ESMA has published the results of its EU-wide 2015 stress test of central counterparties (CCPs). The results of the test show that the system of EU CCPs is generally resilient to the stress scenarios used to model extreme but plausible market developments. The test focused on the counterparty credit risk which CCPs would face as a result of multiple clearing member defaults and simultaneous market price shocks. ESMA also issued recommendations on how to improve CCPs’ internal methodologies. (ESMA publishes CCP stress test report 2015)