On 9 October 2019 ECC will perform its annual default simulation. The occasion will be used to practice close out and related risk-mitigation procedures in the event of a Clearing Member default. This simulation is also required under EU Regulation 648/2012 (EMIR).
This clearing circular contains information about the default simulation and is relevant for all ECC members. With this clearing circular ECC would like to invite its members to actively take part in the simulation.