{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"from:2022-11-29","held_since":"2022-11-29","gaps":[],"covered":["153/2013 — RTS — Requirements for central counterparties [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":"2026-11-09","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/50","url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/50","title":"Article 50 — Sensitivity testing and analysis 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Delegated Regulation (EU) No 153/2013 · binding · OJ L 52, 23.2.2013 · dated 19 Dec 2012 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2012-12-19","entry_into_force":"2013-03-15","locators":{"document_date":"CELLAR 32013R0153 work_date_document","entry_into_force":"CELLAR 32013R0153 resource_legal_date_entry-into-force (earliest on or after the document date)"}},"adoption":null},"context":{"act":{"work_id":"spaces/emir/level-2/rts/153-2013-requirements-for-central-counterparties","path":"/emir/level-2/rts/153-2013-requirements-for-central-counterparties","name":"Commission Delegated Regulation (EU) No 153/2013","number":"153/2013","celex":"32013R0153","title_official":"COMMISSION DELEGATED REGULATION (EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on requirements for central counterparties (Text with EEA relevance)","document_date":"2012-12-19"},"position":{"kind":"article","key":"50","index":50,"articles":62,"annexes":2},"prev":{"path":"/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/49","key":"49","title":"Article 49 — Back testing procedure"},"next":{"path":"/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/51","key":"51","title":"Article 51 — Stress testing procedure"},"act_anchor":"#art-50"}},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0153-20240307","check":{"result":"matched","checked_at":"2026-11-09","against":"EUR-Lex"},"repo_path":null,"unit_text_sha256":"f52917bd42254027457deb1a15ae3f7b4bb4ea7f814dff97a4af69aae751e006","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/emir/level-2/rts/153-2013-requirements-for-central-counterparties/art-50","kind":"article","key":"50","heading":"Article 50 — Sensitivity testing and analysis procedure","text":"## <a id=\"art-50\"></a>Article 50 — Sensitivity testing and analysis procedure\n\n1. <a id=\"art-50-p-1\"></a>A CCP shall conduct sensitivity tests and analysis to assess the coverage of its margin model under various market conditions using historical data from realised stressed market conditions and hypothetical data for unrealised stressed market conditions.\n\n2. <a id=\"art-50-p-2\"></a>A CCP shall use a wide range of parameters and assumptions to capture a variety of historical and hypothetical conditions, including the most-volatile periods that have been experienced by the markets it serves and extreme changes in the correlations between prices of contracts cleared by the CCP, in order to understand how the level of margin coverage might be affected by highly stressed market conditions and changes in important model parameters.\n\n3. <a id=\"art-50-p-3\"></a>Sensitivity analysis shall be performed on a number of actual and representative clearing member portfolios. The representative portfolios shall be chosen based on their sensitivity to the material risk factors and correlations to which the CCP is exposed. Such sensitivity testing and analysis shall be designed to test the key parameters and assumptions of the initial margin model at a number of confidence intervals to determine the sensitivity of the system to errors in the calibration of such parameters and assumptions. Appropriate consideration shall be given to the term structure of the risk factors, and the assumed correlation between risk factors.\n\n4. <a id=\"art-50-p-4\"></a>A CCP shall evaluate the potential losses in clearing member positions.\n\n5. <a id=\"art-50-p-5\"></a>A CCP shall, where applicable, consider parameters reflective of the simultaneous default of clearing members that issue financial instruments cleared by the CCP or the underlying of derivatives cleared by the CCP. Where applicable, the effects of a client’s default that issues financial instruments cleared by the CCP or the underlying of derivatives cleared by the CCP shall also be considered.\n\n6. <a id=\"art-50-p-6\"></a>A CCP shall periodically report its sensitivity testing results and analysis in a form that does not breach confidentiality to the risk committee in order to seek its advice in the review of its margin model.\n\n7. <a id=\"art-50-p-7\"></a>A CCP shall define the procedures to detail the actions it could take given the results of sensitivity testing analysis.\n\n**SECTION 4 — Stress testing**\n\n","marks":[],"text_hash":"f52917bd42254027457deb1a15ae3f7b4bb4ea7f814dff97a4af69aae751e006","revision":1}}