In November 2025, a global fire drill exercise known as the CCP Global International Default Simulation was conducted to promote preparedness and coordination across jurisdictions. The exercise involved 38 central counterparties from around the world, along with clearing members, and simulated the failure of a hypothetical common participant. The European Securities and Markets Authority participated in the lead authorities' group, which advised on the design of the exercise and monitored its execution. The lead authorities' group also included the Bundesbank, BaFin, the Commodity Futures Trading Commission, and the Bank of England. The group surveyed participants to draw lessons learned and inform design improvements for future exercises. A report has been published summarizing the outcomes of the 2025 exercise and setting out feedback from participating clearing members and clients. The report highlights areas where further progress is expected, including reducing fragmentation in procedures and communication conventions employed by central counterparties. The lead authorities also recommend supporting more realistic testing of porting arrangements and considering a voluntary market stress overlay module. The global fire drills aim to strengthen the collective understanding of default management processes and improve operational readiness across the financial system. The exercises are considered a core component of system-wide resilience, and the report follows ESMA's 2023 report on the Global CCP fire drill, providing further information on the progress made in this area.