题目
Which of the following statements least likely describe a problem with bilaterally cleared over-the-counter (OTC) derivatives trades?
选项
A.The defaults of individual counterparties could lead to systemic problems.
B.Bilateral OTC derivatives are often non-standard with exotic features.
C.Closing out trades may be difficult.
D.Loss mutualization may not spread all the losses among participants.
答案
D
解析
Loss mutualization is a feature of central clearing, whereby losses arising from a party's default are spread across all other members. Bilaterally cleared OTC derivatives do not have a loss mutualization feature.损失共同化是中央清算的一个特点，即一方违约所造成的损失会扩散到其他所有成员。双边清算的场外衍生品没有损失共同化的特征。