A review of all Risk Models is performed at least annually by an independent Euronext Clearing Model Validation team, using an internally developed web-based tool (MoVE).
MoVE is a platform to identify and manage risk exposures across different asset classes. Amongst all functionalities, it provides both margin replica of Euronext Clearing's main asset classes and a wide suite of benchmark models.
Material changes to existing methodologies, as well as new models, are also subject to an independent validation.