The risk management framework must, in the case of the central counterparty’s exposure to counterparty credit risk,—
| (a) | take into account the market risk, liquidity risk, legal risk and operational risk normally associated with counterparty credit risk; and |
| (b) | ensure that the central counterparty— |
| (i) | takes into account the creditworthiness of all relevant counterparties; |
| (ii) | takes into account any relevant settlement and pre-settlement risk; |
| (iii) | continuously monitors the utilisation of credit lines; |
| (iv) | measures its current exposure gross and net of collateral in all relevant cases; and |
| (v) | manages all relevant risk exposures at a counterparty and central counterparty-wide level. |
