On 7 November 2018 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). Additionally, during the month of October 2018, ECC will offer non-clearing members the opportunity to participate in a trial of the mandatory auction process.
This clearing circular contains information about the default simulation and the mandatory auction trial and is relevant for all ECC members. With this clearing circular ECC wants to invite its members to participate in both the simulation and the mandatory auction trial.