On 13 July 2020, the European Securities and Markets Authority (ESMA) published the results of its third stress test exercise regarding central counterparties (CCPs) in the EU. The exercise covered the resilience of 16 CCPs, including all authorised EU CCPs and the three UK CCPs. The stress test found that EU CCPs are overall resilient although some CCP results are highlighted in ESMA’s report. For example, for the credit component, ESMA found that for one CCP the results flag a shortfall of pre-funded resources that would need to be covered with non-prefunded resources coming from the non-defaulting members. Where assessments expose shortcomings in the resilience of one or more CCPs, ESMA will issue as a next step the necessary recommendations. ESMA is currently considering whether any recommendation is needed and what form it should take.