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Abstract

Clearinghouses at organized exchanges provide clearing, settlement and risk management systems in supporting exchange traded futures and options. As the exchanges have grown for several decades, questions regarding contract performance and client protection have become more important to market participants. This paper outlines the strategies used by the Board of Trade Clearing Corporation to measure the market risk faced by each clearing member by completing stress tests on portfolios at each firm. These stress tests are part of a multi-tiered system of safeguards that allow the clearinghouse to be the counterparty to every trade on the exchange.

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