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"To limit surviving clearing members' exposures toward the CCP might inject uncertainty into a CCP's risk control management in the event of a default. It could undermine [the] CCP's capability of performing the functions expected of it in general, and of mitigating systemic risk in particular."

--Hirokazu Fujisawa, executive director and general manager of the Japan Securities Clearing Corporation, in a letter to the European Commission on the risks of limiting clearing members' exposures toward a CCP.

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