On 30 November 2016 ECC will perform its annual default test. The occasion will be used to practice close out and related risk-mitigation procedures in the event of a Clearing Member default. This test is also required under EU Regulation 648/2012 (EMIR).
This clearing circular contains initial information about the default test and is relevant for all ECC members. With this clearing circular ECC wants to invite its members to participate in the test.