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Unveiling ESMA’s Fifth Stress Test Results

2024-07-09T17:25:56.154+02:00

Tuesday, 09/07/2024 | 15:25 GMT by

Pedro Ferreira

  • The resilience and gaps in Europe’s clearing system.

ESMA Consults Public on Post-Trade Transparency, Sets March 31 Deadline

ESMA’s new logo.

The European Securities and Markets Authority (ESMA) has
unveiled the findings from its fifth stress test of Central Counterparties
(CCPs), and the results paint a compelling portrait of a system robust yet ripe
for improvement. While the stress test confirms the resilience of European
Union CCPs against severe market turmoil, it simultaneously underscores
significant gaps, particularly in the integration of climate risk and the
management of concentration risk.

Climate Risk: A New Dimension

ESMA’s stress test, a crucial exercise mandated by the
European Markets Infrastructure Regulation (EMIR), aimed to probe the depths of
CCPs’ resilience under extreme conditions. This year’s test introduced a novel
component: climate risk. With the financial world increasingly attuned to the
repercussions of climate change, ESMA’s inclusion of this risk reflects a
timely and necessary pivot. The exploratory analysis revealed that while many
CCPs have started to integrate climate risks into their stress-testing
frameworks, the approach is still in its infancy. The test scrutinized
transition risks—those associated with the shift towards a low-carbon
economy—and physical risks, such as natural disasters exacerbated by climate
change. The findings suggest that CCPs exposed to markets directly tied to
these risks, like commodities and energy, need to accelerate their integration
of climate considerations.

Concentration and Liquidity Risks: Uneven Terrain

The stress test also featured enhanced market stress
scenarios and refined assessments of concentration risk. This aspect is
critical because concentration risk—the risk posed by a small number of
clearing members holding large positions—can amplify losses in the event of a
default. The test results indicated that while CCPs have robust defenses
overall, some gaps remain, especially in commodity derivatives. ESMA identified
that certain CCPs need to bolster their risk management frameworks to
adequately model and mitigate concentration risks. This insight is particularly
poignant as it highlights the disparity in how different CCPs manage similar
risks, pointing to the necessity for a more harmonized approach across the
sector.

Liquidity risk, another focal point of the stress test,
examined the CCPs’ ability to meet their payment obligations in times of
extreme financial stress. The results were reassuring, showing that CCPs are
generally resilient to significant liquidity stress events. However, the
scenarios considered also revealed potential vulnerabilities, particularly in
situations where interoperable links between CCPs are temporarily unavailable.
These findings emphasize the need for CCPs to not only maintain sufficient liquid
resources but also to have robust contingency plans for such disruptions.

Clearing Ecosystem Insights

The clearing ecosystem analysis provided further valuable
insights. The amount of required margin—a key financial resource collected by
CCPs—has surged by 56% compared to the last exercise, reflecting heightened
volatility and stress in recent years. This increase underscores the growing
systemic importance of the central clearing system. However, the analysis also
revealed that this rise in required margin has not been uniform, suggesting a
more generalized increase across all clearing members rather than a
concentration among a few large players.

Interconnectedness and Systemic Risks

One of the more striking revelations of the stress test is
the interconnectedness and interdependencies within the clearing ecosystem. The
analysis of large clients of multiple clearing members and CCPs showed that a
few dominant players often operate across various markets, raising concerns
about systemic risk should one of these major entities fail. This network view
of the clearing ecosystem is crucial for understanding how risks can propagate
through the system, potentially leading to cascading failures.

Investment Activities: Balancing Act

Investment activities of CCPs also came under scrutiny. The
test found that while CCPs’ investments in bonds generally pose limited market
risk, their cash lending activities through reverse repos could expose them to
counterparty credit risk, especially under stressed market conditions. This
aspect of the test highlights the delicate balance CCPs must strike in managing
their investment portfolios to ensure liquidity without incurring undue risk.

Conclusion

In conclusion, ESMA’s fifth stress test serves as a
comprehensive examination of the resilience of European CCPs. While the overall
findings confirm that CCPs can withstand severe financial shocks, the test also
illuminates areas needing attention. The integration of climate risk into
stress testing frameworks is still developing, and gaps in concentration risk
management remain. The insights gained from the ecosystem analysis underscore
the importance of understanding the interconnectedness within the clearing
system. As ESMA prepares to issue recommendations to address these
shortcomings, the findings from this stress test will undoubtedly shape the
future landscape of risk management in central clearing. The journey towards a
more resilient and robust financial infrastructure continues, with this stress
test serving as a crucial milestone in that ongoing effort.

The European Securities and Markets Authority (ESMA) has
unveiled the findings from its fifth stress test of Central Counterparties
(CCPs), and the results paint a compelling portrait of a system robust yet ripe
for improvement. While the stress test confirms the resilience of European
Union CCPs against severe market turmoil, it simultaneously underscores
significant gaps, particularly in the integration of climate risk and the
management of concentration risk.

Climate Risk: A New Dimension

ESMA’s stress test, a crucial exercise mandated by the
European Markets Infrastructure Regulation (EMIR), aimed to probe the depths of
CCPs’ resilience under extreme conditions. This year’s test introduced a novel
component: climate risk. With the financial world increasingly attuned to the
repercussions of climate change, ESMA’s inclusion of this risk reflects a
timely and necessary pivot. The exploratory analysis revealed that while many
CCPs have started to integrate climate risks into their stress-testing
frameworks, the approach is still in its infancy. The test scrutinized
transition risks—those associated with the shift towards a low-carbon
economy—and physical risks, such as natural disasters exacerbated by climate
change. The findings suggest that CCPs exposed to markets directly tied to
these risks, like commodities and energy, need to accelerate their integration
of climate considerations.

Concentration and Liquidity Risks: Uneven Terrain

The stress test also featured enhanced market stress
scenarios and refined assessments of concentration risk. This aspect is
critical because concentration risk—the risk posed by a small number of
clearing members holding large positions—can amplify losses in the event of a
default. The test results indicated that while CCPs have robust defenses
overall, some gaps remain, especially in commodity derivatives. ESMA identified
that certain CCPs need to bolster their risk management frameworks to
adequately model and mitigate concentration risks. This insight is particularly
poignant as it highlights the disparity in how different CCPs manage similar
risks, pointing to the necessity for a more harmonized approach across the
sector.

Liquidity risk, another focal point of the stress test,
examined the CCPs’ ability to meet their payment obligations in times of
extreme financial stress. The results were reassuring, showing that CCPs are
generally resilient to significant liquidity stress events. However, the
scenarios considered also revealed potential vulnerabilities, particularly in
situations where interoperable links between CCPs are temporarily unavailable.
These findings emphasize the need for CCPs to not only maintain sufficient liquid
resources but also to have robust contingency plans for such disruptions.

Clearing Ecosystem Insights

The clearing ecosystem analysis provided further valuable
insights. The amount of required margin—a key financial resource collected by
CCPs—has surged by 56% compared to the last exercise, reflecting heightened
volatility and stress in recent years. This increase underscores the growing
systemic importance of the central clearing system. However, the analysis also
revealed that this rise in required margin has not been uniform, suggesting a
more generalized increase across all clearing members rather than a
concentration among a few large players.

Interconnectedness and Systemic Risks

One of the more striking revelations of the stress test is
the interconnectedness and interdependencies within the clearing ecosystem. The
analysis of large clients of multiple clearing members and CCPs showed that a
few dominant players often operate across various markets, raising concerns
about systemic risk should one of these major entities fail. This network view
of the clearing ecosystem is crucial for understanding how risks can propagate
through the system, potentially leading to cascading failures.

Investment Activities: Balancing Act

Investment activities of CCPs also came under scrutiny. The
test found that while CCPs’ investments in bonds generally pose limited market
risk, their cash lending activities through reverse repos could expose them to
counterparty credit risk, especially under stressed market conditions. This
aspect of the test highlights the delicate balance CCPs must strike in managing
their investment portfolios to ensure liquidity without incurring undue risk.

Conclusion

In conclusion, ESMA’s fifth stress test serves as a
comprehensive examination of the resilience of European CCPs. While the overall
findings confirm that CCPs can withstand severe financial shocks, the test also
illuminates areas needing attention. The integration of climate risk into
stress testing frameworks is still developing, and gaps in concentration risk
management remain. The insights gained from the ecosystem analysis underscore
the importance of understanding the interconnectedness within the clearing
system. As ESMA prepares to issue recommendations to address these
shortcomings, the findings from this stress test will undoubtedly shape the
future landscape of risk management in central clearing. The journey towards a
more resilient and robust financial infrastructure continues, with this stress
test serving as a crucial milestone in that ongoing effort.

Pedro Ferreira

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  • 828 Articles

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    In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.

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    In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.

    #financemagnates #CryptoLiquidity #FXLiquidity #AIinTrading #BitcoinETF #TradingTechnology

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  • Throwback to FMLS:23 | FMvoices

    Throwback to FMLS:23 | FMvoices

    Throwback to FMLS:23 | FMvoices

    Throwback to FMLS:23 | FMvoices

    Throwback to FMLS:23 | FMvoices

    Throwback to FMLS:23 | FMvoices

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!

    Ugnė B., payabl.

    Joe Pelley, ActivTrades

    William Thomas, BVNK

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    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!

    Ugnė B., payabl.

    Joe Pelley, ActivTrades

    William Thomas, BVNK

    Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23

    #fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit

    📣 Stay updated with the latest in finance and trading!
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    🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
    👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!

    Ugnė B., payabl.

    Joe Pelley, ActivTrades

    William Thomas, BVNK

    Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23

    #fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit

    📣 Stay updated with the latest in finance and trading!
    Follow FMevents across our social media platforms for news, insights, and event updates.

    Connect with us today:
    🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
    👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
    📸 Instagram: https://www.instagram.com/fmevents_official
    🐦 Twitter: https://twitter.com/F_M_events
    🎥 TikTok: https://www.tiktok.com/@fmevents_official
    ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official

    Don’t miss out on our latest videos, interviews, and event coverage.
    Subscribe to our YouTube channel for more!

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!

    Ugnė B., payabl.

    Joe Pelley, ActivTrades

    William Thomas, BVNK

    Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23

    #fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit

    📣 Stay updated with the latest in finance and trading!
    Follow FMevents across our social media platforms for news, insights, and event updates.

    Connect with us today:
    🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
    👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
    📸 Instagram: https://www.instagram.com/fmevents_official
    🐦 Twitter: https://twitter.com/F_M_events
    🎥 TikTok: https://www.tiktok.com/@fmevents_official
    ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official

    Don’t miss out on our latest videos, interviews, and event coverage.
    Subscribe to our YouTube channel for more!

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!

    Ugnė B., payabl.

    Joe Pelley, ActivTrades

    William Thomas, BVNK

    Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23

    #fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit

    📣 Stay updated with the latest in finance and trading!
    Follow FMevents across our social media platforms for news, insights, and event updates.

    Connect with us today:
    🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
    👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
    📸 Instagram: https://www.instagram.com/fmevents_official
    🐦 Twitter: https://twitter.com/F_M_events
    🎥 TikTok: https://www.tiktok.com/@fmevents_official
    ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official

    Don’t miss out on our latest videos, interviews, and event coverage.
    Subscribe to our YouTube channel for more!

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!

    Ugnė B., payabl.

    Joe Pelley, ActivTrades

    William Thomas, BVNK

    Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23

    #fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit

    📣 Stay updated with the latest in finance and trading!
    Follow FMevents across our social media platforms for news, insights, and event updates.

    Connect with us today:
    🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
    👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
    📸 Instagram: https://www.instagram.com/fmevents_official
    🐦 Twitter: https://twitter.com/F_M_events
    🎥 TikTok: https://www.tiktok.com/@fmevents_official
    ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official

    Don’t miss out on our latest videos, interviews, and event coverage.
    Subscribe to our YouTube channel for more!

  • FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here

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