# What Are the Regulatory Requirements for CCP Skin-In-The-Game in Different Jurisdictions? ▴ Question

**Published:** 2025-08-13
**Categories:** Question

---

![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)

![A precision-engineered device with a blue lens. It symbolizes a Prime RFQ module for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-engine.jpg)

## Concept

The stability of global financial markets is deeply intertwined with the operational integrity of Central Counterparty Clearing Houses (CCPs). These entities function as the hubs of modern finance, mitigating [counterparty risk](https://prime.greeks.live/area/counterparty-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for vast swathes of derivatives and securities markets. A critical component of their [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework is the concept of “skin-in-the-game” (SITG), which refers to the portion of a CCP’s own capital that is at risk in the event of a clearing member’s default.

This financial commitment is far more than a simple layer of capital; it is a foundational element designed to align the CCP’s incentives with the broader goal of market stability. By placing its own resources in the primary loss position, a CCP is compelled to maintain rigorous risk management standards, from the setting of initial margins to the continuous monitoring of member exposures.

The structure of a CCP’s financial safeguards is often visualized as a “[default waterfall](https://prime.greeks.live/area/default-waterfall/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite),” a sequential application of resources to absorb losses from a defaulting member. The defaulter’s own margin and contributions to the default fund are the first to be consumed. Following this, the CCP’s skin-in-the-game is typically the next tranche of capital to be utilized, preceding the pooled contributions of [non-defaulting members](https://prime.greeks.live/question/can-non-defaulting-members-challenge-the-seizure-of-their-default-fund-contributions/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This positioning is of paramount importance.

Placing the CCP’s capital at the forefront ensures that its management and shareholders are the first to feel the financial consequences of a failure in their risk models, creating a powerful incentive for prudence. The amount of skin-in-the-game, while often small in relation to the total value of cleared transactions, is significant because it represents a material portion of the CCP’s own capital, making its preservation a primary corporate objective.

> The strategic placement of a CCP’s own capital within the default waterfall is a core mechanism for ensuring its prudent operation and, by extension, the stability of the markets it serves.

Jurisdictions around the world have recognized the importance of this incentive structure, but have implemented it with notable variations. These differences in [regulatory requirements](https://prime.greeks.live/area/regulatory-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) reflect diverse philosophies on how best to balance the need for CCP solvency with the desire to avoid creating a moral hazard, where the presence of a large backstop might encourage excessive risk-taking. The debate over the appropriate size and positioning of skin-in-the-game is ongoing, with regulators, [clearing members](https://prime.greeks.live/question/how-do-different-anti-procyclicality-tools-affect-the-cost-of-clearing-for-members/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and CCPs themselves often holding divergent views. Understanding these regulatory nuances is essential for any market participant, as they directly impact the cost of clearing, the resilience of the financial system, and the distribution of risk among its key players.

![A segmented teal and blue institutional digital asset derivatives platform reveals its core market microstructure. Internal layers expose sophisticated algorithmic execution engines, high-fidelity liquidity aggregation, and real-time risk management protocols, integral to a Prime RFQ supporting Bitcoin options and Ethereum futures trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-microstructure.jpg)

![An abstract visual depicts a central intelligent execution hub, symbolizing the core of a Principal's operational framework. Two intersecting planes represent multi-leg spread strategies and cross-asset liquidity pools, enabling private quotation and aggregated inquiry for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## Strategy

The regulatory frameworks governing [CCP skin-in-the-game](https://prime.greeks.live/area/ccp-skin-in-the-game/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) across different jurisdictions are not monolithic. They represent a spectrum of strategic choices, each reflecting a particular philosophy on risk allocation and incentive alignment. These strategies are primarily shaped by two key pieces of legislation ▴ the Dodd-Frank Act in the United States and the [European Market Infrastructure Regulation](https://prime.greeks.live/area/european-market-infrastructure-regulation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMIR) in the European Union. While both aim to enhance financial stability, their approaches to CCP capital contributions reveal differing priorities and assumptions about market behavior.

![A sleek, multi-faceted plane represents a Principal's operational framework and Execution Management System. A central glossy black sphere signifies a block trade digital asset derivative, executed with atomic settlement via an RFQ protocol's private quotation](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-principal-os-high-fidelity-execution.jpg)

## A Comparative Analysis of Jurisdictional Approaches

The strategic differences in [skin-in-the-game requirements](https://prime.greeks.live/question/what-are-the-differences-in-skin-in-the-game-requirements-between-us-and-european-ccps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are most evident when comparing the EU and the US. EMIR, for instance, is highly prescriptive, mandating that a CCP contribute at least 25% of its [minimum regulatory capital](https://prime.greeks.live/question/what-are-the-consequences-for-a-ccp-that-fails-to-meet-its-minimum-capital-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to the default waterfall. This capital must be used before the default fund contributions of non-defaulting clearing members are touched.

This “juniorization” of the CCP’s capital is a deliberate strategic choice designed to place the CCP’s own resources at the forefront of risk absorption, thereby sharpening its focus on robust risk management. The European framework, in its design, prioritizes the direct financial accountability of the CCP.

In contrast, the US approach, guided by the regulations of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), has historically been less prescriptive regarding the exact percentage of capital a CCP must contribute. The focus has been more on ensuring that the total financial resources of the CCP are adequate to withstand the default of the clearing member with the largest exposure. While US CCPs do contribute their own capital to the default waterfall, the specific amounts and their position relative to member contributions can vary, leading to a more heterogeneous landscape. This approach provides CCPs with greater flexibility but also necessitates a deeper analysis by market participants to understand the specific risk profile of each clearinghouse.

> The divergence in regulatory mandates between major financial centers creates a complex global tapestry of risk and incentive structures for market participants to navigate.

The following table provides a high-level comparison of the strategic approaches to CCP skin-in-the-game in key jurisdictions:

### Jurisdictional Comparison of CCP Skin-in-the-Game Requirements

| Jurisdiction | Governing Regulation | Core Requirement | Position in Default Waterfall |
| --- | --- | --- | --- |
| European Union | EMIR | At least 25% of minimum regulatory capital. | Typically junior to non-defaulting member contributions. |
| United States | Dodd-Frank Act (CFTC/SEC Rules) | Sufficient to incentivize prudent risk management; no fixed percentage. | Varies by CCP; can be structured in multiple layers. |
| Japan | Financial Instruments and Exchange Act (FIEA) | Aligned with international standards (PFMI); amount determined by CCP’s risk profile. | Generally placed ahead of non-defaulting member contributions. |
| United Kingdom | UK EMIR | Initially mirrored EU EMIR; now subject to independent UK regulation. The 25% requirement is a baseline. | Consistent with the principle of juniorization to incentivize the CCP. |

![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)

## The Strategic Implications of “how Much Is Enough?”

The central strategic question in the skin-in-the-game debate is determining the optimal amount of capital a CCP should contribute. A larger contribution enhances the CCP’s incentive to be prudent but also increases its cost of capital, which may be passed on to clearing members. Conversely, a smaller contribution might be seen as insufficient to genuinely align incentives, particularly for very large CCPs where the skin-in-the-game amount could be trivial relative to their overall franchise value.

Recent discussions have also introduced the idea of multiple layers of CCP skin-in-the-game. For example, a proposal in the EU suggested a second layer of CCP capital to be utilized after a portion of the members’ [default fund contributions](https://prime.greeks.live/area/default-fund-contributions/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) have been consumed. This “sandwich” approach attempts to create a more nuanced incentive structure, where the CCP remains on the hook for losses even after the initial shock has been absorbed by the default fund. Such proposals highlight the dynamic nature of this regulatory field and the continuous search for a framework that can effectively mitigate [systemic risk](https://prime.greeks.live/area/systemic-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) without stifling market activity.

- **Incentive Alignment** ▴ The primary goal of skin-in-the-game is to ensure that the CCP’s management has a strong, direct financial incentive to manage risk effectively. The materiality of the CCP’s contribution relative to its own capital is a key determinant of the strength of this incentive.

- **Moral Hazard** ▴ Regulators must calibrate skin-in-the-game requirements to [avoid creating moral hazard](https://prime.greeks.live/question/how-do-central-bank-swap-lines-affect-moral-hazard-in-non-domestic-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). If the CCP’s contribution is perceived as a complete backstop, it could inadvertently encourage clearing members to take on more risk than they otherwise would.

- **Systemic Resilience** ▴ Ultimately, the strategic objective of skin-in-the-game is to enhance the resilience of the financial system. A well-capitalized CCP with properly aligned incentives is less likely to fail, preventing the cascading defaults that can lead to a systemic crisis.

![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)

![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)

## Execution

The execution of skin-in-the-game requirements is a complex operational process that involves precise calculations, a clearly defined sequence of actions in a crisis, and robust protocols for recapitalization. For a CCP, the implementation of these regulatory mandates is a core component of its risk management function. For clearing members and other market participants, understanding the mechanics of execution is vital for accurately assessing the risks associated with a particular CCP.

![Abstract depiction of an institutional digital asset derivatives execution system. A central market microstructure wheel supports a Prime RFQ framework, revealing an algorithmic trading engine for high-fidelity execution of multi-leg spreads and block trades via advanced RFQ protocols, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system-1.jpg)

## The Operational Mechanics of the Default Waterfall

The default waterfall is the operational playbook for managing a clearing member failure. It is a pre-defined, sequential process for the application of financial resources to cover the losses of a defaulted member. The CCP’s skin-in-the-game is a critical step in this sequence. The following list outlines the typical execution of a default waterfall:

- **Application of Defaulter’s Resources** ▴ The first resources to be used are those of the defaulting member. This includes their initial margin, any variation margin payments, and their contribution to the [default fund](https://prime.greeks.live/area/default-fund/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- **Application of CCP’s Skin-in-the-Game** ▴ Once the defaulter’s resources are exhausted, the CCP’s own capital contribution is brought to bear. This is the skin-in-the-game. The specific amount is determined by the relevant jurisdictional regulations, such as the 25% of minimum regulatory capital rule under [EMIR](https://prime.greeks.live/area/emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- **Application of Non-Defaulting Members’ Contributions** ▴ If the losses exceed the combined resources of the defaulter and the CCP’s skin-in-the-game, the CCP will then draw upon the default fund contributions of the non-defaulting, or “surviving,” members.

- **Further Loss-Sharing Mechanisms** ▴ In the unlikely event that even these resources are insufficient, most CCPs have additional powers to call for further contributions from their members, a process known as “assessment rights.”

![A precision-engineered RFQ protocol engine, its central teal sphere signifies high-fidelity execution for digital asset derivatives. This module embodies a Principal's dedicated liquidity pool, facilitating robust price discovery and atomic settlement within optimized market microstructure, ensuring best execution](https://options.greeks.live/wp-content/uploads/2025/08/institutional-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## A Quantitative Illustration of Skin-in-the-Game in Action

To provide a concrete example of how these mechanics work in practice, consider a hypothetical default scenario at a CCP operating under EMIR. The table below simulates the erosion of the default waterfall layers.

### Simulated Default Waterfall Scenario

| Waterfall Layer | Resource Amount (€ Million) | Losses Covered (€ Million) | Remaining Resources (€ Million) |
| --- | --- | --- | --- |
| Defaulter’s Margin & DF Contribution | 150 | 150 | 0 |
| CCP’s Skin-in-the-Game | 50 | 50 | 0 |
| Non-Defaulting Members’ DF Contributions | 800 | 100 | 700 |
| Total Loss | | 300 | |

In this scenario, the defaulting member’s failure results in a total loss of €300 million. The defaulter’s own resources of €150 million are consumed first. Next, the CCP’s entire €50 million skin-in-the-game contribution is used.

The remaining €100 million in losses is then covered by drawing down on the default fund contributions of the surviving members. This example clearly demonstrates the protective buffer that the CCP’s capital provides to non-defaulting members.

> The operational execution of the default waterfall is a testament to the structured, pre-planned nature of CCP risk management, designed to function predictably even in the most severe market conditions.

![Precision-engineered modular components, with teal accents, align at a central interface. This visually embodies an RFQ protocol for institutional digital asset derivatives, facilitating principal liquidity aggregation and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-interface-for-atomic-settlement.jpg)

## Recapitalization and Recovery

The execution of skin-in-the-game requirements does not end with the absorption of losses. Following a default event where the CCP’s capital is consumed, regulatory frameworks mandate a process of recapitalization. The CCP must replenish its skin-in-the-game contribution to ensure it is prepared for any future defaults. This process is a critical element of the CCP’s recovery and resolution plan.

The speed and efficiency with which a CCP can recapitalize is a key indicator of its operational resilience and long-term viability. For clearing members, the CCP’s ability to restore its capital base is a crucial consideration, as it directly impacts the level of protection afforded to their own contributions to the default fund.

![A precise geometric prism reflects on a dark, structured surface, symbolizing institutional digital asset derivatives market microstructure. This visualizes block trade execution and price discovery for multi-leg spreads via RFQ protocols, ensuring high-fidelity execution and capital efficiency within Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-precision-execution.jpg)

## References

- Cont, R. & Ghamami, S. (2022). Skin in the game ▴ risk analysis of central counterparties. Journal of Financial Market Infrastructures, 10 (4), 1-35.

- Reserve Bank of Australia. (2015). Skin in the Game ▴ Central Counterparty Risk Controls and Incentives. RBA Bulletin, June.

- World Federation of Exchanges. (2020). A CCP’s skin-in-the-game ▴ Is there a trade-off? 

- Murphy, D. (2017). CCPs ▴ Too big to fail? Risk Magazine.

- Cox, T. (2015). Central counterparties and the decision to clear. Journal of Financial Market Infrastructures, 4 (2), 1-21.

- European Parliament and Council of the European Union. (2012). Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). Official Journal of the European Union.

- Committee on Payments and Market Infrastructures & Board of the International Organization of Securities Commissions. (2012). Principles for financial market infrastructures. Bank for International Settlements.

- Cox, R. T. & Steigerwald, R. S. (2016). CCP-cleared derivatives. WFE & Oliver Wyman.

- Lewis, C. M. & McPartland, J. (2018). Central counterparty risk management and collateral. The Journal of Financial Market Infrastructures.

- McLaughlin, T. (2018). Clearinghouse risk management ▴ A review of the literature. Journal of Financial Stability.

![A gleaming, translucent sphere with intricate internal mechanisms, flanked by precision metallic probes, symbolizes a sophisticated Principal's RFQ engine. This represents the atomic settlement of multi-leg spread strategies, enabling high-fidelity execution and robust price discovery within institutional digital asset derivatives markets, minimizing latency and slippage for optimal alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/inst-digital-asset-deriv-rfq-os-for-optimal-high-fidelity-trade-exec.jpg)

## Reflection

The intricate web of regulations governing CCP skin-in-the-game is a testament to the global effort to forge a more resilient financial system. The knowledge of these frameworks, from the prescriptive mandates of EMIR to the more flexible approach in the US, provides a crucial lens through which to view systemic risk. Yet, the analysis should not conclude with a mere understanding of the current rules. The true strategic imperative is to consider the trajectory of these regulations.

Are we moving towards global harmonization, or will jurisdictional differences persist as a form of regulatory competition? How will the rise of new asset classes and trading technologies challenge the existing models for calculating and deploying a CCP’s capital? The answers to these questions will shape the future of clearing and, by extension, the stability of the markets we all depend on. The operational framework of any market participant must be dynamic enough to adapt to this evolving landscape, treating regulatory knowledge not as a static checklist, but as a core component of a forward-looking risk intelligence system.

![A sleek, abstract system interface with a central spherical lens representing real-time Price Discovery and Implied Volatility analysis for institutional Digital Asset Derivatives. Its precise contours signify High-Fidelity Execution and robust RFQ protocol orchestration, managing latent liquidity and minimizing slippage for optimized Alpha Generation](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-market-microstructure.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">
![A sophisticated digital asset derivatives RFQ engine's core components are depicted, showcasing precise market microstructure for optimal price discovery. Its central hub facilitates algorithmic trading, ensuring high-fidelity execution across multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-multi-leg-spreads-for-optimal-capital-efficiency.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/area/risk-management/?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)

## 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/can-non-defaulting-members-challenge-the-seizure-of-their-default-fund-contributions/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark blue sphere, representing a deep liquidity pool for digital asset derivatives, opens via a translucent teal RFQ protocol. This unveils a principal's operational framework, detailing algorithmic trading for high-fidelity execution and atomic settlement, optimizing market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/rfq-block-trade-liquidity-microstructure-execution-prime-os-derivatives-capital.jpg)

## Non-Defaulting Members

A non-defaulting member's challenge to a default fund seizure is a retrospective audit of the CCP's risk management competence. </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 precision-engineered metallic institutional trading platform, bisected by an execution pathway, features a central blue RFQ protocol engine. This Crypto Derivatives OS core facilitates high-fidelity execution, optimal price discovery, and multi-leg spread trading, reflecting advanced market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-execution-core-facilitating-rfq-protocol-driven-optimal-price-discovery-and-multi-leg-spread-trading-for-capital-efficiency.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/regulatory-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central nexus with radiating arms symbolizes a Principal's sophisticated Execution Management System EMS. Segmented areas depict diverse liquidity pools and dark pools, enabling precise price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-liquidity-orchestration.jpg)

## Regulatory Requirements

Meaning ▴ Regulatory Requirements represent the codified directives and mandates issued by governmental bodies, financial authorities, or self-regulatory organizations that govern the conduct of participants within the institutional digital asset derivatives market. </a><a href="https://prime.greeks.live/question/how-do-different-anti-procyclicality-tools-affect-the-cost-of-clearing-for-members/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Clearing Members

Anti-procyclicality tools modulate the cost of clearing over time, trading higher baseline costs for reduced, more predictable margin calls during market stress. </a><a href="https://prime.greeks.live/area/european-market-infrastructure-regulation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central polished disc, with contrasting segments, represents Institutional Digital Asset Derivatives Prime RFQ core. A textured rod signifies RFQ Protocol High-Fidelity Execution and Low Latency Market Microstructure data flow to the Quantitative Analysis Engine for Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-system-high-fidelity.jpg)

## European Market Infrastructure Regulation

Meaning ▴ The European Market Infrastructure Regulation, known as EMIR, constitutes a comprehensive regulatory framework designed to enhance stability and transparency within the European Union's over-the-counter derivatives market. </a><a href="https://prime.greeks.live/area/ccp-skin-in-the-game/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-segmented sphere symbolizes institutional digital asset derivatives. One quadrant shows a dynamic implied volatility surface](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-liquidity-management.jpg)

## Ccp Skin-In-The-Game

Meaning ▴ CCP Skin-in-the-Game refers to the pre-funded capital contribution made by a Central Counterparty from its own equity, which serves as the primary loss-absorbing layer in its default waterfall before any mutualized default fund contributions from clearing members are utilized. </a><a href="https://prime.greeks.live/question/what-are-the-differences-in-skin-in-the-game-requirements-between-us-and-european-ccps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated metallic mechanism, split into distinct operational segments, represents the core of a Prime RFQ for institutional digital asset derivatives. Its central gears symbolize high-fidelity execution within RFQ protocols, facilitating price discovery and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-institutional-digital-asset-derivatives-trading.jpg)

## Skin-In-The-Game Requirements

Europe mandates a minimum CCP skin-in-the-game, while the US relies on firm-specific policies for incentive alignment. </a><a href="https://prime.greeks.live/question/what-are-the-consequences-for-a-ccp-that-fails-to-meet-its-minimum-capital-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central metallic hub connects beige conduits, representing an institutional RFQ engine for digital asset derivatives. It facilitates multi-leg spread execution, ensuring atomic settlement, optimal price discovery, and high-fidelity execution within a Prime RFQ for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-execution-hub.jpg)

## Minimum Regulatory Capital

A CCP's capital failure triggers a systemic cascade, shifting from contractual loss-sharing to regulator-led resolution to prevent market collapse. </a><a href="https://prime.greeks.live/area/default-fund-contributions/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometry illustrates interconnected institutional trading pathways. Intersecting metallic elements converge at a central hub, symbolizing a liquidity pool or RFQ aggregation point for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-cross-market-microstructure-for-digital-asset-derivatives.jpg)

## Default Fund Contributions

Meaning ▴ Default Fund Contributions represent pre-funded capital provided by clearing members to a Central Counterparty (CCP) as a mutualized resource to absorb losses arising from a clearing member's default that exceed the defaulting member's initial margin and other dedicated resources. </a><a href="https://prime.greeks.live/area/systemic-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision system for institutional digital asset derivatives. Translucent elements denote multi-leg spread structures and RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

## Systemic Risk

Meaning ▴ Systemic risk denotes the potential for a localized failure within a financial system to propagate and trigger a cascade of subsequent failures across interconnected entities, leading to the collapse of the entire system. </a><a href="https://prime.greeks.live/question/how-do-central-bank-swap-lines-affect-moral-hazard-in-non-domestic-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, metallic components with reflective blue surfaces depict an advanced institutional RFQ protocol. Its central pivot and radiating arms symbolize aggregated inquiry for multi-leg spread execution, optimizing order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-microstructure-for-institutional-digital-asset-derivatives.jpg)

## Avoid Creating Moral Hazard

Central bank swap lines mitigate moral hazard by delegating credit risk to the recipient central bank, which has superior local information. </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">
![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)

## 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/emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-execution.jpg)

## Emir

Meaning ▴ EMIR, the European Market Infrastructure Regulation, establishes a comprehensive regulatory framework for over-the-counter (OTC) derivative contracts, central counterparties (CCPs), and trade repositories (TRs) within the European Union. </a>

**Tags:** [Clearinghouse Capital](https://options.greeks.live/area/clearinghouse-capital/), [Default Fund Contributions](https://options.greeks.live/area/default-fund-contributions/), [Default Waterfall](https://options.greeks.live/area/default-waterfall/), [Dodd-Frank Act](https://options.greeks.live/area/dodd-frank-act/), [Counterparty Risk](https://options.greeks.live/area/counterparty-risk/), [Financial Stability](https://options.greeks.live/area/financial-stability/)	

## Discover More

- 
### [How Does Ccp Skin-In-The-Game Influence Risk Management Incentives?](https://options.greeks.live/question/how-does-ccp-skin-in-the-game-influence-risk-management-incentives/)
![An intricate, transparent cylindrical system depicts a sophisticated RFQ protocol for digital asset derivatives. Internal glowing elements signify high-fidelity execution and algorithmic trading. A central angular structure represents atomic settlement and multi-leg spread capabilities, ensuring best execution within institutional trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-architecture.jpg)

A CCP's skin-in-the-game aligns its financial self-interest with robust risk management, ensuring systemic integrity.

- 
### [How Does a CCPs Default Waterfall Protect the Financial System?](https://options.greeks.live/question/how-does-a-ccps-default-waterfall-protect-the-financial-system/)
![Polished metallic pipes intersect via robust fasteners, set against a dark background. This symbolizes intricate Market Microstructure, RFQ Protocols, and Multi-Leg Spread execution. It highlights High-Fidelity Execution, Atomic Settlement, and Capital Efficiency within a Principal's Operational Framework for Digital Asset Derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-metallic-nodes-illustrating-rfq-protocols-for-multi-leg-digital-asset-derivatives-institutional-execution.jpg)

A CCP's default waterfall is a tiered defense system that sequentializes loss allocation to protect the financial markets from contagion.

- 
### [How Do Different Jurisdictions Regulate the Caps on Clearing Member Assessment Powers?](https://options.greeks.live/question/how-do-different-jurisdictions-regulate-the-caps-on-clearing-member-assessment-powers/)
![An advanced RFQ protocol engine core, showcasing robust Prime Brokerage infrastructure. Intricate polished components facilitate high-fidelity execution and price discovery for institutional grade digital asset derivatives. This system optimizes liquidity aggregation and supports multi-leg spread strategies for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-for-precision-trading.jpg)

Jurisdictions regulate clearing member assessment caps by balancing CCP resilience with member liability, primarily through multiplier-based limits tied to default fund contributions.

- 
### [How Do Regulatory Differences across Jurisdictions Contribute to Clearing Fragmentation?](https://options.greeks.live/question/how-do-regulatory-differences-across-jurisdictions-contribute-to-clearing-fragmentation/)
![A sleek, institutional grade sphere features a luminous circular display showcasing a stylized Earth, symbolizing global liquidity aggregation. This advanced Prime RFQ interface enables real-time market microstructure analysis and high-fidelity execution for digital asset derivatives. It represents dynamic price discovery via sophisticated RFQ protocols, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-trading-platform-displaying-global-liquidity-aggregation-and-real-time-price-discovery-for-rfq-protocols.jpg)

Regulatory differences create siloed clearing systems, increasing costs and trapping capital by preventing global risk netting.

- 
### [Could a CCP’s Skin in the Game Create a Conflict of Interest with Its Profit Maximization Objective?](https://options.greeks.live/question/could-a-ccps-skin-in-the-game-create-a-conflict-of-interest-with-its-profit-maximization-objective/)
![A polished metallic disc represents an institutional liquidity pool for digital asset derivatives. A central spike enables high-fidelity execution via algorithmic trading of multi-leg spreads. The robust frame denotes a secure Prime RFQ execution management system. An antenna suggests real-time pricing and RFQ protocol integration for price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-liquidity-system.jpg)

A CCP's skin in the game creates a conflict with profit maximization that is managed by the size and placement of its capital in the default waterfall.

- 
### [In What Ways Does the Novation Process by a Ccp Specifically Secure the Integrity of a Complex Options Strategy?](https://options.greeks.live/question/in-what-ways-does-the-novation-process-by-a-ccp-specifically-secure-the-integrity-of-a-complex-options-strategy/)
![A luminous blue Bitcoin coin rests precisely within a sleek, multi-layered platform. This embodies high-fidelity execution of digital asset derivatives via an RFQ protocol, highlighting price discovery and atomic settlement. The structured environment signifies institutional-grade liquidity aggregation and portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-3.jpg)

Novation by a CCP secures options strategies by replacing bilateral risk with a centralized, margined, and guaranteed system.

- 
### [How Do Different Jurisdictions Regulate the Amount of CCP Skin in the Game?](https://options.greeks.live/question/how-do-different-jurisdictions-regulate-the-amount-of-ccp-skin-in-the-game/)
![Precision-engineered modular components, with teal accents, align at a central interface. This visually embodies an RFQ protocol for institutional digital asset derivatives, facilitating principal liquidity aggregation and high-fidelity execution. It represents atomic settlement within advanced market microstructure, crucial for multi-leg spread trading on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-interface-for-atomic-settlement.jpg)

Jurisdictions regulate CCP skin-in-the-game via prescriptive formulas or principles-based policies to align CCP incentives with member security.

- 
### [How Does a Central Clearing House Change the Dynamics of a Close out Event?](https://options.greeks.live/question/how-does-a-central-clearing-house-change-the-dynamics-of-a-close-out-event/)
![A sophisticated proprietary system module featuring precision-engineered components, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its intricate design represents market microstructure analysis, RFQ protocol integration, and high-fidelity execution capabilities, optimizing liquidity aggregation and price discovery for block trades within a multi-leg spread environment.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-proprietary-architecture-driving-high-fidelity-digital-asset-derivatives-execution-via-rfq-protocols-and-optimized-market-microstructure-dynamics.jpg)

A CCP transforms a close-out from a chaotic contagion event into a predictable, centralized risk management protocol.

- 
### [How Does the Sizing of a Ccp’s Skin in the Game Affect Clearing Member Incentives?](https://options.greeks.live/question/how-does-the-sizing-of-a-ccps-skin-in-the-game-affect-clearing-member-incentives/)
![An abstract system depicts an institutional-grade digital asset derivatives platform. Interwoven metallic conduits symbolize low-latency RFQ execution pathways, facilitating efficient block trade routing. Circular voids represent interconnected liquidity pools, enabling robust price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-engine.jpg)

A CCP's skin in the game aligns its incentives with members, promoting robust risk management to protect its own capital and the system.

---

## 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 Regulatory Requirements for CCP Skin-In-The-Game in Different Jurisdictions?",
            "item": "https://options.greeks.live/question/what-are-the-regulatory-requirements-for-ccp-skin-in-the-game-in-different-jurisdictions/"
        }
    ]
}
```

```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-regulatory-requirements-for-ccp-skin-in-the-game-in-different-jurisdictions/"
    },
    "headline": "What Are the Regulatory Requirements for CCP Skin-In-The-Game in Different Jurisdictions? \u25b4 Question",
    "description": "Regulatory requirements for CCP skin-in-the-game mandate a capital contribution from the clearinghouse to align its risk management incentives with market stability. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-are-the-regulatory-requirements-for-ccp-skin-in-the-game-in-different-jurisdictions/",
    "datePublished": "2025-08-13T22:54:37+00:00",
    "dateModified": "2025-08-13T22:54:38+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/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-interface-for-atomic-settlement.jpg",
        "caption": "Two precision-engineered modular components, accented with teal, align at a central interface, revealing complex internal mechanisms. This abstractly depicts a robust institutional digital asset derivatives trading platform, emphasizing the critical RFQ protocol for high-fidelity execution. It facilitates principal liquidity aggregation, enabling atomic settlement for complex multi-leg spreads. This infrastructure optimizes order book dynamics, ensuring best execution and capital efficiency within a sophisticated Prime RFQ, crucial for managing implied volatility."
    },
    "keywords": [
        "CCP Skin-in-the-Game",
        "Central Counterparty Risk",
        "Clearinghouse Capital",
        "Counterparty Risk",
        "Default Fund",
        "Default Fund Contributions",
        "Default Waterfall",
        "Dodd-Frank Act",
        "EMIR",
        "European Market Infrastructure Regulation",
        "Financial Stability",
        "PFMI",
        "Regulatory Requirements",
        "Risk Management",
        "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"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/what-are-the-regulatory-requirements-for-ccp-skin-in-the-game-in-different-jurisdictions/
