As an EMIR-compliant CCP, Eurex Clearing conducts at least one simulation of its Default Management Process per year. For each Default Management Process simulation, Eurex Clearing nominates certain Clearing Members for whom participation in an upcoming simulation is mandatory. Mandatory participants are chosen on a rolling basis to ensure that all Clearing Members regularly demonstrate operational readiness to participate in a Default Management Process.
In addition, any Clearing Member can voluntarily participate in a simulation for the Liquidation Groups such Clearing Member is active in. Eurex Clearing strongly encourages all Clearing Members to participate in as many Default Management Process simulations as possible. Clearing Members can choose what component of the simulation they want to participate in. If a Clearing Member choses to participate in the auction process only, such participation requires a few hours of effort on a pre-defined day for the Clearing Member. At the same time, participation in a simulated auction, offers a good opportunity for the Clearing Member to validate whether it can access the auction tool, whether the formats in which auction files are provided are compatible with the Clearing Member’s internal system and whether the applicable auction format is understood.
Eurex Clearing also invites all disclosed clients to participate in the simulation on a voluntary basis.