argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: Stress Test - ESMA - EMIR

On June 1^st, 2021, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, issued the fourth Stress Test for Central Counterparties (CCPs) which has the aim, in accordance with the European Markets Infrastructure Regulation (EMIR), to assess the resilience and safety of recognized European Union (EU) and Tier 2 Third Country CCPs (TC-CCPs) to adverse market developments and to identify any potential shortcomings. The Stress Test that was just published focuses on credit and concentration risks, as well as new methodologies, and for the first time, and in line with ESMA’s mandate, the exercise also covers operational risk. Klaus Löber, Chair of the CCP Supervisory Committee, affirmed that “Last year demonstrated that financial systems are constantly evolving and subject to disruptions such as COVID-19 or Brexit. In that context, it is important to assess that EU CCPs, but also Third Country CCPs of systemic relevance to the EU (so-called Tier 2 CCPs), are resilient as key infrastructures for EU financial stability. In this respect, the ESMA CCP Stress Test is an essential supervisory tool that contributes to financial stability and supervisory convergence in the EU”.