ESMA Joins the Global CCP Fire Drill: What the Default Simulation Means for Clearing Members and EMIR Reporting Teams
Last updated: June 2026 When a clearing member defaults, what decides whether the rest of the market keeps trading is rarely whether the CCP has enough margin on file. It is whether the operational machine around the default works under pressure: can client positions be ported to a surviving member before the porting window closes,…