CCP

Standard clearing on futures exchanges is by

• Individually segregated accounts

• Net omnibus accounts

• Gross omnibus accounts

• House and client comingled accounts

The following is true of CCP margin collateral

• Variation margin is calculated on a daily basis

• Government securities can be posted as variation margin collateral

• Only cash can be posted as initial margin collateral

• Initial margin is calculated on a daily basis

The following is true of Central Counterparties (CCPs)

• Only exchange traded derivatives are cleared at CCPs

• 60% of OTC derivatives are cleared at CCPs

• Bilaterally settled derivatives are not margined

• CCPs do not ask members to post margin collateral

Cross product margining is

• Not allowed under any circumstances

• Only allowed for bilateral trades not cleared at a CCP

• Allowed for all products cleared at a CCP

• Only allowed if the price risk of one product is correlated with the price risk of the other product

What is the first level of loss when a clearing member defaults?

• Central Clearing Party Equity

• Central Clearing Party Failure/ Liquidity Support

• Defaulter Initial Margin

What does "trustless" mean in blockchain world?

• Blockchain is not trustworthy

• There is no need for trust for it to operate well

What is false about hashing?

• One way conversion of plain text into hashed text

• Faster and easier to secure the message

• Fraud proof

Distributed ledger means...

• Some has it, some don't

• Everyone has different copies of the transaction

• Everyone has same copy of the transaction