In November 2025, 38 central counterparties (CCPs) and their clearing members worldwide participated in the CCP Global International Default Simulation (CIDS). This exercise simulated the default of a hypothetical joint participant in order to test procedures and coordination arrangements for real crisis scenarios. The Bundesbank was involved in preparing and designing the exercise alongside Bafin, ESMA, the CFTC and the Bank of England. The jointly published report summarizes the key findings of the exercise and includes recommendations for improving future global default simulations, as well as for enhancing the default management processes of CCPs.