ESMA has published its first EU-wide stress test exercise regarding Central Counterparties ('CCPs'), as conducted under the European Markets Infrastructure Regulation ('EMIR Regulation') in order to identify possible vulnerabilities. The stress test focussed on the counterparty credit risk CCPs would face were multiple clearing members to default and simultaneous market price shocks to occur. An analysis of interdependency and exposures concentration was then undertaken. ESMA found that European Central Counterparties "seem well equipped to face severe scenarios", however it addressed two recommendations to National Competent Authorities ('NCAs') arising from this stress test. Firstly, where CCPs are assessing the credit worthiness of clearing members, any potential exposures due to their membership in other CCPs should be taken into account. Secondly, ESMA also recommends NCAs ensure CCPs revise their price shocks in cases where the test identified internal stress testing framework that was not as conservative as either the minimum shocks defined or the most extreme historic price changes observed.