# How Do Prime Brokers Mitigate Counterparty Risk in Crypto Markets? ▴ Question

**Published:** 2025-08-09
**Categories:** Question

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![The image depicts two intersecting structural beams, symbolizing a robust Prime RFQ framework for institutional digital asset derivatives. These elements represent interconnected liquidity pools and execution pathways, crucial for high-fidelity execution and atomic settlement within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-cross-market-execution-architecture-for-digital-assets.jpg)

![Abstract forms depict interconnected institutional liquidity pools and intricate market microstructure. Sharp algorithmic execution paths traverse smooth aggregated inquiry surfaces, symbolizing high-fidelity execution within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-prime-os-1.jpg)

## Concept

[Counterparty risk](https://prime.greeks.live/area/counterparty-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) within digital asset markets represents a fundamental structural challenge. The decentralized and fragmented nature of liquidity venues, each with its own siloed ledger and collateral pool, creates an environment where every transaction carries the implicit risk of a counterparty failing to meet its obligations. An institutional participant is therefore required to manage a complex web of bilateral relationships, each with distinct operational workflows, [legal agreements](https://prime.greeks.live/question/what-are-the-primary-legal-agreements-governing-bilateral-settlement-risk-for-rfq-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and credit exposures. This fractures capital, increases operational friction, and ultimately constrains the ability to execute large or complex trading strategies efficiently.

The function of a prime broker in this context is to provide a centralized operational and [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) layer. It acts as a trusted hub, intermediating between the institutional client and the multitude of [execution venues](https://prime.greeks.live/question/how-does-a-best-execution-committee-quantify-and-compare-execution-quality-across-different-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). By facing the prime broker as a single counterparty, the client outsources the immense complexity of managing dozens of individual counterparty risks.

This consolidation is the foundational step toward achieving [capital efficiency](https://prime.greeks.live/area/capital-efficiency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and robust [risk mitigation](https://prime.greeks.live/area/risk-mitigation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The prime broker’s value is derived from its ability to build and maintain a sophisticated architecture that nets exposures, optimizes collateral, and enforces a consistent risk framework across a disparate market landscape.

> The prime brokerage model transforms a chaotic, fragmented risk environment into a structured, centralized system of managed exposure.

This centralization allows for the implementation of risk management protocols that are impossible to achieve in a purely bilateral trading environment. It enables the netting of positions across different venues and instruments, which can dramatically reduce the overall capital required to support a given trading strategy. Furthermore, a [prime broker](https://prime.greeks.live/question/what-are-the-primary-differences-between-an-executing-broker-and-a-prime-broker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can deploy advanced, [real-time risk monitoring](https://prime.greeks.live/area/real-time-risk-monitoring/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) systems that continuously evaluate a client’s entire portfolio, providing a holistic view of exposure that is simply unavailable when trading directly with multiple counterparties. The prime broker’s role is therefore a system-level intervention designed to solve a system-level problem.

![Abstractly depicting an Institutional Grade Crypto Derivatives OS component. Its robust structure and metallic interface signify precise Market Microstructure for High-Fidelity Execution of RFQ Protocol and Block Trade orders](https://options.greeks.live/wp-content/uploads/2025/07/principals-integrated-crypto-derivatives-rfq-protocol-architecture.jpg)

![Abstract metallic components, resembling an advanced Prime RFQ mechanism, precisely frame a teal sphere, symbolizing a liquidity pool. This depicts the market microstructure supporting RFQ protocols for high-fidelity execution of digital asset derivatives, ensuring capital efficiency in algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-prime-os-architecture-driving-rfq-protocol-execution-and-capital-efficiency-optimization.jpg)

## Strategy

![Abstract geometric forms depict multi-leg spread execution via advanced RFQ protocols. Intersecting blades symbolize aggregated liquidity from diverse market makers, enabling optimal price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-multi-leg-rfq-execution-orchestration.jpg)

## A Unified Risk Management Framework

A core strategy for mitigating counterparty risk is the establishment of a unified [risk management framework](https://prime.greeks.live/area/risk-management-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that abstracts away the complexity of the underlying market structure. This framework is built on the principle of risk centralization, where the prime broker becomes the single point of contact and credit exposure for the client. This is achieved through a combination of legal agreements, technological integration, and a sophisticated [collateral management system](https://prime.greeks.live/question/what-is-the-difference-between-collateral-optimization-and-collateral-transformation-in-practice/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

The client posts collateral to the prime broker, which then uses its own capital and credit lines to facilitate trading across a wide range of execution venues. This structure effectively insulates the client from the risk of default by any individual exchange or OTC desk.

The strategic implementation of this model involves several key components. First, the prime broker establishes robust legal agreements, often based on traditional finance standards like the [ISDA Master Agreement](https://prime.greeks.live/area/isda-master-agreement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), with both the client and the various execution venues. These agreements codify the terms of trade, netting arrangements, and default procedures, creating a clear and enforceable legal framework.

Second, the prime broker builds a sophisticated technology stack that provides a single point of access to the market. This includes an integrated order [management system](https://prime.greeks.live/question/what-is-the-relationship-between-an-order-management-system-and-an-execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OMS), a smart order router (SOR) that can access liquidity across multiple venues, and a [real-time risk](https://prime.greeks.live/area/real-time-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) engine that continuously monitors the client’s portfolio.

![A sleek, metallic algorithmic trading component with a central circular mechanism rests on angular, multi-colored reflective surfaces, symbolizing sophisticated RFQ protocols, aggregated liquidity, and high-fidelity execution within institutional digital asset derivatives market microstructure. This represents the intelligence layer of a Prime RFQ for optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-system-architecture-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Collateral Optimization and Off-Exchange Settlement

A key strategic advantage offered by [prime brokers](https://prime.greeks.live/question/what-are-the-primary-differences-in-risk-management-protocols-between-prime-brokers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the ability to optimize collateral usage. In a fragmented market, a trader must post collateral at each venue where they wish to trade. This is highly inefficient, as it requires tying up significant capital that could otherwise be deployed. A prime broker solves this problem by creating a single, cross-margined collateral pool.

The client posts a variety of acceptable assets to the prime broker, which then calculates a single margin requirement based on the client’s net portfolio risk. This allows for significant capital efficiency, as long positions in one asset can offset short positions in another, reducing the overall collateral burden.

Another critical strategy is the use of [off-exchange settlement](https://prime.greeks.live/area/off-exchange-settlement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and custody solutions. Instead of requiring clients to pre-fund accounts on dozens of different exchanges, a prime broker can leverage a network of qualified custodians and a [tri-party model](https://prime.greeks.live/area/tri-party-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). In this arrangement, the client, the prime broker, and the custodian all enter into an agreement where assets are held in a segregated account at the custodian.

The prime broker is granted a security interest in the assets, allowing it to manage margin requirements and liquidate positions if necessary, but the client retains title to the assets. This model significantly reduces counterparty risk, as the client’s assets are not held on the prime broker’s balance sheet and are bankruptcy-remote from both the prime broker and the execution venues.

Below is a comparison of the traditional bilateral trading model versus the [prime brokerage model](https://prime.greeks.live/question/what-are-the-key-differences-between-a-prime-brokerage-and-a-pre-funded-credit-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for [counterparty risk mitigation](https://prime.greeks.live/area/counterparty-risk-mitigation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite):

| Feature | Bilateral Trading Model | Prime Brokerage Model |
| --- | --- | --- |

![Sleek metallic system component with intersecting translucent fins, symbolizing multi-leg spread execution for institutional grade digital asset derivatives. It enables high-fidelity execution and price discovery via RFQ protocols, optimizing market microstructure and gamma exposure for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-rfq-protocols.jpg)

## Advanced Risk Mitigation Techniques

Beyond the core strategies of risk centralization and collateral optimization, prime brokers employ a range of advanced techniques to further mitigate counterparty risk. These include:

- **Real-Time [Risk Monitoring](https://prime.greeks.live/area/risk-monitoring/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ Prime brokers utilize sophisticated risk engines that continuously monitor a client’s portfolio value, exposure, and margin levels in real-time. These systems can automatically trigger margin calls or even liquidate positions if a client’s risk exceeds predefined thresholds.

- **Stress Testing** ▴ Advanced stress testing and scenario analysis are used to model the potential impact of extreme market events on a client’s portfolio. This allows the prime broker to set appropriate margin levels and proactively manage risk.

- **Credit Risk Transfer** ▴ Some prime brokers offer credit risk transfer services, where they partner with large, well-capitalized financial institutions to underwrite the counterparty risk. This provides an additional layer of protection for clients.

- **Diversification of Execution Venues** ▴ By providing access to a wide range of liquidity sources, prime brokers help clients diversify their execution risk and avoid over-reliance on any single venue.

![A vertically stacked assembly of diverse metallic and polymer components, resembling a modular lens system, visually represents the layered architecture of institutional digital asset derivatives. Each distinct ring signifies a critical market microstructure element, from RFQ protocol layers to aggregated liquidity pools, ensuring high-fidelity execution and capital efficiency within a Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-execution-stack.jpg)

![Abstractly depicting an institutional digital asset derivatives trading system. Intersecting beams symbolize cross-asset strategies and high-fidelity execution pathways, integrating a central, translucent disc representing deep liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-ecosystem-unifying-rfq-protocols-for-high-fidelity-execution-and-deep-liquidity-aggregation-across-multi-leg-spreads.jpg)

## Execution

![A fractured, polished disc with a central, sharp conical element symbolizes fragmented digital asset liquidity. This Principal RFQ engine ensures high-fidelity execution, precise price discovery, and atomic settlement within complex market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-unifying-fragmented-digital-asset-derivatives-liquidity-for-best-execution.jpg)

## The Operational Playbook for Risk Mitigation

The execution of a robust counterparty risk mitigation strategy is a complex operational undertaking that requires a combination of technology, legal frameworks, and rigorous procedures. The following is a high-level operational playbook for a prime broker’s risk management function:

- **Client Onboarding and Due Diligence** ▴ The process begins with a thorough due diligence and KYC/AML process to assess the client’s financial standing, trading strategy, and risk appetite. This informs the initial risk parameters and credit limits assigned to the client.

- **Legal Framework Implementation** ▴ A comprehensive legal framework, typically based on an ISDA Master Agreement with a credit support annex (CSA) tailored for digital assets, is put in place. This agreement governs all aspects of the trading relationship, including collateral requirements, netting, and default procedures.

- **[Collateral Management](https://prime.greeks.live/area/collateral-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The client posts initial margin to a segregated account held by a [qualified custodian](https://prime.greeks.live/area/qualified-custodian/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The prime broker’s collateral management system tracks the value of this collateral in real-time and applies appropriate haircuts based on the asset’s volatility and liquidity.

- **Real-Time Risk Monitoring** ▴ Once trading begins, the prime broker’s [risk engine](https://prime.greeks.live/area/risk-engine/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) continuously monitors the client’s portfolio. This includes calculating the net market value of all positions, the total exposure, and the available margin. The system is configured with a series of risk thresholds that, if breached, will trigger automated alerts and actions.

- **Automated Margin Calls and Liquidation** ▴ If a client’s margin level falls below a predefined maintenance margin threshold, the system will automatically issue a margin call. If the client fails to meet the margin call within a specified timeframe, the system will initiate an [automated liquidation](https://prime.greeks.live/area/automated-liquidation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) process to reduce the client’s exposure and bring the account back into compliance.

![A transparent glass sphere rests precisely on a metallic rod, connecting a grey structural element and a dark teal engineered module with a clear lens. This symbolizes atomic settlement of digital asset derivatives via private quotation within a Prime RFQ, showcasing high-fidelity execution and capital efficiency for RFQ protocols and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/architecting-high-fidelity-execution-for-institutional-digital-asset-derivatives-rfq-protocols-and-systemic-liquidity-aggregation.jpg)

## Quantitative Modeling and Data Analysis

The foundation of a prime broker’s risk management system is a sophisticated quantitative model that accurately assesses the risk of a client’s portfolio. This model must take into account a wide range of factors, including market volatility, liquidity, concentration risk, and the correlations between different assets. A key component of this model is the collateral haircut schedule, which determines the percentage by which the market value of a collateral asset is reduced for the purpose of calculating margin. The following table provides a hypothetical haircut schedule for a range of digital assets:

| Asset | Volatility (30-day) | Liquidity Score (1-10) | Base Haircut | Concentration Adder | Total Haircut |
| --- | --- | --- | --- | --- | --- |

In this model, the base haircut is determined by the asset’s volatility and liquidity. The concentration adder is a penalty applied if a client’s collateral is heavily concentrated in a single asset, reflecting the increased risk of liquidating a large position in a stress event. The total haircut is the sum of the base haircut and the concentration adder.

![Abstract geometric design illustrating a central RFQ aggregation hub for institutional digital asset derivatives. Radiating lines symbolize high-fidelity execution via smart order routing across dark pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-architecture.jpg)

## Predictive Scenario Analysis

To truly understand the robustness of their risk management framework, prime brokers conduct extensive predictive scenario analysis. This involves simulating the impact of various extreme but plausible market events on their clients’ portfolios and their own balance sheet. One such scenario could be a “flash crash” in a major asset like Bitcoin, combined with a de-pegging event in a major stablecoin. The simulation would model the cascading effects of such an event, including the rapid increase in volatility, the drying up of liquidity, and the potential for correlated failures across multiple exchanges and DeFi protocols.

The analysis would seek to answer critical questions ▴ How quickly would client margin levels be breached? Would the automated liquidation engines be able to execute orders in a fast-moving, illiquid market? Would the collateral haircuts be sufficient to cover the potential losses?

The results of these simulations are used to refine the risk models, adjust haircut schedules, and improve the design of the automated liquidation systems. This continuous process of testing and refinement is essential for staying ahead of the evolving risks in the [digital asset](https://prime.greeks.live/area/digital-asset/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) market.

![An abstract geometric composition depicting the core Prime RFQ for institutional digital asset derivatives. Diverse shapes symbolize aggregated liquidity pools and varied market microstructure, while a central glowing ring signifies precise RFQ protocol execution and atomic settlement across multi-leg spreads, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-architecture.jpg)

## System Integration and Technological Architecture

The successful execution of a [prime brokerage](https://prime.greeks.live/area/prime-brokerage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) strategy is heavily dependent on a robust and scalable technological architecture. This architecture must be able to integrate seamlessly with a wide range of execution venues, custodians, and data providers. Key components of the technology stack include:

- **API Gateway** ▴ A centralized API gateway that provides a single, unified interface for clients to access the prime broker’s services. This gateway must be able to handle a high volume of requests and provide low-latency connectivity to the various execution venues.

- **Smart Order Router (SOR)** ▴ A sophisticated SOR that can intelligently route orders to the venue with the best price and liquidity. The SOR must be able to account for factors such as exchange fees, latency, and the potential market impact of large orders.

- **Real-Time Risk Engine** ▴ A powerful risk engine that can calculate a client’s portfolio risk in real-time, across all assets and venues. This engine must be able to handle complex calculations, such as value-at-risk (VaR) and potential future exposure (PFE), with minimal latency.

- **Collateral Management System** ▴ A dedicated system for managing client collateral, including tracking asset values, applying haircuts, and processing margin calls. This system must be integrated with the prime broker’s custodial partners to ensure accurate and timely settlement of all transactions.

![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

## References

- 1. FalconX. (2023). How Prime Brokers Make Risk Management Easier. FalconX.

- 2. Aplo. (2023). Minimizing Counter-party Risk in Digital Asset Markets. The Portal.

- 3. Zycrypto. (2024). Managing Risk in Crypto Hedge Funds ▴ A High-Level Approach for Institutional Investors.

- 4. Fireblocks. (2023). Mitigating digital asset and crypto counterparty risk. Fireblocks.

- 5. Merkle Science. (2023). Counterparty Risk in Crypto ▴ Understanding the Potential Threats. Merkle Science.

- 6. International Swaps and Derivatives Association. (2021). ISDA Master Agreement. ISDA.

- 7. O’Hara, M. (1995). Market Microstructure Theory. Blackwell Publishing.

- 8. Duffie, D. & Singleton, K. J. (2003). Credit Risk ▴ Pricing, Measurement, and Management. Princeton University Press.

![A sophisticated digital asset derivatives trading mechanism features a central processing hub with luminous blue accents, symbolizing an intelligence layer driving high fidelity execution. Transparent circular elements represent dynamic liquidity pools and a complex volatility surface, revealing market microstructure and atomic settlement via an advanced RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework-optimizing-market-microstructure-price-discovery-intelligence-layer.jpg)

## Reflection

![Stacked, distinct components, subtly tilted, symbolize the multi-tiered institutional digital asset derivatives architecture. Layers represent RFQ protocols, private quotation aggregation, core liquidity pools, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/layered-institutional-digital-asset-derivatives-rfq-protocols-optimizing-principal-execution-management-systems-for-best-execution.jpg)

## Beyond Mitigation a Framework for Resilient Capital

The architecture of counterparty risk mitigation in digital assets represents a significant evolution in market structure. The systems and protocols discussed are components of a larger operational framework designed to impose order on a natively chaotic environment. The true measure of this framework is its resilience in the face of unforeseen market stress. As the digital asset ecosystem continues to mature, the nature of risk will undoubtedly evolve.

New financial instruments, novel decentralized protocols, and unforeseen sources of systemic risk will emerge. The challenge for institutional participants is to build an operational infrastructure that is not merely reactive, but adaptive.

The knowledge gained from understanding these mitigation strategies should prompt a deeper introspection. How does your own operational framework measure up? Is it designed for the market of today, or the market of tomorrow?

The ultimate goal extends beyond simply managing risk; it is about building a system for capital allocation that is fundamentally more resilient, efficient, and capable of capitalizing on opportunities that are inaccessible to those operating with a fragmented, high-friction model. The future of institutional participation in this asset class belongs to those who can master the complex interplay of technology, risk, and operational design to build a truly superior system of capital deployment.

![A complex, reflective apparatus with concentric rings and metallic arms supporting two distinct spheres. This embodies RFQ protocols, market microstructure, and high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-3.jpg)

## Glossary

<a href="https://prime.greeks.live/area/counterparty-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished, curved surfaces in teal, black, and beige delineate the intricate market microstructure of institutional digital asset derivatives. These distinct layers symbolize segregated liquidity pools, facilitating optimal RFQ protocol execution and high-fidelity execution, minimizing slippage for large block trades and enhancing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-protocol-execution-institutional-digital-asset-derivatives-flow.jpg)

## Counterparty Risk

Meaning ▴ Counterparty risk denotes the potential for financial loss stemming from a counterparty's failure to fulfill its contractual obligations in a transaction. </a><a href="https://prime.greeks.live/question/what-are-the-primary-legal-agreements-governing-bilateral-settlement-risk-for-rfq-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A glossy, segmented sphere with a luminous blue 'X' core represents a Principal's Prime RFQ. It highlights multi-dealer RFQ protocols, high-fidelity execution, and atomic settlement for institutional digital asset derivatives, signifying unified liquidity pools, market microstructure, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-core-for-best-rfq-digital-asset-derivatives-institutional-trade-flow.jpg)

## Legal Agreements

Primary legal agreements are the protocols that transform counterparty risk into a quantifiable, manageable, and legally enforceable set of obligations. </a><a href="https://prime.greeks.live/question/how-does-a-best-execution-committee-quantify-and-compare-execution-quality-across-different-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting translucent planes with central metallic nodes symbolize a robust Institutional RFQ framework for Digital Asset Derivatives. This architecture facilitates multi-leg spread execution, optimizing price discovery and capital efficiency within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-framework.jpg)

## Execution Venues

A Best Execution Committee systematically architects superior trading outcomes by quantifying performance against multi-dimensional benchmarks and comparing venues through rigorous, data-driven analysis. </a><a href="https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multifaceted, luminous abstract structure against a dark void, symbolizing institutional digital asset derivatives market microstructure. Its sharp, reflective surfaces embody high-fidelity execution, RFQ protocol efficiency, and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-protocol-architecture-optimizing-high-fidelity-rfq-execution-and-latent-liquidity-discovery.jpg)

## Risk Management

Meaning ▴ Risk Management is the systematic process of identifying, assessing, and mitigating potential financial exposures and operational vulnerabilities within an institutional trading framework. </a><a href="https://prime.greeks.live/area/capital-efficiency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, blue-illuminated, crystalline structure symbolizes an institutional grade Crypto Derivatives OS facilitating RFQ protocol execution. Diagonal gradients represent aggregated liquidity and market microstructure converging for high-fidelity price discovery, optimizing multi-leg spread trading for digital asset options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-11.jpg)

## Capital Efficiency

Meaning ▴ Capital Efficiency quantifies the effectiveness with which an entity utilizes its deployed financial resources to generate output or achieve specified objectives. </a><a href="https://prime.greeks.live/area/risk-mitigation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central mechanism of an Institutional Grade Crypto Derivatives OS with dynamically rotating arms. These translucent blue panels symbolize High-Fidelity Execution via an RFQ Protocol, facilitating Price Discovery and Liquidity Aggregation for Digital Asset Derivatives within complex Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## Risk Mitigation

Meaning ▴ Risk Mitigation involves the systematic application of controls and strategies designed to reduce the probability or impact of adverse events on a system's operational integrity or financial performance. </a><a href="https://prime.greeks.live/area/real-time-risk-monitoring/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated apparatus, potentially a price discovery or volatility surface calibration tool. A blue needle with sphere and clamp symbolizes high-fidelity execution pathways and RFQ protocol integration within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-institutional-digital-asset-derivatives-execution.jpg)

## Real-Time Risk Monitoring

Meaning ▴ Real-Time Risk Monitoring denotes the continuous, automated process of identifying, measuring, and mitigating financial exposure across an institution's trading operations with minimal latency. </a><a href="https://prime.greeks.live/question/what-are-the-primary-differences-between-an-executing-broker-and-a-prime-broker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A Prime RFQ interface for institutional digital asset derivatives displays a block trade module and RFQ protocol channels. Its low-latency infrastructure ensures high-fidelity execution within market microstructure, enabling price discovery and capital efficiency for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocol-engine-high-fidelity-execution-digital-asset-derivatives.jpg)

## Prime Broker

An executing broker transacts trades; a prime broker centralizes the clearing, financing, and custody for an entire portfolio. </a><a href="https://prime.greeks.live/question/what-is-the-difference-between-collateral-optimization-and-collateral-transformation-in-practice/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Stacked, modular components represent a sophisticated Prime RFQ for institutional digital asset derivatives. Each layer signifies distinct liquidity pools or execution venues, with transparent covers revealing intricate market microstructure and algorithmic trading logic, facilitating high-fidelity execution and price discovery within a private quotation environment](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

## Collateral Management System

Collateral optimization internally allocates existing assets for peak efficiency; transformation externally swaps them to meet high-quality demands. </a><a href="https://prime.greeks.live/area/risk-management-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, off-white cylindrical module with a dark blue recessed oval interface. This represents a Principal's Prime RFQ gateway for institutional digital asset derivatives, facilitating private quotation protocol for block trade execution, ensuring high-fidelity price discovery and capital efficiency through low-latency liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-portal-optimal-institutional-digital-asset-execution.jpg)

## Risk Management Framework

Meaning ▴ A Risk Management Framework constitutes a structured methodology for identifying, assessing, mitigating, monitoring, and reporting risks across an organization's operational landscape, particularly concerning financial exposures and technological vulnerabilities. </a><a href="https://prime.greeks.live/area/isda-master-agreement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered system component, featuring a reflective disc and spherical intelligence layer, represents institutional-grade digital asset derivatives. It embodies high-fidelity execution via RFQ protocols for optimal price discovery within Prime RFQ market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-intelligence-prime-os.jpg)

## Isda Master Agreement

Meaning ▴ The ISDA Master Agreement is a standardized contractual framework for privately negotiated over-the-counter (OTC) derivatives transactions, establishing common terms for a wide array of financial instruments. </a><a href="https://prime.greeks.live/question/what-is-the-relationship-between-an-order-management-system-and-an-execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, illuminated device representing an Institutional Grade Prime RFQ for Digital Asset Derivatives. Its glowing interface indicates active RFQ protocol execution, displaying high-fidelity execution status and price discovery for block trades](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-digital-asset-derivatives-best-execution-1.jpg)

## Management System

The OMS codifies investment strategy into compliant, executable orders; the EMS translates those orders into optimized market interaction. </a><a href="https://prime.greeks.live/area/real-time-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Prime RFQ visualizes institutional digital asset derivatives RFQ protocol and high-fidelity execution. Glowing liquidity streams converge at intelligent routing nodes, aggregating market microstructure for atomic settlement, mitigating counterparty risk within dark liquidity](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-high-fidelity-digital-asset-derivatives-rfq-protocol.jpg)

## Real-Time Risk

Meaning ▴ Real-time risk constitutes the continuous, instantaneous assessment of financial exposure and potential loss, dynamically calculated based on live market data and immediate updates to trading positions within a system. </a><a href="https://prime.greeks.live/question/what-are-the-primary-differences-in-risk-management-protocols-between-prime-brokers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting teal and dark blue planes, with reflective metallic lines, depict structured pathways for institutional digital asset derivatives trading. This symbolizes high-fidelity execution, RFQ protocol orchestration, and multi-venue liquidity aggregation within a Prime RFQ, reflecting precise market microstructure and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-rfq-execution-liquidity-microstructure.jpg)

## Prime Brokers

The primary differences in prime broker risk protocols lie in the sophistication of their margin models and collateral systems. </a><a href="https://prime.greeks.live/area/off-exchange-settlement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract visualization of a sophisticated institutional digital asset derivatives trading system. Intersecting transparent layers depict dynamic market microstructure, high-fidelity execution pathways, and liquidity aggregation for RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution.jpg)

## Off-Exchange Settlement

Meaning ▴ Off-Exchange Settlement refers to the direct, bilateral transfer of assets or obligations between two parties, occurring outside the operational purview of a centralized exchange or clearinghouse. </a><a href="https://prime.greeks.live/area/tri-party-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract visualization of an institutional-grade digital asset derivatives execution engine. Its segmented core and reflective arcs depict advanced RFQ protocols, real-time price discovery, and dynamic market microstructure, optimizing high-fidelity execution and capital efficiency for block trades within a Principal's framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-interface.jpg)

## Tri-Party Model

Meaning ▴ The Tri-Party Model defines a collateral management framework involving three distinct entities ▴ a collateral giver, a collateral receiver, and an independent tri-party agent. </a><a href="https://prime.greeks.live/area/counterparty-risk-mitigation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An Execution Management System module, with intelligence layer, integrates with a liquidity pool hub and RFQ protocol component. This signifies atomic settlement and high-fidelity execution within an institutional grade Prime RFQ, ensuring capital efficiency for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-orchestrating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-execution.jpg)

## Counterparty Risk Mitigation

Meaning ▴ Counterparty Risk Mitigation defines the structured processes and controls implemented by an institution to reduce potential financial loss arising from a counterparty's failure to meet its contractual obligations. </a><a href="https://prime.greeks.live/question/what-are-the-key-differences-between-a-prime-brokerage-and-a-pre-funded-credit-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A split spherical mechanism reveals intricate internal components. This symbolizes an Institutional Digital Asset Derivatives Prime RFQ, enabling high-fidelity RFQ protocol execution, optimal price discovery, and atomic settlement for block trades and multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-revealing-rfq-execution-core-mechanics.jpg)

## Prime Brokerage Model

A prime brokerage is a leveraged credit relationship; a pre-funded model is a series of discrete, fully collateralized transactions. </a><a href="https://prime.greeks.live/area/risk-monitoring/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely stacked array of modular institutional-grade digital asset trading platforms, symbolizing sophisticated RFQ protocol execution. Each layer represents distinct liquidity pools and high-fidelity execution pathways, enabling price discovery for multi-leg spreads and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-8.jpg)

## Risk Monitoring

Meaning ▴ Risk Monitoring constitutes the systematic, continuous observation and evaluation of financial exposures and operational parameters against predefined thresholds to ensure adherence to risk policies and regulatory mandates. </a><a href="https://prime.greeks.live/area/collateral-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A crystalline sphere, representing aggregated price discovery and implied volatility, rests precisely on a secure execution rail. This symbolizes a Principal's high-fidelity execution within a sophisticated digital asset derivatives framework, connecting a prime brokerage gateway to a robust liquidity pipeline, ensuring atomic settlement and minimal slippage for institutional block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-platform-optimizing-liquidity-and-risk-management-through-advanced-protocols.jpg)

## Collateral Management

Meaning ▴ Collateral Management is the systematic process of monitoring, valuing, and exchanging assets to secure financial obligations, primarily within derivatives, repurchase agreements, and securities lending transactions. </a><a href="https://prime.greeks.live/area/qualified-custodian/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-component device with a prominent lens, embodying a sophisticated RFQ workflow engine. Its modular design signifies integrated liquidity pools and dynamic price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-2.jpg)

## Qualified Custodian

Meaning ▴ A Qualified Custodian is an institution legally mandated to safeguard client assets, particularly securities and digital assets, from misappropriation or loss, adhering to stringent regulatory standards such as those set by the SEC under the Custody Rule. </a><a href="https://prime.greeks.live/area/risk-engine/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished metallic surface with a central intricate mechanism, representing a high-fidelity market microstructure engine. Two sleek probes symbolize bilateral RFQ protocols for precise price discovery and atomic settlement of institutional digital asset derivatives on a Prime RFQ, ensuring best execution for Bitcoin Options](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-engine-core-market-microstructure-intelligence-layer.jpg)

## Risk Engine

Meaning ▴ A Risk Engine is a computational system designed to assess, monitor, and manage financial exposure in real-time, providing an instantaneous quantitative evaluation of market, credit, and operational risks across a portfolio of assets, particularly within institutional digital asset derivatives. </a><a href="https://prime.greeks.live/area/automated-liquidation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision cross-section of an institutional digital asset derivatives system, revealing intricate market microstructure. Toroidal halves represent interconnected liquidity pools, centrally driven by an RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-architecture-revealing-precision-rfq-protocol-engine-for-optimal-high-fidelity-execution-and-latent-liquidity-aggregation.jpg)

## Automated Liquidation

Meaning ▴ Automated Liquidation defines the programmatic and irreversible closure of a leveraged trading position when its collateral value, typically denominated in a base asset, falls below a pre-defined maintenance margin threshold, ensuring the solvency of the trading platform and the integrity of its risk engine. </a><a href="https://prime.greeks.live/area/digital-asset/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central metallic bar, representing an RFQ block trade, pivots through translucent geometric planes symbolizing dynamic liquidity pools and multi-leg spread strategies. This illustrates a Principal's operational framework for high-fidelity execution and atomic settlement within a sophisticated Crypto Derivatives OS, optimizing private quotation workflows](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-facilitating-high-fidelity-price-discovery-and-optimal-capital-efficiency-within-advanced-market-microstructure.jpg)

## Digital Asset

Meaning ▴ A Digital Asset is a cryptographically secured, uniquely identifiable, and transferable unit of data residing on a distributed ledger, representing value or a set of defined rights. </a><a href="https://prime.greeks.live/area/prime-brokerage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms, symbolizing bilateral quotation and multi-leg spread components, precisely interact with robust institutional-grade infrastructure. This represents a Crypto Derivatives OS facilitating high-fidelity execution via an RFQ workflow, optimizing capital efficiency and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-infrastructure.jpg)

## Prime Brokerage

Meaning ▴ Prime Brokerage represents a consolidated service offering provided by large financial institutions to institutional clients, primarily hedge funds and asset managers. </a>

**Tags:** [Qualified Custodian](https://options.greeks.live/area/qualified-custodian/), [Risk Engine](https://options.greeks.live/area/risk-engine/), [Risk Monitoring](https://options.greeks.live/area/risk-monitoring/), [Risk Management](https://options.greeks.live/area/risk-management/), [Automated Liquidation](https://options.greeks.live/area/automated-liquidation/), [Off-Exchange Settlement](https://options.greeks.live/area/off-exchange-settlement/)	

## Discover More

- 
### [How Do Prime Brokers Mitigate Risk in Crypto Block Trading?](https://options.greeks.live/question/how-do-prime-brokers-mitigate-risk-in-crypto-block-trading/)
![A futuristic apparatus visualizes high-fidelity execution for digital asset derivatives. A transparent sphere represents a private quotation or block trade, balanced on a teal Principal's operational framework, signifying capital efficiency within an RFQ protocol. The sharp upper blade implies price discovery and best execution across market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-via-prime-os.jpg)

Prime brokers mitigate risk in crypto block trading by providing a centralized system for execution, settlement, and custody.

- 
### [How Do Collateral Requirements Influence Institutional Crypto Options Strategies?](https://options.greeks.live/question/how-do-collateral-requirements-influence-institutional-crypto-options-strategies/)
![A sleek, angular Prime RFQ interface component featuring a vibrant teal sphere, symbolizing a precise control point for institutional digital asset derivatives. This represents high-fidelity execution and atomic settlement within advanced RFQ protocols, optimizing price discovery and liquidity across complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-control-point.jpg)

Collateral requirements fundamentally shape institutional crypto options strategies by dictating capital efficiency, risk exposure, and strategic flexibility.

- 
### [What Specific Risks Does a Prime Broker Mitigate for Its Clients in RFQ Trading?](https://options.greeks.live/question/what-specific-risks-does-a-prime-broker-mitigate-for-its-clients-in-rfq-trading/)
![Robust institutional Prime RFQ core connects to a precise RFQ protocol engine. Multi-leg spread execution blades propel a digital asset derivative target, optimizing price discovery. This system ensures high-fidelity execution within complex market microstructure, managing latent liquidity and counterparty risk effectively.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-proto-insti-digital-asset-derivs-hi-fi-exec-capital-effi-risk-mgmt.jpg)

A prime broker mitigates RFQ trading risks by centralizing counterparty, operational, and information exposures into a single, capital-efficient framework.

- 
### [How Does Counterparty Risk Factor into Selecting a Dealer for an OTC Crypto Options Trade?](https://options.greeks.live/question/how-does-counterparty-risk-factor-into-selecting-a-dealer-for-an-otc-crypto-options-trade/)
![A luminous digital market microstructure diagram depicts intersecting high-fidelity execution paths over a transparent liquidity pool. A central RFQ engine processes aggregated inquiries for institutional digital asset derivatives, optimizing price discovery and capital efficiency within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-principal-operational-framework-price-discovery.jpg)

Counterparty risk dictates dealer selection for OTC crypto options, demanding robust due diligence, collateralization, and legal frameworks for operational integrity.

- 
### [How Does Counterparty Risk Influence the Selection of Liquidity Providers?](https://options.greeks.live/question/how-does-counterparty-risk-influence-the-selection-of-liquidity-providers/)
![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg)

Counterparty risk dictates LP selection by forcing a systemic evaluation of a provider's financial, operational, and legal integrity.

- 
### [What Are the Key Considerations for Mitigating Counterparty Risk in a Multi-Dealer Crypto Options RFQ Environment?](https://options.greeks.live/question/what-are-the-key-considerations-for-mitigating-counterparty-risk-in-a-multi-dealer-crypto-options-rfq-environment/)
![A sleek, multi-layered digital asset derivatives platform highlights a teal sphere, symbolizing a core liquidity pool or atomic settlement node. The perforated white interface represents an RFQ protocol's aggregated inquiry points for multi-leg spread execution, reflecting precise market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-core-execution-system.jpg)

Proactive system design, rigorous counterparty vetting, and dynamic collateral management are essential for mitigating crypto options RFQ counterparty risk.

- 
### [What Are the Primary Counterparty Risk Mitigation Strategies in Institutional Crypto Options RFQ?](https://options.greeks.live/question/what-are-the-primary-counterparty-risk-mitigation-strategies-in-institutional-crypto-options-rfq/)
![A luminous teal bar traverses a dark, textured metallic surface with scattered water droplets. This represents the precise, high-fidelity execution of an institutional block trade via a Prime RFQ, illustrating real-time price discovery. The droplets symbolize dynamic market microstructure and managed latent liquidity, crucial for optimal capital efficiency in digital asset derivatives RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-real-time-institutional-digital-asset-rfq-execution-stream-visualizing-prime-os-liquidity-flow.jpg)

Proactive collateralization, rigorous legal frameworks, and real-time exposure monitoring safeguard institutional crypto options RFQ participants.

- 
### [What Are the Key Differences between Managing Counterparty Risk in Liquid versus Illiquid Derivatives?](https://options.greeks.live/question/what-are-the-key-differences-between-managing-counterparty-risk-in-liquid-versus-illiquid-derivatives/)
![A sophisticated metallic instrument, a precision gauge, indicates a calibrated reading, essential for RFQ protocol execution. Its intricate scales symbolize price discovery and high-fidelity execution for institutional digital asset derivatives. Teal illumination suggests dark liquidity aggregation, supporting the principal's operational framework and systemic risk mitigation via an intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform.jpg)

Counterparty risk management shifts from automated, systemic liquidity management for liquid derivatives to bespoke, credit-focused mitigation for illiquid ones.

- 
### [How Is Counterparty Risk Assessed and Managed Differently in an RFQ Protocol versus a Dark Pool Environment?](https://options.greeks.live/question/how-is-counterparty-risk-assessed-and-managed-differently-in-an-rfq-protocol-versus-a-dark-pool-environment/)
![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

RFQ risk is managed bilaterally through direct vetting; dark pool risk is systemic, managed by the venue or a CCP.

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---

**Original URL:** https://options.greeks.live/question/how-do-prime-brokers-mitigate-counterparty-risk-in-crypto-markets/
