As a first step a short summary of the historical development of CCPs is provided, followed by an outline of the concept and core functions CCPs. Then an illustration of the main risk management safeguards of CCPs is provided. This includes an excursus regarding the hier-archical structure of clearing and regarding procyclical considerations with respect to CCPs. The outline of CCP counterparty risk management is complemented by a brief overview of other risks, including liquidity risk, legal risk, and operational risk. The consideration of the risk profile of CCPs is concluded with some insight into the main factors determining the oversight of CCPs' governance. The full picture of CCPs from an oversight perspective is given by placing the CCPs in the clearing process and the outlining the resulting challenges for regulatory oversight. The chapter concludes with a description of the manifold layers of today's oversight of CCPs.
Transparent triage policies during the COVID‐19 pandemic: a critical part of medico‐legal risk management for clinicians
