To satisfy this requirement, ECC has scheduled a default simulation for Wednesday, 24th June. The simulation will be used to practice close-out and related risk-mitigation procedures in the event of a Clearing Member default. This simulation will be held in addition to our “Annual Default Simulation”, as required under EU Regulation 648/2012 (EMIR).
This clearing circular contains information about the default simulation and is relevant for all ECC members. ECC invites its members to actively take part in the simulation to train the processes for a potential default situation.