# What Are the Primary Differences in Governance between a Mutualized and a Demutualized CCP? ▴ Question

**Published:** 2025-08-04
**Categories:** Question

---

![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)

![A dynamic visual representation of an institutional trading system, featuring a central liquidity aggregation engine emitting a controlled order flow through dedicated market infrastructure. This illustrates high-fidelity execution of digital asset derivatives, optimizing price discovery within a private quotation environment for block trades, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principal-os-driving-high-fidelity-execution-for-digital-asset-derivatives-through-optimized-rfq-protocols-and-smart-order-routing.jpg)

## Concept

The fundamental distinction in the governance architecture of a mutualized versus a demutualized central counterparty (CCP) resides in the alignment of ownership, risk, and strategic intent. A [mutualized CCP](https://prime.greeks.live/area/mutualized-ccp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) operates as a user-owned utility, where the [clearing members](https://prime.greeks.live/area/clearing-members/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are also the owners. This structure creates a closed-loop system where the primary objective is the collective stability and cost-efficiency of the clearing ecosystem for its members.

The governance model is inherently focused on [risk mutualization](https://prime.greeks.live/area/risk-mutualization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), where the members collectively absorb losses that exceed a defaulter’s contributions and the CCP’s own capital. This model’s strength lies in the direct incentive for members to police one another and maintain high standards of [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), as they are the ultimate bearers of residual risk.

A [demutualized CCP](https://prime.greeks.live/area/demutualized-ccp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), conversely, is a for-profit corporation with a diverse shareholder base, which may or may not include its clearing members. This separation of ownership from membership introduces a different set of incentives. The primary objective of a demutualized CCP is to [maximize shareholder value](https://prime.greeks.live/question/from-a-shareholders-perspective-when-are-non-equity-instruments-preferable-to-equity-based-compensation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which can create a tension between the pursuit of profit and the provision of a stable, low-cost clearing utility.

The governance structure of a demutualized CCP must balance the interests of its shareholders with the needs of its clearing members and the broader financial system. This often leads to a more complex governance framework, with independent directors and regulatory oversight playing a crucial role in ensuring that the CCP’s risk management practices remain robust and that it does not unduly prioritize profit over safety.

> A mutualized CCP’s governance is driven by the collective interests of its user-owners, while a demutualized CCP’s governance must balance the profit motive of its shareholders with the stability of the clearing system.

![A sharp, teal blade precisely dissects a cylindrical conduit. This visualizes surgical high-fidelity execution of block trades for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution-microstructure.jpg)

## The Locus of Control and Its Implications

In a mutualized CCP, the locus of control is firmly in the hands of the clearing members. They elect the board of directors, approve changes to the rulebook, and have a direct say in the CCP’s strategic direction. This can lead to a more conservative approach to risk management, as the members have a strong incentive to avoid any actions that could jeopardize their own capital.

However, it can also lead to slower decision-making and a reluctance to innovate, as any changes must be approved by a diverse group of members with potentially conflicting interests. The decision-making process can be cumbersome, and the CCP may be slow to adapt to new market trends or technologies.

In a demutualized CCP, the locus of control is more diffuse. The board of directors is elected by the shareholders, who may have a short-term focus on financial returns. This can lead to a more agile and innovative organization, as the CCP is incentivized to develop new products and services to attract new business and increase profits. However, it can also create a potential conflict of interest, as the CCP may be tempted to lower its risk management standards to attract more clearing members and increase its market share.

This is why the role of independent directors and regulatory oversight is so critical in a demutualized CCP. They must act as a check on the CCP’s profit-seeking behavior and ensure that it continues to operate in a safe and sound manner.

![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](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)

## How Does Ownership Structure Affect Risk Management?

The ownership structure of a CCP has a direct impact on its approach to risk management. In a mutualized CCP, the clearing members are the ultimate guarantors of the CCP’s financial soundness. This creates a powerful incentive for them to ensure that the CCP’s risk management framework is robust and that all members are adhering to the highest standards of risk management.

The members have a direct financial stake in the CCP’s ability to weather a default, and they are therefore more likely to support conservative risk management practices, such as high margin requirements and a large [default fund](https://prime.greeks.live/area/default-fund/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This collective responsibility for risk is a key feature of the mutualized model and is often cited as one of its main strengths.

In a demutualized CCP, the shareholders are the primary beneficiaries of the CCP’s profits, but their liability is limited to the value of their investment. This can create a moral hazard, as the shareholders may be willing to take on more risk in the pursuit of higher returns, knowing that they are not fully exposed to the potential losses. This is why the regulatory framework for demutualized CCPs is so important.

Regulators must ensure that these CCPs have sufficient capital to absorb potential losses and that their risk management practices are sound. The presence of a strong and independent risk management function within the CCP is also critical to mitigating this moral hazard.

![A robust metallic framework supports a teal half-sphere, symbolizing an institutional grade digital asset derivative or block trade processed within a Prime RFQ environment. This abstract view highlights the intricate market microstructure and high-fidelity execution of an RFQ protocol, ensuring capital efficiency and minimizing slippage through precise system interaction](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

![A sleek green probe, symbolizing a precise RFQ protocol, engages a dark, textured execution venue, representing a digital asset derivatives liquidity pool. This signifies institutional-grade price discovery and high-fidelity execution through an advanced Prime RFQ, minimizing slippage and optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-integration-for-high-fidelity-execution-and-institutional-liquidity-aggregation-on-prime-os.jpg)

## Strategy

The strategic frameworks of mutualized and demutualized CCPs are shaped by their distinct governance models. A mutualized CCP’s strategy is typically focused on providing a stable and efficient clearing utility for its members. The primary goal is to minimize the cost of clearing and to ensure the long-term viability of the CCP. This often leads to a focus on operational excellence, risk management, and cost control.

The CCP’s strategy is developed in close consultation with its members, who have a direct say in the CCP’s priorities and direction. This can result in a more conservative and incremental approach to strategy, with a focus on preserving the status quo and avoiding any actions that could disrupt the existing ecosystem.

A demutualized CCP, on the other hand, operates in a more competitive environment and must adopt a more dynamic and growth-oriented strategy. The primary goal is to maximize [shareholder value](https://prime.greeks.live/area/shareholder-value/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which requires the CCP to constantly innovate and expand its business. This can lead to a focus on product development, market expansion, and strategic partnerships. The CCP’s strategy is driven by the need to generate profits and to stay ahead of its competitors.

This can result in a more aggressive and risk-taking approach to strategy, with a focus on capturing new market opportunities and increasing market share. The challenge for a demutualized CCP is to balance this growth imperative with the need to maintain a safe and sound clearing system.

> The strategic focus of a mutualized CCP is on stability and cost-efficiency for its members, while a demutualized CCP prioritizes growth and profitability for its shareholders.

![A precision-engineered metallic cross-structure, embodying an RFQ engine's market microstructure, showcases diverse elements. One granular arm signifies aggregated liquidity pools and latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-microstructure-for-atomic-settlement.jpg)

## Competitive Positioning and Market Dynamics

The competitive positioning of a mutualized CCP is based on its ability to provide a low-cost and reliable clearing service to its members. The CCP’s value proposition is its status as a user-owned utility, which gives its members a sense of security and control. The CCP’s competitive advantage is its deep understanding of its members’ needs and its ability to tailor its services to meet those needs. However, a mutualized CCP may be at a disadvantage in a rapidly changing market, as its decision-making processes can be slow and its ability to innovate may be limited.

A demutualized CCP’s competitive positioning is based on its ability to innovate and to offer a wider range of products and services than its mutualized counterparts. The CCP’s value proposition is its ability to provide a one-stop shop for all of a client’s clearing needs. The CCP’s competitive advantage is its access to capital, which allows it to invest in new technologies and to expand into new markets. However, a demutualized CCP may be at a disadvantage in terms of trust and transparency, as its profit-seeking motives may be viewed with suspicion by some [market participants](https://prime.greeks.live/question/in-what-ways-does-multilateral-netting-improve-capital-efficiency-for-market-participants/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

The table below provides a comparative analysis of the strategic orientation of mutualized and demutualized CCPs:

| Strategic Dimension | Mutualized CCP | Demutualized CCP |
| --- | --- | --- |

![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)

## What Are the Implications for Market Structure?

The governance model of a CCP can have significant implications for the structure of the market it serves. A mutualized CCP, with its focus on member utility, may be more likely to support an open and competitive market structure. The CCP’s members have an incentive to ensure that the market is fair and accessible to all participants, as this will ultimately benefit them in the long run. A mutualized CCP may also be more willing to work with other market infrastructures to promote interoperability and to reduce fragmentation.

A demutualized CCP, with its focus on shareholder value, may be more likely to pursue a vertically integrated business model, in which it owns and controls multiple parts of the trading and clearing value chain. This can lead to a more closed and less competitive market structure, as the CCP may use its market power to stifle competition and to extract rents from market participants. This is why the role of antitrust authorities is so important in markets with demutualized CCPs. They must ensure that these CCPs do not abuse their dominant market position and that they continue to operate in a fair and competitive manner.

![A large, smooth sphere, a textured metallic sphere, and a smaller, swirling sphere rest on an angular, dark, reflective surface. This visualizes a principal liquidity pool, complex structured product, and dynamic volatility surface, representing high-fidelity execution within an institutional digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimized-market-microstructure-precision.jpg)

![Geometric shapes symbolize an institutional digital asset derivatives trading ecosystem. A pyramid denotes foundational quantitative analysis and the Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-system-microstructure.jpg)

## Execution

The execution of governance in a mutualized CCP is a direct reflection of its cooperative nature. The board of directors is typically dominated by representatives of the clearing members, who are elected by their peers. This ensures that the CCP’s decisions are aligned with the interests of its users.

The day-to-day management of the CCP is delegated to a professional executive team, but all major decisions, such as changes to the rulebook or the admission of new members, must be approved by the board. This can be a time-consuming process, but it ensures that all members have a voice in the governance of the CCP.

The execution of governance in a demutualized CCP is more akin to that of a publicly traded company. The board of directors is composed of a mix of executive and non-executive directors, who are elected by the shareholders. The board is responsible for setting the CCP’s strategic direction and for overseeing the performance of the executive team.

The day-to-day management of the CCP is in the hands of the CEO and the executive team, who are incentivized to maximize shareholder value. This can lead to a more efficient and decisive decision-making process, but it also creates the potential for conflicts of interest between the CCP’s shareholders and its clearing members.

> The governance of a mutualized CCP is executed through a member-driven, consensus-based process, while the governance of a demutualized CCP is executed through a more traditional corporate structure with a focus on shareholder returns.

![A precision-engineered, multi-layered system visually representing institutional digital asset derivatives trading. Its interlocking components symbolize robust market microstructure, RFQ protocol integration, and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-4.jpg)

## Operationalizing Governance a Comparative Analysis

The operationalization of governance in a CCP involves a complex interplay of rules, procedures, and incentives. The following table provides a comparative analysis of how governance is operationalized in mutualized and demutualized CCPs:

| Governance Mechanism | Mutualized CCP | Demutualized CCP |
| --- | --- | --- |

![A transparent cylinder containing a white sphere floats between two curved structures, each featuring a glowing teal line. This depicts institutional-grade RFQ protocols driving high-fidelity execution of digital asset derivatives, facilitating private quotation and liquidity aggregation through a Prime RFQ for optimal block trade atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-6.jpg)

## How Does Governance Impact the Handling of a Member Default?

The handling of a member default is a critical test of a CCP’s governance. In a mutualized CCP, the [default management process](https://prime.greeks.live/question/how-does-a-default-management-committee-differ-from-a-ccps-internal-risk-management-team/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a collective effort, with all members sharing in the responsibility for resolving the default. The CCP’s [default waterfall](https://prime.greeks.live/area/default-waterfall/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which specifies the order in which resources are used to cover losses, is designed to protect the CCP and its members from a catastrophic failure.

The members have a strong incentive to work together to manage the default and to minimize the impact on the market. This can lead to a more orderly and efficient resolution of the default.

In a demutualized CCP, the [default management](https://prime.greeks.live/area/default-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) process is more centralized, with the CCP’s management team taking the lead in resolving the default. The CCP’s default waterfall is designed to protect the CCP’s shareholders from losses, which can create a tension between the interests of the shareholders and the interests of the clearing members. The members may have less of a say in the default [management process](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), and they may be more exposed to losses if the CCP’s resources are insufficient to cover the default.

This is why the role of the regulator is so important in overseeing the default management process of a demutualized CCP. The regulator must ensure that the CCP has a credible and effective default management plan in place and that it is able to execute that plan in a crisis.

The following list outlines the typical stages of a default management process in a CCP:

- **Declaration of Default** ▴ The CCP formally declares a member to be in default after it fails to meet its obligations.

- **Liquidation of Positions** ▴ The CCP takes control of the defaulter’s positions and liquidates them in the market.

- **Application of Default Resources** ▴ The CCP uses the defaulter’s margin and default fund contributions to cover any losses.

- **Replenishment of Default Fund** ▴ If the defaulter’s resources are insufficient, the CCP may call on the surviving members to replenish the default fund.

![Abstract geometric representation of an institutional RFQ protocol for digital asset derivatives. Two distinct segments symbolize cross-market liquidity pools and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-2.jpg)

## References

- Karmel, R. S. (2001). Demutualization-Implications for the Regulation and Governance of Securities Exchanges. IOSCO.

- Aggarwal, R. (2002). Demutualization and Corporate Governance of Stock Exchanges. Journal of Applied Corporate Finance, 15(1), 105-111.

- Mendonça, H. F. D. & Catapan, A. (2012). Corporate Governance ▴ Demutualization of Stock Exchanges; an Analysis of its Benefits. Repositório do Iscte.

- Otchere, I. (2009). Demutualization and Corporate Governance of Stock Exchanges. Journal of Banking & Finance, 33(9), 1618-1629.

- Fleckner, A. M. (2006). Stock Exchanges at the Crossroads. Fordham L. Rev. 75, 2541.

![A segmented rod traverses a multi-layered spherical structure, depicting a streamlined Institutional RFQ Protocol. This visual metaphor illustrates optimal Digital Asset Derivatives price discovery, high-fidelity execution, and robust liquidity pool integration, minimizing slippage and ensuring atomic settlement for multi-leg spreads within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow-1.jpg)

## Reflection

The choice between a mutualized and a demutualized governance model for a CCP is a complex one, with significant implications for market participants and the broader financial system. There is no single right answer, and the optimal model will depend on the specific circumstances of the market in question. As you consider the information presented in this article, I encourage you to reflect on your own operational framework and to consider how the governance of your CCP impacts your business. Are you comfortable with the level of risk you are exposed to?

Do you have a voice in the governance of your CCP? Are you confident that your CCP is being managed in a safe and sound manner? These are important questions that all market participants should be asking themselves. The answers will help you to better understand your own risk profile and to make more informed decisions about where and how you clear your trades.

![A central blue sphere, representing a Liquidity Pool, balances on a white dome, the Prime RFQ. Perpendicular beige and teal arms, embodying RFQ protocols and Multi-Leg Spread strategies, extend to four peripheral blue elements](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-protocol-execution-framework.jpg)

## Glossary

<a href="https://prime.greeks.live/area/clearing-members/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision mechanics illustrating institutional RFQ protocol dynamics. Metallic and blue blades symbolize principal's bids and counterparty responses, pivoting on a central matching engine](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

## Clearing Members

Meaning ▴ Clearing Members are financial institutions granted direct access to a central clearing counterparty (CCP), assuming the critical responsibility for the settlement, risk management, and guarantee of all trades executed by themselves and their clients. </a><a href="https://prime.greeks.live/area/mutualized-ccp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek Principal's Operational Framework connects to a glowing, intricate teal ring structure. This depicts an institutional-grade RFQ protocol engine, facilitating high-fidelity execution for digital asset derivatives, enabling private quotation and optimal price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-execution-engine-for-digital-asset-derivatives-rfq.jpg)

## Mutualized Ccp

Meaning ▴ A Mutualized CCP represents a central counterparty where ownership, governance, and the financial responsibility for default losses are distributed among its clearing members. </a><a href="https://prime.greeks.live/area/risk-mutualization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic multi-lens device with glowing blue apertures symbolizes an advanced RFQ protocol engine. Its precision optics enable real-time market microstructure analysis and high-fidelity execution, facilitating automated price discovery and aggregated inquiry within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-engine-intelligence-layer.jpg)

## Risk Mutualization

Meaning ▴ Risk mutualization is a systemic mechanism where financial exposures are collectively shared among participants to absorb potential losses. </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">
![Abstract system interface on a global data sphere, illustrating a sophisticated RFQ protocol for institutional digital asset derivatives. The glowing circuits represent market microstructure and high-fidelity execution within a Prime RFQ intelligence layer, facilitating price discovery and capital efficiency across liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.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/question/from-a-shareholders-perspective-when-are-non-equity-instruments-preferable-to-equity-based-compensation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise lens-like module, symbolizing high-fidelity execution and market microstructure insight, rests on a sharp blade, representing optimal smart order routing. Curved surfaces depict distinct liquidity pools within an institutional-grade Prime RFQ, enabling efficient RFQ for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-execution-via-rfq-protocols.jpg)

## Maximize Shareholder Value

Non-equity instruments are preferred when shareholders must align incentives while mitigating dilution, controlling cash flow, and insulating rewards from market volatility. </a><a href="https://prime.greeks.live/area/demutualized-ccp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Symmetrical precision modules around a central hub represent a Principal-led RFQ protocol for institutional digital asset derivatives. This visualizes high-fidelity execution, price discovery, and block trade aggregation within a robust market microstructure, ensuring atomic settlement and capital efficiency via a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/principal-led-digital-asset-rfq-execution-system-microstructure.jpg)

## Demutualized Ccp

Meaning ▴ A Demutualized CCP signifies a central counterparty that has transitioned its organizational structure from a member-owned, cooperative model to a shareholder-owned, for-profit corporate entity. </a><a href="https://prime.greeks.live/area/default-fund/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated modular component of a Crypto Derivatives OS, featuring an intelligence layer for real-time market microstructure analysis. Its precision engineering facilitates high-fidelity execution of digital asset derivatives via RFQ protocols, ensuring optimal price discovery and capital efficiency for institutional participants](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-module.jpg)

## Default Fund

Meaning ▴ The Default Fund represents a pre-funded pool of capital contributed by clearing members of a Central Counterparty (CCP) or exchange, specifically designed to absorb financial losses incurred from a defaulting participant that exceed their posted collateral and the CCP's own capital contributions. </a><a href="https://prime.greeks.live/area/shareholder-value/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, multi-layered trading interface, embodying an Execution Management System EMS, showcases institutional-grade digital asset derivatives execution. Its sleek design implies high-fidelity execution and low-latency processing for RFQ protocols, enabling price discovery and managing multi-leg spreads with capital efficiency across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-platform-market-microstructure.jpg)

## Shareholder Value

Meaning ▴ Shareholder Value represents the aggregate economic benefit accrued to a company's owners through capital appreciation and distributions. </a><a href="https://prime.greeks.live/question/in-what-ways-does-multilateral-netting-improve-capital-efficiency-for-market-participants/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic circular interface, segmented by a prominent 'X' with a luminous central core, visually represents an institutional RFQ protocol. This depicts precise market microstructure, enabling high-fidelity execution for multi-leg spread digital asset derivatives, optimizing capital efficiency across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-execution-microstructure.jpg)

## Market Participants

Multilateral netting enhances capital efficiency by compressing numerous gross obligations into a single net position, reducing settlement risk and freeing capital. </a><a href="https://prime.greeks.live/question/how-does-a-default-management-committee-differ-from-a-ccps-internal-risk-management-team/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated system's core component, representing an Execution Management System, drives a precise, luminous RFQ protocol beam. This beam navigates between balanced spheres symbolizing counterparties and intricate market microstructure, facilitating institutional digital asset derivatives trading, optimizing price discovery, and ensuring high-fidelity execution within a prime brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-10.jpg)

## Default Management Process

A CCP's internal risk team engineers the ship for storms; the Default Management Committee is convened to navigate the hurricane. </a><a href="https://prime.greeks.live/area/default-waterfall/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-component mechanism features a light upper segment meeting a darker, textured lower part. A diagonal bar pivots on a circular sensor, signifying High-Fidelity Execution and Price Discovery via RFQ Protocols for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-microstructure-for-optimal-price-discovery-and-atomic-settlement-with-prime-os-integration.jpg)

## Default Waterfall

Meaning ▴ In institutional finance, particularly within clearing houses or centralized counterparties (CCPs) for derivatives, a Default Waterfall defines the pre-determined sequence of financial resources that will be utilized to absorb losses incurred by a defaulting participant. </a><a href="https://prime.greeks.live/area/default-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust, dark metallic platform, indicative of an institutional-grade execution management system. Its precise, machined components suggest high-fidelity execution for digital asset derivatives via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-high-fidelity-price-discovery-and-atomic-settlement-infrastructure.jpg)

## Default Management

Meaning ▴ Default Management refers to the systematic processes and mechanisms implemented by central counterparties (CCPs) or prime brokers to mitigate and resolve situations where a clearing member or counterparty fails to meet its financial obligations, typically involving margin calls or settlement payments, thereby ensuring market stability and integrity within the digital asset derivatives ecosystem. </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 translucent sphere with intricate metallic rings, an 'intelligence layer' core, is bisected by a sleek, reflective blade. This visual embodies an 'institutional grade' 'Prime RFQ' enabling 'high-fidelity execution' of 'digital asset derivatives' via 'private quotation' and 'RFQ protocols', optimizing 'capital efficiency' and 'market microstructure' for 'block trade' operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## Management Process

The OMS codifies investment strategy into compliant, executable orders; the EMS translates those orders into optimized market interaction. </a>

**Tags:** [Default Fund](https://options.greeks.live/area/default-fund/), [Clearing Members](https://options.greeks.live/area/clearing-members/), [CCP Governance](https://options.greeks.live/area/ccp-governance/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Securities Exchange](https://options.greeks.live/area/securities-exchange/), [Default Waterfall](https://options.greeks.live/area/default-waterfall/)	

## Discover More

- 
### [How Does the Eu’S’Skin-In-The-Game’ Rule Alter Ccp Risk Management Incentives?](https://options.greeks.live/question/how-does-the-eus-skin-in-the-game-rule-alter-ccp-risk-management-incentives/)
![Abstract RFQ engine, transparent blades symbolize multi-leg spread execution and high-fidelity price discovery. The central hub aggregates deep liquidity pools. Red glows indicate real-time market microstructure dynamics and optimal capital efficiency for institutional digital asset derivatives block trades.](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-crypto-derivatives-high-fidelity-block-trade.jpg)

The EU's 'skin-in-the-game' rule aligns CCP and member interests by making the CCP's own capital the first line of defense after a defaulter's assets.

- 
### [How Does a Ccp’s Default Waterfall Actually Transmit Risk to Surviving Members?](https://options.greeks.live/question/how-does-a-ccps-default-waterfall-actually-transmit-risk-to-surviving-members/)
![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads. This represents a Prime RFQ intelligence layer for optimal capital efficiency and reduced slippage in volatile markets.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

A CCP's default waterfall transmits risk by mutualizing a defaulter's losses through the sequential depletion of survivors' capital and liquidity.

- 
### [How Does a Central Counterparty Prevent the Contagion of a Member Default?](https://options.greeks.live/question/how-does-a-central-counterparty-prevent-the-contagion-of-a-member-default/)
![Sleek, angled structures intersect, reflecting a central convergence. Intersecting light planes illustrate RFQ Protocol pathways for Price Discovery and High-Fidelity Execution in Market Microstructure. This visualizes Aggregated Inquiry meeting Private Quotation for Digital Asset Derivatives via a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-price-discovery-microstructure.jpg)

A Central Counterparty isolates member defaults via a sequential, pre-funded loss-absorbing waterfall, ensuring market continuity.

- 
### [How Do Ccp Rulebooks Define Member Obligations and Default Procedures?](https://options.greeks.live/question/how-do-ccp-rulebooks-define-member-obligations-and-default-procedures/)
![A luminous central hub with radiating arms signifies an institutional RFQ protocol engine. It embodies seamless liquidity aggregation and high-fidelity execution for multi-leg spread strategies. Varied quadrants represent diverse market microstructure, optimizing capital efficiency within a principal's operational framework, mitigating counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-hub-for-optimal-liquidity-aggregation.jpg)

CCP rulebooks define member obligations and default procedures as a tiered, pre-emptive financial and operational defense system.

- 
### [What Are the Primary Differences between the US and EU Regulatory Approaches to CCP Capital Contributions?](https://options.greeks.live/question/what-are-the-primary-differences-between-the-us-and-eu-regulatory-approaches-to-ccp-capital-contributions/)
![Stacked precision-engineered circular components, varying in size and color, rest on a cylindrical base. This modular assembly symbolizes a robust Crypto Derivatives OS architecture, enabling high-fidelity execution for institutional RFQ protocols. It embodies layered liquidity aggregation, optimized price discovery within market microstructure, and capital efficiency for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-architecture-optimized-for-high-fidelity-execution.jpg)

The primary difference is the sequence of loss allocation; the EU model uses CCP capital as a buffer for members, while the US model mutualizes risk among members first.

- 
### [Could an Excessively Large Skin in the Game Contribution Create New, Unintended Risks for a Clearinghouse?](https://options.greeks.live/question/could-an-excessively-large-skin-in-the-game-contribution-create-new-unintended-risks-for-a-clearinghouse/)
![Polished metallic blades, a central chrome sphere, and glossy teal/blue surfaces with a white sphere. This visualizes algorithmic trading precision for RFQ engine driven atomic settlement. It depicts market microstructure and liquidity aggregation for high-fidelity execution of block trades, optimizing portfolio margin in a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-high-fidelity-digital-asset-atomic-execution-microstructure.jpg)

An excessively large skin-in-the-game contribution transforms a CCP from a risk mutualizer into a risk concentrator, creating moral hazard.

- 
### [How Do CCPs Mitigate the Risk of a Member Default?](https://options.greeks.live/question/how-do-ccps-mitigate-the-risk-of-a-member-default/)
![A sleek, disc-shaped system, with concentric rings and a central dome, visually represents an advanced Principal's operational framework. It integrates RFQ protocols for institutional digital asset derivatives, facilitating liquidity aggregation, high-fidelity execution, and real-time risk management. A visible sensor highlights market microstructure insights and price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-execution.jpg)

CCPs mitigate member default risk via a multi-layered, pre-funded waterfall that liquidates assets and allocates losses predictably.

- 
### [Can the Failure of a Single Clearing Member Lead to a Full CCP Collapse?](https://options.greeks.live/question/can-the-failure-of-a-single-clearing-member-lead-to-a-full-ccp-collapse/)
![Sleek, domed institutional-grade interface with glowing green and blue indicators highlights active RFQ protocols and price discovery. This signifies high-fidelity execution within a Prime RFQ for digital asset derivatives, ensuring real-time liquidity and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-prime-os-execution-interface.jpg)

A single member's failure can only cause a CCP collapse if losses exhaust all tiered financial defenses.

- 
### [How Does the ‘Too Important to Fail’ Status of a CCP Affect the Behavior of Its Clearing Members?](https://options.greeks.live/question/how-does-the-too-important-to-fail-status-of-a-ccp-affect-the-behavior-of-its-clearing-members/)
![An institutional-grade platform's RFQ protocol interface, with a price discovery engine and precision guides, enables high-fidelity execution for digital asset derivatives. Integrated controls optimize market microstructure and liquidity aggregation within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/proprietary-institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-granular-market-microstructure-analysis-for-prime-os.jpg)

A CCP's 'Too Important to Fail' status alters clearing member behavior by introducing moral hazard, reducing incentives for mutual oversight.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "What Are the Primary Differences in Governance between a Mutualized and a Demutualized CCP?",
            "item": "https://options.greeks.live/question/what-are-the-primary-differences-in-governance-between-a-mutualized-and-a-demutualized-ccp/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/what-are-the-primary-differences-in-governance-between-a-mutualized-and-a-demutualized-ccp/"
    },
    "headline": "What Are the Primary Differences in Governance between a Mutualized and a Demutualized CCP? \u25b4 Question",
    "description": "The primary governance difference is the alignment of ownership and risk: mutualized CCPs are user-owned utilities, while demutualized CCPs are for-profit entities. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-are-the-primary-differences-in-governance-between-a-mutualized-and-a-demutualized-ccp/",
    "datePublished": "2025-08-04T20:43:51+00:00",
    "dateModified": "2025-08-04T20:43:51+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-protocol-execution-framework.jpg",
        "caption": "A precise abstract sculpture features a central blue sphere balanced on a white dome, with intersecting beige and teal arms extending to four peripheral blue elements. This design embodies the intricate Market Microstructure for High-Fidelity Execution of Digital Asset Derivatives. It illustrates Price Discovery and Capital Efficiency through advanced RFQ protocols, Smart Order Routing, and Multi-Leg Spread strategies within a Prime RFQ. The system optimizes Best Execution and Alpha Generation while managing Portfolio Margin and Counterparty Risk across Liquidity Pools."
    },
    "keywords": [
        "CCP Governance",
        "Central Counterparty Clearing",
        "Clearing Member",
        "Clearing Members",
        "Corporate Governance",
        "Default Fund",
        "Default Management",
        "Default Waterfall",
        "Demutualized CCP",
        "Financial Market Infrastructure",
        "Financial Regulation",
        "Market Microstructure",
        "Member Default",
        "Mutualized CCP",
        "Risk Management",
        "Risk Mutualization",
        "Securities Exchange",
        "Shareholder Value",
        "Systemic Risk"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "How Does Ownership Structure Affect Risk Management?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The ownership structure of a CCP has a direct impact on its approach to risk management. In a mutualized CCP, the clearing members are the ultimate guarantors of the CCP's financial soundness. This creates a powerful incentive for them to ensure that the CCP's risk management framework is robust and that all members are adhering to the highest standards of risk management. The members have a direct financial stake in the CCP's ability to weather a default, and they are therefore more likely to support conservative risk management practices, such as high margin requirements and a large default fund. This collective responsibility for risk is a key feature of the mutualized model and is often cited as one of its main strengths."
            }
        },
        {
            "@type": "Question",
            "name": "What Are The Implications For Market Structure?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The governance model of a CCP can have significant implications for the structure of the market it serves. A mutualized CCP, with its focus on member utility, may be more likely to support an open and competitive market structure. The CCP's members have an incentive to ensure that the market is fair and accessible to all participants, as this will ultimately benefit them in the long run. A mutualized CCP may also be more willing to work with other market infrastructures to promote interoperability and to reduce fragmentation."
            }
        },
        {
            "@type": "Question",
            "name": "How Does Governance Impact The Handling Of A Member Default?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The handling of a member default is a critical test of a CCP's governance. In a mutualized CCP, the default management process is a collective effort, with all members sharing in the responsibility for resolving the default. The CCP's default waterfall, which specifies the order in which resources are used to cover losses, is designed to protect the CCP and its members from a catastrophic failure. The members have a strong incentive to work together to manage the default and to minimize the impact on the market. This can lead to a more orderly and efficient resolution of the default."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/what-are-the-primary-differences-in-governance-between-a-mutualized-and-a-demutualized-ccp/
