CCP stress-test rifts emerge as review gets underway

Calls for more transparency surrounding stress-testing methodologies and practices have led to CPMI-Iosco launching a policy working group to investigate whether to introduce standardisation, but clearing houses argue CCPs know their products and markets, and should be allowed to design their own tests

CPMI-Iosco's decision to investigate whether to introduce CCP stress test standardisation has caused friction

After grumbling for months about flaws in the way clearing houses set their default resources – through stress tests subject to high-level principles – market participants finally persuaded regulators to roll up their sleeves and take a look.

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (Iosco) established a working group to examine stress-testing practices at central counterparties (CCPs) last October, and a formal

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