We would like to inform you that IRGiT, together with the Working Group for 2026 Default Management Testing, has developed and published the "Report on the 2026 Testing of the Default Management Procedure."
The Working Group for Default Management Testing was established in accordance with the recommendation of the IRGiT Risk Committee and consisted of representatives of market participants represented on the Committee. The assumptions for this year's testing were developed based on the conclusions of the "Managing a Default Event at IRGiT” workshop, which took place during the Forum Obrotu on 23 June 2025. As a result, different in previous years, an analytical approach to default management testing was adopted in 2026, focusing on assessing the impact of extreme market events as well as the effects of market liquidity and the efficiency of the position close-out process on potential losses and the utilization of the Guarantee Fund.
We would like to emphasize that the test scenarios selected by the Working Group were based on historically extreme market events characterized by exceptionally high price volatility. Their purpose was to demonstrate the practical significance of the individual risk management mechanisms applied by IRGiT. The report presents the assumptions underlying the analyses, the results obtained, and the key conclusions regarding the role of market liquidity and the position close-out process.
In addition, together with the report, each Clearing Member receives individual results presenting the nominal amount of its Guarantee Fund contribution that would be utilized under each test scenario. Please note that these results are intended to illustrate the impact of the analysed events on the Guarantee Fund and to enhance market participants' understanding of the loss allocation mechanisms applicable in the event of a Default Event. The information provided should be interpreted solely in the context of the accompanying report.
Should you have any questions or concerns regarding the report, the analyses performed, or the individual results provided, please contact the IRGiT Risk Management Department.
Report on the 2026 Testing of the Default Management Procedure