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Central counterparty (CCP)
An entity that acts as an intermediary between two parties in order to secure the deals against counterparty risk and default. The use of CCPs was mandated in the G-20 2009 Pittsburgh Agreement and is being implemented in rules such as the Dodd-Frank Act in the US, and the European Market Infrastructure Regulation (EMIR).
* see also Dodd-Frank; European Market Infrastructure Regulation (EMIR); G-20 2009 Pittsburgh Agreement