Chapter 04 · Section 4.1

Compensation

In assuming the role of guarantor and thus taking a risk of default, the clearing house receives as compensation:

a) a fixed annual fee, paid by the exchange.
b) a fixed annual fee, paid by the individual clearing members.
c) a commission for every trade cleared, paid by the exchange.
• d) a commission for every trade cleared, paid by the individual clearing members.
  No. But (d) is not the only correct solution.
  e) a and c
  f) b and d

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