The dynamics of the Antarctic Circumpolar Current (ACC) in a near-eddy-resolving model of the Southern Ocean are investigated. It is found that the topographic form drag is the main sink of the momentum that is input by the wind. The vertical penetration of stress is considered. The interfacial form stress is found to be related not only to the local wind stress but also to changes in stratification and the Coriolis parameter along the path of integration.