”, but two of them need to increase their capital resources to deal with possible shocks, says the European Securities and Markets Authority.

Esma announced the shortfalls on February 2 alongside the results of its second set of stress tests of all 16 CCPs operating in the European Union. One of the shortfalls – in Spain-based BME Clearing – is described as “minor”. But UK-based Ice Clear Europe would have encountered considerable

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