Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 12 FEBRUARY 2018

Results Of EU-Wide CCP Stress Test 2017 Published

A&O Shearman
A&O Shearman
Contributor

A&O Shearman

Introducing A&O Shearman Unparalleled global depth for a changing world. Today more than ever,...

View firm profile
Explore more from A&O Shearman

On February 2, 2108, the European Securities and Markets Authority published a report setting out the results of its second EU-wide CCP stress test exercise

European UnionFinance and Banking
A&O Shearman
A&O Shearman
Author LinkedIn connections

On February 2, 2108, the European Securities and Markets Authority published a report setting out the results of its second EU-wide CCP stress test exercise. The European Market Infrastructure Regulation requires ESMA to conduct the exercise at least once per year to assess the resilience and safety of EU CCPs. The second stress test tested the resilience of 16 European CCPs, with approximately 900 clearing members EU-wide.

The 2017 stress test builds on the first stress test conducted in 2016, which only examined counterparty credit risk. The second stress test included liquidity risks and examined whether CCPs would meet their liquidity needs under different stress scenarios. ESMA has published some Q&A to accompany the report.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

23x5 Trading Comes To US Exchanges: What Firms Should Know Before Launch

US national securities exchanges are preparing to launch 23x5 trading by December 6, 2026, marking the most significant expansion of trading hours in decades. This comprehensive analysis examines the regulatory approvals, operational infrastructure changes, investor protection mechanisms, and issuer considerations necessary to support overnight equity trading from Sunday through Thursday evenings.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

OCC Issues Examiner Framework For Banks’ Use Of Artificial Intelligence

The Office of the Comptroller of the Currency has released a new framework for evaluating banks' deployment of artificial intelligence and agentic AI systems in their business operations. This guidance establishes how examiners will assess AI through existing risk management disciplines rather than creating separate regulatory requirements, with review intensity scaled to each use case's potential consequences and level of human oversight.
United StatesFinance and Banking
Sheppard
Sheppard
Article

SEC Approves FINRA’s New “Outside Activities” Rule

The Securities and Exchange Commission has approved FINRA Rule 3290, which will replace existing rules governing outside business activities and private securities transactions for registered persons. This new rule narrows the scope to focus on investment-related activities while maintaining similar supervisory obligations for member firms. Understanding the key changes and implementation requirements will be critical for broker-dealers as they update their compliance policies and procedures.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

Amendments To The Act On The Protection Of Personal Information Promulgated

Japan has enacted sweeping amendments to its Act on the Protection of Personal Information, introducing an administrative surcharge regime with monetary penalties for data protection violations, new protections for children under 16 and biometric data, and expanded exceptions for data utilization in statistical analysis and AI development. The reforms, which take effect in stages through 2028, fundamentally reshape Japan's privacy enforcement landscape by granting the Personal Information Protection Commiss
JapanPrivacy
A&O Shearman
A&O Shearman
Article

EU Packaging And Packaging Waste Regulation—what International Corporate Groups Should Know

The European Union's new Regulation on packaging and packaging waste has fundamentally transformed compliance requirements for companies placing packaged goods on the EU market, replacing decades-old directive-based frameworks with directly applicable product-law rules. While promising regulatory harmonization across member states, the reality presents a complex dual-compliance landscape where businesses must navigate both EU-wide packaging standards and diverging national implementation approaches.
European UnionEnvironment
A&O Shearman
A&O Shearman
Article

SEC Issues “Innovation Exemption” To Facilitate Trading Of Tokenized NMS Stock

The SEC has issued a groundbreaking Innovation Exemption allowing tokenized securities venues to facilitate trading of tokenized NMS stocks using automated market makers and liquidity pools. This temporary five-year exemption from exchange and dealer registration requirements establishes conditions for permissioned blockchain-based trading while granting public companies a 30-day window to object to third-party tokenization of their securities.
United StatesFinance and Banking
A&O Shearman
A&O Shearman
Article

Delaware Chancery Invalidates Buyer Termination And Orders Specific Performance Of Obligations To Seek Regulatory Clearance For Merger

A Delaware Court of Chancery decision examines whether an acquiror can terminate a $2.35 billion merger agreement when antitrust approval is delayed beyond the outside date. The case centers on whether the acquiror's abandonment of discussions with a competitor—which triggered an FTC investigation—constitutes "willful conduct" that prevents the buyer from walking away from the deal.
United StatesCorporate/Commercial Law
A&O Shearman
A&O Shearman
Article

Court Of Chancery Imposes Sanctions For Spoliation Of Signal Messages

The Delaware Court of Chancery imposed significant sanctions in a merger litigation case after finding that the company's controlling stockholder and senior officers recklessly destroyed Signal messages following legal hold notices. The court shifted the burden of proof by presuming certain facts favorable to plaintiffs, requiring defendants to rebut these presumptions with clear and convincing evidence rather than a preponderance standard.
United StatesLitigation, Mediation & Arbitration
A&O Shearman
A&O Shearman
Article

The EU’s Proposed Industrial Accelerator Act: What The Battery Industry Needs To Know—and Do

The European Commission's Industrial Accelerator Act proposes to reshape battery supply chains by conditioning access to EU public procurement and support schemes on strict origin requirements. As China controls over 80% of global battery manufacturing capacity, the legislation introduces escalating component-count thresholds that could fundamentally alter market access, financing structures, and supplier eligibility across the battery value chain.
GlobalGovernment, Public Sector
A&O Shearman
A&O Shearman
Article

How Spain’s Draft Data Center Rules Could Transform Digital Infrastructure Investment

Spain's draft Royal Decree introduces stringent energy sustainability, environmental, resilience and digital sovereignty requirements for data centers, including renewable additionality, hourly correlation, and efficiency standards. The regulation applies to all access and connection permits obtained after entry into force, with specific compliance deadlines for projects in progress and those with granted permits not yet connected to the grid.
SpainEnergy and Natural Resources
A&O Shearman
A&O Shearman
Article

California Passes Suite Of Bills Advancing Child Online-safety Push

California has enacted a comprehensive package of four bills that fundamentally reshape online safety protections for minors, targeting addictive design features, data privacy practices, age verification systems, and platform liability. These new laws establish strict requirements for social media companies, including mandatory stripped-down interfaces for users under 16, enhanced privacy defaults, and potential damages up to $1 million for negligent harm to children. The legislation represents one of the m
United StatesMedia, Telecoms, IT, Entertainment
A&O Shearman
A&O Shearman