ESMA Joins Global Financial Stability Drill

The European Securities and Markets Authority (ESMA) has participated in a global "fire drill" exercise to test the resilience of critical financial infrastructure. The simulation focused on the default of a major market participant within Central Counterparty Clearing houses (CCPs), which are vital for stabilising markets. This exercise, involving regulators from around the world, aims to ensure that coordination mechanisms are robust enough to handle a real-world financial crisis. The results will help authorities refine their crisis management playbooks.

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