The European Union’s supervisory authorities have published the adverse scenario they will use when they stress-test the bloc’s central counterparties (CCPs).
The scenario was developed and calibrated by the European Central Bank, in collaboration with the European Securities and Markets Authority and the European Systemic Risk Board. The ESRB published the scenario on its website on April 3. The tests will be carried out later this year by Esma.
The ESRB said the scenario reflects its