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ESMA contributes to global CCP fire drill exercise
ESMA contributes to global CCP fire drill exercise
CCPIn November 2025, 38 central counterparties (‘CCPs’) from across the world, together with clearing members, conducted a coordinated fire drill exercise simulating the failure of a hypothetical common participant. Known as the CCP Global International Default Simulation (CIDS), the exercise aimed to promote preparedness and coordination across jurisdictions.
ESMA participated in the lead authorities’ group together with Bundesbank, BaFin, the Commodity Futures Trading Commission and the Bank of England. The group advised on the design of the exercise, monitored its execution, surveyed participants to draw lessons learned and inform design improvements for future exercises.
The report published today by the lead authorities summarises the 2025 exercise outcomes and sets out feedback from participating clearing members and clients, alongside the observations and recommendations of the lead authorities. The report follows ESMA’s 2023 report on the Global CCP fire drill.
The report highlights several areas where lead authorities expect further progress in the next iteration of the exercise:
- Encourage industry-led progress to reduce fragmentation in procedures and communication conventions employed by CCPs, and promote greater use of portal-based solutions.
- Support more realistic testing of porting arrangements to better reflect operational conditions.
- Consider implementing a voluntary “market stress overlay” module with a coherent cross-CCP macro stress scenario as to fully test operational capacity and constraints under stressed but plausible market conditions.
Global fire‑drills strengthen the collective understanding of default management processes and improve operational readiness across the financial system, reinforcing the value of these exercises as a core component of system‑wide resilience.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.euESMA 2025 Annual Report: focus on stronger supervision, regulatory simplification, and innovation
ESMA 2025 Annual Report: focus on stronger supervision, regulatory simplification, and innovation
About ESMABoard of SupervisorsManagement BoardPress ReleasesThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its Annual Report for 2025, highlighting a year of progress in strengthening EU’s financial markets through enhanced supervision, regulatory simplification and innovation. Set against a backdrop of heightened global uncertainty and ongoing discussions on the Savings and Investments Union (SIU), the report illustrates ESMA’s continued contribution to orderly, resilient and attractive EU capital markets.
Verena Ross, Chair of ESMA, said:
“2025 was a pivotal year for Europe’s capital markets, with momentum shifting from policy ambition to concrete action. ESMA continued to play a central role in advancing more integrated, transparent and competitive EU markets.
Throughout the year we worked with National Competent Authorities on the implementation of the Markets in Crypto-Assets Regulation (MiCA) and made substantial progress on our simplification and burden reduction projects.
Successful onboarding and implementation of new mandates show ESMA’s organisational capacity and readiness to adapt and deliver, despite ongoing uncertainties."
Natasha Cazenave, Executive Director of ESMA, said:
“In 2025, ESMA has reached important milestones, from progress on the T+1 settlement cycle to the selection of consolidated tape providers and the implementation of new regulatory frameworks including Green Bond and ESG Rating regulations.
Welcoming the potential transformational changes currently discussed by co-legislators on the Markets Integration and Supervision Package, ESMA stands ready to take on new responsibilities and contribute to a more integrated and effective supervision in the European Union.”
Regulatory delivery and new mandates in action
In 2025, ESMA played a key role in implementing major EU legislative frameworks, including the MiCA, the Digital Operational Resilience Act (DORA), and the European Market Infrastructure Regulation (EMIR 3). The work supported supervisory convergence, advanced the authorisation of crypto-asset service providers, and strengthened digital resilience across the financial sector. It has also helped enhancing the supervision of clearing infrastructures, including the recognition and risk assessment of third-country central counterparties. These efforts reinforced the resilience of the EU financial system.
ESMA also continued to support the development of sustainable finance in the EU by improving ESG disclosures, addressing greenwashing risks and implementing new regulatory frameworks. These included the Green Bond Regulation under which ESMA established a supervisory framework for external reviewers, and the ESG Rating Regulation, Together, these initiatives promoted transparency, investor protection and trust in sustainable finance markets.
Throughout the year, ESMA advanced its risk-based supervisory approach, leveraging supervisory data to enable more efficient, intelligence-led oversight across EU financial markets.
Driving regulatory simplification and burden reduction
A central focus of ESMA’s work in 2025 was simplifying the rulebook and reducing unnecessary burden for market participants. This was supported by a strategic approach to supervisory reporting, including flagship initiatives to streamline transaction reporting and fund reporting under AIFMD and UCITS.
ESMA has also launched the retail investor journey initiative, focusing on making the investment process simpler and more transparent, whilst ensuring that investors have access to clear, reliable and accessible information.
Enhancing market efficiency and digital innovation
A major milestone in 2025 was the selection of the first consolidated tape providers (CTPs) under MiFIR. This marked a significant step towards improving transparency and accessibility of market data across the EU.
ESMA also supported the transition towards a shorter T+1 settlement cycle, contributing to global efforts to enhance post-trade efficiency and reduce systemic risk. These initiatives support broader efforts to improve the functioning and competitiveness of EU capital markets.
The Authority intensified its work on digitalisation, including artificial intelligence, distributed ledger technology and decentralised finance. These efforts aimed to harness innovation while safeguarding market integrity and investor protection.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.euSolveig Kleiveland
Team Leader - Communications
press@esma.europa.eu17/06/2026 ESMA22-50751485-16572025 Annual Report 17/06/2026 ESMA71-545613100-2954ESMA 2025 Annual Report: focus on stronger supervision, regulatory simplification, and innovation - Press release Euribor panel to include KBC Bank
Euribor panel to include KBC Bank
BenchmarksPress ReleasesOn 27 May 2026, the European Money Markets Institute (EMMI), the administrator of Euribor, announced the inclusion of KBC Bank in the Euribor panel.
ESMA and the Belgian Financial Services and Markets Authority (FSMA) welcome the inclusion of KBC Bank in the panel as a positive development that contributes to strengthening the robustness and reliability of this critical benchmark.
Verena Ross, ESMA Chair, said:
“The addition of KBC Bank to the Euribor panel reflects the interest of financial institutions active in the money market to contribute to the calculation of Euribor, as well as continued market confidence in this key benchmark. A strong benchmark enhances transparency and the availability of reliable information, which are essential to fostering trust and ensuring the smooth functioning of financial markets.”
Jean-Paul Servais, Chairman of the FSMA, said:
“We welcome the addition of KBC Bank to the Euribor panel, which further strengthens the robustness and representativeness of this critical benchmark. The representativeness of Euribor has namely always been a key supervisory consideration for the FSMA. The FSMA also greatly values its close cooperation with ESMA within the Euribor supervisory framework. As a member of the Euribor College of Supervisors and being the competent authority for the supervision of the Belgian panel banks, the FSMA will continue to contribute to supervisory convergence together with the other members of the College.”
Under the Benchmarks Regulation (BMR), ESMA is responsible for the supervision of EMMI as the administrator of the EU critical benchmark Euribor, while National Competent Authorities (NCAs) are responsible for supervising the banks contributing to Euribor. The FSMA supervises KBC Bank under the BMR when the bank contributes to the calculation of Euribor.
ESMA and the NCAs supervising the Euribor panel banks cooperate closely on Euribor-related matters, acting respectively as the chair and members of the Euribor College of Supervisors.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.euESAs publish the first report on DORA major ICT-related incidents
ESAs publish the first report on DORA major ICT-related incidents
Digital Finance and InnovationJoint CommitteeThe European Supervisory Authorities (EBA, EIOPA and ESMA) today published their first annual overview of major ICT-related incidents in the EU financial sector based on a reporting mechanism established by the Digital Operational Resilience Act (DORA). It shows that ICT risks are increasingly borderless and interconnected. The authorities also note that the recent evolution of highly capable AI-driven tools should encourage financial entities to strengthen cybersecurity measures to maintain their resilience going forward.
With the objective to harmonise and streamline the reporting regime of major ICT-related incidents, DORA introduces consistent requirements for financial entities on management, classification and reporting of ICT-related incidents. By ensuring major ICT-related incidents are properly notified to all Competent Authorities involved, this mechanism allows a faster and more coordinated response in case of borderless and interconnected major ICT-related incidents, ultimately contributing to the resilience of the European financial system.
The report indicates that around one third of the 3,383 major incidents reported by financial entities in the EU (i.e. 0.18 per entity subject to DORA) had a cross-border impact, underscoring the growing interconnectedness through shared infrastructures and services. On the other hand, the direct impact on clients and transactions was generally limited. System failures and external events were the main drivers, highlighting the need for robust third-party risk management, effective oversight of outsourced services and close coordination with service providers during incident response and remediation. While only 10% of the reported incidents were related to cybersecurity, it is key that financial entities uphold to the highest cybersecurity standards to be able to keep pace with the potential use of highly capable AI-driven tools.
These findings illustrate the growing systemic dimension of ICT risk as well as the importance of resilience and supervision in strengthening the financial sector’s ability to prevent, absorb and recover from future incidents.
Legal basis and background
Article 22(2) of the Digital Operational Resilience Act (DORA) mandates the European Supervisory Authorities (ESAs) to report yearly on major ICT-related incidents, setting out at least: (i) the number of major ICT-related incidents, (ii) their nature, (iii) their impact on the operations of financial entities or clients, (iv) remedial actions taken, and (v) the costs incurred.
Under the Digital Operational Resilience Act (DORA), an ICT-related incident is defined as a single event or a series of linked events unplanned by the financial entity that compromises the security of the network and information systems, and have an adverse impact on the availability, authenticity, integrity or confidentiality of data, or on the services provided by the financial entity’. A major ICT-related incident is an ICT-incident that has a high adverse impact on the network and information systems that support critical or important functions of a financial entity.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.euTayfun Yilmaz
Communications Officer
press@esma.europa.eu03/06/2026 JC 2026 16ESAs 2025 report on major ICT-related incidents The GMTF presents its findings on EU gas and gas derivative markets
The GMTF presents its findings on EU gas and gas derivative markets
TradingThe Gas Market Task Force (GMTF), has published today a report on the functioning of EU gas and gas derivatives markets, summarising the analytical work it has conducted in 2025.
The report also suggests further work in several areas to ensure that European gas and gas derivatives markets continue performing as expected and to the benefit of European competitiveness and consumers.
The GMTF was established in February 2025 under the Action Plan for Affordable Energy to scrutinise the functioning of EU gas and gas derivatives markets, identify potential shortcomings and propose actions to address them. The GMTF gathered the European Commission’s services, the Agency for the Cooperation of Energy Regulators (ACER) and the European Securities and Markets Authority (ESMA).
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu
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