CME Tweaks Stress Tests: Yawn-Worthy Finance Fine Print
Published Date: 10/1/2026
Notice
Summary
CME Securities Clearing Inc. is updating its stress testing and fund sizing rules to better prepare for extreme market events like big price swings or multiple defaults. These changes help keep the system safe and sound by making sure there’s enough money set aside to cover risks. The new rules kick in soon and won’t cost participants extra but will boost financial security for everyone involved.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
More detailed stress‑testing scenarios
CMESC’s rule change adds more detailed descriptions of the stress scenarios it will use, recategorizing scenarios into “Historical: Risk Factor Shocks,” “Historical: Event‑Driven,” and “Hypothetical.” The Policy explains use of principal component analysis (PCA) to build hypothetical shocks, applies plausibility thresholds at the tenor level, and states shocks will capture different interest‑rate environments including using two‑business‑day interest rate changes.
Guaranty Fund allocation clarified to Members
CMESC clarifies that individual Members — not Member Families — receive Guaranty Fund allocations, and that each Member’s Required Guaranty Fund Contribution is based on that Member’s largest net debtor (LND) and gross notional outstanding. The Policy continues to use the dual‑component allocation (LND and gross notional, previously described with a 90%/10% weighting) and notes each Member contribution is subject to a $10,000,000 minimum.
Number of Users for cover‑two clarified
The Policy adds a footnote clarifying that CMESC’s risk management team determines the number of Users (User Accounts) considered when calculating the cover‑two shortfall used to size the Guaranty Fund. The footnote explains that the number of Users is chosen to capture Users that may default if their Member were to default under extreme but plausible market conditions.
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