EACH: 16 members perform successful fire drill tests in BCP mode
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EACH: 16 members perform successful fire drill tests in BCP mode 09 September 2020Brussels Reporter: Rebecca Delaney
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The resilience of European central counterparties (CCP) has been confirmed by fire drill tests carried out in business community planning (BCP) mode during Q2 2020.
The fire drill tests were conducted by 16 European CCPs Members of the European Association of CCP Clearing Houses (EACH).
The tests are done to ensure the readiness of its default management structure, such as the operational readiness of its staff, procedures, IT systems and clearing members.
A fire drill test in BCP mode has the additional challenge of some staff and clearing members working remotely.
EACH stated the results of these fire drill tests to be evidence of the resilience of European CCPs, as well as them being well equipped to address extreme market developments.
This conclusion affirmed the results of the European Securities and Markets Authority’s European CCP stress tests performed earlier this year during extreme market conditions caused by the COVID-19 pandemic.
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