LONDON (Reuters) - The European Union's markets watchdog launched its third stress test of clearing houses on Wednesday, saying it was adding a new requirement and that British clearers won't take part if there is a no-deal Brexit.
The European Securities and Markets Authority (ESMA) said the new component will assess the impact of liquidation costs for large chunks of financial contracts in a simulated crisis.
"The exercise will cover all authorized EU central counterparties (CCPs), including the three UK CCPs, unless a no-deal Brexit takes place," ESMA said in a statement.