Following significant changes to their ICT systems, central counterparties (CCPs) and central securities depositories (CSDs) must submit their ICT systems to stringent testing under simulated stressed conditions. This is critical to ensure that systems continue to perform reliably, securely, and resiliently under adverse or extreme circumstances.
Central Counterparties (CCPs) must, as appropriate, involve the following stakeholders in both the design and conduct of the stress testing:
- Clearing members and clients,
- Interoperable central counterparties,
- Other interested parties (e.g., relevant service providers or market participants impacted by the CCP’s operations).
Central Securities Depositories (CSDs) must, as appropriate, involve the following stakeholders in the design and conduct of the stress testing:
- Users of the CSD services,
- Critical utilities and critical service providers supporting operational or infrastructure needs,
- Other central securities depositories,
- Other market infrastructures (such as trading venues or payment systems),
- Any other institutions identified in the CSD’s ICT business continuity policy as having operational interdependencies.
