On 25 October 2017 ECC will perform its annual default simulation. The occasion will be used to practice close out and related riskmitigation procedures in the event of a Clearing Member default.
This simulation is also required under EU Regulation 648/2012 (EMIR). This clearing circular contains initial information about the default simulation and is relevant for all ECC members.
With this clearing circular ECC wants to invite its members to participate in the simulation.