The European Securities and Markets Authority (Esma), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority issued the warnings in a joint report on risks to the financial system, published on April 12. The three regulators comprise the EU’s financial oversight apparatus and are collectively referred to as the European Supervisory Authorities (ESAs).
In particular, the ESAs said, any disruption in access to central counterparty (CCP) clearinghouses
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