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To: pater tenebrarum who wrote (26114)10/9/2000 9:53:16 PM
From: LLCF  Read Replies (1) | Respond to of 436258
 
<the clearing house stands in for defaulting counterparties >

Actually the OCC {Options Clearing Corp} stands for defaulting counterparties, in which all the clearing houses are members. In Europe the off exchange & OTC stuff is backed by the individual houses.

DAK