BME Clearing will carry out, along with CM, Fire Drills to replicate the event of a default.
The main objective for these FD is to make sure that not only the CCP but also the CM are ready to face the default of a CM and run all the Default Management Process accurately.
These FD will cover all the sides, from technical (Auction processing, portfolio’s splitting, client positions and accounts’ porting, etc.) to market (time and size of the hedging transactions, etc.)
The number of FD may vary from 1 to 3 in a year and attendance will be mandatory for all CM.