On 25 November 2020, ECC will perform a default simulation including external stakeholders. It will be used to practice close-out and related risk-mitigation procedures in the event of a Clearing Member default. This simulation is required under EU Regulation 648/2012 (EMIR).
This clearing circular contains information about the default simulation and is relevant for all ECC members. ECC encourages all members to actively take part in the simulation.