id	sid	tid	token	lemma	pos
cblr-7219	1	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	1	2	(	(	PUNCT
cblr-7219	1	3	do	do	AUX
cblr-7219	1	4	not	not	PART
cblr-7219	1	5	delete	delete	VERB
cblr-7219	1	6	)	)	PUNCT
cblr-7219	1	7	10/21/2020	10/21/2020	NUM
cblr-7219	1	8	11:22	11:22	NUM
cblr-7219	1	9	am	be	AUX
cblr-7219	1	10	the	the	DET
cblr-7219	1	11	unfinished	unfinished	ADJ
cblr-7219	1	12	business	business	NOUN
cblr-7219	1	13	of	of	ADP
cblr-7219	1	14	regulating	regulate	VERB
cblr-7219	1	15	clearinghouses	clearinghouse	NOUN
cblr-7219	1	16	paolo	paolo	PROPN
cblr-7219	1	17	saguato	saguato	PROPN
cblr-7219	1	18	*	*	PUNCT
cblr-7219	1	19	financial	financial	ADJ
cblr-7219	1	20	derivatives	derivative	NOUN
cblr-7219	1	21	have	have	AUX
cblr-7219	1	22	been	be	AUX
cblr-7219	1	23	widely	widely	ADV
cblr-7219	1	24	blamed	blame	VERB
cblr-7219	1	25	for	for	ADP
cblr-7219	1	26	causing	cause	VERB
cblr-7219	1	27	the	the	DET
cblr-7219	1	28	2008	2008	NUM
cblr-7219	1	29	financial	financial	ADJ
cblr-7219	1	30	crisis	crisis	NOUN
cblr-7219	1	31	.	.	PUNCT
cblr-7219	2	1	these	these	DET
cblr-7219	2	2	complex	complex	ADJ
cblr-7219	2	3	instruments	instrument	NOUN
cblr-7219	2	4	created	create	VERB
cblr-7219	2	5	a	a	DET
cblr-7219	2	6	deep	deep	ADJ
cblr-7219	2	7	and	and	CCONJ
cblr-7219	2	8	opaque	opaque	ADJ
cblr-7219	2	9	web	web	NOUN
cblr-7219	2	10	of	of	ADP
cblr-7219	2	11	bilateral	bilateral	ADJ
cblr-7219	2	12	links	link	NOUN
cblr-7219	2	13	between	between	ADP
cblr-7219	2	14	major	major	ADJ
cblr-7219	2	15	financial	financial	ADJ
cblr-7219	2	16	institutions	institution	NOUN
cblr-7219	2	17	that	that	PRON
cblr-7219	2	18	contributed	contribute	VERB
cblr-7219	2	19	to	to	ADP
cblr-7219	2	20	the	the	DET
cblr-7219	2	21	transmission	transmission	NOUN
cblr-7219	2	22	of	of	ADP
cblr-7219	2	23	systemic	systemic	ADJ
cblr-7219	2	24	risk	risk	NOUN
cblr-7219	2	25	throughout	throughout	ADP
cblr-7219	2	26	financial	financial	ADJ
cblr-7219	2	27	markets	market	NOUN
cblr-7219	2	28	.	.	PUNCT
cblr-7219	3	1	in	in	ADP
cblr-7219	3	2	order	order	NOUN
cblr-7219	3	3	to	to	PART
cblr-7219	3	4	stabilize	stabilize	VERB
cblr-7219	3	5	the	the	DET
cblr-7219	3	6	derivatives	derivative	NOUN
cblr-7219	3	7	markets	market	NOUN
cblr-7219	3	8	,	,	PUNCT
cblr-7219	3	9	legislators	legislator	NOUN
cblr-7219	3	10	included	include	VERB
cblr-7219	3	11	radical	radical	ADJ
cblr-7219	3	12	provisions	provision	NOUN
cblr-7219	3	13	in	in	ADP
cblr-7219	3	14	the	the	DET
cblr-7219	3	15	dodd	dodd	PROPN
cblr-7219	3	16	-	-	PUNCT
cblr-7219	3	17	frank	frank	PROPN
cblr-7219	3	18	wall	wall	PROPN
cblr-7219	3	19	street	street	PROPN
cblr-7219	3	20	reform	reform	PROPN
cblr-7219	3	21	act	act	PROPN
cblr-7219	3	22	of	of	ADP
cblr-7219	3	23	2010	2010	NUM
cblr-7219	3	24	.	.	PUNCT
cblr-7219	4	1	as	as	ADP
cblr-7219	4	2	a	a	DET
cblr-7219	4	3	result	result	NOUN
cblr-7219	4	4	,	,	PUNCT
cblr-7219	4	5	traders	trader	NOUN
cblr-7219	4	6	are	be	AUX
cblr-7219	4	7	now	now	ADV
cblr-7219	4	8	required	require	VERB
cblr-7219	4	9	to	to	PART
cblr-7219	4	10	process	process	VERB
cblr-7219	4	11	derivatives	derivative	NOUN
cblr-7219	4	12	through	through	ADP
cblr-7219	4	13	clearinghouses	clearinghouse	NOUN
cblr-7219	4	14	:	:	PUNCT
cblr-7219	4	15	specialized	specialized	ADJ
cblr-7219	4	16	risk	risk	NOUN
cblr-7219	4	17	managers	manager	NOUN
cblr-7219	4	18	that	that	PRON
cblr-7219	4	19	act	act	VERB
cblr-7219	4	20	as	as	ADP
cblr-7219	4	21	middlemen	middleman	NOUN
cblr-7219	4	22	between	between	ADP
cblr-7219	4	23	buyers	buyer	NOUN
cblr-7219	4	24	and	and	CCONJ
cblr-7219	4	25	sellers	seller	NOUN
cblr-7219	4	26	and	and	CCONJ
cblr-7219	4	27	guarantee	guarantee	VERB
cblr-7219	4	28	each	each	DET
cblr-7219	4	29	party	party	NOUN
cblr-7219	4	30	’s	’s	PART
cblr-7219	4	31	performance	performance	NOUN
cblr-7219	4	32	.	.	PUNCT
cblr-7219	5	1	policymakers	policymaker	NOUN
cblr-7219	5	2	believed	believe	VERB
cblr-7219	5	3	that	that	SCONJ
cblr-7219	5	4	clearinghouses	clearinghouse	NOUN
cblr-7219	5	5	would	would	AUX
cblr-7219	5	6	provide	provide	VERB
cblr-7219	5	7	much	much	ADV
cblr-7219	5	8	-	-	PUNCT
cblr-7219	5	9	needed	need	VERB
cblr-7219	5	10	stability	stability	NOUN
cblr-7219	5	11	in	in	ADP
cblr-7219	5	12	derivatives	derivative	NOUN
cblr-7219	5	13	markets	market	NOUN
cblr-7219	5	14	by	by	ADP
cblr-7219	5	15	acting	act	VERB
cblr-7219	5	16	as	as	ADP
cblr-7219	5	17	designated	designate	VERB
cblr-7219	5	18	systemic	systemic	ADJ
cblr-7219	5	19	risk	risk	NOUN
cblr-7219	5	20	managers	manager	NOUN
cblr-7219	5	21	.	.	PUNCT
cblr-7219	6	1	however	however	ADV
cblr-7219	6	2	,	,	PUNCT
cblr-7219	6	3	this	this	DET
cblr-7219	6	4	article	article	NOUN
cblr-7219	6	5	argues	argue	VERB
cblr-7219	6	6	*	*	PUNCT
cblr-7219	6	7	assistant	assistant	NOUN
cblr-7219	6	8	professor	professor	NOUN
cblr-7219	6	9	of	of	ADP
cblr-7219	6	10	law	law	NOUN
cblr-7219	6	11	,	,	PUNCT
cblr-7219	6	12	george	george	PROPN
cblr-7219	6	13	mason	mason	PROPN
cblr-7219	6	14	university	university	PROPN
cblr-7219	6	15	,	,	PUNCT
cblr-7219	6	16	antonin	antonin	PROPN
cblr-7219	6	17	scalia	scalia	PROPN
cblr-7219	6	18	law	law	PROPN
cblr-7219	6	19	school	school	NOUN
cblr-7219	6	20	.	.	PUNCT
cblr-7219	7	1	i	i	PRON
cblr-7219	7	2	am	be	AUX
cblr-7219	7	3	grateful	grateful	ADJ
cblr-7219	7	4	for	for	ADP
cblr-7219	7	5	comments	comment	NOUN
cblr-7219	7	6	and	and	CCONJ
cblr-7219	7	7	conversation	conversation	NOUN
cblr-7219	7	8	at	at	ADP
cblr-7219	7	9	workshops	workshop	NOUN
cblr-7219	7	10	at	at	ADP
cblr-7219	7	11	the	the	DET
cblr-7219	7	12	center	center	NOUN
cblr-7219	7	13	for	for	ADP
cblr-7219	7	14	international	international	ADJ
cblr-7219	7	15	governance	governance	NOUN
cblr-7219	7	16	innovation	innovation	NOUN
cblr-7219	7	17	,	,	PUNCT
cblr-7219	7	18	systemic	systemic	ADJ
cblr-7219	7	19	risk	risk	NOUN
cblr-7219	7	20	in	in	ADP
cblr-7219	7	21	the	the	DET
cblr-7219	7	22	financial	financial	ADJ
cblr-7219	7	23	sector	sector	NOUN
cblr-7219	7	24	:	:	PUNCT
cblr-7219	7	25	ten	ten	NUM
cblr-7219	7	26	years	year	NOUN
cblr-7219	7	27	after	after	ADP
cblr-7219	7	28	the	the	DET
cblr-7219	7	29	global	global	ADJ
cblr-7219	7	30	,	,	PUNCT
cblr-7219	7	31	financial	financial	ADJ
cblr-7219	7	32	crisis	crisis	NOUN
cblr-7219	7	33	conference	conference	NOUN
cblr-7219	7	34	(	(	PUNCT
cblr-7219	7	35	may	may	PROPN
cblr-7219	7	36	2018	2018	NUM
cblr-7219	7	37	)	)	PUNCT
cblr-7219	7	38	,	,	PUNCT
cblr-7219	7	39	the	the	DET
cblr-7219	7	40	2019	2019	NUM
cblr-7219	7	41	aals	aal	NOUN
cblr-7219	7	42	financial	financial	ADJ
cblr-7219	7	43	institutions	institution	NOUN
cblr-7219	7	44	section	section	NOUN
cblr-7219	7	45	panel	panel	NOUN
cblr-7219	7	46	(	(	PUNCT
cblr-7219	7	47	january	january	PROPN
cblr-7219	7	48	2019	2019	NUM
cblr-7219	7	49	)	)	PUNCT
cblr-7219	7	50	,	,	PUNCT
cblr-7219	7	51	fordham	fordham	PROPN
cblr-7219	7	52	school	school	NOUN
cblr-7219	7	53	of	of	ADP
cblr-7219	7	54	law	law	NOUN
cblr-7219	7	55	(	(	PUNCT
cblr-7219	7	56	february	february	PROPN
cblr-7219	7	57	2019	2019	NUM
cblr-7219	7	58	)	)	PUNCT
cblr-7219	7	59	,	,	PUNCT
cblr-7219	7	60	the	the	DET
cblr-7219	7	61	junior	junior	ADJ
cblr-7219	7	62	business	business	NOUN
cblr-7219	7	63	law	law	NOUN
cblr-7219	7	64	conference	conference	NOUN
cblr-7219	7	65	at	at	ADP
cblr-7219	7	66	the	the	DET
cblr-7219	7	67	university	university	PROPN
cblr-7219	7	68	of	of	ADP
cblr-7219	7	69	colorado	colorado	PROPN
cblr-7219	7	70	law	law	PROPN
cblr-7219	7	71	school	school	NOUN
cblr-7219	7	72	(	(	PUNCT
cblr-7219	7	73	july	july	PROPN
cblr-7219	7	74	2019	2019	NUM
cblr-7219	7	75	)	)	PUNCT
cblr-7219	7	76	,	,	PUNCT
cblr-7219	7	77	george	george	PROPN
cblr-7219	7	78	mason	mason	PROPN
cblr-7219	7	79	university	university	PROPN
cblr-7219	7	80	antonin	antonin	PROPN
cblr-7219	7	81	scalia	scalia	PROPN
cblr-7219	7	82	law	law	PROPN
cblr-7219	7	83	school	school	PROPN
cblr-7219	7	84	(	(	PUNCT
cblr-7219	7	85	august	august	PROPN
cblr-7219	7	86	2019	2019	NUM
cblr-7219	7	87	)	)	PUNCT
cblr-7219	7	88	,	,	PUNCT
cblr-7219	7	89	penn	penn	PROPN
cblr-7219	7	90	state	state	PROPN
cblr-7219	7	91	law	law	PROPN
cblr-7219	7	92	(	(	PUNCT
cblr-7219	7	93	february	february	NOUN
cblr-7219	7	94	2020	2020	NUM
cblr-7219	7	95	)	)	PUNCT
cblr-7219	7	96	and	and	CCONJ
cblr-7219	7	97	with	with	ADP
cblr-7219	7	98	anat	anat	PROPN
cblr-7219	7	99	admati	admati	PROPN
cblr-7219	7	100	,	,	PUNCT
cblr-7219	7	101	emilios	emilio	VERB
cblr-7219	7	102	avgouleas	avgouleas	PROPN
cblr-7219	7	103	,	,	PUNCT
cblr-7219	7	104	chris	chris	PROPN
cblr-7219	7	105	bradley	bradley	PROPN
cblr-7219	7	106	,	,	PUNCT
cblr-7219	7	107	vincent	vincent	PROPN
cblr-7219	7	108	buccola	buccola	PROPN
cblr-7219	7	109	,	,	PUNCT
cblr-7219	7	110	felix	felix	PROPN
cblr-7219	7	111	chang	chang	PROPN
cblr-7219	7	112	,	,	PUNCT
cblr-7219	7	113	sean	sean	PROPN
cblr-7219	7	114	j.	j.	PROPN
cblr-7219	7	115	griffith	griffith	PROPN
cblr-7219	7	116	,	,	PUNCT
cblr-7219	7	117	cathey	cathey	PROPN
cblr-7219	7	118	hwang	hwang	PROPN
cblr-7219	7	119	,	,	PUNCT
cblr-7219	7	120	ben	ben	PROPN
cblr-7219	7	121	johnson	johnson	PROPN
cblr-7219	7	122	,	,	PUNCT
cblr-7219	7	123	jeremy	jeremy	PROPN
cblr-7219	7	124	kress	kress	PROPN
cblr-7219	7	125	,	,	PUNCT
cblr-7219	7	126	john	john	PROPN
cblr-7219	7	127	mcginnis	mcginnis	PROPN
cblr-7219	7	128	,	,	PUNCT
cblr-7219	7	129	william	william	PROPN
cblr-7219	7	130	magnuson	magnuson	PROPN
cblr-7219	7	131	,	,	PUNCT
cblr-7219	7	132	robert	robert	PROPN
cblr-7219	7	133	t.	t.	PROPN
cblr-7219	7	134	miller	miller	PROPN
cblr-7219	7	135	,	,	PUNCT
cblr-7219	7	136	william	william	PROPN
cblr-7219	7	137	moon	moon	PROPN
cblr-7219	7	138	,	,	PUNCT
cblr-7219	7	139	david	david	PROPN
cblr-7219	7	140	murphy	murphy	PROPN
cblr-7219	7	141	,	,	PUNCT
cblr-7219	7	142	richard	richard	PROPN
cblr-7219	7	143	squire	squire	PROPN
cblr-7219	7	144	,	,	PUNCT
cblr-7219	7	145	roberta	roberta	PROPN
cblr-7219	7	146	romano	romano	PROPN
cblr-7219	7	147	,	,	PUNCT
cblr-7219	7	148	steven	steven	PROPN
cblr-7219	7	149	schwarcz	schwarcz	NOUN
cblr-7219	7	150	,	,	PUNCT
cblr-7219	7	151	heidi	heidi	PROPN
cblr-7219	7	152	mandanis	mandanis	PROPN
cblr-7219	7	153	schooner	schooner	NOUN
cblr-7219	7	154	,	,	PUNCT
cblr-7219	7	155	and	and	CCONJ
cblr-7219	7	156	j.w	j.w	PROPN
cblr-7219	7	157	.	.	PROPN
cblr-7219	7	158	verret	verret	PROPN
cblr-7219	7	159	.	.	PUNCT
cblr-7219	8	1	thanks	thank	NOUN
cblr-7219	8	2	also	also	ADV
cblr-7219	8	3	to	to	ADP
cblr-7219	8	4	my	my	PRON
cblr-7219	8	5	excellent	excellent	ADJ
cblr-7219	8	6	research	research	NOUN
cblr-7219	8	7	assistants	assistant	NOUN
cblr-7219	8	8	,	,	PUNCT
cblr-7219	8	9	tom	tom	PROPN
cblr-7219	8	10	momberg	momberg	PROPN
cblr-7219	8	11	and	and	CCONJ
cblr-7219	8	12	ross	ross	PROPN
cblr-7219	8	13	broudy	broudy	PROPN
cblr-7219	8	14	,	,	PUNCT
cblr-7219	8	15	for	for	ADP
cblr-7219	8	16	their	their	PRON
cblr-7219	8	17	hard	hard	ADJ
cblr-7219	8	18	work	work	NOUN
cblr-7219	8	19	and	and	CCONJ
cblr-7219	8	20	research	research	NOUN
cblr-7219	8	21	librarian	librarian	NOUN
cblr-7219	8	22	,	,	PUNCT
cblr-7219	8	23	pete	pete	PROPN
cblr-7219	8	24	vay	vay	PROPN
cblr-7219	8	25	,	,	PUNCT
cblr-7219	8	26	for	for	ADP
cblr-7219	8	27	his	his	PRON
cblr-7219	8	28	invaluable	invaluable	ADJ
cblr-7219	8	29	support	support	NOUN
cblr-7219	8	30	.	.	PUNCT
cblr-7219	9	1	a	a	DET
cblr-7219	9	2	special	special	ADJ
cblr-7219	9	3	thanks	thank	NOUN
cblr-7219	9	4	to	to	ADP
cblr-7219	9	5	barrie	barrie	PROPN
cblr-7219	9	6	kreinik	kreinik	PROPN
cblr-7219	9	7	for	for	ADP
cblr-7219	9	8	her	her	PRON
cblr-7219	9	9	excellent	excellent	ADJ
cblr-7219	9	10	editing	editing	NOUN
cblr-7219	9	11	work	work	NOUN
cblr-7219	9	12	.	.	PUNCT
cblr-7219	10	1	finally	finally	ADV
cblr-7219	10	2	,	,	PUNCT
cblr-7219	10	3	i	i	PRON
cblr-7219	10	4	am	be	AUX
cblr-7219	10	5	grateful	grateful	ADJ
cblr-7219	10	6	to	to	ADP
cblr-7219	10	7	the	the	DET
cblr-7219	10	8	editors	editor	NOUN
cblr-7219	10	9	of	of	ADP
cblr-7219	10	10	the	the	DET
cblr-7219	10	11	columbia	columbia	PROPN
cblr-7219	10	12	business	business	PROPN
cblr-7219	10	13	law	law	PROPN
cblr-7219	10	14	review	review	NOUN
cblr-7219	10	15	for	for	ADP
cblr-7219	10	16	their	their	PRON
cblr-7219	10	17	excellent	excellent	ADJ
cblr-7219	10	18	editorial	editorial	ADJ
cblr-7219	10	19	assistance	assistance	NOUN
cblr-7219	10	20	on	on	ADP
cblr-7219	10	21	this	this	DET
cblr-7219	10	22	article	article	NOUN
cblr-7219	10	23	,	,	PUNCT
cblr-7219	10	24	especially	especially	ADV
cblr-7219	10	25	zachary	zachary	PROPN
cblr-7219	10	26	barker	barker	PROPN
cblr-7219	10	27	,	,	PUNCT
cblr-7219	10	28	dustin	dustin	PROPN
cblr-7219	10	29	graber	graber	PROPN
cblr-7219	10	30	,	,	PUNCT
cblr-7219	10	31	and	and	CCONJ
cblr-7219	10	32	mackenzie	mackenzie	PROPN
cblr-7219	10	33	humble	humble	ADJ
cblr-7219	10	34	.	.	PUNCT
cblr-7219	11	1	all	all	DET
cblr-7219	11	2	errors	error	NOUN
cblr-7219	11	3	are	be	AUX
cblr-7219	11	4	entirely	entirely	ADV
cblr-7219	11	5	my	my	PRON
cblr-7219	11	6	own	own	ADJ
cblr-7219	11	7	.	.	PUNCT
cblr-7219	12	1	comments	comment	NOUN
cblr-7219	12	2	to	to	PART
cblr-7219	12	3	psaguato@gmu.edu	psaguato@gmu.edu	VERB
cblr-7219	12	4	.	.	PUNCT
cblr-7219	13	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	13	2	(	(	PUNCT
cblr-7219	13	3	do	do	AUX
cblr-7219	13	4	not	not	PART
cblr-7219	13	5	delte	delte	VERB
cblr-7219	13	6	)	)	PUNCT
cblr-7219	13	7	10/21/2020	10/21/2020	NUM
cblr-7219	13	8	11:22	11:22	NUM
cblr-7219	13	9	am	be	AUX
cblr-7219	13	10	450	450	NUM
cblr-7219	13	11	columbia	columbia	PROPN
cblr-7219	13	12	business	business	NOUN
cblr-7219	13	13	law	law	NOUN
cblr-7219	13	14	review	review	NOUN
cblr-7219	13	15	[	[	X
cblr-7219	13	16	vol	vol	NOUN
cblr-7219	13	17	.	.	PUNCT
cblr-7219	13	18	2020	2020	NUM
cblr-7219	13	19	that	that	SCONJ
cblr-7219	13	20	the	the	DET
cblr-7219	13	21	effect	effect	NOUN
cblr-7219	13	22	of	of	ADP
cblr-7219	13	23	clearinghouses	clearinghouse	NOUN
cblr-7219	13	24	on	on	ADP
cblr-7219	13	25	systemic	systemic	ADJ
cblr-7219	13	26	risk	risk	NOUN
cblr-7219	13	27	is	be	AUX
cblr-7219	13	28	less	less	ADV
cblr-7219	13	29	clearcut	clearcut	ADJ
cblr-7219	13	30	than	than	SCONJ
cblr-7219	13	31	scholars	scholar	NOUN
cblr-7219	13	32	and	and	CCONJ
cblr-7219	13	33	policymakers	policymaker	NOUN
cblr-7219	13	34	have	have	AUX
cblr-7219	13	35	generally	generally	ADV
cblr-7219	13	36	believed	believe	VERB
cblr-7219	13	37	.	.	PUNCT
cblr-7219	14	1	while	while	SCONJ
cblr-7219	14	2	clearinghouses	clearinghouse	NOUN
cblr-7219	14	3	have	have	AUX
cblr-7219	14	4	removed	remove	VERB
cblr-7219	14	5	much	much	ADJ
cblr-7219	14	6	of	of	ADP
cblr-7219	14	7	the	the	DET
cblr-7219	14	8	financial	financial	ADJ
cblr-7219	14	9	risk	risk	NOUN
cblr-7219	14	10	from	from	ADP
cblr-7219	14	11	markets	market	NOUN
cblr-7219	14	12	,	,	PUNCT
cblr-7219	14	13	they	they	PRON
cblr-7219	14	14	have	have	AUX
cblr-7219	14	15	simultaneously	simultaneously	ADV
cblr-7219	14	16	concentrated	concentrate	VERB
cblr-7219	14	17	it	it	PRON
cblr-7219	14	18	within	within	ADP
cblr-7219	14	19	their	their	PRON
cblr-7219	14	20	own	own	ADJ
cblr-7219	14	21	walls	wall	NOUN
cblr-7219	14	22	.	.	PUNCT
cblr-7219	15	1	yet	yet	ADV
cblr-7219	15	2	,	,	PUNCT
cblr-7219	15	3	these	these	DET
cblr-7219	15	4	walls	wall	NOUN
cblr-7219	15	5	stand	stand	VERB
cblr-7219	15	6	on	on	ADP
cblr-7219	15	7	fragile	fragile	ADJ
cblr-7219	15	8	foundations	foundation	NOUN
cblr-7219	15	9	:	:	PUNCT
cblr-7219	15	10	the	the	DET
cblr-7219	15	11	economic	economic	ADJ
cblr-7219	15	12	and	and	CCONJ
cblr-7219	15	13	governance	governance	NOUN
cblr-7219	15	14	incentives	incentive	NOUN
cblr-7219	15	15	of	of	ADP
cblr-7219	15	16	clearinghouses	clearinghouse	NOUN
cblr-7219	15	17	and	and	CCONJ
cblr-7219	15	18	their	their	PRON
cblr-7219	15	19	stakeholders	stakeholder	NOUN
cblr-7219	15	20	are	be	AUX
cblr-7219	15	21	misaligned	misalign	VERB
cblr-7219	15	22	,	,	PUNCT
cblr-7219	15	23	which	which	PRON
cblr-7219	15	24	could	could	AUX
cblr-7219	15	25	undermine	undermine	VERB
cblr-7219	15	26	their	their	PRON
cblr-7219	15	27	systemic	systemic	ADJ
cblr-7219	15	28	resilience	resilience	NOUN
cblr-7219	15	29	.	.	PUNCT
cblr-7219	16	1	this	this	DET
cblr-7219	16	2	article	article	NOUN
cblr-7219	16	3	contends	contend	VERB
cblr-7219	16	4	that	that	SCONJ
cblr-7219	16	5	the	the	DET
cblr-7219	16	6	current	current	ADJ
cblr-7219	16	7	regulatory	regulatory	ADJ
cblr-7219	16	8	framework	framework	NOUN
cblr-7219	16	9	has	have	VERB
cblr-7219	16	10	critical	critical	ADJ
cblr-7219	16	11	,	,	PUNCT
cblr-7219	16	12	overlooked	overlook	VERB
cblr-7219	16	13	flaws	flaw	NOUN
cblr-7219	16	14	that	that	PRON
cblr-7219	16	15	exacerbate	exacerbate	VERB
cblr-7219	16	16	clearinghouses	clearinghouse	NOUN
cblr-7219	16	17	’	'	PUNCT
cblr-7219	16	18	moral	moral	ADJ
cblr-7219	16	19	hazard	hazard	NOUN
cblr-7219	16	20	while	while	SCONJ
cblr-7219	16	21	creating	create	VERB
cblr-7219	16	22	new	new	ADJ
cblr-7219	16	23	,	,	PUNCT
cblr-7219	16	24	risky	risky	ADJ
cblr-7219	16	25	,	,	PUNCT
cblr-7219	16	26	too	too	ADV
cblr-7219	16	27	-	-	PUNCT
cblr-7219	16	28	big	big	ADJ
cblr-7219	16	29	-	-	PUNCT
cblr-7219	16	30	to	to	ADP
cblr-7219	16	31	-	-	PUNCT
cblr-7219	16	32	fail	fail	VERB
cblr-7219	16	33	institutions	institution	NOUN
cblr-7219	16	34	.	.	PUNCT
cblr-7219	17	1	it	it	PRON
cblr-7219	17	2	urges	urge	VERB
cblr-7219	17	3	policymakers	policymaker	NOUN
cblr-7219	17	4	to	to	PART
cblr-7219	17	5	intervene	intervene	VERB
cblr-7219	17	6	:	:	PUNCT
cblr-7219	17	7	in	in	ADP
cblr-7219	17	8	order	order	NOUN
cblr-7219	17	9	to	to	PART
cblr-7219	17	10	rectify	rectify	VERB
cblr-7219	17	11	this	this	DET
cblr-7219	17	12	situation	situation	NOUN
cblr-7219	17	13	,	,	PUNCT
cblr-7219	17	14	financial	financial	ADJ
cblr-7219	17	15	regulators	regulator	NOUN
cblr-7219	17	16	must	must	AUX
cblr-7219	17	17	do	do	VERB
cblr-7219	17	18	more	more	ADJ
cblr-7219	17	19	to	to	PART
cblr-7219	17	20	ensure	ensure	VERB
cblr-7219	17	21	that	that	SCONJ
cblr-7219	17	22	clearinghouses	clearinghouse	NOUN
cblr-7219	17	23	are	be	AUX
cblr-7219	17	24	bastions	bastion	NOUN
cblr-7219	17	25	of	of	ADP
cblr-7219	17	26	financial	financial	ADJ
cblr-7219	17	27	stability	stability	NOUN
cblr-7219	17	28	and	and	CCONJ
cblr-7219	17	29	not	not	PART
cblr-7219	17	30	systemic	systemic	ADJ
cblr-7219	17	31	risk	risk	NOUN
cblr-7219	17	32	amplifiers	amplifier	NOUN
cblr-7219	17	33	.	.	PUNCT
cblr-7219	18	1	the	the	DET
cblr-7219	18	2	implementation	implementation	NOUN
cblr-7219	18	3	of	of	ADP
cblr-7219	18	4	a	a	DET
cblr-7219	18	5	multi	multi	ADJ
cblr-7219	18	6	-	-	ADJ
cblr-7219	18	7	stakeholder	stakeholder	ADJ
cblr-7219	18	8	board	board	NOUN
cblr-7219	18	9	and	and	CCONJ
cblr-7219	18	10	the	the	DET
cblr-7219	18	11	creation	creation	NOUN
cblr-7219	18	12	of	of	ADP
cblr-7219	18	13	hybrid	hybrid	ADJ
cblr-7219	18	14	financial	financial	ADJ
cblr-7219	18	15	instruments	instrument	NOUN
cblr-7219	18	16	to	to	PART
cblr-7219	18	17	complement	complement	VERB
cblr-7219	18	18	the	the	DET
cblr-7219	18	19	capital	capital	NOUN
cblr-7219	18	20	structure	structure	NOUN
cblr-7219	18	21	of	of	ADP
cblr-7219	18	22	clearinghouses	clearinghouse	NOUN
cblr-7219	18	23	are	be	AUX
cblr-7219	18	24	the	the	DET
cblr-7219	18	25	first	first	ADJ
cblr-7219	18	26	steps	step	NOUN
cblr-7219	18	27	toward	toward	ADP
cblr-7219	18	28	enhancing	enhance	VERB
cblr-7219	18	29	the	the	DET
cblr-7219	18	30	accountability	accountability	NOUN
cblr-7219	18	31	and	and	CCONJ
cblr-7219	18	32	systemic	systemic	ADJ
cblr-7219	18	33	resilience	resilience	NOUN
cblr-7219	18	34	of	of	ADP
cblr-7219	18	35	these	these	DET
cblr-7219	18	36	critical	critical	ADJ
cblr-7219	18	37	market	market	NOUN
cblr-7219	18	38	infrastructures	infrastructure	NOUN
cblr-7219	18	39	.	.	PUNCT
cblr-7219	19	1	i.	i.	PROPN
cblr-7219	19	2	introduction	introduction	NOUN
cblr-7219	19	3	......................................................................	......................................................................	PUNCT
cblr-7219	19	4	451	451	NUM
cblr-7219	19	5	ii	ii	NOUN
cblr-7219	19	6	.	.	PUNCT
cblr-7219	20	1	clearinghouses	clearinghouse	NOUN
cblr-7219	20	2	:	:	PUNCT
cblr-7219	20	3	economics	economic	NOUN
cblr-7219	20	4	and	and	CCONJ
cblr-7219	20	5	organization	organization	NOUN
cblr-7219	20	6	...............	...............	PUNCT
cblr-7219	20	7	462	462	NUM
cblr-7219	20	8	a.	a.	NOUN
cblr-7219	20	9	the	the	DET
cblr-7219	20	10	economics	economic	NOUN
cblr-7219	20	11	of	of	ADP
cblr-7219	20	12	central	central	ADJ
cblr-7219	20	13	clearing	clearing	NOUN
cblr-7219	20	14	:	:	PUNCT
cblr-7219	20	15	what	what	PRON
cblr-7219	20	16	clearinghouses	clearinghouse	NOUN
cblr-7219	20	17	do	do	VERB
cblr-7219	20	18	...............................................	...............................................	PUNCT
cblr-7219	21	1	462	462	NUM
cblr-7219	21	2	b.	b.	PROPN
cblr-7219	21	3	the	the	DET
cblr-7219	21	4	organization	organization	NOUN
cblr-7219	21	5	of	of	ADP
cblr-7219	21	6	clearinghouses	clearinghouse	NOUN
cblr-7219	21	7	:	:	PUNCT
cblr-7219	21	8	markets	market	NOUN
cblr-7219	21	9	,	,	PUNCT
cblr-7219	21	10	ownership	ownership	NOUN
cblr-7219	21	11	,	,	PUNCT
cblr-7219	21	12	and	and	CCONJ
cblr-7219	21	13	governance	governance	NOUN
cblr-7219	21	14	structure	structure	NOUN
cblr-7219	21	15	..............	..............	PUNCT
cblr-7219	21	16	479	479	NUM
cblr-7219	21	17	iii	iii	NOUN
cblr-7219	21	18	.	.	PUNCT
cblr-7219	22	1	the	the	DET
cblr-7219	22	2	agency	agency	NOUN
cblr-7219	22	3	costs	cost	NOUN
cblr-7219	22	4	of	of	ADP
cblr-7219	22	5	the	the	DET
cblr-7219	22	6	member	member	NOUN
cblr-7219	22	7	-	-	PUNCT
cblr-7219	22	8	shareholder	shareholder	NOUN
cblr-7219	22	9	divide	divide	NOUN
cblr-7219	22	10	.	.	PUNCT
cblr-7219	23	1	492	492	NUM
cblr-7219	23	2	iv	iv	X
cblr-7219	23	3	.	.	PUNCT
cblr-7219	24	1	the	the	DET
cblr-7219	24	2	current	current	ADJ
cblr-7219	24	3	regulatory	regulatory	ADJ
cblr-7219	24	4	framework	framework	NOUN
cblr-7219	24	5	and	and	CCONJ
cblr-7219	24	6	governance	governance	NOUN
cblr-7219	24	7	policies	policy	NOUN
cblr-7219	24	8	for	for	ADP
cblr-7219	24	9	clearinghouses	clearinghouse	NOUN
cblr-7219	24	10	.......................................	.......................................	PUNCT
cblr-7219	24	11	496	496	NUM
cblr-7219	24	12	a.	a.	NOUN
cblr-7219	24	13	the	the	DET
cblr-7219	24	14	current	current	ADJ
cblr-7219	24	15	regulatory	regulatory	ADJ
cblr-7219	24	16	landscape	landscape	NOUN
cblr-7219	24	17	of	of	ADP
cblr-7219	24	18	clearinghouses	clearinghouse	NOUN
cblr-7219	24	19	....................................................	....................................................	PUNCT
cblr-7219	25	1	497	497	NUM
cblr-7219	25	2	b.	b.	NOUN
cblr-7219	25	3	the	the	DET
cblr-7219	25	4	internal	internal	ADJ
cblr-7219	25	5	governance	governance	NOUN
cblr-7219	25	6	of	of	ADP
cblr-7219	25	7	clearinghouses	clearinghouse	NOUN
cblr-7219	25	8	:	:	PUNCT
cblr-7219	25	9	an	an	DET
cblr-7219	25	10	industry	industry	NOUN
cblr-7219	25	11	overview	overview	NOUN
cblr-7219	25	12	...............................................	...............................................	PUNCT
cblr-7219	25	13	504	504	NUM
cblr-7219	25	14	v.	v.	ADP
cblr-7219	25	15	how	how	SCONJ
cblr-7219	25	16	to	to	PART
cblr-7219	25	17	improve	improve	VERB
cblr-7219	25	18	clearinghouse	clearinghouse	NOUN
cblr-7219	25	19	resilience	resilience	NOUN
cblr-7219	25	20	:	:	PUNCT
cblr-7219	25	21	governance	governance	NOUN
cblr-7219	25	22	and	and	CCONJ
cblr-7219	25	23	capital	capital	NOUN
cblr-7219	25	24	regulation	regulation	NOUN
cblr-7219	25	25	..............................................	..............................................	PUNCT
cblr-7219	25	26	514	514	NUM
cblr-7219	25	27	a.	a.	NOUN
cblr-7219	25	28	existing	exist	VERB
cblr-7219	25	29	academic	academic	ADJ
cblr-7219	25	30	proposals	proposal	NOUN
cblr-7219	25	31	................................	................................	PUNCT
cblr-7219	25	32	516	516	NUM
cblr-7219	25	33	b.	b.	NOUN
cblr-7219	25	34	some	some	DET
cblr-7219	25	35	policy	policy	NOUN
cblr-7219	25	36	proposals	proposal	NOUN
cblr-7219	25	37	...........................................	...........................................	PUNCT
cblr-7219	25	38	519	519	NUM
cblr-7219	25	39	1	1	NUM
cblr-7219	25	40	.	.	PUNCT
cblr-7219	26	1	the	the	DET
cblr-7219	26	2	remutualization	remutualization	NOUN
cblr-7219	26	3	of	of	ADP
cblr-7219	26	4	clearinghouses	clearinghouse	NOUN
cblr-7219	26	5	.........	.........	PUNCT
cblr-7219	26	6	522	522	NUM
cblr-7219	26	7	2	2	NUM
cblr-7219	26	8	.	.	PUNCT
cblr-7219	27	1	the	the	DET
cblr-7219	27	2	nationalization	nationalization	NOUN
cblr-7219	27	3	of	of	ADP
cblr-7219	27	4	clearinghouses	clearinghouse	NOUN
cblr-7219	27	5	...........	...........	PUNCT
cblr-7219	27	6	523	523	NUM
cblr-7219	27	7	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	27	8	(	(	PUNCT
cblr-7219	27	9	do	do	AUX
cblr-7219	27	10	not	not	PART
cblr-7219	27	11	delete	delete	VERB
cblr-7219	27	12	)	)	PUNCT
cblr-7219	27	13	10/21/2020	10/21/2020	NUM
cblr-7219	27	14	11:22	11:22	NUM
cblr-7219	27	15	am	am	NOUN
cblr-7219	27	16	no	no	NOUN
cblr-7219	27	17	.	.	PUNCT
cblr-7219	28	1	2:449	2:449	NUM
cblr-7219	28	2	]	]	X
cblr-7219	28	3	unfinished	unfinished	ADJ
cblr-7219	28	4	business	business	NOUN
cblr-7219	28	5	451	451	NUM
cblr-7219	28	6	3	3	NUM
cblr-7219	28	7	.	.	PUNCT
cblr-7219	29	1	multi	multi	ADJ
cblr-7219	29	2	-	-	ADJ
cblr-7219	29	3	stakeholder	stakeholder	ADJ
cblr-7219	29	4	boards	board	NOUN
cblr-7219	29	5	................................	................................	PUNCT
cblr-7219	30	1	523	523	NUM
cblr-7219	30	2	4	4	NUM
cblr-7219	30	3	.	.	PUNCT
cblr-7219	31	1	a	a	DET
cblr-7219	31	2	new	new	ADJ
cblr-7219	31	3	capital	capital	NOUN
cblr-7219	31	4	structure	structure	NOUN
cblr-7219	31	5	for	for	ADP
cblr-7219	31	6	clearinghouses	clearinghouse	NOUN
cblr-7219	31	7	:	:	PUNCT
cblr-7219	31	8	convertible	convertible	ADJ
cblr-7219	31	9	debt	debt	NOUN
cblr-7219	31	10	and	and	CCONJ
cblr-7219	31	11	capital	capital	NOUN
cblr-7219	31	12	requirements	requirement	NOUN
cblr-7219	31	13	....................................	....................................	PUNCT
cblr-7219	31	14	525	525	NUM
cblr-7219	31	15	5	5	NUM
cblr-7219	31	16	.	.	PUNCT
cblr-7219	31	17	ring	ring	NOUN
cblr-7219	31	18	-	-	PUNCT
cblr-7219	31	19	fencing	fencing	NOUN
cblr-7219	31	20	and	and	CCONJ
cblr-7219	31	21	intra	intra	ADJ
cblr-7219	31	22	-	-	NOUN
cblr-7219	31	23	group	group	NOUN
cblr-7219	31	24	guarantee	guarantee	NOUN
cblr-7219	31	25	.......	.......	PUNCT
cblr-7219	31	26	527	527	NUM
cblr-7219	31	27	c.	c.	NOUN
cblr-7219	31	28	recovery	recovery	NOUN
cblr-7219	31	29	and	and	CCONJ
cblr-7219	31	30	resolution	resolution	NOUN
cblr-7219	31	31	mechanisms	mechanism	NOUN
cblr-7219	31	32	..................	..................	PUNCT
cblr-7219	31	33	528	528	NUM
cblr-7219	31	34	vi	vi	NOUN
cblr-7219	31	35	.	.	PROPN
cblr-7219	31	36	conclusion	conclusion	NOUN
cblr-7219	31	37	......................................................................	......................................................................	PUNCT
cblr-7219	31	38	530	530	NUM
cblr-7219	31	39	i.	i.	NOUN
cblr-7219	31	40	introduction	introduction	NOUN
cblr-7219	31	41	in	in	ADP
cblr-7219	31	42	september	september	PROPN
cblr-7219	31	43	2018	2018	NUM
cblr-7219	31	44	,	,	PUNCT
cblr-7219	31	45	on	on	ADP
cblr-7219	31	46	the	the	DET
cblr-7219	31	47	tenth	tenth	ADJ
cblr-7219	31	48	anniversary	anniversary	NOUN
cblr-7219	31	49	of	of	ADP
cblr-7219	31	50	the	the	DET
cblr-7219	31	51	lehman	lehman	PROPN
cblr-7219	31	52	brothers	brother	NOUN
cblr-7219	31	53	bankruptcy,1	bankruptcy,1	NOUN
cblr-7219	31	54	events	event	NOUN
cblr-7219	31	55	in	in	ADP
cblr-7219	31	56	grimstad	grimstad	NOUN
cblr-7219	31	57	—	—	PUNCT
cblr-7219	31	58	a	a	DET
cblr-7219	31	59	small	small	ADJ
cblr-7219	31	60	fishing	fishing	NOUN
cblr-7219	31	61	town	town	NOUN
cblr-7219	31	62	in	in	ADP
cblr-7219	31	63	norway—“shiver[ed	norway—“shiver[ed	PROPN
cblr-7219	31	64	]	]	PUNCT
cblr-7219	31	65	down	down	ADP
cblr-7219	31	66	regulators	regulator	NOUN
cblr-7219	31	67	’	'	PUNCT
cblr-7219	31	68	spines	spine	NOUN
cblr-7219	31	69	”	"	PUNCT
cblr-7219	31	70	all	all	ADV
cblr-7219	31	71	around	around	ADP
cblr-7219	31	72	the	the	DET
cblr-7219	31	73	world.2	world.2	NOUN
cblr-7219	31	74	einar	einar	PROPN
cblr-7219	31	75	aas	aas	PROPN
cblr-7219	31	76	,	,	PUNCT
cblr-7219	31	77	one	one	NUM
cblr-7219	31	78	of	of	ADP
cblr-7219	31	79	norway	norway	PROPN
cblr-7219	31	80	’s	’s	PART
cblr-7219	31	81	richest	rich	ADJ
cblr-7219	31	82	men	man	NOUN
cblr-7219	31	83	,	,	PUNCT
cblr-7219	31	84	blew	blow	VERB
cblr-7219	31	85	a	a	DET
cblr-7219	31	86	€	€	SYM
cblr-7219	31	87	114	114	NUM
cblr-7219	31	88	million	million	NUM
cblr-7219	31	89	hole	hole	NOUN
cblr-7219	31	90	in	in	ADP
cblr-7219	31	91	the	the	DET
cblr-7219	31	92	€	€	SYM
cblr-7219	31	93	166	166	NUM
cblr-7219	31	94	million	million	NUM
cblr-7219	31	95	guaranty	guaranty	NOUN
cblr-7219	31	96	capital	capital	NOUN
cblr-7219	31	97	fund	fund	NOUN
cblr-7219	31	98	of	of	ADP
cblr-7219	31	99	nasdaq	nasdaq	PROPN
cblr-7219	31	100	clearing	clearing	NOUN
cblr-7219	31	101	,	,	PUNCT
cblr-7219	31	102	a	a	DET
cblr-7219	31	103	derivatives	derivative	NOUN
cblr-7219	31	104	clearinghouse	clearinghouse	NOUN
cblr-7219	31	105	—	—	PUNCT
cblr-7219	31	106	a	a	DET
cblr-7219	31	107	financial	financial	ADJ
cblr-7219	31	108	firm	firm	NOUN
cblr-7219	31	109	that	that	PRON
cblr-7219	31	110	insures	insure	VERB
cblr-7219	31	111	its	its	PRON
cblr-7219	31	112	members	member	NOUN
cblr-7219	31	113	and	and	CCONJ
cblr-7219	31	114	users	user	NOUN
cblr-7219	31	115	against	against	ADP
cblr-7219	31	116	the	the	DET
cblr-7219	31	117	risk	risk	NOUN
cblr-7219	31	118	of	of	ADP
cblr-7219	31	119	default.3	default.3	ADJ
cblr-7219	31	120	the	the	DET
cblr-7219	31	121	failure	failure	NOUN
cblr-7219	31	122	of	of	ADP
cblr-7219	31	123	the	the	DET
cblr-7219	31	124	clearinghouse	clearinghouse	NOUN
cblr-7219	31	125	to	to	PART
cblr-7219	31	126	effectively	effectively	ADV
cblr-7219	31	127	monitor	monitor	VERB
cblr-7219	31	128	mr	mr	PROPN
cblr-7219	31	129	.	.	PROPN
cblr-7219	31	130	aas	aas	PROPN
cblr-7219	31	131	’s	’s	PART
cblr-7219	31	132	trading	trading	NOUN
cblr-7219	31	133	positions	position	NOUN
cblr-7219	31	134	resulted	result	VERB
cblr-7219	31	135	in	in	ADP
cblr-7219	31	136	more	more	ADJ
cblr-7219	31	137	than	than	ADP
cblr-7219	31	138	two	two	NUM
cblr-7219	31	139	-	-	PUNCT
cblr-7219	31	140	thirds	third	NOUN
cblr-7219	31	141	of	of	ADP
cblr-7219	31	142	the	the	DET
cblr-7219	31	143	firm	firm	NOUN
cblr-7219	31	144	’s	’s	PART
cblr-7219	31	145	available	available	ADJ
cblr-7219	31	146	financial	financial	ADJ
cblr-7219	31	147	resources	resource	NOUN
cblr-7219	31	148	being	be	AUX
cblr-7219	31	149	used	use	VERB
cblr-7219	31	150	to	to	PART
cblr-7219	31	151	cover	cover	VERB
cblr-7219	31	152	the	the	DET
cblr-7219	31	153	losses	loss	NOUN
cblr-7219	31	154	and	and	CCONJ
cblr-7219	31	155	stabilize	stabilize	VERB
cblr-7219	31	156	the	the	DET
cblr-7219	31	157	nordic	nordic	ADJ
cblr-7219	31	158	energy	energy	NOUN
cblr-7219	31	159	markets.4	markets.4	PROPN
cblr-7219	31	160	interestingly	interestingly	ADV
cblr-7219	31	161	,	,	PUNCT
cblr-7219	31	162	of	of	ADP
cblr-7219	31	163	the	the	DET
cblr-7219	31	164	total	total	ADJ
cblr-7219	31	165	€	€	SYM
cblr-7219	31	166	114	114	NUM
cblr-7219	31	167	million	million	NUM
cblr-7219	31	168	used	use	VERB
cblr-7219	31	169	to	to	PART
cblr-7219	31	170	support	support	VERB
cblr-7219	31	171	the	the	DET
cblr-7219	31	172	firm	firm	NOUN
cblr-7219	31	173	,	,	PUNCT
cblr-7219	31	174	only	only	ADV
cblr-7219	31	175	€	€	SYM
cblr-7219	31	176	7	7	NUM
cblr-7219	31	177	million	million	NUM
cblr-7219	31	178	came	come	VERB
cblr-7219	31	179	from	from	ADP
cblr-7219	31	180	the	the	DET
cblr-7219	31	181	clearinghouse	clearinghouse	NOUN
cblr-7219	31	182	’s	’s	PART
cblr-7219	31	183	own	own	ADJ
cblr-7219	31	184	1	1	NUM
cblr-7219	31	185	see	see	VERB
cblr-7219	31	186	philip	philip	PROPN
cblr-7219	31	187	stafford	stafford	PROPN
cblr-7219	31	188	&	&	CCONJ
cblr-7219	31	189	david	david	PROPN
cblr-7219	31	190	sheppard	sheppard	PROPN
cblr-7219	31	191	,	,	PUNCT
cblr-7219	31	192	trader	trader	NOUN
cblr-7219	31	193	blows	blow	VERB
cblr-7219	31	194	€	€	SYM
cblr-7219	31	195	100	100	NUM
cblr-7219	31	196	m	m	NOUN
cblr-7219	31	197	hole	hole	NOUN
cblr-7219	31	198	in	in	ADP
cblr-7219	31	199	nasdaq	nasdaq	PROPN
cblr-7219	31	200	’s	’s	PART
cblr-7219	31	201	nordic	nordic	ADJ
cblr-7219	31	202	power	power	NOUN
cblr-7219	31	203	market	market	NOUN
cblr-7219	31	204	,	,	PUNCT
cblr-7219	31	205	fin	fin	NOUN
cblr-7219	31	206	.	.	PUNCT
cblr-7219	32	1	times	times	PROPN
cblr-7219	32	2	(	(	PUNCT
cblr-7219	32	3	sept	sept	PROPN
cblr-7219	32	4	.	.	PROPN
cblr-7219	32	5	13	13	NUM
cblr-7219	32	6	,	,	PUNCT
cblr-7219	32	7	2018	2018	NUM
cblr-7219	32	8	)	)	PUNCT
cblr-7219	32	9	,	,	PUNCT
cblr-7219	33	1	https://www.ft.com/content/43c74e02-b749-11e8-bbc3-ccd7de085ffe	https://www.ft.com/content/43c74e02-b749-11e8-bbc3-ccd7de085ffe	PROPN
cblr-7219	34	1	[	[	X
cblr-7219	34	2	https://perma.cc/w3dg-f4nn	https://perma.cc/w3dg-f4nn	PROPN
cblr-7219	34	3	]	]	PUNCT
cblr-7219	34	4	.	.	PUNCT
cblr-7219	35	1	see	see	VERB
cblr-7219	35	2	generally	generally	ADV
cblr-7219	35	3	laurence	laurence	PROPN
cblr-7219	35	4	m.	m.	PROPN
cblr-7219	35	5	ball	ball	PROPN
cblr-7219	35	6	,	,	PUNCT
cblr-7219	35	7	the	the	DET
cblr-7219	35	8	fed	fed	PROPN
cblr-7219	35	9	and	and	CCONJ
cblr-7219	35	10	lehman	lehman	PROPN
cblr-7219	35	11	brothers	brother	NOUN
cblr-7219	35	12	:	:	PUNCT
cblr-7219	35	13	setting	set	VERB
cblr-7219	35	14	the	the	DET
cblr-7219	35	15	record	record	NOUN
cblr-7219	35	16	straight	straight	ADV
cblr-7219	35	17	on	on	ADP
cblr-7219	35	18	a	a	DET
cblr-7219	35	19	financial	financial	ADJ
cblr-7219	35	20	disaster	disaster	NOUN
cblr-7219	35	21	1–18	1–18	NUM
cblr-7219	35	22	(	(	PUNCT
cblr-7219	35	23	2018	2018	NUM
cblr-7219	35	24	)	)	PUNCT
cblr-7219	35	25	(	(	PUNCT
cblr-7219	35	26	providing	provide	VERB
cblr-7219	35	27	an	an	DET
cblr-7219	35	28	insightful	insightful	ADJ
cblr-7219	35	29	analysis	analysis	NOUN
cblr-7219	35	30	of	of	ADP
cblr-7219	35	31	the	the	DET
cblr-7219	35	32	lehman	lehman	PROPN
cblr-7219	35	33	brothers	brother	NOUN
cblr-7219	35	34	’	'	PUNCT
cblr-7219	35	35	bankruptcy	bankruptcy	NOUN
cblr-7219	35	36	and	and	CCONJ
cblr-7219	35	37	its	its	PRON
cblr-7219	35	38	effects	effect	NOUN
cblr-7219	35	39	on	on	ADP
cblr-7219	35	40	the	the	DET
cblr-7219	35	41	2008	2008	NUM
cblr-7219	35	42	market	market	NOUN
cblr-7219	35	43	crash	crash	NOUN
cblr-7219	35	44	)	)	PUNCT
cblr-7219	35	45	;	;	PUNCT
cblr-7219	35	46	carmen	carmen	PROPN
cblr-7219	35	47	m.	m.	PROPN
cblr-7219	35	48	reinhart	reinhart	PROPN
cblr-7219	35	49	&	&	CCONJ
cblr-7219	35	50	kenneth	kenneth	PROPN
cblr-7219	35	51	s.	s.	PROPN
cblr-7219	35	52	rogoff	rogoff	PROPN
cblr-7219	35	53	,	,	PUNCT
cblr-7219	35	54	this	this	DET
cblr-7219	35	55	time	time	NOUN
cblr-7219	35	56	is	be	AUX
cblr-7219	35	57	different	different	ADJ
cblr-7219	35	58	:	:	PUNCT
cblr-7219	35	59	eight	eight	NUM
cblr-7219	35	60	centuries	century	NOUN
cblr-7219	35	61	of	of	ADP
cblr-7219	35	62	financial	financial	ADJ
cblr-7219	35	63	folly	folly	NOUN
cblr-7219	35	64	(	(	PUNCT
cblr-7219	35	65	2009	2009	NUM
cblr-7219	35	66	)	)	PUNCT
cblr-7219	35	67	(	(	PUNCT
cblr-7219	35	68	investigating	investigate	VERB
cblr-7219	35	69	the	the	DET
cblr-7219	35	70	causes	cause	NOUN
cblr-7219	35	71	of	of	ADP
cblr-7219	35	72	financial	financial	ADJ
cblr-7219	35	73	crises	crisis	NOUN
cblr-7219	35	74	)	)	PUNCT
cblr-7219	35	75	.	.	PUNCT
cblr-7219	36	1	2	2	NUM
cblr-7219	36	2	flight	flight	NOUN
cblr-7219	36	3	to	to	ADP
cblr-7219	36	4	safety	safety	NOUN
cblr-7219	36	5	:	:	PUNCT
cblr-7219	36	6	have	have	AUX
cblr-7219	36	7	regulators	regulator	NOUN
cblr-7219	36	8	created	create	VERB
cblr-7219	36	9	a	a	DET
cblr-7219	36	10	new	new	ADJ
cblr-7219	36	11	type	type	NOUN
cblr-7219	36	12	of	of	ADP
cblr-7219	36	13	financial	financial	ADJ
cblr-7219	36	14	monster	monster	NOUN
cblr-7219	36	15	?	?	PUNCT
cblr-7219	36	16	,	,	PUNCT
cblr-7219	36	17	economist	economist	NOUN
cblr-7219	36	18	,	,	PUNCT
cblr-7219	36	19	june	june	PROPN
cblr-7219	36	20	1	1	NUM
cblr-7219	36	21	,	,	PUNCT
cblr-7219	36	22	2019	2019	NUM
cblr-7219	36	23	,	,	PUNCT
cblr-7219	36	24	at	at	ADP
cblr-7219	36	25	63	63	NUM
cblr-7219	36	26	,	,	PUNCT
cblr-7219	36	27	63	63	NUM
cblr-7219	36	28	.	.	NOUN
cblr-7219	36	29	3	3	NUM
cblr-7219	36	30	see	see	VERB
cblr-7219	36	31	umar	umar	PROPN
cblr-7219	36	32	faruqui	faruqui	PROPN
cblr-7219	36	33	et	et	PROPN
cblr-7219	36	34	al	al	PROPN
cblr-7219	36	35	.	.	PROPN
cblr-7219	36	36	,	,	PUNCT
cblr-7219	36	37	clearing	clear	VERB
cblr-7219	36	38	risks	risk	NOUN
cblr-7219	36	39	in	in	ADP
cblr-7219	36	40	otc	otc	PROPN
cblr-7219	36	41	derivatives	derivative	NOUN
cblr-7219	36	42	markets	market	NOUN
cblr-7219	36	43	:	:	PUNCT
cblr-7219	36	44	the	the	DET
cblr-7219	36	45	ccp	ccp	PROPN
cblr-7219	36	46	-	-	PUNCT
cblr-7219	36	47	bank	bank	PROPN
cblr-7219	36	48	nexus	nexus	NOUN
cblr-7219	36	49	,	,	PUNCT
cblr-7219	36	50	bis	bis	PROPN
cblr-7219	36	51	q.	q.	PROPN
cblr-7219	36	52	rev	rev	PROPN
cblr-7219	36	53	.	.	PROPN
cblr-7219	36	54	,	,	PUNCT
cblr-7219	36	55	dec	dec	PROPN
cblr-7219	36	56	.	.	PROPN
cblr-7219	36	57	2018	2018	NUM
cblr-7219	36	58	,	,	PUNCT
cblr-7219	36	59	at	at	ADP
cblr-7219	36	60	73	73	NUM
cblr-7219	36	61	,	,	PUNCT
cblr-7219	36	62	75	75	NUM
cblr-7219	36	63	.	.	NOUN
cblr-7219	36	64	4	4	NUM
cblr-7219	36	65	see	see	VERB
cblr-7219	36	66	stafford	stafford	PROPN
cblr-7219	36	67	&	&	CCONJ
cblr-7219	36	68	sheppard	sheppard	PROPN
cblr-7219	36	69	,	,	PUNCT
cblr-7219	36	70	supra	supra	PROPN
cblr-7219	36	71	note	note	NOUN
cblr-7219	36	72	1	1	NUM
cblr-7219	36	73	.	.	NUM
cblr-7219	36	74	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	36	75	(	(	PUNCT
cblr-7219	36	76	do	do	AUX
cblr-7219	36	77	not	not	PART
cblr-7219	36	78	delte	delte	VERB
cblr-7219	36	79	)	)	PUNCT
cblr-7219	36	80	10/21/2020	10/21/2020	NUM
cblr-7219	36	81	11:22	11:22	NUM
cblr-7219	36	82	am	be	AUX
cblr-7219	36	83	452	452	NUM
cblr-7219	36	84	columbia	columbia	PROPN
cblr-7219	36	85	business	business	NOUN
cblr-7219	36	86	law	law	PROPN
cblr-7219	36	87	review	review	NOUN
cblr-7219	37	1	[	[	X
cblr-7219	37	2	vol	vol	NOUN
cblr-7219	37	3	.	.	PUNCT
cblr-7219	37	4	2020	2020	NUM
cblr-7219	37	5	capital	capital	NOUN
cblr-7219	37	6	;	;	PUNCT
cblr-7219	37	7	all	all	PRON
cblr-7219	37	8	of	of	ADP
cblr-7219	37	9	the	the	DET
cblr-7219	37	10	remaining	remain	VERB
cblr-7219	37	11	€	€	SYM
cblr-7219	37	12	107	107	NUM
cblr-7219	37	13	million	million	NUM
cblr-7219	37	14	came	come	VERB
cblr-7219	37	15	from	from	ADP
cblr-7219	37	16	the	the	DET
cblr-7219	37	17	members	member	NOUN
cblr-7219	37	18	of	of	ADP
cblr-7219	37	19	the	the	DET
cblr-7219	37	20	clearinghouse.5	clearinghouse.5	NOUN
cblr-7219	37	21	what	what	PRON
cblr-7219	37	22	at	at	ADP
cblr-7219	37	23	first	first	ADJ
cblr-7219	37	24	glance	glance	NOUN
cblr-7219	37	25	seemed	seem	VERB
cblr-7219	37	26	to	to	PART
cblr-7219	37	27	be	be	AUX
cblr-7219	37	28	a	a	DET
cblr-7219	37	29	regional	regional	ADJ
cblr-7219	37	30	event	event	NOUN
cblr-7219	37	31	that	that	PRON
cblr-7219	37	32	only	only	ADV
cblr-7219	37	33	affected	affect	VERB
cblr-7219	37	34	a	a	DET
cblr-7219	37	35	reasonably	reasonably	ADV
cblr-7219	37	36	small	small	ADJ
cblr-7219	37	37	player	player	NOUN
cblr-7219	37	38	in	in	ADP
cblr-7219	37	39	the	the	DET
cblr-7219	37	40	global	global	ADJ
cblr-7219	37	41	financial	financial	ADJ
cblr-7219	37	42	derivatives	derivative	NOUN
cblr-7219	37	43	markets	market	NOUN
cblr-7219	37	44	—	—	PUNCT
cblr-7219	37	45	and	and	CCONJ
cblr-7219	37	46	did	do	AUX
cblr-7219	37	47	not	not	PART
cblr-7219	37	48	trigger	trigger	VERB
cblr-7219	37	49	any	any	DET
cblr-7219	37	50	systemic	systemic	ADJ
cblr-7219	37	51	shocks	shock	NOUN
cblr-7219	37	52	or	or	CCONJ
cblr-7219	37	53	losses	loss	NOUN
cblr-7219	37	54	—	—	PUNCT
cblr-7219	37	55	ultimately	ultimately	ADV
cblr-7219	37	56	had	have	VERB
cblr-7219	37	57	significant	significant	ADJ
cblr-7219	37	58	,	,	PUNCT
cblr-7219	37	59	if	if	SCONJ
cblr-7219	37	60	subtle	subtle	ADJ
cblr-7219	37	61	,	,	PUNCT
cblr-7219	37	62	repercussions	repercussion	NOUN
cblr-7219	37	63	on	on	ADP
cblr-7219	37	64	policymakers	policymaker	NOUN
cblr-7219	37	65	.	.	PUNCT
cblr-7219	38	1	it	it	PRON
cblr-7219	38	2	revealed	reveal	VERB
cblr-7219	38	3	that	that	SCONJ
cblr-7219	38	4	clearinghouses	clearinghouse	NOUN
cblr-7219	38	5	,	,	PUNCT
cblr-7219	38	6	the	the	DET
cblr-7219	38	7	financialfirms	financialfirm	NOUN
cblr-7219	38	8	that	that	SCONJ
cblr-7219	38	9	lawmakers	lawmaker	NOUN
cblr-7219	38	10	embraced	embrace	VERB
cblr-7219	38	11	as	as	ADP
cblr-7219	38	12	bastions	bastion	NOUN
cblr-7219	38	13	of	of	ADP
cblr-7219	38	14	market	market	NOUN
cblr-7219	38	15	stability,6	stability,6	NOUN
cblr-7219	38	16	have	have	VERB
cblr-7219	38	17	structural	structural	ADJ
cblr-7219	38	18	vulnerabilities	vulnerability	NOUN
cblr-7219	38	19	and	and	CCONJ
cblr-7219	38	20	can	can	AUX
cblr-7219	38	21	run	run	VERB
cblr-7219	38	22	into	into	ADP
cblr-7219	38	23	trouble	trouble	NOUN
cblr-7219	38	24	.	.	PUNCT
cblr-7219	39	1	furthermore	furthermore	ADV
cblr-7219	39	2	,	,	PUNCT
cblr-7219	39	3	it	it	PRON
cblr-7219	39	4	exposed	expose	VERB
cblr-7219	39	5	the	the	DET
cblr-7219	39	6	shortcomings	shortcoming	NOUN
cblr-7219	39	7	of	of	ADP
cblr-7219	39	8	the	the	DET
cblr-7219	39	9	regulatory	regulatory	ADJ
cblr-7219	39	10	architecture	architecture	NOUN
cblr-7219	39	11	created	create	VERB
cblr-7219	39	12	in	in	ADP
cblr-7219	39	13	the	the	DET
cblr-7219	39	14	aftermath	aftermath	NOUN
cblr-7219	39	15	of	of	ADP
cblr-7219	39	16	the	the	DET
cblr-7219	39	17	2008	2008	NUM
cblr-7219	39	18	financial	financial	ADJ
cblr-7219	39	19	crisis	crisis	NOUN
cblr-7219	39	20	,	,	PUNCT
cblr-7219	39	21	showing	show	VERB
cblr-7219	39	22	that	that	SCONJ
cblr-7219	39	23	it	it	PRON
cblr-7219	39	24	is	be	AUX
cblr-7219	39	25	far	far	ADV
cblr-7219	39	26	from	from	ADP
cblr-7219	39	27	immune	immune	ADJ
cblr-7219	39	28	to	to	ADP
cblr-7219	39	29	errors	error	NOUN
cblr-7219	39	30	,	,	PUNCT
cblr-7219	39	31	and	and	CCONJ
cblr-7219	39	32	revealed	reveal	VERB
cblr-7219	39	33	that	that	SCONJ
cblr-7219	39	34	the	the	DET
cblr-7219	39	35	business	business	NOUN
cblr-7219	39	36	of	of	ADP
cblr-7219	39	37	regulating	regulate	VERB
cblr-7219	39	38	clearinghouses	clearinghouse	NOUN
cblr-7219	39	39	,	,	PUNCT
cblr-7219	39	40	which	which	PRON
cblr-7219	39	41	are	be	AUX
cblr-7219	39	42	systemic	systemic	ADJ
cblr-7219	39	43	risk	risk	NOUN
cblr-7219	39	44	managers	manager	NOUN
cblr-7219	39	45	,	,	PUNCT
cblr-7219	39	46	is	be	AUX
cblr-7219	39	47	still	still	ADV
cblr-7219	39	48	unfinished	unfinished	ADJ
cblr-7219	39	49	.	.	PUNCT
cblr-7219	40	1	as	as	ADP
cblr-7219	40	2	a	a	DET
cblr-7219	40	3	result	result	NOUN
cblr-7219	40	4	of	of	ADP
cblr-7219	40	5	this	this	DET
cblr-7219	40	6	event	event	NOUN
cblr-7219	40	7	,	,	PUNCT
cblr-7219	40	8	policymakers	policymaker	NOUN
cblr-7219	40	9	domestically	domestically	ADV
cblr-7219	40	10	and	and	CCONJ
cblr-7219	40	11	globally	globally	ADV
cblr-7219	40	12	have	have	AUX
cblr-7219	40	13	embarked	embark	VERB
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cblr-7219	40	23	to	to	PART
cblr-7219	40	24	discuss	discuss	VERB
cblr-7219	40	25	the	the	DET
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cblr-7219	40	36	,	,	PUNCT
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cblr-7219	40	38	the	the	DET
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cblr-7219	40	43	a	a	DET
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cblr-7219	40	52	,	,	PUNCT
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cblr-7219	40	55	3	3	NUM
cblr-7219	40	56	,	,	PUNCT
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cblr-7219	41	21	,	,	PUNCT
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cblr-7219	41	24	,	,	PUNCT
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cblr-7219	41	34	.	.	PUNCT
cblr-7219	42	1	see	see	VERB
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cblr-7219	42	20	nasdaq	nasdaq	PROPN
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cblr-7219	42	23	default	default	NOUN
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cblr-7219	42	25	10	10	NUM
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cblr-7219	42	28	,	,	PUNCT
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cblr-7219	42	30	,	,	PUNCT
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cblr-7219	43	5	last	last	ADJ
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cblr-7219	43	9	,	,	PUNCT
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cblr-7219	44	1	6	6	NUM
cblr-7219	44	2	see	see	VERB
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cblr-7219	44	4	&	&	CCONJ
cblr-7219	44	5	sheppard	sheppard	PROPN
cblr-7219	44	6	,	,	PUNCT
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cblr-7219	44	8	note	note	NOUN
cblr-7219	44	9	1	1	NUM
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cblr-7219	50	13	of	of	ADP
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cblr-7219	50	16	of	of	ADP
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cblr-7219	52	26	current	current	ADJ
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cblr-7219	52	35	.	.	PUNCT
cblr-7219	53	1	see	see	VERB
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cblr-7219	53	3	risk	risk	NOUN
cblr-7219	53	4	advisory	advisory	NOUN
cblr-7219	53	5	committee	committee	NOUN
cblr-7219	53	6	,	,	PUNCT
cblr-7219	53	7	83	83	NUM
cblr-7219	53	8	fed	feed	VERB
cblr-7219	53	9	.	.	PUNCT
cblr-7219	54	1	reg	reg	PROPN
cblr-7219	54	2	.	.	PUNCT
cblr-7219	55	1	58,236	58,236	NUM
cblr-7219	55	2	(	(	PUNCT
cblr-7219	55	3	nov	nov	PROPN
cblr-7219	55	4	.	.	PROPN
cblr-7219	55	5	19	19	NUM
cblr-7219	55	6	,	,	PUNCT
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cblr-7219	55	9	.	.	PUNCT
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cblr-7219	56	10	of	of	ADP
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cblr-7219	56	15	committee	committee	NOUN
cblr-7219	56	16	,	,	PUNCT
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cblr-7219	56	20	(	(	PUNCT
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cblr-7219	56	22	)	)	PUNCT
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cblr-7219	56	27	,	,	PUNCT
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cblr-7219	56	42	.	.	PUNCT
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cblr-7219	57	9	,	,	PUNCT
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cblr-7219	57	11	commissioner	commissioner	PROPN
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cblr-7219	57	14	two	two	NUM
cblr-7219	57	15	new	new	ADJ
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cblr-7219	57	19	market	market	NOUN
cblr-7219	57	20	risk	risk	NOUN
cblr-7219	57	21	advisory	advisory	NOUN
cblr-7219	57	22	committee	committee	NOUN
cblr-7219	57	23	(	(	PUNCT
cblr-7219	57	24	dec	dec	PROPN
cblr-7219	57	25	.	.	PROPN
cblr-7219	57	26	2	2	NUM
cblr-7219	57	27	,	,	PUNCT
cblr-7219	57	28	2019	2019	NUM
cblr-7219	57	29	)	)	PUNCT
cblr-7219	57	30	,	,	PUNCT
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cblr-7219	58	1	[	[	X
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cblr-7219	58	3	]	]	PUNCT
cblr-7219	58	4	.	.	PUNCT
cblr-7219	58	5	8	8	NUM
cblr-7219	59	1	this	this	DET
cblr-7219	59	2	article	article	NOUN
cblr-7219	59	3	is	be	AUX
cblr-7219	59	4	part	part	NOUN
cblr-7219	59	5	of	of	ADP
cblr-7219	59	6	a	a	DET
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cblr-7219	59	8	of	of	ADP
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cblr-7219	59	14	of	of	ADP
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cblr-7219	59	16	,	,	PUNCT
cblr-7219	59	17	and	and	CCONJ
cblr-7219	59	18	the	the	DET
cblr-7219	59	19	role	role	NOUN
cblr-7219	59	20	and	and	CCONJ
cblr-7219	59	21	accompanying	accompany	VERB
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cblr-7219	59	23	of	of	ADP
cblr-7219	59	24	clearinghouses	clearinghouse	NOUN
cblr-7219	59	25	in	in	ADP
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cblr-7219	59	29	.	.	PUNCT
cblr-7219	60	1	the	the	DET
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cblr-7219	60	4	paper	paper	NOUN
cblr-7219	60	5	,	,	PUNCT
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cblr-7219	60	7	embracing	embrace	VERB
cblr-7219	60	8	insights	insight	NOUN
cblr-7219	60	9	from	from	ADP
cblr-7219	60	10	the	the	DET
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cblr-7219	60	12	on	on	ADP
cblr-7219	60	13	the	the	DET
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cblr-7219	60	15	of	of	ADP
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cblr-7219	60	18	,	,	PUNCT
cblr-7219	60	19	documents	document	VERB
cblr-7219	60	20	the	the	DET
cblr-7219	60	21	historical	historical	ADJ
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cblr-7219	60	23	of	of	ADP
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cblr-7219	60	25	ownership	ownership	NOUN
cblr-7219	60	26	structure	structure	NOUN
cblr-7219	60	27	of	of	ADP
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cblr-7219	60	29	and	and	CCONJ
cblr-7219	60	30	the	the	DET
cblr-7219	60	31	costs	cost	NOUN
cblr-7219	60	32	and	and	CCONJ
cblr-7219	60	33	benefits	benefit	NOUN
cblr-7219	60	34	of	of	ADP
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cblr-7219	60	36	ownership	ownership	NOUN
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cblr-7219	60	38	.	.	PUNCT
cblr-7219	61	1	see	see	VERB
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cblr-7219	61	4	,	,	PUNCT
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cblr-7219	61	7	of	of	ADP
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cblr-7219	61	9	:	:	PUNCT
cblr-7219	61	10	when	when	SCONJ
cblr-7219	61	11	“	"	PUNCT
cblr-7219	61	12	skin	skin	NOUN
cblr-7219	61	13	in	in	ADP
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cblr-7219	61	17	is	be	AUX
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cblr-7219	61	19	enough	enough	ADJ
cblr-7219	61	20	,	,	PUNCT
cblr-7219	61	21	the	the	DET
cblr-7219	61	22	remutualization	remutualization	NOUN
cblr-7219	61	23	of	of	ADP
cblr-7219	61	24	clearinghouses	clearinghouse	NOUN
cblr-7219	61	25	,	,	PUNCT
cblr-7219	61	26	34	34	NUM
cblr-7219	61	27	yale	yale	PROPN
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cblr-7219	61	30	.	.	PUNCT
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cblr-7219	62	2	(	(	PUNCT
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cblr-7219	62	4	)	)	PUNCT
cblr-7219	63	1	[	[	X
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cblr-7219	63	9	]	]	PUNCT
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cblr-7219	64	2	,	,	PUNCT
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cblr-7219	64	6	piece	piece	NOUN
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cblr-7219	64	14	of	of	ADP
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cblr-7219	64	19	-	-	PUNCT
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cblr-7219	64	34	.	.	PUNCT
cblr-7219	65	1	see	see	VERB
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cblr-7219	65	17	,	,	PUNCT
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cblr-7219	67	4	)	)	PUNCT
cblr-7219	68	1	[	[	X
cblr-7219	68	2	hereinafter	hereinafter	NOUN
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cblr-7219	68	4	,	,	PUNCT
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cblr-7219	68	10	]	]	PUNCT
cblr-7219	68	11	.	.	PUNCT
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cblr-7219	69	22	,	,	PUNCT
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cblr-7219	69	28	(	(	PUNCT
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cblr-7219	69	37	(	(	PUNCT
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cblr-7219	69	41	)	)	PUNCT
cblr-7219	69	42	10/21/2020	10/21/2020	NUM
cblr-7219	69	43	11:22	11:22	NUM
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cblr-7219	70	1	[	[	X
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cblr-7219	70	3	.	.	PUNCT
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cblr-7219	88	17	and	and	CCONJ
cblr-7219	88	18	15	15	NUM
cblr-7219	88	19	u.s.c	u.s.c	ADJ
cblr-7219	88	20	.	.	PUNCT
cblr-7219	88	21	)	)	PUNCT
cblr-7219	88	22	.	.	PUNCT
cblr-7219	89	1	for	for	ADP
cblr-7219	89	2	the	the	DET
cblr-7219	89	3	equivalent	equivalent	ADJ
cblr-7219	89	4	regulation	regulation	NOUN
cblr-7219	89	5	in	in	ADP
cblr-7219	89	6	the	the	DET
cblr-7219	89	7	european	european	PROPN
cblr-7219	89	8	union	union	PROPN
cblr-7219	89	9	,	,	PUNCT
cblr-7219	89	10	see	see	VERB
cblr-7219	89	11	council	council	NOUN
cblr-7219	89	12	regulation	regulation	NOUN
cblr-7219	89	13	648/2012	648/2012	NUM
cblr-7219	89	14	,	,	PUNCT
cblr-7219	89	15	2012	2012	NUM
cblr-7219	89	16	o.j	o.j	PROPN
cblr-7219	89	17	.	.	PUNCT
cblr-7219	90	1	(	(	PUNCT
cblr-7219	90	2	l	l	NOUN
cblr-7219	90	3	201	201	NUM
cblr-7219	90	4	)	)	PUNCT
cblr-7219	90	5	1	1	NUM
cblr-7219	90	6	.	.	X
cblr-7219	90	7	11	11	NUM
cblr-7219	90	8	derivatives	derivative	NOUN
cblr-7219	90	9	are	be	AUX
cblr-7219	90	10	financial	financial	ADJ
cblr-7219	90	11	transactions	transaction	NOUN
cblr-7219	90	12	valued	value	VERB
cblr-7219	90	13	based	base	VERB
cblr-7219	90	14	on	on	ADP
cblr-7219	90	15	asset	asset	NOUN
cblr-7219	90	16	prices	price	NOUN
cblr-7219	90	17	or	or	CCONJ
cblr-7219	90	18	other	other	ADJ
cblr-7219	90	19	market	market	NOUN
cblr-7219	90	20	variables	variable	NOUN
cblr-7219	90	21	.	.	PUNCT
cblr-7219	91	1	derivatives	derivative	NOUN
cblr-7219	91	2	allow	allow	VERB
cblr-7219	91	3	two	two	NUM
cblr-7219	91	4	contractual	contractual	ADJ
cblr-7219	91	5	parties	party	NOUN
cblr-7219	91	6	to	to	PART
cblr-7219	91	7	transfer	transfer	VERB
cblr-7219	91	8	the	the	DET
cblr-7219	91	9	risk	risk	NOUN
cblr-7219	91	10	connected	connect	VERB
cblr-7219	91	11	to	to	ADP
cblr-7219	91	12	an	an	DET
cblr-7219	91	13	underlying	underlie	VERB
cblr-7219	91	14	asset	asset	NOUN
cblr-7219	91	15	.	.	PUNCT
cblr-7219	92	1	see	see	VERB
cblr-7219	92	2	,	,	PUNCT
cblr-7219	92	3	e.g.	e.g.	ADV
cblr-7219	92	4	,	,	PUNCT
cblr-7219	92	5	alan	alan	PROPN
cblr-7219	92	6	n.	n.	PROPN
cblr-7219	92	7	rechtschaffen	rechtschaffen	PROPN
cblr-7219	92	8	,	,	PUNCT
cblr-7219	92	9	capital	capital	NOUN
cblr-7219	92	10	markets	market	NOUN
cblr-7219	92	11	,	,	PUNCT
cblr-7219	92	12	derivatives	derivative	NOUN
cblr-7219	92	13	and	and	CCONJ
cblr-7219	92	14	the	the	DET
cblr-7219	92	15	law	law	NOUN
cblr-7219	92	16	:	:	PUNCT
cblr-7219	92	17	evolution	evolution	NOUN
cblr-7219	92	18	after	after	ADP
cblr-7219	92	19	crisis	crisis	NOUN
cblr-7219	92	20	51	51	NUM
cblr-7219	92	21	(	(	PUNCT
cblr-7219	92	22	2d	2d	NUM
cblr-7219	92	23	ed	ed	NOUN
cblr-7219	92	24	.	.	PROPN
cblr-7219	92	25	2014	2014	NUM
cblr-7219	92	26	)	)	PUNCT
cblr-7219	92	27	;	;	PUNCT
cblr-7219	92	28	colleen	colleen	PROPN
cblr-7219	92	29	m.	m.	PROPN
cblr-7219	92	30	baker	baker	PROPN
cblr-7219	92	31	,	,	PUNCT
cblr-7219	92	32	regulating	regulate	VERB
cblr-7219	92	33	the	the	DET
cblr-7219	92	34	invisible	invisible	ADJ
cblr-7219	92	35	:	:	PUNCT
cblr-7219	92	36	the	the	DET
cblr-7219	92	37	case	case	NOUN
cblr-7219	92	38	of	of	ADP
cblr-7219	92	39	over	over	ADP
cblr-7219	92	40	-	-	PUNCT
cblr-7219	92	41	the	the	DET
cblr-7219	92	42	-	-	PUNCT
cblr-7219	92	43	counter	counter	NOUN
cblr-7219	92	44	derivatives	derivative	NOUN
cblr-7219	92	45	,	,	PUNCT
cblr-7219	92	46	85	85	NUM
cblr-7219	92	47	notre	notre	PROPN
cblr-7219	92	48	dame	dame	PROPN
cblr-7219	92	49	l.	l.	PROPN
cblr-7219	92	50	rev	rev	PROPN
cblr-7219	92	51	.	.	PROPN
cblr-7219	92	52	1287	1287	NUM
cblr-7219	92	53	,	,	PUNCT
cblr-7219	92	54	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	92	55	(	(	PUNCT
cblr-7219	92	56	do	do	AUX
cblr-7219	92	57	not	not	PART
cblr-7219	92	58	delete	delete	VERB
cblr-7219	92	59	)	)	PUNCT
cblr-7219	92	60	10/21/2020	10/21/2020	NUM
cblr-7219	92	61	11:22	11:22	NUM
cblr-7219	92	62	am	am	NOUN
cblr-7219	92	63	no	no	NOUN
cblr-7219	92	64	.	.	PUNCT
cblr-7219	93	1	2:449	2:449	NUM
cblr-7219	93	2	]	]	X
cblr-7219	93	3	unfinished	unfinished	ADJ
cblr-7219	93	4	business	business	NOUN
cblr-7219	93	5	455	455	NUM
cblr-7219	93	6	portrayed	portray	VERB
cblr-7219	93	7	in	in	ADP
cblr-7219	93	8	michael	michael	PROPN
cblr-7219	93	9	lewis	lewis	PROPN
cblr-7219	93	10	’s	’s	PART
cblr-7219	93	11	book	book	NOUN
cblr-7219	93	12	the	the	DET
cblr-7219	93	13	big	big	ADJ
cblr-7219	93	14	short,12	short,12	NOUN
cblr-7219	93	15	were	be	AUX
cblr-7219	93	16	singled	single	VERB
cblr-7219	93	17	out	out	ADP
cblr-7219	93	18	as	as	ADP
cblr-7219	93	19	one	one	NUM
cblr-7219	93	20	of	of	ADP
cblr-7219	93	21	the	the	DET
cblr-7219	93	22	catalysts	catalyst	NOUN
cblr-7219	93	23	of	of	ADP
cblr-7219	93	24	the	the	DET
cblr-7219	93	25	crisis	crisis	NOUN
cblr-7219	93	26	and	and	CCONJ
cblr-7219	93	27	underwent	undergo	VERB
cblr-7219	93	28	a	a	DET
cblr-7219	93	29	radical	radical	ADJ
cblr-7219	93	30	makeover.13	makeover.13	NOUN
cblr-7219	93	31	lawmakers	lawmaker	NOUN
cblr-7219	93	32	agreed	agree	VERB
cblr-7219	93	33	to	to	PART
cblr-7219	93	34	centralize	centralize	VERB
cblr-7219	93	35	the	the	DET
cblr-7219	93	36	risks	risk	NOUN
cblr-7219	93	37	of	of	ADP
cblr-7219	93	38	the	the	DET
cblr-7219	93	39	derivatives	derivative	NOUN
cblr-7219	93	40	markets	market	NOUN
cblr-7219	93	41	in	in	ADP
cblr-7219	93	42	clearinghouses	clearinghouse	NOUN
cblr-7219	93	43	and	and	CCONJ
cblr-7219	93	44	trusted	trust	VERB
cblr-7219	93	45	them	they	PRON
cblr-7219	93	46	to	to	PART
cblr-7219	93	47	stabilize	stabilize	VERB
cblr-7219	93	48	their	their	PRON
cblr-7219	93	49	fragile	fragile	ADJ
cblr-7219	93	50	market	market	NOUN
cblr-7219	93	51	structure.14	structure.14	NOUN
cblr-7219	93	52	clearinghouses	clearinghouse	NOUN
cblr-7219	93	53	have	have	AUX
cblr-7219	93	54	been	be	AUX
cblr-7219	93	55	the	the	DET
cblr-7219	93	56	building	building	NOUN
cblr-7219	93	57	blocks	block	NOUN
cblr-7219	93	58	of	of	ADP
cblr-7219	93	59	modern	modern	ADJ
cblr-7219	93	60	financial	financial	ADJ
cblr-7219	93	61	markets	market	NOUN
cblr-7219	93	62	for	for	ADP
cblr-7219	93	63	the	the	DET
cblr-7219	93	64	past	past	ADJ
cblr-7219	93	65	two	two	NUM
cblr-7219	93	66	centuries.15	centuries.15	NOUN
cblr-7219	93	67	they	they	PRON
cblr-7219	93	68	are	be	AUX
cblr-7219	93	69	the	the	DET
cblr-7219	93	70	essential	essential	ADJ
cblr-7219	93	71	plumbing	plumbing	NOUN
cblr-7219	93	72	of	of	ADP
cblr-7219	93	73	the	the	DET
cblr-7219	93	74	financial	financial	ADJ
cblr-7219	93	75	system	system	NOUN
cblr-7219	93	76	,	,	PUNCT
cblr-7219	93	77	allowing	allow	VERB
cblr-7219	93	78	capital	capital	NOUN
cblr-7219	93	79	to	to	PART
cblr-7219	93	80	flow	flow	VERB
cblr-7219	93	81	,	,	PUNCT
cblr-7219	93	82	securities	security	NOUN
cblr-7219	93	83	to	to	PART
cblr-7219	93	84	be	be	AUX
cblr-7219	93	85	transferred	transfer	VERB
cblr-7219	93	86	,	,	PUNCT
cblr-7219	93	87	and	and	CCONJ
cblr-7219	93	88	derivatives	derivative	NOUN
cblr-7219	93	89	to	to	PART
cblr-7219	93	90	be	be	AUX
cblr-7219	93	91	concluded	conclude	VERB
cblr-7219	93	92	.	.	PUNCT
cblr-7219	94	1	the	the	DET
cblr-7219	94	2	largest	large	ADJ
cblr-7219	94	3	securities	security	NOUN
cblr-7219	94	4	and	and	CCONJ
cblr-7219	94	5	derivatives	derivative	NOUN
cblr-7219	94	6	exchanges16	exchanges16	NOUN
cblr-7219	94	7	—	—	PUNCT
cblr-7219	94	8	1299	1299	NUM
cblr-7219	94	9	(	(	PUNCT
cblr-7219	94	10	2010	2010	NUM
cblr-7219	94	11	)	)	PUNCT
cblr-7219	94	12	(	(	PUNCT
cblr-7219	94	13	defining	define	VERB
cblr-7219	94	14	derivatives	derivative	NOUN
cblr-7219	94	15	as	as	ADP
cblr-7219	94	16	“	"	PUNCT
cblr-7219	94	17	complex	complex	ADJ
cblr-7219	94	18	financial	financial	ADJ
cblr-7219	94	19	contracts	contract	NOUN
cblr-7219	94	20	in	in	ADP
cblr-7219	94	21	which	which	PRON
cblr-7219	94	22	one	one	NUM
cblr-7219	94	23	party	party	NOUN
cblr-7219	94	24	pays	pay	VERB
cblr-7219	94	25	another	another	DET
cblr-7219	94	26	party	party	NOUN
cblr-7219	94	27	if	if	SCONJ
cblr-7219	94	28	‘	'	PUNCT
cblr-7219	94	29	something	something	PRON
cblr-7219	94	30	’	'	PUNCT
cblr-7219	94	31	happens	happen	VERB
cblr-7219	94	32	in	in	ADP
cblr-7219	94	33	the	the	DET
cblr-7219	94	34	future	future	NOUN
cblr-7219	94	35	”	"	PUNCT
cblr-7219	94	36	)	)	PUNCT
cblr-7219	94	37	.	.	PUNCT
cblr-7219	95	1	see	see	VERB
cblr-7219	95	2	also	also	ADV
cblr-7219	95	3	lynn	lynn	PROPN
cblr-7219	95	4	a.	a.	PROPN
cblr-7219	95	5	stout	stout	PROPN
cblr-7219	95	6	,	,	PUNCT
cblr-7219	95	7	derivatives	derivative	NOUN
cblr-7219	95	8	and	and	CCONJ
cblr-7219	95	9	the	the	DET
cblr-7219	95	10	legal	legal	ADJ
cblr-7219	95	11	origin	origin	NOUN
cblr-7219	95	12	of	of	ADP
cblr-7219	95	13	the	the	DET
cblr-7219	95	14	2008	2008	NUM
cblr-7219	95	15	credit	credit	NOUN
cblr-7219	95	16	crisis	crisis	NOUN
cblr-7219	95	17	,	,	PUNCT
cblr-7219	95	18	1	1	NUM
cblr-7219	95	19	harv	harv	NOUN
cblr-7219	95	20	.	.	PUNCT
cblr-7219	96	1	bus	bus	NOUN
cblr-7219	96	2	.	.	PUNCT
cblr-7219	97	1	l.	l.	PROPN
cblr-7219	97	2	rev	rev	PROPN
cblr-7219	97	3	.	.	PROPN
cblr-7219	97	4	1	1	NUM
cblr-7219	97	5	(	(	PUNCT
cblr-7219	97	6	2011	2011	NUM
cblr-7219	97	7	)	)	PUNCT
cblr-7219	97	8	;	;	PUNCT
cblr-7219	97	9	lynn	lynn	PROPN
cblr-7219	97	10	a.	a.	PROPN
cblr-7219	97	11	stout	stout	PROPN
cblr-7219	97	12	,	,	PUNCT
cblr-7219	97	13	why	why	SCONJ
cblr-7219	97	14	the	the	DET
cblr-7219	97	15	law	law	NOUN
cblr-7219	97	16	hates	hate	VERB
cblr-7219	97	17	speculators	speculator	NOUN
cblr-7219	97	18	:	:	PUNCT
cblr-7219	97	19	regulation	regulation	NOUN
cblr-7219	97	20	and	and	CCONJ
cblr-7219	97	21	private	private	ADJ
cblr-7219	97	22	ordering	ordering	NOUN
cblr-7219	97	23	in	in	ADP
cblr-7219	97	24	the	the	DET
cblr-7219	97	25	market	market	NOUN
cblr-7219	97	26	for	for	ADP
cblr-7219	97	27	otc	otc	PROPN
cblr-7219	97	28	derivatives	derivative	NOUN
cblr-7219	97	29	,	,	PUNCT
cblr-7219	97	30	48	48	NUM
cblr-7219	97	31	duke	duke	PROPN
cblr-7219	97	32	l.j	l.j	PROPN
cblr-7219	97	33	.	.	PROPN
cblr-7219	97	34	701	701	NUM
cblr-7219	97	35	(	(	PUNCT
cblr-7219	97	36	1999	1999	NUM
cblr-7219	97	37	)	)	PUNCT
cblr-7219	97	38	;	;	PUNCT
cblr-7219	97	39	henry	henry	PROPN
cblr-7219	97	40	t.c	t.c	PROPN
cblr-7219	97	41	.	.	PROPN
cblr-7219	97	42	hu	hu	PROPN
cblr-7219	97	43	,	,	PUNCT
cblr-7219	97	44	misunderstood	misunderstood	ADJ
cblr-7219	97	45	derivatives	derivative	NOUN
cblr-7219	97	46	:	:	PUNCT
cblr-7219	97	47	the	the	DET
cblr-7219	97	48	causes	cause	NOUN
cblr-7219	97	49	of	of	ADP
cblr-7219	97	50	informational	informational	ADJ
cblr-7219	97	51	failure	failure	NOUN
cblr-7219	97	52	and	and	CCONJ
cblr-7219	97	53	the	the	DET
cblr-7219	97	54	promise	promise	NOUN
cblr-7219	97	55	of	of	ADP
cblr-7219	97	56	regulatory	regulatory	ADJ
cblr-7219	97	57	incrementalism	incrementalism	NOUN
cblr-7219	97	58	,	,	PUNCT
cblr-7219	97	59	102	102	NUM
cblr-7219	97	60	yale	yale	PROPN
cblr-7219	97	61	l.j	l.j	PROPN
cblr-7219	97	62	.	.	PROPN
cblr-7219	97	63	1457	1457	NUM
cblr-7219	97	64	,	,	PUNCT
cblr-7219	97	65	1466	1466	NUM
cblr-7219	97	66	(	(	PUNCT
cblr-7219	97	67	1993	1993	NUM
cblr-7219	97	68	)	)	PUNCT
cblr-7219	97	69	;	;	PUNCT
cblr-7219	97	70	dan	dan	PROPN
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cblr-7219	97	72	,	,	PUNCT
cblr-7219	97	73	split	split	VERB
cblr-7219	97	74	derivatives	derivative	NOUN
cblr-7219	97	75	:	:	PUNCT
cblr-7219	97	76	inside	inside	ADP
cblr-7219	97	77	the	the	DET
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cblr-7219	97	79	's	's	PART
cblr-7219	97	80	most	most	ADV
cblr-7219	97	81	misunderstood	misunderstood	ADJ
cblr-7219	97	82	contract	contract	NOUN
cblr-7219	97	83	,	,	PUNCT
cblr-7219	97	84	36	36	NUM
cblr-7219	97	85	yale	yale	PROPN
cblr-7219	97	86	j.	j.	PROPN
cblr-7219	97	87	reg	reg	PROPN
cblr-7219	97	88	.	.	PROPN
cblr-7219	98	1	495	495	NUM
cblr-7219	98	2	(	(	PUNCT
cblr-7219	98	3	2019	2019	NUM
cblr-7219	98	4	)	)	PUNCT
cblr-7219	98	5	(	(	PUNCT
cblr-7219	98	6	providing	provide	VERB
cblr-7219	98	7	a	a	DET
cblr-7219	98	8	descriptive	descriptive	ADJ
cblr-7219	98	9	account	account	NOUN
cblr-7219	98	10	of	of	ADP
cblr-7219	98	11	the	the	DET
cblr-7219	98	12	legal	legal	ADJ
cblr-7219	98	13	and	and	CCONJ
cblr-7219	98	14	economic	economic	ADJ
cblr-7219	98	15	structure	structure	NOUN
cblr-7219	98	16	of	of	ADP
cblr-7219	98	17	derivatives	derivative	NOUN
cblr-7219	98	18	)	)	PUNCT
cblr-7219	98	19	.	.	PUNCT
cblr-7219	99	1	derivatives	derivative	NOUN
cblr-7219	99	2	markets	market	NOUN
cblr-7219	99	3	play	play	VERB
cblr-7219	99	4	a	a	DET
cblr-7219	99	5	central	central	ADJ
cblr-7219	99	6	role	role	NOUN
cblr-7219	99	7	in	in	ADP
cblr-7219	99	8	the	the	DET
cblr-7219	99	9	american	american	ADJ
cblr-7219	99	10	economic	economic	ADJ
cblr-7219	99	11	engine	engine	NOUN
cblr-7219	99	12	by	by	ADP
cblr-7219	99	13	supporting	support	VERB
cblr-7219	99	14	price	price	NOUN
cblr-7219	99	15	stability	stability	NOUN
cblr-7219	99	16	and	and	CCONJ
cblr-7219	99	17	transactional	transactional	ADJ
cblr-7219	99	18	efficiency	efficiency	NOUN
cblr-7219	99	19	.	.	PUNCT
cblr-7219	100	1	see	see	VERB
cblr-7219	100	2	j.	j.	PROPN
cblr-7219	100	3	christopher	christopher	PROPN
cblr-7219	100	4	giancarlo	giancarlo	PROPN
cblr-7219	100	5	&	&	CCONJ
cblr-7219	100	6	bruce	bruce	PROPN
cblr-7219	100	7	tuckman	tuckman	PROPN
cblr-7219	100	8	,	,	PUNCT
cblr-7219	100	9	swaps	swap	NOUN
cblr-7219	100	10	regulation	regulation	NOUN
cblr-7219	100	11	version	version	NOUN
cblr-7219	100	12	2.0	2.0	NUM
cblr-7219	100	13	:	:	PUNCT
cblr-7219	100	14	an	an	DET
cblr-7219	100	15	assessment	assessment	NOUN
cblr-7219	100	16	of	of	ADP
cblr-7219	100	17	the	the	DET
cblr-7219	100	18	current	current	ADJ
cblr-7219	100	19	implementation	implementation	NOUN
cblr-7219	100	20	of	of	ADP
cblr-7219	100	21	reform	reform	NOUN
cblr-7219	100	22	and	and	CCONJ
cblr-7219	100	23	proposals	proposal	NOUN
cblr-7219	100	24	for	for	ADP
cblr-7219	100	25	next	next	ADJ
cblr-7219	100	26	steps	step	NOUN
cblr-7219	100	27	1–2	1–2	NUM
cblr-7219	100	28	(	(	PUNCT
cblr-7219	100	29	2018	2018	NUM
cblr-7219	100	30	)	)	PUNCT
cblr-7219	100	31	,	,	PUNCT
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cblr-7219	101	4	.	.	PUNCT
cblr-7219	101	5	12	12	NUM
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cblr-7219	101	8	,	,	PUNCT
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cblr-7219	101	10	big	big	ADJ
cblr-7219	101	11	short	short	ADJ
cblr-7219	101	12	:	:	PUNCT
cblr-7219	101	13	inside	inside	ADP
cblr-7219	101	14	the	the	DET
cblr-7219	101	15	doomsday	doomsday	NOUN
cblr-7219	101	16	machine	machine	NOUN
cblr-7219	101	17	(	(	PUNCT
cblr-7219	101	18	2010	2010	NUM
cblr-7219	101	19	)	)	PUNCT
cblr-7219	101	20	;	;	PUNCT
cblr-7219	101	21	see	see	VERB
cblr-7219	101	22	also	also	ADV
cblr-7219	101	23	the	the	DET
cblr-7219	101	24	big	big	ADJ
cblr-7219	101	25	short	short	ADJ
cblr-7219	101	26	(	(	PUNCT
cblr-7219	101	27	paramount	paramount	ADJ
cblr-7219	101	28	pictures	picture	NOUN
cblr-7219	101	29	2015	2015	NUM
cblr-7219	101	30	)	)	PUNCT
cblr-7219	101	31	.	.	PUNCT
cblr-7219	102	1	13	13	NUM
cblr-7219	102	2	see	see	VERB
cblr-7219	102	3	,	,	PUNCT
cblr-7219	102	4	e.g.	e.g.	ADV
cblr-7219	102	5	,	,	PUNCT
cblr-7219	102	6	david	david	PROPN
cblr-7219	102	7	skeel	skeel	PROPN
cblr-7219	102	8	,	,	PUNCT
cblr-7219	102	9	the	the	DET
cblr-7219	102	10	new	new	ADJ
cblr-7219	102	11	financial	financial	ADJ
cblr-7219	102	12	deal	deal	NOUN
cblr-7219	102	13	:	:	PUNCT
cblr-7219	102	14	understanding	understand	VERB
cblr-7219	102	15	the	the	DET
cblr-7219	102	16	dodd	dodd	PROPN
cblr-7219	102	17	-	-	PUNCT
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cblr-7219	102	22	(	(	PUNCT
cblr-7219	102	23	unintended	unintended	ADJ
cblr-7219	102	24	)	)	PUNCT
cblr-7219	102	25	consequences	consequence	NOUN
cblr-7219	102	26	59–75	59–75	NUM
cblr-7219	102	27	(	(	PUNCT
cblr-7219	102	28	2011	2011	NUM
cblr-7219	102	29	)	)	PUNCT
cblr-7219	102	30	.	.	PUNCT
cblr-7219	103	1	14	14	NUM
cblr-7219	103	2	see	see	VERB
cblr-7219	103	3	wall	wall	PROPN
cblr-7219	103	4	street	street	PROPN
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cblr-7219	103	6	and	and	CCONJ
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cblr-7219	103	8	act	act	NOUN
cblr-7219	103	9	of	of	ADP
cblr-7219	103	10	2010	2010	NUM
cblr-7219	103	11	,	,	PUNCT
cblr-7219	103	12	pub	pub	NOUN
cblr-7219	103	13	.	.	PUNCT
cblr-7219	104	1	l.	l.	PROPN
cblr-7219	104	2	no	no	INTJ
cblr-7219	104	3	.	.	PROPN
cblr-7219	104	4	111	111	NUM
cblr-7219	104	5	-	-	SYM
cblr-7219	104	6	203	203	NUM
cblr-7219	104	7	,	,	PUNCT
cblr-7219	104	8	§	§	PROPN
cblr-7219	104	9	§	§	PROPN
cblr-7219	104	10	701	701	NUM
cblr-7219	104	11	,	,	PUNCT
cblr-7219	104	12	711–54	711–54	NOUN
cblr-7219	104	13	,	,	PUNCT
cblr-7219	104	14	761–74	761–74	NUM
cblr-7219	104	15	,	,	PUNCT
cblr-7219	104	16	124	124	NUM
cblr-7219	104	17	stat	stat	NOUN
cblr-7219	104	18	.	.	PUNCT
cblr-7219	105	1	1376	1376	NUM
cblr-7219	105	2	,	,	PUNCT
cblr-7219	105	3	1641–1802	1641–1802	NUM
cblr-7219	105	4	(	(	PUNCT
cblr-7219	105	5	2010	2010	NUM
cblr-7219	105	6	)	)	PUNCT
cblr-7219	105	7	(	(	PUNCT
cblr-7219	105	8	mandating	mandate	VERB
cblr-7219	105	9	the	the	DET
cblr-7219	105	10	centralized	centralized	ADJ
cblr-7219	105	11	trading	trading	NOUN
cblr-7219	105	12	,	,	PUNCT
cblr-7219	105	13	clearing	clearing	NOUN
cblr-7219	105	14	,	,	PUNCT
cblr-7219	105	15	and	and	CCONJ
cblr-7219	105	16	reporting	reporting	NOUN
cblr-7219	105	17	of	of	ADP
cblr-7219	105	18	financial	financial	ADJ
cblr-7219	105	19	derivatives	derivative	NOUN
cblr-7219	105	20	)	)	PUNCT
cblr-7219	105	21	.	.	PUNCT
cblr-7219	106	1	15	15	NUM
cblr-7219	106	2	see	see	VERB
cblr-7219	106	3	generally	generally	ADV
cblr-7219	106	4	ruben	ruben	PROPN
cblr-7219	106	5	lee	lee	PROPN
cblr-7219	106	6	,	,	PUNCT
cblr-7219	106	7	running	run	VERB
cblr-7219	106	8	the	the	DET
cblr-7219	106	9	world	world	NOUN
cblr-7219	106	10	’s	’s	PART
cblr-7219	106	11	markets	market	NOUN
cblr-7219	106	12	:	:	PUNCT
cblr-7219	106	13	the	the	DET
cblr-7219	106	14	governance	governance	NOUN
cblr-7219	106	15	of	of	ADP
cblr-7219	106	16	financial	financial	ADJ
cblr-7219	106	17	infrastructure	infrastructure	NOUN
cblr-7219	106	18	(	(	PUNCT
cblr-7219	106	19	2011	2011	NUM
cblr-7219	106	20	)	)	PUNCT
cblr-7219	106	21	;	;	PUNCT
cblr-7219	106	22	peter	peter	PROPN
cblr-7219	106	23	norman	norman	PROPN
cblr-7219	106	24	,	,	PUNCT
cblr-7219	106	25	the	the	DET
cblr-7219	106	26	risk	risk	NOUN
cblr-7219	106	27	controllers	controller	NOUN
cblr-7219	106	28	:	:	PUNCT
cblr-7219	106	29	central	central	ADJ
cblr-7219	106	30	counterparty	counterparty	NOUN
cblr-7219	106	31	clearing	clearing	NOUN
cblr-7219	106	32	in	in	ADP
cblr-7219	106	33	globalised	globalised	ADJ
cblr-7219	106	34	financial	financial	ADJ
cblr-7219	106	35	markets	market	NOUN
cblr-7219	106	36	(	(	PUNCT
cblr-7219	106	37	2011	2011	NUM
cblr-7219	106	38	)	)	PUNCT
cblr-7219	106	39	.	.	PUNCT
cblr-7219	107	1	16	16	NUM
cblr-7219	107	2	see	see	VERB
cblr-7219	107	3	guido	guido	PROPN
cblr-7219	107	4	ferrarini	ferrarini	PROPN
cblr-7219	107	5	&	&	CCONJ
cblr-7219	107	6	paolo	paolo	PROPN
cblr-7219	107	7	saguato	saguato	PROPN
cblr-7219	107	8	,	,	PUNCT
cblr-7219	107	9	governance	governance	NOUN
cblr-7219	107	10	and	and	CCONJ
cblr-7219	107	11	organization	organization	NOUN
cblr-7219	107	12	of	of	ADP
cblr-7219	107	13	trading	trading	NOUN
cblr-7219	107	14	venues	venue	NOUN
cblr-7219	107	15	:	:	PUNCT
cblr-7219	107	16	the	the	DET
cblr-7219	107	17	role	role	NOUN
cblr-7219	107	18	of	of	ADP
cblr-7219	107	19	financial	financial	ADJ
cblr-7219	107	20	market	market	NOUN
cblr-7219	107	21	infrastructures	infrastructure	NOUN
cblr-7219	107	22	groups	group	NOUN
cblr-7219	107	23	,	,	PUNCT
cblr-7219	107	24	in	in	ADP
cblr-7219	107	25	regulation	regulation	NOUN
cblr-7219	107	26	of	of	ADP
cblr-7219	107	27	the	the	DET
cblr-7219	107	28	eu	eu	PROPN
cblr-7219	107	29	financial	financial	ADJ
cblr-7219	107	30	markets	market	NOUN
cblr-7219	107	31	:	:	PUNCT
cblr-7219	107	32	mifid	mifid	ADJ
cblr-7219	107	33	ii	ii	PROPN
cblr-7219	107	34	and	and	CCONJ
cblr-7219	107	35	mifir	mifir	PROPN
cblr-7219	107	36	285	285	NUM
cblr-7219	107	37	,	,	PUNCT
cblr-7219	107	38	298	298	NUM
cblr-7219	107	39	–	–	PUNCT
cblr-7219	107	40	307	307	NUM
cblr-7219	107	41	(	(	PUNCT
cblr-7219	107	42	danny	danny	PROPN
cblr-7219	107	43	busch	busch	PROPN
cblr-7219	107	44	&	&	CCONJ
cblr-7219	107	45	guido	guido	PROPN
cblr-7219	107	46	ferrarini	ferrarini	PROPN
cblr-7219	107	47	eds	eds	PROPN
cblr-7219	107	48	.	.	PROPN
cblr-7219	107	49	,	,	PUNCT
cblr-7219	107	50	2017	2017	NUM
cblr-7219	107	51	)	)	PUNCT
cblr-7219	107	52	(	(	PUNCT
cblr-7219	107	53	discussing	discuss	VERB
cblr-7219	107	54	the	the	DET
cblr-7219	107	55	structure	structure	NOUN
cblr-7219	107	56	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	107	57	(	(	PUNCT
cblr-7219	107	58	do	do	AUX
cblr-7219	107	59	not	not	PART
cblr-7219	107	60	delte	delte	VERB
cblr-7219	107	61	)	)	PUNCT
cblr-7219	107	62	10/21/2020	10/21/2020	NUM
cblr-7219	107	63	11:22	11:22	NUM
cblr-7219	107	64	am	am	NOUN
cblr-7219	107	65	456	456	NUM
cblr-7219	107	66	columbia	columbia	PROPN
cblr-7219	107	67	business	business	NOUN
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cblr-7219	107	69	review	review	NOUN
cblr-7219	107	70	[	[	X
cblr-7219	107	71	vol	vol	NOUN
cblr-7219	107	72	.	.	X
cblr-7219	107	73	2020	2020	NUM
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cblr-7219	107	75	the	the	DET
cblr-7219	107	76	new	new	PROPN
cblr-7219	107	77	york	york	PROPN
cblr-7219	107	78	stock	stock	PROPN
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cblr-7219	107	80	,	,	PUNCT
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cblr-7219	107	82	chicago	chicago	PROPN
cblr-7219	107	83	mercantile	mercantile	PROPN
cblr-7219	107	84	exchange	exchange	PROPN
cblr-7219	107	85	,	,	PUNCT
cblr-7219	107	86	nasdaq	nasdaq	PROPN
cblr-7219	107	87	,	,	PUNCT
cblr-7219	107	88	and	and	CCONJ
cblr-7219	107	89	the	the	DET
cblr-7219	107	90	intercontinental	intercontinental	ADJ
cblr-7219	107	91	exchange	exchange	NOUN
cblr-7219	107	92	—	—	PUNCT
cblr-7219	107	93	rely	rely	VERB
cblr-7219	107	94	on	on	SCONJ
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cblr-7219	107	97	process	process	VERB
cblr-7219	107	98	and	and	CCONJ
cblr-7219	107	99	settle	settle	VERB
cblr-7219	107	100	several	several	ADJ
cblr-7219	107	101	trillion	trillion	NUM
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cblr-7219	107	103	’	'	PUNCT
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cblr-7219	107	108	clearinghouses	clearinghouse	NOUN
cblr-7219	107	109	operate	operate	VERB
cblr-7219	107	110	as	as	ADP
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cblr-7219	107	116	buyers	buyer	NOUN
cblr-7219	107	117	and	and	CCONJ
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cblr-7219	107	119	in	in	ADP
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cblr-7219	107	121	securities	security	NOUN
cblr-7219	107	122	and	and	CCONJ
cblr-7219	107	123	derivatives	derivative	NOUN
cblr-7219	107	124	markets.19	markets.19	NOUN
cblr-7219	107	125	they	they	PRON
cblr-7219	107	126	serve	serve	VERB
cblr-7219	107	127	as	as	ADP
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cblr-7219	107	129	counterparties	counterpartie	NOUN
cblr-7219	107	130	:	:	PUNCT
cblr-7219	107	131	a	a	DET
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cblr-7219	107	134	a	a	DET
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cblr-7219	107	149	in	in	ADP
cblr-7219	107	150	a	a	DET
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cblr-7219	107	152	,	,	PUNCT
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cblr-7219	112	1	[	[	X
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cblr-7219	112	4	(	(	PUNCT
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cblr-7219	114	4	(	(	PUNCT
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cblr-7219	114	8	11	11	NUM
cblr-7219	114	9	,	,	PUNCT
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cblr-7219	114	12	.	.	PUNCT
cblr-7219	115	1	as	as	ADP
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cblr-7219	115	5	,	,	PUNCT
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cblr-7219	115	8	notional	notional	ADJ
cblr-7219	115	9	amount	amount	NOUN
cblr-7219	115	10	of	of	ADP
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cblr-7219	115	13	-	-	PUNCT
cblr-7219	115	14	the	the	DET
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cblr-7219	115	16	counter	counter	NOUN
cblr-7219	115	17	(	(	PUNCT
cblr-7219	115	18	“	"	PUNCT
cblr-7219	115	19	otc	otc	PROPN
cblr-7219	115	20	”	"	PUNCT
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cblr-7219	115	22	financial	financial	ADJ
cblr-7219	115	23	derivatives	derivative	NOUN
cblr-7219	115	24	was	be	AUX
cblr-7219	115	25	nearly	nearly	ADV
cblr-7219	115	26	$	$	SYM
cblr-7219	115	27	559	559	NUM
cblr-7219	115	28	trillion	trillion	NUM
cblr-7219	115	29	.	.	PUNCT
cblr-7219	116	1	see	see	VERB
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cblr-7219	116	3	otc	otc	PROPN
cblr-7219	116	4	derivatives	derivative	NOUN
cblr-7219	116	5	market	market	NOUN
cblr-7219	116	6	,	,	PUNCT
cblr-7219	116	7	bank	bank	NOUN
cblr-7219	116	8	for	for	ADP
cblr-7219	116	9	int’l	int’l	NUM
cblr-7219	116	10	settlements	settlement	NOUN
cblr-7219	116	11	(	(	PUNCT
cblr-7219	116	12	2019	2019	NUM
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cblr-7219	117	4	.	.	PUNCT
cblr-7219	118	1	additionally	additionally	ADV
cblr-7219	118	2	,	,	PUNCT
cblr-7219	118	3	more	more	ADJ
cblr-7219	118	4	than	than	ADP
cblr-7219	118	5	60	60	NUM
cblr-7219	118	6	%	%	NOUN
cblr-7219	118	7	of	of	ADP
cblr-7219	118	8	the	the	DET
cblr-7219	118	9	total	total	ADJ
cblr-7219	118	10	outstanding	outstanding	ADJ
cblr-7219	118	11	otc	otc	PROPN
cblr-7219	118	12	derivatives	derivative	NOUN
cblr-7219	118	13	were	be	AUX
cblr-7219	118	14	centrally	centrally	ADV
cblr-7219	118	15	cleared	clear	VERB
cblr-7219	118	16	though	though	SCONJ
cblr-7219	118	17	a	a	DET
cblr-7219	118	18	clearinghouse	clearinghouse	NOUN
cblr-7219	118	19	.	.	PUNCT
cblr-7219	119	1	see	see	VERB
cblr-7219	119	2	i	i	PRON
cblr-7219	119	3	d.	d.	PROPN
cblr-7219	119	4	but	but	CCONJ
cblr-7219	119	5	see	see	VERB
cblr-7219	119	6	felix	felix	PROPN
cblr-7219	119	7	b.	b.	PROPN
cblr-7219	119	8	chang	chang	PROPN
cblr-7219	119	9	,	,	PUNCT
cblr-7219	119	10	second	second	ADJ
cblr-7219	119	11	-	-	PUNCT
cblr-7219	119	12	generation	generation	NOUN
cblr-7219	119	13	monopolization	monopolization	NOUN
cblr-7219	119	14	:	:	PUNCT
cblr-7219	119	15	parallel	parallel	ADJ
cblr-7219	119	16	exclusion	exclusion	NOUN
cblr-7219	119	17	in	in	ADP
cblr-7219	119	18	derivatives	derivative	NOUN
cblr-7219	119	19	markets	market	NOUN
cblr-7219	119	20	,	,	PUNCT
cblr-7219	119	21	2016	2016	NUM
cblr-7219	119	22	colum	colum	NOUN
cblr-7219	119	23	.	.	PUNCT
cblr-7219	120	1	bus	bus	NOUN
cblr-7219	120	2	.	.	PUNCT
cblr-7219	121	1	l.	l.	PROPN
cblr-7219	121	2	rev	rev	PROPN
cblr-7219	121	3	.	.	PROPN
cblr-7219	121	4	657	657	NUM
cblr-7219	121	5	,	,	PUNCT
cblr-7219	121	6	689	689	NUM
cblr-7219	121	7	(	(	PUNCT
cblr-7219	121	8	2016	2016	NUM
cblr-7219	121	9	)	)	PUNCT
cblr-7219	121	10	(	(	PUNCT
cblr-7219	121	11	pointing	point	VERB
cblr-7219	121	12	at	at	ADP
cblr-7219	121	13	the	the	DET
cblr-7219	121	14	difficulties	difficulty	NOUN
cblr-7219	121	15	in	in	ADP
cblr-7219	121	16	calculating	calculate	VERB
cblr-7219	121	17	the	the	DET
cblr-7219	121	18	exact	exact	ADJ
cblr-7219	121	19	size	size	NOUN
cblr-7219	121	20	of	of	ADP
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cblr-7219	121	22	derivatives	derivative	NOUN
cblr-7219	121	23	market	market	NOUN
cblr-7219	121	24	,	,	PUNCT
cblr-7219	121	25	and	and	CCONJ
cblr-7219	121	26	the	the	DET
cblr-7219	121	27	potential	potential	ADJ
cblr-7219	121	28	imprecision	imprecision	NOUN
cblr-7219	121	29	of	of	ADP
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cblr-7219	121	31	bank	bank	NOUN
cblr-7219	121	32	for	for	ADP
cblr-7219	121	33	international	international	ADJ
cblr-7219	121	34	settlement	settlement	NOUN
cblr-7219	121	35	’s	’s	PART
cblr-7219	121	36	statistic	statistic	NOUN
cblr-7219	121	37	due	due	ADP
cblr-7219	121	38	to	to	ADP
cblr-7219	121	39	double	double	ADJ
cblr-7219	121	40	-	-	PUNCT
cblr-7219	121	41	counting	counting	NOUN
cblr-7219	121	42	)	)	PUNCT
cblr-7219	121	43	.	.	PUNCT
cblr-7219	122	1	18	18	NUM
cblr-7219	122	2	clearinghouses	clearinghouse	NOUN
cblr-7219	122	3	in	in	ADP
cblr-7219	122	4	modern	modern	ADJ
cblr-7219	122	5	financial	financial	ADJ
cblr-7219	122	6	markets	market	NOUN
cblr-7219	122	7	primarily	primarily	ADV
cblr-7219	122	8	operate	operate	VERB
cblr-7219	122	9	with	with	ADP
cblr-7219	122	10	a	a	DET
cblr-7219	122	11	central	central	ADJ
cblr-7219	122	12	counterparty	counterparty	NOUN
cblr-7219	122	13	(	(	PUNCT
cblr-7219	122	14	“	"	PUNCT
cblr-7219	122	15	ccp	ccp	PROPN
cblr-7219	122	16	”	"	PUNCT
cblr-7219	122	17	)	)	PUNCT
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cblr-7219	122	19	,	,	PUNCT
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cblr-7219	122	21	directly	directly	ADV
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cblr-7219	122	25	costs	cost	NOUN
cblr-7219	122	26	of	of	ADP
cblr-7219	122	27	the	the	DET
cblr-7219	122	28	cleared	clear	VERB
cblr-7219	122	29	transactions	transaction	NOUN
cblr-7219	122	30	.	.	PUNCT
cblr-7219	123	1	for	for	ADP
cblr-7219	123	2	this	this	DET
cblr-7219	123	3	reason	reason	NOUN
cblr-7219	123	4	,	,	PUNCT
cblr-7219	123	5	academic	academic	ADJ
cblr-7219	123	6	literature	literature	NOUN
cblr-7219	123	7	and	and	CCONJ
cblr-7219	123	8	the	the	DET
cblr-7219	123	9	media	medium	NOUN
cblr-7219	123	10	refer	refer	VERB
cblr-7219	123	11	interchangeably	interchangeably	ADV
cblr-7219	123	12	to	to	ADP
cblr-7219	123	13	clearing	clear	VERB
cblr-7219	123	14	firms	firm	NOUN
cblr-7219	123	15	as	as	ADP
cblr-7219	123	16	“	"	PUNCT
cblr-7219	123	17	clearinghouses	clearinghouse	NOUN
cblr-7219	123	18	”	"	PUNCT
cblr-7219	123	19	or	or	CCONJ
cblr-7219	123	20	as	as	ADP
cblr-7219	123	21	“	"	PUNCT
cblr-7219	123	22	ccps	ccp	NOUN
cblr-7219	123	23	.	.	PUNCT
cblr-7219	123	24	”	"	PUNCT
cblr-7219	124	1	see	see	VERB
cblr-7219	124	2	infra	infra	NOUN
cblr-7219	124	3	section	section	NOUN
cblr-7219	124	4	ii.a	ii.a	PROPN
cblr-7219	124	5	(	(	PUNCT
cblr-7219	124	6	discussing	discuss	VERB
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cblr-7219	124	8	economics	economic	NOUN
cblr-7219	124	9	and	and	CCONJ
cblr-7219	124	10	functions	function	NOUN
cblr-7219	124	11	of	of	ADP
cblr-7219	124	12	clearinghouses	clearinghouse	NOUN
cblr-7219	124	13	)	)	PUNCT
cblr-7219	124	14	.	.	PUNCT
cblr-7219	125	1	19	19	NUM
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cblr-7219	125	3	article	article	NOUN
cblr-7219	125	4	primarily	primarily	ADV
cblr-7219	125	5	focuses	focus	VERB
cblr-7219	125	6	on	on	ADP
cblr-7219	125	7	derivatives	derivative	NOUN
cblr-7219	125	8	clearinghouses	clearinghouse	NOUN
cblr-7219	125	9	.	.	PUNCT
cblr-7219	126	1	for	for	ADP
cblr-7219	126	2	a	a	DET
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cblr-7219	126	4	of	of	ADP
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cblr-7219	126	6	derivatives	derivative	NOUN
cblr-7219	126	7	clearinghouses	clearinghouse	NOUN
cblr-7219	126	8	differ	differ	VERB
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cblr-7219	126	10	from	from	ADP
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cblr-7219	126	12	clearinghouses	clearinghouse	NOUN
cblr-7219	126	13	,	,	PUNCT
cblr-7219	126	14	see	see	VERB
cblr-7219	126	15	saguato	saguato	NOUN
cblr-7219	126	16	,	,	PUNCT
cblr-7219	126	17	the	the	DET
cblr-7219	126	18	ownership	ownership	NOUN
cblr-7219	126	19	of	of	ADP
cblr-7219	126	20	clearinghouses	clearinghouse	NOUN
cblr-7219	126	21	,	,	PUNCT
cblr-7219	126	22	supra	supra	PROPN
cblr-7219	126	23	note	note	NOUN
cblr-7219	126	24	8	8	NUM
cblr-7219	126	25	,	,	PUNCT
cblr-7219	126	26	at	at	ADP
cblr-7219	126	27	632–33	632–33	NUM
cblr-7219	126	28	.	.	PUNCT
cblr-7219	127	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	127	2	(	(	PUNCT
cblr-7219	127	3	do	do	AUX
cblr-7219	127	4	not	not	PART
cblr-7219	127	5	delete	delete	VERB
cblr-7219	127	6	)	)	PUNCT
cblr-7219	127	7	10/21/2020	10/21/2020	NUM
cblr-7219	127	8	11:22	11:22	NUM
cblr-7219	127	9	am	am	NOUN
cblr-7219	127	10	no	no	NOUN
cblr-7219	127	11	.	.	PUNCT
cblr-7219	128	1	2:449	2:449	NUM
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cblr-7219	128	3	unfinished	unfinished	ADJ
cblr-7219	128	4	business	business	NOUN
cblr-7219	128	5	457	457	NUM
cblr-7219	128	6	seller	seller	NOUN
cblr-7219	128	7	to	to	ADP
cblr-7219	128	8	every	every	DET
cblr-7219	128	9	buyer.20	buyer.20	NOUN
cblr-7219	128	10	by	by	ADP
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cblr-7219	128	15	clearinghouses	clearinghouse	NOUN
cblr-7219	128	16	take	take	VERB
cblr-7219	128	17	on	on	ADP
cblr-7219	128	18	and	and	CCONJ
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cblr-7219	128	20	the	the	DET
cblr-7219	128	21	risks	risk	NOUN
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cblr-7219	128	36	,	,	PUNCT
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cblr-7219	128	38	in	in	ADP
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cblr-7219	128	40	event	event	NOUN
cblr-7219	128	41	of	of	ADP
cblr-7219	128	42	the	the	DET
cblr-7219	128	43	default	default	NOUN
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cblr-7219	128	47	.	.	PUNCT
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cblr-7219	129	4	default	default	NOUN
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cblr-7219	129	7	clearinghouse	clearinghouse	NOUN
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cblr-7219	129	9	the	the	DET
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cblr-7219	129	13	over	over	ADP
cblr-7219	129	14	into	into	ADP
cblr-7219	129	15	the	the	DET
cblr-7219	129	16	markets.22	markets.22	NOUN
cblr-7219	129	17	clearinghouses	clearinghouse	NOUN
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cblr-7219	129	19	this	this	DET
cblr-7219	129	20	essential	essential	ADJ
cblr-7219	129	21	and	and	CCONJ
cblr-7219	129	22	critical	critical	ADJ
cblr-7219	129	23	risk	risk	NOUN
cblr-7219	129	24	internalization	internalization	NOUN
cblr-7219	129	25	function	function	NOUN
cblr-7219	129	26	by	by	ADP
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cblr-7219	129	28	in	in	ADP
cblr-7219	129	29	place	place	NOUN
cblr-7219	129	30	a	a	DET
cblr-7219	129	31	unique	unique	ADJ
cblr-7219	129	32	guaranty	guaranty	NOUN
cblr-7219	129	33	scheme	scheme	NOUN
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cblr-7219	129	35	features	feature	NOUN
cblr-7219	129	36	and	and	CCONJ
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cblr-7219	129	39	mechanisms	mechanism	NOUN
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cblr-7219	129	41	go	go	VERB
cblr-7219	129	42	overlooked.23	overlooked.23	ADJ
cblr-7219	129	43	while	while	SCONJ
cblr-7219	129	44	clearinghouses	clearinghouse	NOUN
cblr-7219	129	45	formally	formally	ADV
cblr-7219	129	46	assume	assume	VERB
cblr-7219	129	47	the	the	DET
cblr-7219	129	48	risk	risk	NOUN
cblr-7219	129	49	of	of	ADP
cblr-7219	129	50	the	the	DET
cblr-7219	129	51	transactions	transaction	NOUN
cblr-7219	129	52	that	that	PRON
cblr-7219	129	53	they	they	PRON
cblr-7219	129	54	process	process	VERB
cblr-7219	129	55	,	,	PUNCT
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cblr-7219	129	57	actually	actually	ADV
cblr-7219	129	58	externalize	externalize	VERB
cblr-7219	129	59	the	the	DET
cblr-7219	129	60	ultimate	ultimate	ADJ
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cblr-7219	129	71	defaults	default	NOUN
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cblr-7219	129	75	—	—	PUNCT
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cblr-7219	129	85	-	-	PUNCT
cblr-7219	129	86	frank	frank	PROPN
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cblr-7219	129	92	protection	protection	NOUN
cblr-7219	129	93	act	act	NOUN
cblr-7219	129	94	(	(	PUNCT
cblr-7219	129	95	“	"	PUNCT
cblr-7219	129	96	dodd	dodd	PROPN
cblr-7219	129	97	-	-	PUNCT
cblr-7219	129	98	frank	frank	PROPN
cblr-7219	129	99	”	"	PUNCT
cblr-7219	129	100	or	or	CCONJ
cblr-7219	129	101	“	"	PUNCT
cblr-7219	129	102	the	the	DET
cblr-7219	129	103	dodd	dodd	PROPN
cblr-7219	129	104	-	-	PUNCT
cblr-7219	129	105	frank	frank	PROPN
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cblr-7219	129	107	”	"	PUNCT
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cblr-7219	129	111	clearinghouses	clearinghouse	NOUN
cblr-7219	129	112	’	’	PART
cblr-7219	129	113	services	service	NOUN
cblr-7219	129	114	to	to	PART
cblr-7219	129	115	process	process	VERB
cblr-7219	129	116	derivatives	derivative	NOUN
cblr-7219	129	117	transactions.24	transactions.24	NOUN
cblr-7219	129	118	when	when	SCONJ
cblr-7219	129	119	a	a	DET
cblr-7219	129	120	financial	financial	ADJ
cblr-7219	129	121	firm	firm	NOUN
cblr-7219	129	122	is	be	AUX
cblr-7219	129	123	admitted	admit	VERB
cblr-7219	129	124	as	as	ADP
cblr-7219	129	125	a	a	DET
cblr-7219	129	126	clearing	clearing	NOUN
cblr-7219	129	127	member	member	NOUN
cblr-7219	129	128	,	,	PUNCT
cblr-7219	129	129	it	it	PRON
cblr-7219	129	130	agrees	agree	VERB
cblr-7219	129	131	and	and	CCONJ
cblr-7219	129	132	becomes	become	VERB
cblr-7219	129	133	contractually	contractually	ADV
cblr-7219	129	134	bound	bind	VERB
cblr-7219	129	135	to	to	ADP
cblr-7219	129	136	the	the	DET
cblr-7219	129	137	clearinghouse	clearinghouse	NOUN
cblr-7219	129	138	’s	’s	PART
cblr-7219	129	139	rulebooks.25	rulebooks.25	NOUN
cblr-7219	129	140	this	this	PRON
cblr-7219	129	141	means	mean	VERB
cblr-7219	129	142	that	that	SCONJ
cblr-7219	129	143	20	20	NUM
cblr-7219	129	144	see	see	VERB
cblr-7219	129	145	comm	comm	NOUN
cblr-7219	129	146	.	.	PUNCT
cblr-7219	130	1	on	on	ADP
cblr-7219	130	2	payments	payment	NOUN
cblr-7219	130	3	&	&	CCONJ
cblr-7219	130	4	settlement	settlement	PROPN
cblr-7219	130	5	sys	sys	PROPN
cblr-7219	130	6	.	.	PROPN
cblr-7219	130	7	,	,	PUNCT
cblr-7219	130	8	bank	bank	NOUN
cblr-7219	130	9	for	for	ADP
cblr-7219	130	10	int’l	int’l	NUM
cblr-7219	130	11	settlements	settlement	NOUN
cblr-7219	130	12	,	,	PUNCT
cblr-7219	130	13	recommendations	recommendation	NOUN
cblr-7219	130	14	for	for	ADP
cblr-7219	130	15	central	central	ADJ
cblr-7219	130	16	counterparties	counterpartie	NOUN
cblr-7219	130	17	5	5	NUM
cblr-7219	130	18	(	(	PUNCT
cblr-7219	130	19	2004	2004	NUM
cblr-7219	130	20	)	)	PUNCT
cblr-7219	130	21	.	.	PUNCT
cblr-7219	131	1	21	21	NUM
cblr-7219	131	2	clearinghouses	clearinghouse	NOUN
cblr-7219	131	3	do	do	AUX
cblr-7219	131	4	not	not	PART
cblr-7219	131	5	provide	provide	VERB
cblr-7219	131	6	a	a	DET
cblr-7219	131	7	trading	trading	NOUN
cblr-7219	131	8	function	function	NOUN
cblr-7219	131	9	;	;	PUNCT
cblr-7219	131	10	rather	rather	ADV
cblr-7219	131	11	,	,	PUNCT
cblr-7219	131	12	they	they	PRON
cblr-7219	131	13	only	only	ADV
cblr-7219	131	14	operate	operate	VERB
cblr-7219	131	15	in	in	ADP
cblr-7219	131	16	the	the	DET
cblr-7219	131	17	post	post	ADJ
cblr-7219	131	18	-	-	ADJ
cblr-7219	131	19	trading	trading	ADJ
cblr-7219	131	20	phase	phase	NOUN
cblr-7219	131	21	of	of	ADP
cblr-7219	131	22	a	a	DET
cblr-7219	131	23	deal	deal	NOUN
cblr-7219	131	24	once	once	SCONJ
cblr-7219	131	25	the	the	DET
cblr-7219	131	26	contracting	contracting	NOUN
cblr-7219	131	27	parties	party	NOUN
cblr-7219	131	28	have	have	AUX
cblr-7219	131	29	agreed	agree	VERB
cblr-7219	131	30	on	on	ADP
cblr-7219	131	31	the	the	DET
cblr-7219	131	32	terms	term	NOUN
cblr-7219	131	33	.	.	PUNCT
cblr-7219	132	1	22	22	NUM
cblr-7219	132	2	see	see	VERB
cblr-7219	132	3	philip	philip	PROPN
cblr-7219	132	4	stafford	stafford	PROPN
cblr-7219	132	5	,	,	PUNCT
cblr-7219	132	6	how	how	SCONJ
cblr-7219	132	7	clearing	clearing	NOUN
cblr-7219	132	8	houses	house	NOUN
cblr-7219	132	9	aim	aim	VERB
cblr-7219	132	10	to	to	PART
cblr-7219	132	11	avert	avert	VERB
cblr-7219	132	12	market	market	NOUN
cblr-7219	132	13	disasters	disaster	NOUN
cblr-7219	132	14	,	,	PUNCT
cblr-7219	132	15	fin	fin	NOUN
cblr-7219	132	16	.	.	PUNCT
cblr-7219	133	1	times	times	PROPN
cblr-7219	133	2	(	(	PUNCT
cblr-7219	133	3	sept	sept	PROPN
cblr-7219	133	4	.	.	PROPN
cblr-7219	133	5	14	14	NUM
cblr-7219	133	6	,	,	PUNCT
cblr-7219	133	7	2018	2018	NUM
cblr-7219	133	8	)	)	PUNCT
cblr-7219	133	9	,	,	PUNCT
cblr-7219	133	10	https://www.ft.com/content/01596fdeb805-11e8-b3ef-799c8613f4a1	https://www.ft.com/content/01596fdeb805-11e8-b3ef-799c8613f4a1	ADP
cblr-7219	133	11	[	[	X
cblr-7219	133	12	https://perma.cc/urz6-lxy5	https://perma.cc/urz6-lxy5	X
cblr-7219	133	13	]	]	X
cblr-7219	133	14	.	.	PUNCT
cblr-7219	134	1	23	23	NUM
cblr-7219	134	2	see	see	VERB
cblr-7219	134	3	infra	infra	NOUN
cblr-7219	134	4	notes	note	VERB
cblr-7219	134	5	82–99	82–99	NUM
cblr-7219	134	6	and	and	CCONJ
cblr-7219	134	7	accompanying	accompany	VERB
cblr-7219	134	8	text	text	NOUN
cblr-7219	134	9	(	(	PUNCT
cblr-7219	134	10	discussing	discuss	VERB
cblr-7219	134	11	in	in	ADP
cblr-7219	134	12	depth	depth	NOUN
cblr-7219	134	13	the	the	DET
cblr-7219	134	14	mechanism	mechanism	NOUN
cblr-7219	134	15	of	of	ADP
cblr-7219	134	16	the	the	DET
cblr-7219	134	17	default	default	NOUN
cblr-7219	134	18	guaranty	guaranty	NOUN
cblr-7219	134	19	fund	fund	NOUN
cblr-7219	134	20	,	,	PUNCT
cblr-7219	134	21	the	the	DET
cblr-7219	134	22	“	"	PUNCT
cblr-7219	134	23	guaranty	guaranty	NOUN
cblr-7219	134	24	program	program	NOUN
cblr-7219	134	25	”	"	PUNCT
cblr-7219	134	26	of	of	ADP
cblr-7219	134	27	clearinghouses	clearinghouse	NOUN
cblr-7219	134	28	)	)	PUNCT
cblr-7219	134	29	.	.	PUNCT
cblr-7219	135	1	24	24	NUM
cblr-7219	135	2	see	see	VERB
cblr-7219	135	3	dodd	dodd	PROPN
cblr-7219	135	4	-	-	PUNCT
cblr-7219	135	5	frank	frank	PROPN
cblr-7219	135	6	act	act	PROPN
cblr-7219	135	7	,	,	PUNCT
cblr-7219	135	8	pub	pub	NOUN
cblr-7219	135	9	.	.	PUNCT
cblr-7219	136	1	l.	l.	PROPN
cblr-7219	136	2	no	no	INTJ
cblr-7219	136	3	.	.	PROPN
cblr-7219	137	1	111	111	NUM
cblr-7219	137	2	-	-	SYM
cblr-7219	137	3	203	203	NUM
cblr-7219	137	4	,	,	PUNCT
cblr-7219	137	5	§	§	PROPN
cblr-7219	137	6	723	723	NUM
cblr-7219	137	7	,	,	PUNCT
cblr-7219	137	8	124	124	NUM
cblr-7219	137	9	stat	stat	NOUN
cblr-7219	137	10	.	.	PUNCT
cblr-7219	138	1	1376	1376	NUM
cblr-7219	138	2	,	,	PUNCT
cblr-7219	138	3	1675	1675	NUM
cblr-7219	138	4	(	(	PUNCT
cblr-7219	138	5	2010	2010	NUM
cblr-7219	138	6	)	)	PUNCT
cblr-7219	138	7	(	(	PUNCT
cblr-7219	138	8	codified	codify	VERB
cblr-7219	138	9	as	as	SCONJ
cblr-7219	138	10	amended	amend	VERB
cblr-7219	138	11	at	at	ADP
cblr-7219	138	12	7	7	NUM
cblr-7219	138	13	u.s.c	u.s.c	ADJ
cblr-7219	138	14	.	.	PUNCT
cblr-7219	139	1	§	§	PROPN
cblr-7219	139	2	2	2	NUM
cblr-7219	139	3	(	(	PUNCT
cblr-7219	139	4	2018	2018	NUM
cblr-7219	139	5	)	)	PUNCT
cblr-7219	139	6	)	)	PUNCT
cblr-7219	139	7	.	.	PUNCT
cblr-7219	140	1	25	25	NUM
cblr-7219	140	2	see	see	VERB
cblr-7219	140	3	e.g.	e.g.	ADV
cblr-7219	140	4	,	,	PUNCT
cblr-7219	140	5	chi	chi	PROPN
cblr-7219	140	6	.	.	PUNCT
cblr-7219	141	1	mercantile	mercantile	PROPN
cblr-7219	141	2	exch	exch	PROPN
cblr-7219	141	3	.	.	PROPN
cblr-7219	141	4	,	,	PUNCT
cblr-7219	141	5	cme	cme	PROPN
cblr-7219	141	6	rulebook	rulebook	NOUN
cblr-7219	141	7	§	§	PROPN
cblr-7219	141	8	101	101	NUM
cblr-7219	141	9	[	[	X
cblr-7219	141	10	hereinafter	hereinafter	NOUN
cblr-7219	141	11	cme	cme	NOUN
cblr-7219	141	12	rules	rule	NOUN
cblr-7219	141	13	]	]	PUNCT
cblr-7219	141	14	,	,	PUNCT
cblr-7219	141	15	https://www.cmegroup.com/content/dam/cmegroup/rulebook/cme/i/1/1.pdf	https://www.cmegroup.com/content/dam/cmegroup/rulebook/cme/i/1/1.pdf	X
cblr-7219	142	1	[	[	X
cblr-7219	142	2	https://perma.cc/vt2c-w9az	https://perma.cc/vt2c-w9az	NOUN
cblr-7219	142	3	]	]	X
cblr-7219	142	4	;	;	PUNCT
cblr-7219	142	5	membership	membership	NOUN
cblr-7219	142	6	,	,	PUNCT
cblr-7219	142	7	cme	cme	PROPN
cblr-7219	142	8	group	group	NOUN
cblr-7219	142	9	,	,	PUNCT
cblr-7219	142	10	https://www.cmegroup.com/company/membership.html?redirect=/company/membership/files/summary-of-cmeg-clearing-membership-requirements.pdf	https://www.cmegroup.com/company/membership.html?redirect=/company/membership/files/summary-of-cmeg-clearing-membership-requirements.pdf	NOUN
cblr-7219	142	11	[	[	X
cblr-7219	142	12	https://perma.cc/s5yq-gy3	https://perma.cc/s5yq-gy3	NOUN
cblr-7219	142	13	m	m	X
cblr-7219	142	14	]	]	X
cblr-7219	142	15	(	(	PUNCT
cblr-7219	142	16	last	last	ADJ
cblr-7219	142	17	visited	visit	VERB
cblr-7219	142	18	may	may	AUX
cblr-7219	142	19	25	25	NUM
cblr-7219	142	20	,	,	PUNCT
cblr-7219	142	21	2020	2020	NUM
cblr-7219	142	22	)	)	PUNCT
cblr-7219	142	23	;	;	PUNCT
cblr-7219	142	24	ice	ice	NOUN
cblr-7219	142	25	clear	clear	ADJ
cblr-7219	142	26	u.s	u.s	PROPN
cblr-7219	142	27	.	.	PROPN
cblr-7219	142	28	,	,	PUNCT
cblr-7219	142	29	clearing	clear	VERB
cblr-7219	142	30	membership	membership	NOUN
cblr-7219	142	31	information	information	NOUN
cblr-7219	142	32	package	package	NOUN
cblr-7219	142	33	2	2	NUM
cblr-7219	142	34	,	,	PUNCT
cblr-7219	142	35	https://www.theice.com/publicdocs/clear_us/clear_us_clearing_membership_information_package.pdf	https://www.theice.com/publicdocs/clear_us/clear_us_clearing_membership_information_package.pdf	X
cblr-7219	143	1	[	[	X
cblr-7219	143	2	https://perma.cc/nvj7-6ee6	https://perma.cc/nvj7-6ee6	PROPN
cblr-7219	143	3	]	]	PUNCT
cblr-7219	143	4	;	;	PUNCT
cblr-7219	143	5	ice	ice	NOUN
cblr-7219	143	6	clear	clear	ADJ
cblr-7219	143	7	credit	credit	NOUN
cblr-7219	143	8	,	,	PUNCT
cblr-7219	143	9	clearing	clear	VERB
cblr-7219	143	10	rules	rule	NOUN
cblr-7219	143	11	26–36	26–36	NUM
cblr-7219	143	12	(	(	PUNCT
cblr-7219	143	13	2020	2020	NUM
cblr-7219	143	14	)	)	PUNCT
cblr-7219	144	1	[	[	X
cblr-7219	144	2	hereinafter	hereinafter	NOUN
cblr-7219	144	3	ice	ice	NOUN
cblr-7219	144	4	clear	clear	ADJ
cblr-7219	144	5	credit	credit	NOUN
cblr-7219	144	6	,	,	PUNCT
cblr-7219	144	7	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	144	8	(	(	PUNCT
cblr-7219	144	9	do	do	AUX
cblr-7219	144	10	not	not	PART
cblr-7219	144	11	delte	delte	VERB
cblr-7219	144	12	)	)	PUNCT
cblr-7219	144	13	10/21/2020	10/21/2020	NUM
cblr-7219	144	14	11:22	11:22	NUM
cblr-7219	144	15	am	be	AUX
cblr-7219	144	16	458	458	NUM
cblr-7219	144	17	columbia	columbia	PROPN
cblr-7219	144	18	business	business	NOUN
cblr-7219	144	19	law	law	PROPN
cblr-7219	144	20	review	review	NOUN
cblr-7219	144	21	[	[	X
cblr-7219	144	22	vol	vol	NOUN
cblr-7219	144	23	.	.	PUNCT
cblr-7219	144	24	2020	2020	NUM
cblr-7219	144	25	clearinghouse	clearinghouse	NOUN
cblr-7219	144	26	members	member	NOUN
cblr-7219	144	27	agree	agree	VERB
cblr-7219	144	28	to	to	PART
cblr-7219	144	29	contribute	contribute	VERB
cblr-7219	144	30	to	to	ADP
cblr-7219	144	31	a	a	DET
cblr-7219	144	32	mutual	mutual	ADJ
cblr-7219	144	33	guaranty	guaranty	NOUN
cblr-7219	144	34	fund	fund	NOUN
cblr-7219	144	35	that	that	PRON
cblr-7219	144	36	can	can	AUX
cblr-7219	144	37	be	be	AUX
cblr-7219	144	38	used	use	VERB
cblr-7219	144	39	to	to	PART
cblr-7219	144	40	cover	cover	VERB
cblr-7219	144	41	any	any	DET
cblr-7219	144	42	risk	risk	NOUN
cblr-7219	144	43	associated	associate	VERB
cblr-7219	144	44	with	with	ADP
cblr-7219	144	45	the	the	DET
cblr-7219	144	46	failure	failure	NOUN
cblr-7219	144	47	of	of	ADP
cblr-7219	144	48	a	a	DET
cblr-7219	144	49	peer	peer	NOUN
cblr-7219	144	50	member.26	member.26	NOUN
cblr-7219	144	51	this	this	PRON
cblr-7219	144	52	is	be	AUX
cblr-7219	144	53	the	the	DET
cblr-7219	144	54	peculiar	peculiar	ADJ
cblr-7219	144	55	feature	feature	NOUN
cblr-7219	144	56	of	of	ADP
cblr-7219	144	57	the	the	DET
cblr-7219	144	58	clearinghouses	clearinghouse	NOUN
cblr-7219	144	59	’	’	PART
cblr-7219	144	60	business	business	NOUN
cblr-7219	144	61	model	model	NOUN
cblr-7219	144	62	that	that	PRON
cblr-7219	144	63	makes	make	VERB
cblr-7219	144	64	them	they	PRON
cblr-7219	144	65	unconventional	unconventional	ADJ
cblr-7219	144	66	corporations	corporation	NOUN
cblr-7219	144	67	.	.	PUNCT
cblr-7219	145	1	in	in	ADP
cblr-7219	145	2	a	a	DET
cblr-7219	145	3	traditional	traditional	ADJ
cblr-7219	145	4	corporation	corporation	NOUN
cblr-7219	145	5	,	,	PUNCT
cblr-7219	145	6	the	the	DET
cblr-7219	145	7	firm	firm	NOUN
cblr-7219	145	8	’s	’s	PART
cblr-7219	145	9	assets	asset	NOUN
cblr-7219	145	10	are	be	AUX
cblr-7219	145	11	used	use	VERB
cblr-7219	145	12	to	to	PART
cblr-7219	145	13	cover	cover	VERB
cblr-7219	145	14	its	its	PRON
cblr-7219	145	15	liabilities	liability	NOUN
cblr-7219	145	16	.	.	PUNCT
cblr-7219	146	1	as	as	ADP
cblr-7219	146	2	the	the	DET
cblr-7219	146	3	residual	residual	ADJ
cblr-7219	146	4	claimants	claimant	NOUN
cblr-7219	146	5	of	of	ADP
cblr-7219	146	6	the	the	DET
cblr-7219	146	7	venture,27	venture,27	NOUN
cblr-7219	146	8	the	the	DET
cblr-7219	146	9	firm	firm	NOUN
cblr-7219	146	10	’s	’s	PART
cblr-7219	146	11	shareholders	shareholder	NOUN
cblr-7219	146	12	—	—	PUNCT
cblr-7219	146	13	while	while	SCONJ
cblr-7219	146	14	receiving	receive	VERB
cblr-7219	146	15	control	control	NOUN
cblr-7219	146	16	rights	right	NOUN
cblr-7219	146	17	over	over	ADP
cblr-7219	146	18	the	the	DET
cblr-7219	146	19	business	business	NOUN
cblr-7219	146	20	and	and	CCONJ
cblr-7219	146	21	participating	participate	VERB
cblr-7219	146	22	in	in	ADP
cblr-7219	146	23	the	the	DET
cblr-7219	146	24	firm	firm	NOUN
cblr-7219	146	25	’s	’s	PART
cblr-7219	146	26	earnings	earning	NOUN
cblr-7219	146	27	—	—	PUNCT
cblr-7219	146	28	bear	bear	VERB
cblr-7219	146	29	the	the	DET
cblr-7219	146	30	final	final	ADJ
cblr-7219	146	31	risk	risk	NOUN
cblr-7219	146	32	,	,	PUNCT
cblr-7219	146	33	and	and	CCONJ
cblr-7219	146	34	absorb	absorb	VERB
cblr-7219	146	35	the	the	DET
cblr-7219	146	36	firm	firm	NOUN
cblr-7219	146	37	’s	’s	PART
cblr-7219	146	38	losses	loss	NOUN
cblr-7219	146	39	up	up	ADP
cblr-7219	146	40	to	to	ADP
cblr-7219	146	41	the	the	DET
cblr-7219	146	42	amount	amount	NOUN
cblr-7219	146	43	of	of	ADP
cblr-7219	146	44	their	their	PRON
cblr-7219	146	45	investment.28	investment.28	NOUN
cblr-7219	146	46	in	in	ADP
cblr-7219	146	47	the	the	DET
cblr-7219	146	48	traditional	traditional	ADJ
cblr-7219	146	49	corporate	corporate	ADJ
cblr-7219	146	50	context	context	NOUN
cblr-7219	146	51	,	,	PUNCT
cblr-7219	146	52	however	however	ADV
cblr-7219	146	53	,	,	PUNCT
cblr-7219	146	54	the	the	DET
cblr-7219	146	55	firm	firm	NOUN
cblr-7219	146	56	’s	’s	PART
cblr-7219	146	57	customers	customer	NOUN
cblr-7219	146	58	and	and	CCONJ
cblr-7219	146	59	users	user	NOUN
cblr-7219	146	60	are	be	AUX
cblr-7219	146	61	not	not	PART
cblr-7219	146	62	required	require	VERB
cblr-7219	146	63	to	to	PART
cblr-7219	146	64	financially	financially	ADV
cblr-7219	146	65	contribute	contribute	VERB
cblr-7219	146	66	to	to	ADP
cblr-7219	146	67	the	the	DET
cblr-7219	146	68	firm	firm	NOUN
cblr-7219	146	69	’s	’s	PART
cblr-7219	146	70	viability	viability	NOUN
cblr-7219	146	71	if	if	SCONJ
cblr-7219	146	72	it	it	PRON
cblr-7219	146	73	were	be	AUX
cblr-7219	146	74	to	to	PART
cblr-7219	146	75	run	run	VERB
cblr-7219	146	76	into	into	ADP
cblr-7219	146	77	financial	financial	ADJ
cblr-7219	146	78	trouble	trouble	NOUN
cblr-7219	146	79	.	.	PUNCT
cblr-7219	147	1	the	the	DET
cblr-7219	147	2	modern	modern	ADJ
cblr-7219	147	3	clearinghouse	clearinghouse	NOUN
cblr-7219	147	4	reverses	reverse	VERB
cblr-7219	147	5	this	this	DET
cblr-7219	147	6	traditional	traditional	ADJ
cblr-7219	147	7	corporate	corporate	ADJ
cblr-7219	147	8	paradigm	paradigm	NOUN
cblr-7219	147	9	:	:	PUNCT
cblr-7219	147	10	the	the	DET
cblr-7219	147	11	role	role	NOUN
cblr-7219	147	12	of	of	ADP
cblr-7219	147	13	the	the	DET
cblr-7219	147	14	firm	firm	NOUN
cblr-7219	147	15	’s	’s	PART
cblr-7219	147	16	primary	primary	ADJ
cblr-7219	147	17	stakeholders	stakeholder	NOUN
cblr-7219	147	18	—	—	PUNCT
cblr-7219	147	19	its	its	PRON
cblr-7219	147	20	shareholders	shareholder	NOUN
cblr-7219	147	21	and	and	CCONJ
cblr-7219	147	22	members	member	NOUN
cblr-7219	147	23	—	—	PUNCT
cblr-7219	147	24	is	be	AUX
cblr-7219	147	25	inverted.29	inverted.29	NOUN
cblr-7219	147	26	the	the	DET
cblr-7219	147	27	clearing	clearing	NOUN
cblr-7219	147	28	members	member	NOUN
cblr-7219	147	29	that	that	PRON
cblr-7219	147	30	access	access	VERB
cblr-7219	147	31	the	the	DET
cblr-7219	147	32	services	service	NOUN
cblr-7219	147	33	of	of	ADP
cblr-7219	147	34	a	a	DET
cblr-7219	147	35	clearinghouse30	clearinghouse30	NOUN
cblr-7219	147	36	bear	bear	NOUN
cblr-7219	147	37	clearing	clearing	NOUN
cblr-7219	147	38	rules	rule	NOUN
cblr-7219	147	39	]	]	PUNCT
cblr-7219	147	40	,	,	PUNCT
cblr-7219	147	41	https://www.theice.com/publicdocs/clear_credit/ice_clear_credit_rules.pdf	https://www.theice.com/publicdocs/clear_credit/ice_clear_credit_rules.pdf	NOUN
cblr-7219	147	42	[	[	X
cblr-7219	147	43	https://perma.cc/rd2t23er	https://perma.cc/rd2t23er	X
cblr-7219	147	44	]	]	PUNCT
cblr-7219	147	45	.	.	PUNCT
cblr-7219	148	1	clearinghouses	clearinghouse	NOUN
cblr-7219	148	2	,	,	PUNCT
cblr-7219	148	3	or	or	CCONJ
cblr-7219	148	4	more	more	ADV
cblr-7219	148	5	specifically	specifically	ADV
cblr-7219	148	6	,	,	PUNCT
cblr-7219	148	7	derivatives	derivative	NOUN
cblr-7219	148	8	clearing	clearing	NOUN
cblr-7219	148	9	organizations	organization	NOUN
cblr-7219	148	10	(	(	PUNCT
cblr-7219	148	11	“	"	PUNCT
cblr-7219	148	12	dcos	dco	NOUN
cblr-7219	148	13	”	"	PUNCT
cblr-7219	148	14	)	)	PUNCT
cblr-7219	148	15	and	and	CCONJ
cblr-7219	148	16	clearing	clear	VERB
cblr-7219	148	17	agencies	agency	NOUN
cblr-7219	148	18	(	(	PUNCT
cblr-7219	148	19	“	"	PUNCT
cblr-7219	148	20	cas	cas	PROPN
cblr-7219	148	21	”	"	PUNCT
cblr-7219	148	22	)	)	PUNCT
cblr-7219	148	23	,	,	PUNCT
cblr-7219	148	24	have	have	AUX
cblr-7219	148	25	been	be	AUX
cblr-7219	148	26	identified	identify	VERB
cblr-7219	148	27	respectively	respectively	ADV
cblr-7219	148	28	by	by	ADP
cblr-7219	148	29	the	the	DET
cblr-7219	148	30	cftc	cftc	PROPN
cblr-7219	148	31	and	and	CCONJ
cblr-7219	148	32	the	the	DET
cblr-7219	148	33	sec	sec	PROPN
cblr-7219	148	34	as	as	ADP
cblr-7219	148	35	self	self	NOUN
cblr-7219	148	36	-	-	PUNCT
cblr-7219	148	37	regulatory	regulatory	ADJ
cblr-7219	148	38	organizations	organization	NOUN
cblr-7219	148	39	,	,	PUNCT
cblr-7219	148	40	a	a	DET
cblr-7219	148	41	designation	designation	NOUN
cblr-7219	148	42	that	that	PRON
cblr-7219	148	43	empowers	empower	VERB
cblr-7219	148	44	them	they	PRON
cblr-7219	148	45	to	to	PART
cblr-7219	148	46	set	set	VERB
cblr-7219	148	47	,	,	PUNCT
cblr-7219	148	48	within	within	ADP
cblr-7219	148	49	the	the	DET
cblr-7219	148	50	regulatory	regulatory	ADJ
cblr-7219	148	51	perimeters	perimeter	NOUN
cblr-7219	148	52	of	of	ADP
cblr-7219	148	53	the	the	DET
cblr-7219	148	54	competent	competent	ADJ
cblr-7219	148	55	regulatory	regulatory	ADJ
cblr-7219	148	56	agency	agency	NOUN
cblr-7219	148	57	,	,	PUNCT
cblr-7219	148	58	their	their	PRON
cblr-7219	148	59	own	own	ADJ
cblr-7219	148	60	internal	internal	ADJ
cblr-7219	148	61	governance	governance	NOUN
cblr-7219	148	62	and	and	CCONJ
cblr-7219	148	63	operational	operational	ADJ
cblr-7219	148	64	rules	rule	NOUN
cblr-7219	148	65	.	.	PUNCT
cblr-7219	149	1	see	see	VERB
cblr-7219	149	2	infra	infra	NOUN
cblr-7219	149	3	section	section	NOUN
cblr-7219	149	4	iv.b	iv.b	PROPN
cblr-7219	149	5	;	;	PUNCT
cblr-7219	149	6	see	see	VERB
cblr-7219	149	7	also	also	ADV
cblr-7219	149	8	roberta	roberta	PROPN
cblr-7219	149	9	s.	s.	PROPN
cblr-7219	149	10	karmel	karmel	PROPN
cblr-7219	149	11	,	,	PUNCT
cblr-7219	149	12	should	should	AUX
cblr-7219	149	13	securities	security	NOUN
cblr-7219	149	14	industry	industry	NOUN
cblr-7219	149	15	self	self	NOUN
cblr-7219	149	16	-	-	PUNCT
cblr-7219	149	17	regulatory	regulatory	ADJ
cblr-7219	149	18	organizations	organization	NOUN
cblr-7219	149	19	be	be	AUX
cblr-7219	149	20	considered	consider	VERB
cblr-7219	149	21	government	government	NOUN
cblr-7219	149	22	agencies	agency	NOUN
cblr-7219	149	23	?	?	PUNCT
cblr-7219	150	1	,	,	PUNCT
cblr-7219	150	2	14	14	NUM
cblr-7219	150	3	stan	stan	NOUN
cblr-7219	150	4	.	.	PUNCT
cblr-7219	151	1	j.l	j.l	PROPN
cblr-7219	151	2	.	.	PROPN
cblr-7219	151	3	bus	bus	PROPN
cblr-7219	151	4	.	.	PUNCT
cblr-7219	151	5	&	&	CCONJ
cblr-7219	151	6	fin	fin	PROPN
cblr-7219	151	7	.	.	PUNCT
cblr-7219	152	1	151	151	NUM
cblr-7219	152	2	(	(	PUNCT
cblr-7219	152	3	2008	2008	NUM
cblr-7219	152	4	)	)	PUNCT
cblr-7219	152	5	.	.	PUNCT
cblr-7219	153	1	26	26	NUM
cblr-7219	153	2	when	when	SCONJ
cblr-7219	153	3	members	member	NOUN
cblr-7219	153	4	are	be	AUX
cblr-7219	153	5	admitted	admit	VERB
cblr-7219	153	6	to	to	ADP
cblr-7219	153	7	a	a	DET
cblr-7219	153	8	clearinghouse	clearinghouse	NOUN
cblr-7219	153	9	,	,	PUNCT
cblr-7219	153	10	they	they	PRON
cblr-7219	153	11	agree	agree	VERB
cblr-7219	153	12	to	to	PART
cblr-7219	153	13	offer	offer	VERB
cblr-7219	153	14	collateral	collateral	NOUN
cblr-7219	153	15	as	as	ADP
cblr-7219	153	16	a	a	DET
cblr-7219	153	17	guaranty	guaranty	NOUN
cblr-7219	153	18	—	—	PUNCT
cblr-7219	153	19	margin	margin	NOUN
cblr-7219	153	20	—	—	PUNCT
cblr-7219	153	21	for	for	ADP
cblr-7219	153	22	the	the	DET
cblr-7219	153	23	open	open	ADJ
cblr-7219	153	24	positions	position	NOUN
cblr-7219	153	25	they	they	PRON
cblr-7219	153	26	have	have	VERB
cblr-7219	153	27	with	with	ADP
cblr-7219	153	28	the	the	DET
cblr-7219	153	29	firm	firm	NOUN
cblr-7219	153	30	.	.	PUNCT
cblr-7219	154	1	in	in	ADP
cblr-7219	154	2	addition	addition	NOUN
cblr-7219	154	3	,	,	PUNCT
cblr-7219	154	4	they	they	PRON
cblr-7219	154	5	all	all	PRON
cblr-7219	154	6	agree	agree	VERB
cblr-7219	154	7	to	to	PART
cblr-7219	154	8	contribute	contribute	VERB
cblr-7219	154	9	to	to	ADP
cblr-7219	154	10	a	a	DET
cblr-7219	154	11	pool	pool	NOUN
cblr-7219	154	12	of	of	ADP
cblr-7219	154	13	resources	resource	NOUN
cblr-7219	154	14	aimed	aim	VERB
cblr-7219	154	15	at	at	ADP
cblr-7219	154	16	absorbing	absorb	VERB
cblr-7219	154	17	and	and	CCONJ
cblr-7219	154	18	sharing	share	VERB
cblr-7219	154	19	the	the	DET
cblr-7219	154	20	costs	cost	NOUN
cblr-7219	154	21	associated	associate	VERB
cblr-7219	154	22	with	with	ADP
cblr-7219	154	23	the	the	DET
cblr-7219	154	24	default	default	NOUN
cblr-7219	154	25	of	of	ADP
cblr-7219	154	26	any	any	DET
cblr-7219	154	27	other	other	ADJ
cblr-7219	154	28	member	member	NOUN
cblr-7219	154	29	.	.	PUNCT
cblr-7219	155	1	see	see	VERB
cblr-7219	155	2	infra	infra	NOUN
cblr-7219	155	3	notes	note	VERB
cblr-7219	155	4	82–99	82–99	NUM
cblr-7219	155	5	and	and	CCONJ
cblr-7219	155	6	accompanying	accompany	VERB
cblr-7219	155	7	text	text	NOUN
cblr-7219	155	8	.	.	PUNCT
cblr-7219	156	1	27	27	NUM
cblr-7219	156	2	see	see	VERB
cblr-7219	156	3	,	,	PUNCT
cblr-7219	156	4	e.g.	e.g.	ADV
cblr-7219	156	5	,	,	PUNCT
cblr-7219	156	6	reinier	reini	ADJ
cblr-7219	156	7	kraakman	kraakman	NOUN
cblr-7219	156	8	et	et	PROPN
cblr-7219	156	9	al	al	PROPN
cblr-7219	156	10	.	.	PROPN
cblr-7219	156	11	,	,	PUNCT
cblr-7219	156	12	the	the	DET
cblr-7219	156	13	anatomy	anatomy	NOUN
cblr-7219	156	14	of	of	ADP
cblr-7219	156	15	corporate	corporate	ADJ
cblr-7219	156	16	law	law	NOUN
cblr-7219	156	17	:	:	PUNCT
cblr-7219	156	18	a	a	DET
cblr-7219	156	19	comparative	comparative	ADJ
cblr-7219	156	20	and	and	CCONJ
cblr-7219	156	21	functional	functional	ADJ
cblr-7219	156	22	approach	approach	NOUN
cblr-7219	156	23	23	23	NUM
cblr-7219	156	24	(	(	PUNCT
cblr-7219	156	25	3d	3d	NUM
cblr-7219	156	26	ed	ed	NOUN
cblr-7219	156	27	.	.	PROPN
cblr-7219	156	28	2017	2017	NUM
cblr-7219	156	29	)	)	PUNCT
cblr-7219	156	30	.	.	PUNCT
cblr-7219	157	1	28	28	NUM
cblr-7219	157	2	see	see	VERB
cblr-7219	157	3	william	william	PROPN
cblr-7219	157	4	a.	a.	PROPN
cblr-7219	157	5	klein	klein	PROPN
cblr-7219	157	6	et	et	PROPN
cblr-7219	157	7	al	al	PROPN
cblr-7219	157	8	.	.	PROPN
cblr-7219	157	9	,	,	PUNCT
cblr-7219	157	10	business	business	NOUN
cblr-7219	157	11	organization	organization	NOUN
cblr-7219	157	12	and	and	CCONJ
cblr-7219	157	13	finance	finance	NOUN
cblr-7219	157	14	123	123	NUM
cblr-7219	157	15	(	(	PUNCT
cblr-7219	157	16	11th	11th	ADJ
cblr-7219	157	17	ed	ed	NOUN
cblr-7219	157	18	.	.	PUNCT
cblr-7219	157	19	2010	2010	NUM
cblr-7219	157	20	)	)	PUNCT
cblr-7219	157	21	.	.	PUNCT
cblr-7219	158	1	29	29	NUM
cblr-7219	158	2	for	for	ADP
cblr-7219	158	3	an	an	DET
cblr-7219	158	4	in	in	ADP
cblr-7219	158	5	-	-	PUNCT
cblr-7219	158	6	depth	depth	NOUN
cblr-7219	158	7	discussion	discussion	NOUN
cblr-7219	158	8	of	of	ADP
cblr-7219	158	9	the	the	DET
cblr-7219	158	10	“	"	PUNCT
cblr-7219	158	11	member	member	NOUN
cblr-7219	158	12	-	-	PUNCT
cblr-7219	158	13	shareholder	shareholder	NOUN
cblr-7219	158	14	divide	divide	NOUN
cblr-7219	158	15	”	"	PUNCT
cblr-7219	158	16	see	see	PROPN
cblr-7219	158	17	saguato	saguato	NOUN
cblr-7219	158	18	,	,	PUNCT
cblr-7219	158	19	the	the	DET
cblr-7219	158	20	ownership	ownership	NOUN
cblr-7219	158	21	of	of	ADP
cblr-7219	158	22	clearinghouses	clearinghouse	NOUN
cblr-7219	158	23	,	,	PUNCT
cblr-7219	158	24	supra	supra	PROPN
cblr-7219	158	25	note	note	NOUN
cblr-7219	158	26	8	8	NUM
cblr-7219	158	27	,	,	PUNCT
cblr-7219	158	28	at	at	ADP
cblr-7219	158	29	640–48	640–48	NUM
cblr-7219	158	30	.	.	PUNCT
cblr-7219	159	1	see	see	VERB
cblr-7219	159	2	also	also	ADV
cblr-7219	159	3	infra	infra	VERB
cblr-7219	159	4	section	section	NOUN
cblr-7219	159	5	iii	iii	PROPN
cblr-7219	159	6	.	.	PROPN
cblr-7219	159	7	30	30	NUM
cblr-7219	159	8	after	after	ADP
cblr-7219	159	9	the	the	DET
cblr-7219	159	10	implementation	implementation	NOUN
cblr-7219	159	11	of	of	ADP
cblr-7219	159	12	the	the	DET
cblr-7219	159	13	dodd	dodd	PROPN
cblr-7219	159	14	-	-	PUNCT
cblr-7219	159	15	frank	frank	PROPN
cblr-7219	159	16	act	act	PROPN
cblr-7219	159	17	,	,	PUNCT
cblr-7219	159	18	many	many	ADJ
cblr-7219	159	19	classes	class	NOUN
cblr-7219	159	20	of	of	ADP
cblr-7219	159	21	derivatives	derivative	NOUN
cblr-7219	159	22	were	be	AUX
cblr-7219	159	23	required	require	VERB
cblr-7219	159	24	by	by	ADP
cblr-7219	159	25	law	law	NOUN
cblr-7219	159	26	to	to	PART
cblr-7219	159	27	be	be	AUX
cblr-7219	159	28	centrally	centrally	ADV
cblr-7219	159	29	cleared	clear	VERB
cblr-7219	159	30	.	.	PUNCT
cblr-7219	160	1	consequently	consequently	ADV
cblr-7219	160	2	,	,	PUNCT
cblr-7219	160	3	the	the	DET
cblr-7219	160	4	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	160	5	(	(	PUNCT
cblr-7219	160	6	do	do	AUX
cblr-7219	160	7	not	not	PART
cblr-7219	160	8	delete	delete	VERB
cblr-7219	160	9	)	)	PUNCT
cblr-7219	160	10	10/21/2020	10/21/2020	NUM
cblr-7219	160	11	11:22	11:22	NUM
cblr-7219	160	12	am	am	NOUN
cblr-7219	160	13	no	no	NOUN
cblr-7219	160	14	.	.	PUNCT
cblr-7219	161	1	2:449	2:449	NUM
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cblr-7219	161	3	unfinished	unfinished	ADJ
cblr-7219	161	4	business	business	NOUN
cblr-7219	161	5	459	459	NUM
cblr-7219	161	6	and	and	CCONJ
cblr-7219	161	7	mutually	mutually	ADV
cblr-7219	161	8	share	share	VERB
cblr-7219	161	9	the	the	DET
cblr-7219	161	10	potential	potential	ADJ
cblr-7219	161	11	residual	residual	ADJ
cblr-7219	161	12	losses	loss	NOUN
cblr-7219	161	13	of	of	ADP
cblr-7219	161	14	the	the	DET
cblr-7219	161	15	clearing	clearing	NOUN
cblr-7219	161	16	business	business	NOUN
cblr-7219	161	17	because	because	SCONJ
cblr-7219	161	18	of	of	ADP
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cblr-7219	161	21	to	to	ADP
cblr-7219	161	22	the	the	DET
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cblr-7219	161	25	however	however	ADV
cblr-7219	161	26	,	,	PUNCT
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cblr-7219	161	28	role	role	NOUN
cblr-7219	161	29	is	be	AUX
cblr-7219	161	30	not	not	PART
cblr-7219	161	31	coupled	couple	VERB
cblr-7219	161	32	with	with	ADP
cblr-7219	161	33	any	any	DET
cblr-7219	161	34	formal	formal	ADJ
cblr-7219	161	35	control	control	NOUN
cblr-7219	161	36	right	right	ADV
cblr-7219	161	37	over	over	ADP
cblr-7219	161	38	the	the	DET
cblr-7219	161	39	governance	governance	NOUN
cblr-7219	161	40	of	of	ADP
cblr-7219	161	41	the	the	DET
cblr-7219	161	42	firm.32	firm.32	NOUN
cblr-7219	161	43	on	on	ADP
cblr-7219	161	44	the	the	DET
cblr-7219	161	45	other	other	ADJ
cblr-7219	161	46	hand	hand	NOUN
cblr-7219	161	47	,	,	PUNCT
cblr-7219	161	48	the	the	DET
cblr-7219	161	49	clearinghouse	clearinghouse	NOUN
cblr-7219	161	50	’s	’s	PART
cblr-7219	161	51	shareholders	shareholder	NOUN
cblr-7219	161	52	are	be	AUX
cblr-7219	161	53	peculiar	peculiar	ADJ
cblr-7219	161	54	residual	residual	ADJ
cblr-7219	161	55	claimants.33	claimants.33	NOUN
cblr-7219	161	56	the	the	DET
cblr-7219	161	57	shareholders	shareholder	NOUN
cblr-7219	161	58	receive	receive	VERB
cblr-7219	161	59	the	the	DET
cblr-7219	161	60	earnings	earning	NOUN
cblr-7219	161	61	of	of	ADP
cblr-7219	161	62	the	the	DET
cblr-7219	161	63	business	business	NOUN
cblr-7219	161	64	and	and	CCONJ
cblr-7219	161	65	have	have	VERB
cblr-7219	161	66	control	control	NOUN
cblr-7219	161	67	rights	right	NOUN
cblr-7219	161	68	over	over	ADP
cblr-7219	161	69	it	it	PRON
cblr-7219	161	70	,	,	PUNCT
cblr-7219	161	71	but	but	CCONJ
cblr-7219	161	72	they	they	PRON
cblr-7219	161	73	are	be	AUX
cblr-7219	161	74	substantially	substantially	ADV
cblr-7219	161	75	shielded	shield	VERB
cblr-7219	161	76	from	from	ADP
cblr-7219	161	77	any	any	DET
cblr-7219	161	78	risk	risk	NOUN
cblr-7219	161	79	of	of	ADP
cblr-7219	161	80	loss	loss	NOUN
cblr-7219	161	81	by	by	ADP
cblr-7219	161	82	the	the	DET
cblr-7219	161	83	financial	financial	ADJ
cblr-7219	161	84	resources	resource	NOUN
cblr-7219	161	85	provided	provide	VERB
cblr-7219	161	86	by	by	ADP
cblr-7219	161	87	the	the	DET
cblr-7219	161	88	members	member	NOUN
cblr-7219	161	89	of	of	ADP
cblr-7219	161	90	the	the	DET
cblr-7219	161	91	clearinghouse.34	clearinghouse.34	NOUN
cblr-7219	161	92	this	this	DET
cblr-7219	161	93	unique	unique	ADJ
cblr-7219	161	94	economic	economic	ADJ
cblr-7219	161	95	and	and	CCONJ
cblr-7219	161	96	governance	governance	NOUN
cblr-7219	161	97	structure	structure	NOUN
cblr-7219	161	98	creates	create	VERB
cblr-7219	161	99	what	what	PRON
cblr-7219	161	100	i	i	PRON
cblr-7219	161	101	define	define	VERB
cblr-7219	161	102	as	as	ADP
cblr-7219	161	103	the	the	DET
cblr-7219	161	104	“	"	PUNCT
cblr-7219	161	105	member	member	NOUN
cblr-7219	161	106	-	-	PUNCT
cblr-7219	161	107	shareholder	shareholder	NOUN
cblr-7219	161	108	divide	divide	NOUN
cblr-7219	161	109	.	.	PUNCT
cblr-7219	162	1	”35	”35	VERB
cblr-7219	162	2	the	the	DET
cblr-7219	162	3	tension	tension	NOUN
cblr-7219	162	4	between	between	ADP
cblr-7219	162	5	clearinghouses	clearinghouse	NOUN
cblr-7219	162	6	’	’	PART
cblr-7219	162	7	primary	primary	ADJ
cblr-7219	162	8	stakeholders	stakeholder	NOUN
cblr-7219	162	9	—	—	PUNCT
cblr-7219	162	10	members	member	NOUN
cblr-7219	162	11	and	and	CCONJ
cblr-7219	162	12	shareholders	shareholder	NOUN
cblr-7219	162	13	—	—	PUNCT
cblr-7219	162	14	spills	spill	VERB
cblr-7219	162	15	from	from	ADP
cblr-7219	162	16	the	the	DET
cblr-7219	162	17	“	"	PUNCT
cblr-7219	162	18	separation	separation	NOUN
cblr-7219	162	19	of	of	ADP
cblr-7219	162	20	risk	risk	NOUN
cblr-7219	162	21	and	and	CCONJ
cblr-7219	162	22	control”36	control”36	PROPN
cblr-7219	162	23	and	and	CCONJ
cblr-7219	162	24	creates	create	VERB
cblr-7219	162	25	misaligned	misaligned	ADJ
cblr-7219	162	26	incentives	incentive	NOUN
cblr-7219	162	27	and	and	CCONJ
cblr-7219	162	28	unique	unique	ADJ
cblr-7219	162	29	use	use	NOUN
cblr-7219	162	30	of	of	ADP
cblr-7219	162	31	clearinghouses	clearinghouse	NOUN
cblr-7219	162	32	became	become	VERB
cblr-7219	162	33	mandatory	mandatory	ADJ
cblr-7219	162	34	.	.	PUNCT
cblr-7219	163	1	see	see	VERB
cblr-7219	163	2	dodd	dodd	PROPN
cblr-7219	163	3	-	-	PUNCT
cblr-7219	163	4	frank	frank	PROPN
cblr-7219	163	5	act	act	PROPN
cblr-7219	163	6	,	,	PUNCT
cblr-7219	163	7	pub	pub	NOUN
cblr-7219	163	8	.	.	PUNCT
cblr-7219	164	1	l.	l.	PROPN
cblr-7219	164	2	no	no	INTJ
cblr-7219	164	3	.	.	PROPN
cblr-7219	165	1	111	111	NUM
cblr-7219	165	2	-	-	SYM
cblr-7219	165	3	203	203	NUM
cblr-7219	165	4	,	,	PUNCT
cblr-7219	165	5	§	§	PROPN
cblr-7219	165	6	723	723	NUM
cblr-7219	165	7	,	,	PUNCT
cblr-7219	165	8	124	124	NUM
cblr-7219	165	9	stat	stat	NOUN
cblr-7219	165	10	.	.	PUNCT
cblr-7219	166	1	1376	1376	NUM
cblr-7219	166	2	,	,	PUNCT
cblr-7219	166	3	1675	1675	NUM
cblr-7219	166	4	(	(	PUNCT
cblr-7219	166	5	2010	2010	NUM
cblr-7219	166	6	)	)	PUNCT
cblr-7219	166	7	.	.	PUNCT
cblr-7219	167	1	31	31	NUM
cblr-7219	167	2	see	see	VERB
cblr-7219	167	3	infra	infra	NOUN
cblr-7219	167	4	section	section	NOUN
cblr-7219	167	5	ii.a	ii.a	PROPN
cblr-7219	167	6	.	.	PUNCT
cblr-7219	168	1	32	32	NUM
cblr-7219	168	2	see	see	VERB
cblr-7219	168	3	infra	infra	NOUN
cblr-7219	168	4	section	section	NOUN
cblr-7219	168	5	ii.b	ii.b	NOUN
cblr-7219	168	6	.	.	PUNCT
cblr-7219	169	1	33	33	NUM
cblr-7219	169	2	see	see	VERB
cblr-7219	169	3	saguato	saguato	NOUN
cblr-7219	169	4	,	,	PUNCT
cblr-7219	169	5	the	the	DET
cblr-7219	169	6	ownership	ownership	NOUN
cblr-7219	169	7	of	of	ADP
cblr-7219	169	8	clearinghouses	clearinghouse	NOUN
cblr-7219	169	9	,	,	PUNCT
cblr-7219	169	10	supra	supra	PROPN
cblr-7219	169	11	note	note	NOUN
cblr-7219	169	12	8	8	NUM
cblr-7219	169	13	,	,	PUNCT
cblr-7219	169	14	at	at	ADP
cblr-7219	169	15	642	642	NUM
cblr-7219	169	16	.	.	PUNCT
cblr-7219	170	1	clearinghouses	clearinghouse	NOUN
cblr-7219	170	2	are	be	AUX
cblr-7219	170	3	closed	closed	ADJ
cblr-7219	170	4	corporations	corporation	NOUN
cblr-7219	170	5	,	,	PUNCT
cblr-7219	170	6	generally	generally	ADV
cblr-7219	170	7	wholly	wholly	ADV
cblr-7219	170	8	owned	own	VERB
cblr-7219	170	9	subsidiaries	subsidiary	NOUN
cblr-7219	170	10	of	of	ADP
cblr-7219	170	11	large	large	ADJ
cblr-7219	170	12	public	public	ADJ
cblr-7219	170	13	financial	financial	ADJ
cblr-7219	170	14	holding	hold	VERB
cblr-7219	170	15	companies	company	NOUN
cblr-7219	170	16	.	.	PUNCT
cblr-7219	171	1	clearinghouses	clearinghouse	NOUN
cblr-7219	171	2	are	be	AUX
cblr-7219	171	3	part	part	NOUN
cblr-7219	171	4	of	of	ADP
cblr-7219	171	5	large	large	ADJ
cblr-7219	171	6	financial	financial	ADJ
cblr-7219	171	7	market	market	NOUN
cblr-7219	171	8	infrastructural	infrastructural	ADJ
cblr-7219	171	9	groups	group	NOUN
cblr-7219	171	10	.	.	PUNCT
cblr-7219	172	1	see	see	VERB
cblr-7219	172	2	ferrarini	ferrarini	PROPN
cblr-7219	172	3	&	&	CCONJ
cblr-7219	172	4	saguato	saguato	PROPN
cblr-7219	172	5	,	,	PUNCT
cblr-7219	172	6	supra	supra	PROPN
cblr-7219	172	7	note	note	PROPN
cblr-7219	172	8	16	16	NUM
cblr-7219	172	9	,	,	PUNCT
cblr-7219	172	10	at	at	ADP
cblr-7219	172	11	305–06	305–06	NUM
cblr-7219	172	12	.	.	PUNCT
cblr-7219	173	1	in	in	ADP
cblr-7219	173	2	some	some	DET
cblr-7219	173	3	instances	instance	NOUN
cblr-7219	173	4	,	,	PUNCT
cblr-7219	173	5	clearinghouses	clearinghouse	NOUN
cblr-7219	173	6	are	be	AUX
cblr-7219	173	7	independent	independent	ADJ
cblr-7219	173	8	subsidiary	subsidiary	ADJ
cblr-7219	173	9	corporations	corporation	NOUN
cblr-7219	173	10	.	.	PUNCT
cblr-7219	174	1	see	see	VERB
cblr-7219	174	2	,	,	PUNCT
cblr-7219	174	3	e.g.	e.g.	ADV
cblr-7219	174	4	,	,	PUNCT
cblr-7219	174	5	ice	ice	NOUN
cblr-7219	174	6	clear	clear	ADJ
cblr-7219	174	7	credit	credit	NOUN
cblr-7219	174	8	,	,	PUNCT
cblr-7219	174	9	disclosure	disclosure	NOUN
cblr-7219	174	10	framework	framework	NOUN
cblr-7219	174	11	3	3	NUM
cblr-7219	174	12	(	(	PUNCT
cblr-7219	174	13	2020	2020	NUM
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cblr-7219	174	15	,	,	PUNCT
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cblr-7219	175	3	]	]	PUNCT
cblr-7219	175	4	.	.	PUNCT
cblr-7219	176	1	sometimes	sometimes	ADV
cblr-7219	176	2	,	,	PUNCT
cblr-7219	176	3	they	they	PRON
cblr-7219	176	4	are	be	AUX
cblr-7219	176	5	simply	simply	ADV
cblr-7219	176	6	business	business	NOUN
cblr-7219	176	7	units	unit	NOUN
cblr-7219	176	8	of	of	ADP
cblr-7219	176	9	a	a	DET
cblr-7219	176	10	corporation	corporation	NOUN
cblr-7219	176	11	.	.	PUNCT
cblr-7219	177	1	see	see	VERB
cblr-7219	177	2	cme	cme	PROPN
cblr-7219	177	3	clearing	clearing	NOUN
cblr-7219	177	4	membership	membership	NOUN
cblr-7219	177	5	,	,	PUNCT
cblr-7219	177	6	cme	cme	PROPN
cblr-7219	177	7	group	group	NOUN
cblr-7219	177	8	,	,	PUNCT
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cblr-7219	178	3	]	]	X
cblr-7219	178	4	(	(	PUNCT
cblr-7219	178	5	last	last	ADJ
cblr-7219	178	6	visited	visit	VERB
cblr-7219	178	7	may	may	AUX
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cblr-7219	178	9	,	,	PUNCT
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cblr-7219	178	12	.	.	PUNCT
cblr-7219	179	1	34	34	NUM
cblr-7219	179	2	see	see	VERB
cblr-7219	179	3	infra	infra	NOUN
cblr-7219	179	4	section	section	NOUN
cblr-7219	179	5	ii.a	ii.a	PROPN
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cblr-7219	180	1	35	35	NUM
cblr-7219	180	2	see	see	VERB
cblr-7219	180	3	saguato	saguato	NOUN
cblr-7219	180	4	,	,	PUNCT
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cblr-7219	180	9	,	,	PUNCT
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cblr-7219	180	11	note	note	NOUN
cblr-7219	180	12	8	8	NUM
cblr-7219	180	13	,	,	PUNCT
cblr-7219	180	14	at	at	ADP
cblr-7219	180	15	640–48	640–48	NUM
cblr-7219	180	16	.	.	PUNCT
cblr-7219	181	1	36	36	NUM
cblr-7219	181	2	the	the	DET
cblr-7219	181	3	concept	concept	NOUN
cblr-7219	181	4	of	of	ADP
cblr-7219	181	5	the	the	DET
cblr-7219	181	6	“	"	PUNCT
cblr-7219	181	7	separation	separation	NOUN
cblr-7219	181	8	of	of	ADP
cblr-7219	181	9	risk	risk	NOUN
cblr-7219	181	10	and	and	CCONJ
cblr-7219	181	11	control	control	NOUN
cblr-7219	181	12	”	"	PUNCT
cblr-7219	181	13	is	be	AUX
cblr-7219	181	14	modeled	model	VERB
cblr-7219	181	15	on	on	ADP
cblr-7219	181	16	the	the	DET
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cblr-7219	181	19	law	law	NOUN
cblr-7219	181	20	and	and	CCONJ
cblr-7219	181	21	economics	economic	NOUN
cblr-7219	181	22	concept	concept	NOUN
cblr-7219	181	23	of	of	ADP
cblr-7219	181	24	“	"	PUNCT
cblr-7219	181	25	separation	separation	NOUN
cblr-7219	181	26	of	of	ADP
cblr-7219	181	27	ownership	ownership	NOUN
cblr-7219	181	28	and	and	CCONJ
cblr-7219	181	29	control	control	NOUN
cblr-7219	181	30	,	,	PUNCT
cblr-7219	181	31	”	"	PUNCT
cblr-7219	181	32	which	which	PRON
cblr-7219	181	33	characterizes	characterize	VERB
cblr-7219	181	34	modern	modern	ADJ
cblr-7219	181	35	public	public	ADJ
cblr-7219	181	36	corporations	corporation	NOUN
cblr-7219	181	37	.	.	PUNCT
cblr-7219	182	1	see	see	VERB
cblr-7219	182	2	adolf	adolf	PROPN
cblr-7219	182	3	a.	a.	PROPN
cblr-7219	182	4	berle	berle	PROPN
cblr-7219	182	5	&	&	CCONJ
cblr-7219	182	6	gardiner	gardiner	PROPN
cblr-7219	182	7	c.	c.	PROPN
cblr-7219	182	8	means	mean	VERB
cblr-7219	182	9	,	,	PUNCT
cblr-7219	182	10	the	the	DET
cblr-7219	182	11	modern	modern	ADJ
cblr-7219	182	12	corporation	corporation	NOUN
cblr-7219	182	13	and	and	CCONJ
cblr-7219	182	14	private	private	ADJ
cblr-7219	182	15	property	property	NOUN
cblr-7219	182	16	5–6	5–6	NOUN
cblr-7219	182	17	(	(	PUNCT
cblr-7219	182	18	harcourt	harcourt	PROPN
cblr-7219	182	19	,	,	PUNCT
cblr-7219	182	20	brace	brace	NOUN
cblr-7219	182	21	&	&	CCONJ
cblr-7219	182	22	world	world	PROPN
cblr-7219	182	23	,	,	PUNCT
cblr-7219	182	24	inc	inc	PROPN
cblr-7219	182	25	.	.	PROPN
cblr-7219	182	26	1968	1968	NUM
cblr-7219	182	27	)	)	PUNCT
cblr-7219	182	28	(	(	PUNCT
cblr-7219	182	29	1932	1932	NUM
cblr-7219	182	30	)	)	PUNCT
cblr-7219	182	31	;	;	PUNCT
cblr-7219	182	32	eugene	eugene	PROPN
cblr-7219	182	33	f.	f.	PROPN
cblr-7219	182	34	fama	fama	PROPN
cblr-7219	182	35	&	&	CCONJ
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cblr-7219	182	37	c.	c.	PROPN
cblr-7219	182	38	jensen	jensen	PROPN
cblr-7219	182	39	,	,	PUNCT
cblr-7219	182	40	separation	separation	NOUN
cblr-7219	182	41	of	of	ADP
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cblr-7219	182	43	and	and	CCONJ
cblr-7219	182	44	control	control	NOUN
cblr-7219	182	45	,	,	PUNCT
cblr-7219	182	46	26	26	NUM
cblr-7219	182	47	j.l	j.l	PROPN
cblr-7219	182	48	.	.	PROPN
cblr-7219	182	49	&	&	CCONJ
cblr-7219	182	50	econ	econ	PROPN
cblr-7219	182	51	.	.	PUNCT
cblr-7219	183	1	301	301	NUM
cblr-7219	183	2	(	(	PUNCT
cblr-7219	183	3	1983	1983	NUM
cblr-7219	183	4	)	)	PUNCT
cblr-7219	183	5	.	.	PUNCT
cblr-7219	184	1	for	for	ADP
cblr-7219	184	2	a	a	DET
cblr-7219	184	3	more	more	ADJ
cblr-7219	184	4	in	in	ADP
cblr-7219	184	5	depth	depth	NOUN
cblr-7219	184	6	discussion	discussion	NOUN
cblr-7219	184	7	of	of	ADP
cblr-7219	184	8	the	the	DET
cblr-7219	184	9	agency	agency	NOUN
cblr-7219	184	10	costs	cost	NOUN
cblr-7219	184	11	associated	associate	VERB
cblr-7219	184	12	with	with	ADP
cblr-7219	184	13	the	the	DET
cblr-7219	184	14	separation	separation	NOUN
cblr-7219	184	15	of	of	ADP
cblr-7219	184	16	risk	risk	NOUN
cblr-7219	184	17	and	and	CCONJ
cblr-7219	184	18	control	control	NOUN
cblr-7219	184	19	,	,	PUNCT
cblr-7219	184	20	see	see	VERB
cblr-7219	184	21	saguato	saguato	NOUN
cblr-7219	184	22	,	,	PUNCT
cblr-7219	184	23	the	the	DET
cblr-7219	184	24	hidden	hidden	ADJ
cblr-7219	184	25	costs	cost	NOUN
cblr-7219	184	26	of	of	ADP
cblr-7219	184	27	clearinghouses	clearinghouse	NOUN
cblr-7219	184	28	,	,	PUNCT
cblr-7219	184	29	supra	supra	PROPN
cblr-7219	184	30	note	note	NOUN
cblr-7219	184	31	8	8	NUM
cblr-7219	184	32	(	(	PUNCT
cblr-7219	184	33	manuscript	manuscript	NOUN
cblr-7219	184	34	at	at	ADP
cblr-7219	184	35	25–32	25–32	NUM
cblr-7219	184	36	)	)	PUNCT
cblr-7219	184	37	.	.	PUNCT
cblr-7219	185	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	185	2	(	(	PUNCT
cblr-7219	185	3	do	do	AUX
cblr-7219	185	4	not	not	PART
cblr-7219	185	5	delte	delte	VERB
cblr-7219	185	6	)	)	PUNCT
cblr-7219	185	7	10/21/2020	10/21/2020	NUM
cblr-7219	185	8	11:22	11:22	NUM
cblr-7219	185	9	am	be	AUX
cblr-7219	185	10	460	460	NUM
cblr-7219	185	11	columbia	columbia	PROPN
cblr-7219	185	12	business	business	NOUN
cblr-7219	185	13	law	law	PROPN
cblr-7219	185	14	review	review	NOUN
cblr-7219	185	15	[	[	X
cblr-7219	185	16	vol	vol	NOUN
cblr-7219	185	17	.	.	PUNCT
cblr-7219	185	18	2020	2020	NUM
cblr-7219	185	19	agency	agency	NOUN
cblr-7219	185	20	costs	cost	NOUN
cblr-7219	185	21	between	between	ADP
cblr-7219	185	22	the	the	DET
cblr-7219	185	23	residual	residual	ADJ
cblr-7219	185	24	risk	risk	NOUN
cblr-7219	185	25	bearers	bearer	NOUN
cblr-7219	185	26	(	(	PUNCT
cblr-7219	185	27	the	the	DET
cblr-7219	185	28	clearing	clearing	NOUN
cblr-7219	185	29	members	member	NOUN
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cblr-7219	185	31	and	and	CCONJ
cblr-7219	185	32	the	the	DET
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cblr-7219	185	34	takers	taker	NOUN
cblr-7219	185	35	(	(	PUNCT
cblr-7219	185	36	the	the	DET
cblr-7219	185	37	clearing	clearing	NOUN
cblr-7219	185	38	firm	firm	NOUN
cblr-7219	185	39	and	and	CCONJ
cblr-7219	185	40	its	its	PRON
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cblr-7219	185	45	can	can	AUX
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cblr-7219	185	48	clearinghouse	clearinghouse	NOUN
cblr-7219	185	49	’s	’s	PART
cblr-7219	185	50	moral	moral	ADJ
cblr-7219	185	51	hazard	hazard	NOUN
cblr-7219	185	52	and	and	CCONJ
cblr-7219	185	53	potentially	potentially	ADV
cblr-7219	185	54	undermine	undermine	VERB
cblr-7219	185	55	its	its	PRON
cblr-7219	185	56	financial	financial	ADJ
cblr-7219	185	57	resilience.38	resilience.38	NOUN
cblr-7219	185	58	this	this	DET
cblr-7219	185	59	article	article	NOUN
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cblr-7219	185	61	on	on	ADP
cblr-7219	185	62	the	the	DET
cblr-7219	185	63	theoretical	theoretical	ADJ
cblr-7219	185	64	frameworks	framework	NOUN
cblr-7219	185	65	developed	develop	VERB
cblr-7219	185	66	in	in	ADP
cblr-7219	185	67	my	my	PRON
cblr-7219	185	68	previous	previous	ADJ
cblr-7219	185	69	works	work	NOUN
cblr-7219	185	70	on	on	ADP
cblr-7219	185	71	the	the	DET
cblr-7219	185	72	ownership,39	ownership,39	NOUN
cblr-7219	185	73	governance	governance	NOUN
cblr-7219	185	74	,	,	PUNCT
cblr-7219	185	75	and	and	CCONJ
cblr-7219	185	76	capital	capital	NOUN
cblr-7219	185	77	structure40	structure40	ADV
cblr-7219	185	78	of	of	ADP
cblr-7219	185	79	clearinghouses	clearinghouse	NOUN
cblr-7219	185	80	.	.	PUNCT
cblr-7219	186	1	it	it	PRON
cblr-7219	186	2	explores	explore	VERB
cblr-7219	186	3	how	how	SCONJ
cblr-7219	186	4	the	the	DET
cblr-7219	186	5	existing	exist	VERB
cblr-7219	186	6	public	public	ADJ
cblr-7219	186	7	regulatory	regulatory	ADJ
cblr-7219	186	8	framework	framework	NOUN
cblr-7219	186	9	and	and	CCONJ
cblr-7219	186	10	private	private	ADJ
cblr-7219	186	11	self	self	NOUN
cblr-7219	186	12	-	-	PUNCT
cblr-7219	186	13	regulatory	regulatory	ADJ
cblr-7219	186	14	regime	regime	NOUN
cblr-7219	186	15	deal	deal	NOUN
cblr-7219	186	16	with	with	ADP
cblr-7219	186	17	the	the	DET
cblr-7219	186	18	unique	unique	ADJ
cblr-7219	186	19	agency	agency	NOUN
cblr-7219	186	20	costs	cost	NOUN
cblr-7219	186	21	and	and	CCONJ
cblr-7219	186	22	misaligned	misaligned	ADJ
cblr-7219	186	23	incentives	incentive	NOUN
cblr-7219	186	24	faced	face	VERB
cblr-7219	186	25	by	by	ADP
cblr-7219	186	26	clearing	clear	VERB
cblr-7219	186	27	firms	firm	NOUN
cblr-7219	186	28	and	and	CCONJ
cblr-7219	186	29	their	their	PRON
cblr-7219	186	30	primary	primary	ADJ
cblr-7219	186	31	stakeholders	stakeholder	NOUN
cblr-7219	186	32	.	.	PUNCT
cblr-7219	187	1	the	the	DET
cblr-7219	187	2	article	article	NOUN
cblr-7219	187	3	looks	look	VERB
cblr-7219	187	4	at	at	ADP
cblr-7219	187	5	clearinghouses	clearinghouse	NOUN
cblr-7219	187	6	from	from	ADP
cblr-7219	187	7	a	a	DET
cblr-7219	187	8	microprudential	microprudential	ADJ
cblr-7219	187	9	perspective	perspective	NOUN
cblr-7219	187	10	,	,	PUNCT
cblr-7219	187	11	i.e.	i.e.	X
cblr-7219	187	12	,	,	PUNCT
cblr-7219	187	13	as	as	ADP
cblr-7219	187	14	standalone	standalone	ADJ
cblr-7219	187	15	financial	financial	NOUN
cblr-7219	187	16	institutions,41	institutions,41	NOUN
cblr-7219	187	17	and	and	CCONJ
cblr-7219	187	18	shows	show	VERB
cblr-7219	187	19	how	how	SCONJ
cblr-7219	187	20	the	the	DET
cblr-7219	187	21	existing	exist	VERB
cblr-7219	187	22	approach	approach	NOUN
cblr-7219	187	23	to	to	ADP
cblr-7219	187	24	clearinghouses	clearinghouse	NOUN
cblr-7219	187	25	and	and	CCONJ
cblr-7219	187	26	their	their	PRON
cblr-7219	187	27	regulation	regulation	NOUN
cblr-7219	187	28	falls	fall	VERB
cblr-7219	187	29	short	short	ADJ
cblr-7219	187	30	in	in	ADP
cblr-7219	187	31	addressing	address	VERB
cblr-7219	187	32	the	the	DET
cblr-7219	187	33	moral	moral	ADJ
cblr-7219	187	34	hazard	hazard	NOUN
cblr-7219	187	35	that	that	PRON
cblr-7219	187	36	stems	stem	VERB
cblr-7219	187	37	from	from	ADP
cblr-7219	187	38	the	the	DET
cblr-7219	187	39	separation	separation	NOUN
cblr-7219	187	40	of	of	ADP
cblr-7219	187	41	risk	risk	NOUN
cblr-7219	187	42	and	and	CCONJ
cblr-7219	187	43	control	control	NOUN
cblr-7219	187	44	and	and	CCONJ
cblr-7219	187	45	might	might	AUX
cblr-7219	187	46	actually	actually	ADV
cblr-7219	187	47	exacerbate	exacerbate	VERB
cblr-7219	187	48	the	the	DET
cblr-7219	187	49	agency	agency	NOUN
cblr-7219	187	50	costs	cost	NOUN
cblr-7219	187	51	between	between	ADP
cblr-7219	187	52	members	member	NOUN
cblr-7219	187	53	and	and	CCONJ
cblr-7219	187	54	shareholders	shareholder	NOUN
cblr-7219	187	55	.	.	PUNCT
cblr-7219	188	1	37	37	NUM
cblr-7219	188	2	see	see	VERB
cblr-7219	188	3	,	,	PUNCT
cblr-7219	188	4	e.g.	e.g.	ADV
cblr-7219	188	5	,	,	PUNCT
cblr-7219	188	6	henry	henry	PROPN
cblr-7219	188	7	hansmann	hansmann	PROPN
cblr-7219	188	8	&	&	CCONJ
cblr-7219	188	9	reinier	reinier	PROPN
cblr-7219	188	10	kraakman	kraakman	PROPN
cblr-7219	188	11	,	,	PUNCT
cblr-7219	188	12	the	the	DET
cblr-7219	188	13	essential	essential	ADJ
cblr-7219	188	14	role	role	NOUN
cblr-7219	188	15	of	of	ADP
cblr-7219	188	16	organizational	organizational	ADJ
cblr-7219	188	17	law	law	NOUN
cblr-7219	188	18	,	,	PUNCT
cblr-7219	188	19	110	110	NUM
cblr-7219	188	20	yale	yale	PROPN
cblr-7219	188	21	l.j	l.j	PROPN
cblr-7219	188	22	.	.	PROPN
cblr-7219	188	23	387	387	NUM
cblr-7219	188	24	,	,	PUNCT
cblr-7219	188	25	393	393	NUM
cblr-7219	188	26	(	(	PUNCT
cblr-7219	188	27	2000	2000	NUM
cblr-7219	188	28	)	)	PUNCT
cblr-7219	188	29	;	;	PUNCT
cblr-7219	188	30	michael	michael	PROPN
cblr-7219	188	31	c.	c.	PROPN
cblr-7219	188	32	jensen	jensen	PROPN
cblr-7219	188	33	&	&	CCONJ
cblr-7219	188	34	william	william	PROPN
cblr-7219	188	35	h.	h.	PROPN
cblr-7219	188	36	meckling	meckling	PROPN
cblr-7219	188	37	,	,	PUNCT
cblr-7219	188	38	theory	theory	NOUN
cblr-7219	188	39	of	of	ADP
cblr-7219	188	40	the	the	DET
cblr-7219	188	41	firm	firm	NOUN
cblr-7219	188	42	:	:	PUNCT
cblr-7219	188	43	managerial	managerial	ADJ
cblr-7219	188	44	behavior	behavior	NOUN
cblr-7219	188	45	,	,	PUNCT
cblr-7219	188	46	agency	agency	NOUN
cblr-7219	188	47	costs	cost	NOUN
cblr-7219	188	48	and	and	CCONJ
cblr-7219	188	49	ownership	ownership	NOUN
cblr-7219	188	50	structure	structure	NOUN
cblr-7219	188	51	,	,	PUNCT
cblr-7219	188	52	3	3	NUM
cblr-7219	188	53	j.	j.	PROPN
cblr-7219	188	54	fin	fin	PROPN
cblr-7219	188	55	.	.	PUNCT
cblr-7219	188	56	econ	econ	PROPN
cblr-7219	188	57	.	.	PUNCT
cblr-7219	189	1	305	305	NUM
cblr-7219	189	2	(	(	PUNCT
cblr-7219	189	3	1976	1976	NUM
cblr-7219	189	4	)	)	PUNCT
cblr-7219	189	5	(	(	PUNCT
cblr-7219	189	6	developing	develop	VERB
cblr-7219	189	7	a	a	DET
cblr-7219	189	8	formal	formal	ADJ
cblr-7219	189	9	analysis	analysis	NOUN
cblr-7219	189	10	of	of	ADP
cblr-7219	189	11	agency	agency	NOUN
cblr-7219	189	12	costs	cost	NOUN
cblr-7219	189	13	)	)	PUNCT
cblr-7219	189	14	.	.	PUNCT
cblr-7219	190	1	38	38	NUM
cblr-7219	190	2	on	on	ADP
cblr-7219	190	3	the	the	DET
cblr-7219	190	4	general	general	ADJ
cblr-7219	190	5	problem	problem	NOUN
cblr-7219	190	6	of	of	ADP
cblr-7219	190	7	moral	moral	ADJ
cblr-7219	190	8	hazard	hazard	NOUN
cblr-7219	190	9	,	,	PUNCT
cblr-7219	190	10	see	see	VERB
cblr-7219	190	11	jensen	jensen	PROPN
cblr-7219	190	12	&	&	CCONJ
cblr-7219	190	13	meckling	meckling	PROPN
cblr-7219	190	14	,	,	PUNCT
cblr-7219	190	15	supra	supra	PROPN
cblr-7219	190	16	note	note	PROPN
cblr-7219	190	17	37	37	NUM
cblr-7219	190	18	,	,	PUNCT
cblr-7219	190	19	at	at	ADP
cblr-7219	190	20	309–10	309–10	NUM
cblr-7219	190	21	;	;	PUNCT
cblr-7219	190	22	geoffrey	geoffrey	PROPN
cblr-7219	190	23	miller	miller	PROPN
cblr-7219	190	24	,	,	PUNCT
cblr-7219	190	25	trust	trust	NOUN
cblr-7219	190	26	,	,	PUNCT
cblr-7219	190	27	risk	risk	NOUN
cblr-7219	190	28	,	,	PUNCT
cblr-7219	190	29	and	and	CCONJ
cblr-7219	190	30	moral	moral	ADJ
cblr-7219	190	31	hazard	hazard	NOUN
cblr-7219	190	32	in	in	ADP
cblr-7219	190	33	financial	financial	ADJ
cblr-7219	190	34	markets	market	NOUN
cblr-7219	190	35	73–88	73–88	NUM
cblr-7219	190	36	(	(	PUNCT
cblr-7219	190	37	2011	2011	NUM
cblr-7219	190	38	)	)	PUNCT
cblr-7219	190	39	(	(	PUNCT
cblr-7219	190	40	defining	define	VERB
cblr-7219	190	41	moral	moral	ADJ
cblr-7219	190	42	hazard	hazard	NOUN
cblr-7219	190	43	as	as	ADP
cblr-7219	190	44	the	the	DET
cblr-7219	190	45	situation	situation	NOUN
cblr-7219	190	46	where	where	SCONJ
cblr-7219	190	47	an	an	DET
cblr-7219	190	48	actor	actor	NOUN
cblr-7219	190	49	loses	lose	VERB
cblr-7219	190	50	some	some	PRON
cblr-7219	190	51	of	of	ADP
cblr-7219	190	52	her	her	PRON
cblr-7219	190	53	incentives	incentive	NOUN
cblr-7219	190	54	to	to	PART
cblr-7219	190	55	take	take	VERB
cblr-7219	190	56	precautions	precaution	NOUN
cblr-7219	190	57	to	to	PART
cblr-7219	190	58	prevent	prevent	VERB
cblr-7219	190	59	harm	harm	NOUN
cblr-7219	190	60	because	because	SCONJ
cblr-7219	190	61	she	she	PRON
cblr-7219	190	62	transfers	transfer	VERB
cblr-7219	190	63	the	the	DET
cblr-7219	190	64	risks	risk	NOUN
cblr-7219	190	65	and	and	CCONJ
cblr-7219	190	66	costs	cost	NOUN
cblr-7219	190	67	of	of	ADP
cblr-7219	190	68	the	the	DET
cblr-7219	190	69	harm	harm	NOUN
cblr-7219	190	70	to	to	ADP
cblr-7219	190	71	a	a	DET
cblr-7219	190	72	third	third	ADJ
cblr-7219	190	73	party	party	NOUN
cblr-7219	190	74	)	)	PUNCT
cblr-7219	190	75	.	.	PUNCT
cblr-7219	191	1	see	see	VERB
cblr-7219	191	2	also	also	ADV
cblr-7219	191	3	infra	infra	VERB
cblr-7219	191	4	part	part	NOUN
cblr-7219	191	5	ii	ii	NOUN
cblr-7219	191	6	(	(	PUNCT
cblr-7219	191	7	analyzing	analyze	VERB
cblr-7219	191	8	the	the	DET
cblr-7219	191	9	unique	unique	ADJ
cblr-7219	191	10	economic	economic	ADJ
cblr-7219	191	11	and	and	CCONJ
cblr-7219	191	12	governance	governance	NOUN
cblr-7219	191	13	structure	structure	NOUN
cblr-7219	191	14	of	of	ADP
cblr-7219	191	15	clearinghouses	clearinghouse	NOUN
cblr-7219	191	16	)	)	PUNCT
cblr-7219	191	17	.	.	PUNCT
cblr-7219	192	1	39	39	NUM
cblr-7219	192	2	see	see	VERB
cblr-7219	192	3	saguato	saguato	NOUN
cblr-7219	192	4	,	,	PUNCT
cblr-7219	192	5	the	the	DET
cblr-7219	192	6	ownership	ownership	NOUN
cblr-7219	192	7	of	of	ADP
cblr-7219	192	8	clearinghouses	clearinghouse	NOUN
cblr-7219	192	9	,	,	PUNCT
cblr-7219	192	10	supra	supra	PROPN
cblr-7219	192	11	note	note	NOUN
cblr-7219	192	12	8	8	NUM
cblr-7219	192	13	(	(	PUNCT
cblr-7219	192	14	providing	provide	VERB
cblr-7219	192	15	the	the	DET
cblr-7219	192	16	first	first	ADJ
cblr-7219	192	17	in	in	ADP
cblr-7219	192	18	-	-	PUNCT
cblr-7219	192	19	depth	depth	NOUN
cblr-7219	192	20	analysis	analysis	NOUN
cblr-7219	192	21	of	of	ADP
cblr-7219	192	22	the	the	DET
cblr-7219	192	23	history	history	NOUN
cblr-7219	192	24	and	and	CCONJ
cblr-7219	192	25	implications	implication	NOUN
cblr-7219	192	26	of	of	ADP
cblr-7219	192	27	different	different	ADJ
cblr-7219	192	28	clearinghouse	clearinghouse	NOUN
cblr-7219	192	29	ownership	ownership	NOUN
cblr-7219	192	30	structures	structure	NOUN
cblr-7219	192	31	)	)	PUNCT
cblr-7219	192	32	.	.	PUNCT
cblr-7219	193	1	this	this	DET
cblr-7219	193	2	article	article	NOUN
cblr-7219	193	3	complements	complement	VERB
cblr-7219	193	4	the	the	DET
cblr-7219	193	5	previous	previous	ADJ
cblr-7219	193	6	piece	piece	NOUN
cblr-7219	193	7	by	by	ADP
cblr-7219	193	8	analyzing	analyze	VERB
cblr-7219	193	9	what	what	PRON
cblr-7219	193	10	it	it	PRON
cblr-7219	193	11	left	leave	VERB
cblr-7219	193	12	off	off	ADP
cblr-7219	193	13	the	the	DET
cblr-7219	193	14	table	table	NOUN
cblr-7219	193	15	—	—	PUNCT
cblr-7219	193	16	namely	namely	ADV
cblr-7219	193	17	,	,	PUNCT
cblr-7219	193	18	the	the	DET
cblr-7219	193	19	corporate	corporate	ADJ
cblr-7219	193	20	governance	governance	NOUN
cblr-7219	193	21	of	of	ADP
cblr-7219	193	22	these	these	DET
cblr-7219	193	23	firms	firm	NOUN
cblr-7219	193	24	,	,	PUNCT
cblr-7219	193	25	their	their	PRON
cblr-7219	193	26	capital	capital	NOUN
cblr-7219	193	27	regulation	regulation	NOUN
cblr-7219	193	28	,	,	PUNCT
cblr-7219	193	29	and	and	CCONJ
cblr-7219	193	30	their	their	PRON
cblr-7219	193	31	recovery	recovery	NOUN
cblr-7219	193	32	and	and	CCONJ
cblr-7219	193	33	resolution	resolution	NOUN
cblr-7219	193	34	mechanisms	mechanism	NOUN
cblr-7219	193	35	.	.	PUNCT
cblr-7219	194	1	40	40	NUM
cblr-7219	194	2	see	see	VERB
cblr-7219	194	3	saguato	saguato	NOUN
cblr-7219	194	4	,	,	PUNCT
cblr-7219	194	5	the	the	DET
cblr-7219	194	6	hidden	hidden	ADJ
cblr-7219	194	7	costs	cost	NOUN
cblr-7219	194	8	of	of	ADP
cblr-7219	194	9	clearinghouses	clearinghouse	NOUN
cblr-7219	194	10	,	,	PUNCT
cblr-7219	194	11	supra	supra	PROPN
cblr-7219	194	12	note	note	NOUN
cblr-7219	194	13	8	8	NUM
cblr-7219	194	14	.	.	X
cblr-7219	194	15	41	41	NUM
cblr-7219	195	1	it	it	PRON
cblr-7219	195	2	is	be	AUX
cblr-7219	195	3	outside	outside	ADP
cblr-7219	195	4	the	the	DET
cblr-7219	195	5	scope	scope	NOUN
cblr-7219	195	6	of	of	ADP
cblr-7219	195	7	this	this	DET
cblr-7219	195	8	article	article	NOUN
cblr-7219	195	9	to	to	PART
cblr-7219	195	10	look	look	VERB
cblr-7219	195	11	into	into	ADP
cblr-7219	195	12	the	the	DET
cblr-7219	195	13	macroprudential	macroprudential	ADJ
cblr-7219	195	14	considerations	consideration	NOUN
cblr-7219	195	15	and	and	CCONJ
cblr-7219	195	16	dynamics	dynamic	NOUN
cblr-7219	195	17	of	of	ADP
cblr-7219	195	18	clearinghouses	clearinghouse	NOUN
cblr-7219	195	19	,	,	PUNCT
cblr-7219	195	20	i.e.	i.e.	X
cblr-7219	195	21	,	,	PUNCT
cblr-7219	195	22	the	the	DET
cblr-7219	195	23	role	role	NOUN
cblr-7219	195	24	,	,	PUNCT
cblr-7219	195	25	functions	function	NOUN
cblr-7219	195	26	,	,	PUNCT
cblr-7219	195	27	effects	effect	NOUN
cblr-7219	195	28	,	,	PUNCT
cblr-7219	195	29	tradeoffs	tradeoff	NOUN
cblr-7219	195	30	,	,	PUNCT
cblr-7219	195	31	and	and	CCONJ
cblr-7219	195	32	consequences	consequence	NOUN
cblr-7219	195	33	that	that	PRON
cblr-7219	195	34	clearinghouses	clearinghouse	NOUN
cblr-7219	195	35	have	have	VERB
cblr-7219	195	36	as	as	ADP
cblr-7219	195	37	an	an	DET
cblr-7219	195	38	integral	integral	ADJ
cblr-7219	195	39	part	part	NOUN
cblr-7219	195	40	of	of	ADP
cblr-7219	195	41	the	the	DET
cblr-7219	195	42	financial	financial	ADJ
cblr-7219	195	43	system	system	NOUN
cblr-7219	195	44	.	.	PUNCT
cblr-7219	196	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	196	2	(	(	PUNCT
cblr-7219	196	3	do	do	AUX
cblr-7219	196	4	not	not	PART
cblr-7219	196	5	delete	delete	VERB
cblr-7219	196	6	)	)	PUNCT
cblr-7219	196	7	10/21/2020	10/21/2020	NUM
cblr-7219	196	8	11:22	11:22	NUM
cblr-7219	196	9	am	am	NOUN
cblr-7219	196	10	no	no	NOUN
cblr-7219	196	11	.	.	PUNCT
cblr-7219	197	1	2:449	2:449	NUM
cblr-7219	197	2	]	]	X
cblr-7219	197	3	unfinished	unfinished	ADJ
cblr-7219	197	4	business	business	NOUN
cblr-7219	197	5	461	461	NUM
cblr-7219	197	6	building	building	NOUN
cblr-7219	197	7	on	on	ADP
cblr-7219	197	8	the	the	DET
cblr-7219	197	9	existing	exist	VERB
cblr-7219	197	10	literature	literature	NOUN
cblr-7219	197	11	on	on	ADP
cblr-7219	197	12	the	the	DET
cblr-7219	197	13	corporate	corporate	ADJ
cblr-7219	197	14	governance	governance	NOUN
cblr-7219	197	15	of	of	ADP
cblr-7219	197	16	financial	financial	ADJ
cblr-7219	197	17	institutions42	institutions42	NOUN
cblr-7219	197	18	and	and	CCONJ
cblr-7219	197	19	on	on	ADP
cblr-7219	197	20	systemic	systemic	ADJ
cblr-7219	197	21	risk	risk	NOUN
cblr-7219	197	22	and	and	CCONJ
cblr-7219	197	23	capital	capital	NOUN
cblr-7219	197	24	regulation,43	regulation,43	VERB
cblr-7219	197	25	this	this	DET
cblr-7219	197	26	article	article	NOUN
cblr-7219	197	27	fills	fill	VERB
cblr-7219	197	28	a	a	DET
cblr-7219	197	29	critical	critical	ADJ
cblr-7219	197	30	gap	gap	NOUN
cblr-7219	197	31	in	in	ADP
cblr-7219	197	32	the	the	DET
cblr-7219	197	33	academic	academic	ADJ
cblr-7219	197	34	debate	debate	NOUN
cblr-7219	197	35	on	on	ADP
cblr-7219	197	36	financial	financial	ADJ
cblr-7219	197	37	market	market	NOUN
cblr-7219	197	38	infrastructures	infrastructure	NOUN
cblr-7219	197	39	(	(	PUNCT
cblr-7219	197	40	“	"	PUNCT
cblr-7219	197	41	fmis	fmis	NOUN
cblr-7219	197	42	”	"	PUNCT
cblr-7219	197	43	)	)	PUNCT
cblr-7219	197	44	and	and	CCONJ
cblr-7219	197	45	contributes	contribute	VERB
cblr-7219	197	46	to	to	ADP
cblr-7219	197	47	a	a	DET
cblr-7219	197	48	better	well	ADV
cblr-7219	197	49	-	-	PUNCT
cblr-7219	197	50	informed	inform	VERB
cblr-7219	197	51	policy	policy	NOUN
cblr-7219	197	52	dialogue	dialogue	NOUN
cblr-7219	197	53	on	on	ADP
cblr-7219	197	54	the	the	DET
cblr-7219	197	55	regulation	regulation	NOUN
cblr-7219	197	56	of	of	ADP
cblr-7219	197	57	clearinghouses	clearinghouse	NOUN
cblr-7219	197	58	.	.	PUNCT
cblr-7219	198	1	the	the	DET
cblr-7219	198	2	article	article	NOUN
cblr-7219	198	3	makes	make	VERB
cblr-7219	198	4	three	three	NUM
cblr-7219	198	5	main	main	ADJ
cblr-7219	198	6	contributions	contribution	NOUN
cblr-7219	198	7	.	.	PUNCT
cblr-7219	199	1	first	first	ADJ
cblr-7219	199	2	,	,	PUNCT
cblr-7219	199	3	effective	effective	ADJ
cblr-7219	199	4	risk	risk	NOUN
cblr-7219	199	5	management	management	NOUN
cblr-7219	199	6	in	in	ADP
cblr-7219	199	7	clearinghouses	clearinghouse	NOUN
cblr-7219	199	8	can	can	AUX
cblr-7219	199	9	be	be	AUX
cblr-7219	199	10	achieved	achieve	VERB
cblr-7219	199	11	only	only	ADV
cblr-7219	199	12	if	if	SCONJ
cblr-7219	199	13	the	the	DET
cblr-7219	199	14	final	final	ADJ
cblr-7219	199	15	risk	risk	NOUN
cblr-7219	199	16	bearers	bearer	NOUN
cblr-7219	199	17	have	have	VERB
cblr-7219	199	18	a	a	DET
cblr-7219	199	19	voice	voice	NOUN
cblr-7219	199	20	in	in	ADP
cblr-7219	199	21	the	the	DET
cblr-7219	199	22	governance	governance	NOUN
cblr-7219	199	23	of	of	ADP
cblr-7219	199	24	the	the	DET
cblr-7219	199	25	firm	firm	NOUN
cblr-7219	199	26	.	.	PUNCT
cblr-7219	200	1	second	second	ADJ
cblr-7219	200	2	,	,	PUNCT
cblr-7219	200	3	capital	capital	NOUN
cblr-7219	200	4	requirements	requirement	NOUN
cblr-7219	200	5	that	that	PRON
cblr-7219	200	6	operate	operate	VERB
cblr-7219	200	7	countercyclically	countercyclically	ADV
cblr-7219	200	8	are	be	AUX
cblr-7219	200	9	essential	essential	ADJ
cblr-7219	200	10	in	in	ADP
cblr-7219	200	11	order	order	NOUN
cblr-7219	200	12	to	to	PART
cblr-7219	200	13	create	create	VERB
cblr-7219	200	14	systemic	systemic	ADJ
cblr-7219	200	15	resilience	resilience	NOUN
cblr-7219	200	16	in	in	ADP
cblr-7219	200	17	financial	financial	ADJ
cblr-7219	200	18	institutions	institution	NOUN
cblr-7219	200	19	.	.	PUNCT
cblr-7219	201	1	third	third	ADJ
cblr-7219	201	2	,	,	PUNCT
cblr-7219	201	3	clear	clear	ADJ
cblr-7219	201	4	and	and	CCONJ
cblr-7219	201	5	certain	certain	ADJ
cblr-7219	201	6	recovery	recovery	NOUN
cblr-7219	201	7	plans	plan	NOUN
cblr-7219	201	8	are	be	AUX
cblr-7219	201	9	an	an	DET
cblr-7219	201	10	essential	essential	ADJ
cblr-7219	201	11	component	component	NOUN
cblr-7219	201	12	of	of	ADP
cblr-7219	201	13	avoiding	avoid	VERB
cblr-7219	201	14	financial	financial	ADJ
cblr-7219	201	15	panic	panic	NOUN
cblr-7219	201	16	and	and	CCONJ
cblr-7219	201	17	achieving	achieve	VERB
cblr-7219	201	18	effective	effective	ADJ
cblr-7219	201	19	crisis	crisis	NOUN
cblr-7219	201	20	management	management	NOUN
cblr-7219	201	21	.	.	PUNCT
cblr-7219	202	1	the	the	DET
cblr-7219	202	2	refined	refined	ADJ
cblr-7219	202	3	and	and	CCONJ
cblr-7219	202	4	concrete	concrete	ADJ
cblr-7219	202	5	policy	policy	NOUN
cblr-7219	202	6	recommendations	recommendation	NOUN
cblr-7219	202	7	advanced	advance	VERB
cblr-7219	202	8	by	by	ADP
cblr-7219	202	9	the	the	DET
cblr-7219	202	10	article	article	NOUN
cblr-7219	202	11	regarding	regard	VERB
cblr-7219	202	12	how	how	SCONJ
cblr-7219	202	13	to	to	PART
cblr-7219	202	14	retune	retune	VERB
cblr-7219	202	15	some	some	DET
cblr-7219	202	16	provisions	provision	NOUN
cblr-7219	202	17	of	of	ADP
cblr-7219	202	18	the	the	DET
cblr-7219	202	19	dodd	dodd	PROPN
cblr-7219	202	20	-	-	PUNCT
cblr-7219	202	21	frank	frank	PROPN
cblr-7219	202	22	act	act	NOUN
cblr-7219	202	23	and	and	CCONJ
cblr-7219	202	24	address	address	VERB
cblr-7219	202	25	the	the	DET
cblr-7219	202	26	serious	serious	ADJ
cblr-7219	202	27	and	and	CCONJ
cblr-7219	202	28	still	still	ADV
cblr-7219	202	29	-	-	PUNCT
cblr-7219	202	30	unsolved	unsolved	ADJ
cblr-7219	202	31	issues	issue	NOUN
cblr-7219	202	32	in	in	ADP
cblr-7219	202	33	the	the	DET
cblr-7219	202	34	governance	governance	NOUN
cblr-7219	202	35	,	,	PUNCT
cblr-7219	202	36	accountability	accountability	NOUN
cblr-7219	202	37	,	,	PUNCT
cblr-7219	202	38	and	and	CCONJ
cblr-7219	202	39	financial	financial	ADJ
cblr-7219	202	40	resilience	resilience	NOUN
cblr-7219	202	41	of	of	ADP
cblr-7219	202	42	clearinghouses44	clearinghouses44	NOUN
cblr-7219	202	43	intend	intend	VERB
cblr-7219	202	44	to	to	PART
cblr-7219	202	45	advance	advance	VERB
cblr-7219	202	46	,	,	PUNCT
cblr-7219	202	47	and	and	CCONJ
cblr-7219	202	48	modestly	modestly	ADV
cblr-7219	202	49	complete	complete	ADJ
cblr-7219	202	50	,	,	PUNCT
cblr-7219	202	51	the	the	DET
cblr-7219	202	52	regulatory	regulatory	ADJ
cblr-7219	202	53	journey	journey	NOUN
cblr-7219	202	54	begun	begin	VERB
cblr-7219	202	55	by	by	ADP
cblr-7219	202	56	the	the	DET
cblr-7219	202	57	dodd	dodd	PROPN
cblr-7219	202	58	-	-	PUNCT
cblr-7219	202	59	frank	frank	PROPN
cblr-7219	202	60	act	act	NOUN
cblr-7219	202	61	in	in	ADP
cblr-7219	202	62	2010	2010	NUM
cblr-7219	202	63	.	.	PUNCT
cblr-7219	203	1	42	42	NUM
cblr-7219	203	2	see	see	VERB
cblr-7219	203	3	,	,	PUNCT
cblr-7219	203	4	e.g.	e.g.	ADV
cblr-7219	203	5	,	,	PUNCT
cblr-7219	203	6	jonathan	jonathan	PROPN
cblr-7219	203	7	r.	r.	PROPN
cblr-7219	203	8	macey	macey	PROPN
cblr-7219	203	9	&	&	CCONJ
cblr-7219	203	10	maureen	maureen	PROPN
cblr-7219	203	11	o’hara	o’hara	PROPN
cblr-7219	203	12	,	,	PUNCT
cblr-7219	203	13	the	the	DET
cblr-7219	203	14	corporate	corporate	ADJ
cblr-7219	203	15	governance	governance	NOUN
cblr-7219	203	16	of	of	ADP
cblr-7219	203	17	banks	bank	NOUN
cblr-7219	203	18	,	,	PUNCT
cblr-7219	203	19	9	9	NUM
cblr-7219	203	20	econ	econ	NOUN
cblr-7219	203	21	.	.	PUNCT
cblr-7219	204	1	pol’y	pol’y	NOUN
cblr-7219	204	2	rev	rev	VERB
cblr-7219	204	3	.	.	PROPN
cblr-7219	204	4	91	91	NUM
cblr-7219	204	5	(	(	PUNCT
cblr-7219	204	6	2003	2003	NUM
cblr-7219	204	7	)	)	PUNCT
cblr-7219	204	8	;	;	PUNCT
cblr-7219	204	9	jonathan	jonathan	PROPN
cblr-7219	204	10	macey	macey	PROPN
cblr-7219	204	11	&	&	CCONJ
cblr-7219	204	12	maureen	maureen	PROPN
cblr-7219	204	13	o’hara	o’hara	PROPN
cblr-7219	204	14	,	,	PUNCT
cblr-7219	204	15	bank	bank	NOUN
cblr-7219	204	16	corporate	corporate	ADJ
cblr-7219	204	17	governance	governance	NOUN
cblr-7219	204	18	:	:	PUNCT
cblr-7219	204	19	a	a	DET
cblr-7219	204	20	proposal	proposal	NOUN
cblr-7219	204	21	for	for	ADP
cblr-7219	204	22	the	the	DET
cblr-7219	204	23	post	post	ADJ
cblr-7219	204	24	-	-	ADJ
cblr-7219	204	25	crisis	crisis	ADJ
cblr-7219	204	26	world	world	NOUN
cblr-7219	204	27	,	,	PUNCT
cblr-7219	204	28	22	22	NUM
cblr-7219	204	29	econ	econ	NOUN
cblr-7219	204	30	.	.	PUNCT
cblr-7219	205	1	pol’y	pol’y	NOUN
cblr-7219	205	2	rev	rev	VERB
cblr-7219	205	3	.	.	PROPN
cblr-7219	205	4	85	85	NUM
cblr-7219	205	5	(	(	PUNCT
cblr-7219	205	6	2016	2016	NUM
cblr-7219	205	7	)	)	PUNCT
cblr-7219	205	8	;	;	PUNCT
cblr-7219	205	9	anat	anat	PROPN
cblr-7219	205	10	admati	admati	PROPN
cblr-7219	205	11	&	&	CCONJ
cblr-7219	205	12	martin	martin	PROPN
cblr-7219	205	13	hellwig	hellwig	PROPN
cblr-7219	205	14	,	,	PUNCT
cblr-7219	205	15	the	the	DET
cblr-7219	205	16	bankers	banker	NOUN
cblr-7219	205	17	’	’	PART
cblr-7219	205	18	new	new	ADJ
cblr-7219	205	19	clothes	clothe	NOUN
cblr-7219	205	20	:	:	PUNCT
cblr-7219	205	21	what	what	PRON
cblr-7219	205	22	’s	’	VERB
cblr-7219	205	23	wrong	wrong	ADJ
cblr-7219	205	24	with	with	ADP
cblr-7219	205	25	banking	banking	NOUN
cblr-7219	205	26	and	and	CCONJ
cblr-7219	205	27	what	what	PRON
cblr-7219	205	28	to	to	PART
cblr-7219	205	29	do	do	VERB
cblr-7219	205	30	about	about	ADP
cblr-7219	205	31	it	it	PRON
cblr-7219	205	32	(	(	PUNCT
cblr-7219	205	33	2013	2013	NUM
cblr-7219	205	34	)	)	PUNCT
cblr-7219	205	35	;	;	PUNCT
cblr-7219	205	36	david	david	PROPN
cblr-7219	205	37	min	min	PROPN
cblr-7219	205	38	,	,	PUNCT
cblr-7219	205	39	balancing	balance	VERB
cblr-7219	205	40	the	the	DET
cblr-7219	205	41	governance	governance	NOUN
cblr-7219	205	42	of	of	ADP
cblr-7219	205	43	financial	financial	ADJ
cblr-7219	205	44	institutions	institution	NOUN
cblr-7219	205	45	,	,	PUNCT
cblr-7219	205	46	40	40	NUM
cblr-7219	205	47	seattle	seattle	PROPN
cblr-7219	205	48	u.	u.	PROPN
cblr-7219	205	49	l.	l.	PROPN
cblr-7219	205	50	rev	rev	PROPN
cblr-7219	205	51	.	.	PROPN
cblr-7219	206	1	743	743	NUM
cblr-7219	206	2	(	(	PUNCT
cblr-7219	206	3	2017	2017	NUM
cblr-7219	206	4	)	)	PUNCT
cblr-7219	206	5	;	;	PUNCT
cblr-7219	207	1	guido	guido	NOUN
cblr-7219	207	2	ferrarini	ferrarini	PROPN
cblr-7219	207	3	,	,	PUNCT
cblr-7219	207	4	understanding	understand	VERB
cblr-7219	207	5	the	the	DET
cblr-7219	207	6	role	role	NOUN
cblr-7219	207	7	of	of	ADP
cblr-7219	207	8	corporate	corporate	ADJ
cblr-7219	207	9	governance	governance	NOUN
cblr-7219	207	10	in	in	ADP
cblr-7219	207	11	financial	financial	ADJ
cblr-7219	207	12	institutions	institution	NOUN
cblr-7219	207	13	:	:	PUNCT
cblr-7219	207	14	a	a	DET
cblr-7219	207	15	research	research	NOUN
cblr-7219	207	16	agenda	agenda	NOUN
cblr-7219	207	17	(	(	PUNCT
cblr-7219	207	18	eur	eur	PROPN
cblr-7219	207	19	.	.	PROPN
cblr-7219	207	20	corp	corp	PROPN
cblr-7219	207	21	.	.	PROPN
cblr-7219	207	22	governance	governance	PROPN
cblr-7219	207	23	inst	inst	PROPN
cblr-7219	207	24	.	.	PROPN
cblr-7219	207	25	,	,	PUNCT
cblr-7219	207	26	working	work	VERB
cblr-7219	207	27	paper	paper	NOUN
cblr-7219	207	28	no	no	INTJ
cblr-7219	207	29	.	.	NOUN
cblr-7219	207	30	347	347	NUM
cblr-7219	207	31	,	,	PUNCT
cblr-7219	207	32	2017	2017	NUM
cblr-7219	207	33	)	)	PUNCT
cblr-7219	207	34	,	,	PUNCT
cblr-7219	207	35	https://ssrn.com/abstract=2925721	https://ssrn.com/abstract=2925721	PROPN
cblr-7219	208	1	[	[	X
cblr-7219	208	2	https://perma.cc/up2r-qp5v	https://perma.cc/up2r-qp5v	X
cblr-7219	208	3	]	]	X
cblr-7219	208	4	.	.	PUNCT
cblr-7219	209	1	43	43	NUM
cblr-7219	209	2	see	see	VERB
cblr-7219	209	3	steven	steven	PROPN
cblr-7219	209	4	l.	l.	PROPN
cblr-7219	209	5	schwarcz	schwarcz	PROPN
cblr-7219	209	6	,	,	PUNCT
cblr-7219	209	7	systemic	systemic	ADJ
cblr-7219	209	8	risk	risk	NOUN
cblr-7219	209	9	,	,	PUNCT
cblr-7219	209	10	97	97	NUM
cblr-7219	209	11	geo	geo	PROPN
cblr-7219	209	12	.	.	PUNCT
cblr-7219	210	1	l.j	l.j	PROPN
cblr-7219	210	2	.	.	PROPN
cblr-7219	210	3	193	193	NUM
cblr-7219	210	4	,	,	PUNCT
cblr-7219	210	5	204	204	NUM
cblr-7219	210	6	(	(	PUNCT
cblr-7219	210	7	2008	2008	NUM
cblr-7219	210	8	)	)	PUNCT
cblr-7219	210	9	(	(	PUNCT
cblr-7219	210	10	defining	define	VERB
cblr-7219	210	11	systemic	systemic	ADJ
cblr-7219	210	12	risk	risk	NOUN
cblr-7219	210	13	as	as	ADP
cblr-7219	210	14	“	"	PUNCT
cblr-7219	210	15	the	the	DET
cblr-7219	210	16	risk	risk	NOUN
cblr-7219	210	17	that	that	SCONJ
cblr-7219	210	18	(	(	PUNCT
cblr-7219	210	19	i	i	NOUN
cblr-7219	210	20	)	)	PUNCT
cblr-7219	210	21	an	an	DET
cblr-7219	210	22	economic	economic	ADJ
cblr-7219	210	23	shock	shock	NOUN
cblr-7219	210	24	such	such	ADJ
cblr-7219	210	25	as	as	ADP
cblr-7219	210	26	market	market	NOUN
cblr-7219	210	27	or	or	CCONJ
cblr-7219	210	28	institutional	institutional	ADJ
cblr-7219	210	29	failure	failure	NOUN
cblr-7219	210	30	triggers	trigger	NOUN
cblr-7219	210	31	.	.	PUNCT
cblr-7219	210	32	.	.	PUNCT
cblr-7219	210	33	.	.	PUNCT
cblr-7219	211	1	either	either	CCONJ
cblr-7219	211	2	(	(	PUNCT
cblr-7219	211	3	x	x	X
cblr-7219	211	4	)	)	PUNCT
cblr-7219	211	5	the	the	DET
cblr-7219	211	6	failure	failure	NOUN
cblr-7219	211	7	of	of	ADP
cblr-7219	211	8	a	a	DET
cblr-7219	211	9	chain	chain	NOUN
cblr-7219	211	10	of	of	ADP
cblr-7219	211	11	markets	market	NOUN
cblr-7219	211	12	or	or	CCONJ
cblr-7219	211	13	institutions	institution	NOUN
cblr-7219	211	14	or	or	CCONJ
cblr-7219	211	15	(	(	PUNCT
cblr-7219	211	16	y	y	NOUN
cblr-7219	211	17	)	)	PUNCT
cblr-7219	211	18	a	a	DET
cblr-7219	211	19	chain	chain	NOUN
cblr-7219	211	20	of	of	ADP
cblr-7219	211	21	significant	significant	ADJ
cblr-7219	211	22	losses	loss	NOUN
cblr-7219	211	23	to	to	ADP
cblr-7219	211	24	financial	financial	ADJ
cblr-7219	211	25	institutions	institution	NOUN
cblr-7219	211	26	,	,	PUNCT
cblr-7219	211	27	(	(	PUNCT
cblr-7219	211	28	ii	ii	NOUN
cblr-7219	211	29	)	)	PUNCT
cblr-7219	211	30	resulting	result	VERB
cblr-7219	211	31	in	in	ADP
cblr-7219	211	32	increases	increase	NOUN
cblr-7219	211	33	in	in	ADP
cblr-7219	211	34	the	the	DET
cblr-7219	211	35	cost	cost	NOUN
cblr-7219	211	36	of	of	ADP
cblr-7219	211	37	capital	capital	NOUN
cblr-7219	211	38	or	or	CCONJ
cblr-7219	211	39	decreases	decrease	NOUN
cblr-7219	211	40	in	in	ADP
cblr-7219	211	41	its	its	PRON
cblr-7219	211	42	availability	availability	NOUN
cblr-7219	211	43	,	,	PUNCT
cblr-7219	211	44	often	often	ADV
cblr-7219	211	45	evidenced	evidence	VERB
cblr-7219	211	46	by	by	ADP
cblr-7219	211	47	substantial	substantial	ADJ
cblr-7219	211	48	financial	financial	ADJ
cblr-7219	211	49	-	-	PUNCT
cblr-7219	211	50	market	market	NOUN
cblr-7219	211	51	price	price	NOUN
cblr-7219	211	52	volatility	volatility	NOUN
cblr-7219	211	53	”	"	PUNCT
cblr-7219	211	54	)	)	PUNCT
cblr-7219	211	55	.	.	PUNCT
cblr-7219	212	1	44	44	NUM
cblr-7219	213	1	some	some	DET
cblr-7219	213	2	academic	academic	ADJ
cblr-7219	213	3	work	work	NOUN
cblr-7219	213	4	overlooks	overlook	VERB
cblr-7219	213	5	the	the	DET
cblr-7219	213	6	importance	importance	NOUN
cblr-7219	213	7	and	and	CCONJ
cblr-7219	213	8	implications	implication	NOUN
cblr-7219	213	9	of	of	ADP
cblr-7219	213	10	the	the	DET
cblr-7219	213	11	organizational	organizational	ADJ
cblr-7219	213	12	structure	structure	NOUN
cblr-7219	213	13	of	of	ADP
cblr-7219	213	14	clearinghouses	clearinghouse	NOUN
cblr-7219	213	15	as	as	ADP
cblr-7219	213	16	a	a	DET
cblr-7219	213	17	potential	potential	ADJ
cblr-7219	213	18	source	source	NOUN
cblr-7219	213	19	of	of	ADP
cblr-7219	213	20	systemic	systemic	ADJ
cblr-7219	213	21	instability	instability	NOUN
cblr-7219	213	22	.	.	PUNCT
cblr-7219	214	1	see	see	VERB
cblr-7219	214	2	roe	roe	PROPN
cblr-7219	214	3	,	,	PUNCT
cblr-7219	214	4	supra	supra	PROPN
cblr-7219	214	5	note	note	PROPN
cblr-7219	214	6	9	9	NUM
cblr-7219	214	7	;	;	PUNCT
cblr-7219	214	8	levitin	levitin	NOUN
cblr-7219	214	9	,	,	PUNCT
cblr-7219	214	10	supra	supra	PROPN
cblr-7219	214	11	note	note	NOUN
cblr-7219	214	12	9	9	NUM
cblr-7219	214	13	;	;	PUNCT
cblr-7219	214	14	peirce	peirce	NOUN
cblr-7219	214	15	,	,	PUNCT
cblr-7219	214	16	supra	supra	PROPN
cblr-7219	214	17	note	note	PROPN
cblr-7219	214	18	9	9	NUM
cblr-7219	214	19	;	;	PUNCT
cblr-7219	214	20	yadav	yadav	PROPN
cblr-7219	214	21	,	,	PUNCT
cblr-7219	214	22	supra	supra	PROPN
cblr-7219	214	23	note	note	NOUN
cblr-7219	214	24	9	9	NUM
cblr-7219	214	25	.	.	X
cblr-7219	214	26	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	214	27	(	(	PUNCT
cblr-7219	214	28	do	do	AUX
cblr-7219	214	29	not	not	PART
cblr-7219	214	30	delte	delte	VERB
cblr-7219	214	31	)	)	PUNCT
cblr-7219	214	32	10/21/2020	10/21/2020	NUM
cblr-7219	214	33	11:22	11:22	NUM
cblr-7219	214	34	am	be	AUX
cblr-7219	214	35	462	462	NUM
cblr-7219	214	36	columbia	columbia	PROPN
cblr-7219	214	37	business	business	NOUN
cblr-7219	214	38	law	law	PROPN
cblr-7219	214	39	review	review	NOUN
cblr-7219	215	1	[	[	X
cblr-7219	215	2	vol	vol	NOUN
cblr-7219	215	3	.	.	PUNCT
cblr-7219	215	4	2020	2020	NUM
cblr-7219	216	1	this	this	DET
cblr-7219	216	2	article	article	NOUN
cblr-7219	216	3	is	be	AUX
cblr-7219	216	4	structured	structure	VERB
cblr-7219	216	5	as	as	SCONJ
cblr-7219	216	6	follows	follow	VERB
cblr-7219	216	7	.	.	PUNCT
cblr-7219	217	1	part	part	PROPN
cblr-7219	217	2	ii	ii	PROPN
cblr-7219	217	3	analyzes	analyze	VERB
cblr-7219	217	4	the	the	DET
cblr-7219	217	5	economic	economic	ADJ
cblr-7219	217	6	and	and	CCONJ
cblr-7219	217	7	organizational	organizational	ADJ
cblr-7219	217	8	structure	structure	NOUN
cblr-7219	217	9	of	of	ADP
cblr-7219	217	10	clearinghouses	clearinghouse	NOUN
cblr-7219	217	11	.	.	PUNCT
cblr-7219	218	1	part	part	NOUN
cblr-7219	218	2	iii	iii	PROPN
cblr-7219	218	3	identifies	identify	VERB
cblr-7219	218	4	the	the	DET
cblr-7219	218	5	unique	unique	ADJ
cblr-7219	218	6	agency	agency	NOUN
cblr-7219	218	7	costs	cost	NOUN
cblr-7219	218	8	originating	originate	VERB
cblr-7219	218	9	from	from	ADP
cblr-7219	218	10	the	the	DET
cblr-7219	218	11	separation	separation	NOUN
cblr-7219	218	12	of	of	ADP
cblr-7219	218	13	risk	risk	NOUN
cblr-7219	218	14	and	and	CCONJ
cblr-7219	218	15	control	control	NOUN
cblr-7219	218	16	and	and	CCONJ
cblr-7219	218	17	places	place	VERB
cblr-7219	218	18	clearinghouses	clearinghouse	NOUN
cblr-7219	218	19	in	in	ADP
cblr-7219	218	20	the	the	DET
cblr-7219	218	21	broader	broad	ADJ
cblr-7219	218	22	context	context	NOUN
cblr-7219	218	23	of	of	ADP
cblr-7219	218	24	corporate	corporate	ADJ
cblr-7219	218	25	and	and	CCONJ
cblr-7219	218	26	financial	financial	ADJ
cblr-7219	218	27	law	law	NOUN
cblr-7219	218	28	.	.	PUNCT
cblr-7219	219	1	part	part	NOUN
cblr-7219	219	2	iv	iv	NUM
cblr-7219	219	3	examines	examine	VERB
cblr-7219	219	4	the	the	DET
cblr-7219	219	5	existing	exist	VERB
cblr-7219	219	6	regulatory	regulatory	ADJ
cblr-7219	219	7	framework	framework	NOUN
cblr-7219	219	8	built	build	VERB
cblr-7219	219	9	by	by	ADP
cblr-7219	219	10	the	the	DET
cblr-7219	219	11	doddfrank	doddfrank	PROPN
cblr-7219	219	12	act	act	NOUN
cblr-7219	219	13	and	and	CCONJ
cblr-7219	219	14	argues	argue	VERB
cblr-7219	219	15	that	that	SCONJ
cblr-7219	219	16	it	it	PRON
cblr-7219	219	17	created	create	VERB
cblr-7219	219	18	a	a	DET
cblr-7219	219	19	flawed	flawed	ADJ
cblr-7219	219	20	governance	governance	NOUN
cblr-7219	219	21	and	and	CCONJ
cblr-7219	219	22	capital	capital	NOUN
cblr-7219	219	23	regime	regime	NOUN
cblr-7219	219	24	that	that	PRON
cblr-7219	219	25	threatens	threaten	VERB
cblr-7219	219	26	clearinghouses	clearinghouse	NOUN
cblr-7219	219	27	’	'	PUNCT
cblr-7219	219	28	systemic	systemic	ADJ
cblr-7219	219	29	resilience	resilience	NOUN
cblr-7219	219	30	.	.	PUNCT
cblr-7219	220	1	part	part	NOUN
cblr-7219	220	2	v	v	ADP
cblr-7219	220	3	tackles	tackle	NOUN
cblr-7219	220	4	the	the	DET
cblr-7219	220	5	unsolved	unsolved	ADJ
cblr-7219	220	6	issues	issue	NOUN
cblr-7219	220	7	in	in	ADP
cblr-7219	220	8	the	the	DET
cblr-7219	220	9	regulation	regulation	NOUN
cblr-7219	220	10	of	of	ADP
cblr-7219	220	11	clearinghouses	clearinghouse	NOUN
cblr-7219	220	12	’	’	PART
cblr-7219	220	13	resilience	resilience	NOUN
cblr-7219	220	14	,	,	PUNCT
cblr-7219	220	15	recovery	recovery	NOUN
cblr-7219	220	16	,	,	PUNCT
cblr-7219	220	17	and	and	CCONJ
cblr-7219	220	18	resolution	resolution	NOUN
cblr-7219	220	19	.	.	PUNCT
cblr-7219	221	1	this	this	DET
cblr-7219	221	2	part	part	NOUN
cblr-7219	221	3	offers	offer	VERB
cblr-7219	221	4	concrete	concrete	ADJ
cblr-7219	221	5	policy	policy	NOUN
cblr-7219	221	6	recommendations	recommendation	NOUN
cblr-7219	221	7	regarding	regard	VERB
cblr-7219	221	8	how	how	SCONJ
cblr-7219	221	9	to	to	PART
cblr-7219	221	10	improve	improve	VERB
cblr-7219	221	11	clearinghouses	clearinghouse	NOUN
cblr-7219	221	12	’	'	PUNCT
cblr-7219	221	13	governance	governance	NOUN
cblr-7219	221	14	and	and	CCONJ
cblr-7219	221	15	economic	economic	ADJ
cblr-7219	221	16	structure	structure	NOUN
cblr-7219	221	17	and	and	CCONJ
cblr-7219	221	18	create	create	VERB
cblr-7219	221	19	a	a	DET
cblr-7219	221	20	more	more	ADV
cblr-7219	221	21	systemically	systemically	ADV
cblr-7219	221	22	sound	sound	ADJ
cblr-7219	221	23	infrastructure	infrastructure	NOUN
cblr-7219	221	24	.	.	PUNCT
cblr-7219	222	1	this	this	DET
cblr-7219	222	2	article	article	NOUN
cblr-7219	222	3	concludes	conclude	VERB
cblr-7219	222	4	that	that	SCONJ
cblr-7219	222	5	the	the	DET
cblr-7219	222	6	clearing	clearing	NOUN
cblr-7219	222	7	market	market	NOUN
cblr-7219	222	8	is	be	AUX
cblr-7219	222	9	ripe	ripe	ADJ
cblr-7219	222	10	for	for	ADP
cblr-7219	222	11	reform	reform	NOUN
cblr-7219	222	12	,	,	PUNCT
cblr-7219	222	13	and	and	CCONJ
cblr-7219	222	14	that	that	SCONJ
cblr-7219	222	15	lawmakers	lawmaker	NOUN
cblr-7219	222	16	and	and	CCONJ
cblr-7219	222	17	regulators	regulator	NOUN
cblr-7219	222	18	should	should	AUX
cblr-7219	222	19	consider	consider	VERB
cblr-7219	222	20	novel	novel	ADJ
cblr-7219	222	21	approaches	approach	NOUN
cblr-7219	222	22	to	to	PART
cblr-7219	222	23	address	address	VERB
cblr-7219	222	24	the	the	DET
cblr-7219	222	25	agency	agency	NOUN
cblr-7219	222	26	costs	cost	NOUN
cblr-7219	222	27	that	that	SCONJ
cblr-7219	222	28	clearinghouses	clearinghouse	NOUN
cblr-7219	222	29	currently	currently	ADV
cblr-7219	222	30	face	face	VERB
cblr-7219	222	31	.	.	PUNCT
cblr-7219	223	1	ii	ii	PROPN
cblr-7219	223	2	.	.	PUNCT
cblr-7219	224	1	clearinghouses	clearinghouse	NOUN
cblr-7219	224	2	:	:	PUNCT
cblr-7219	224	3	economics	economic	NOUN
cblr-7219	224	4	and	and	CCONJ
cblr-7219	224	5	organization	organization	NOUN
cblr-7219	224	6	clearinghouses	clearinghouse	NOUN
cblr-7219	224	7	are	be	AUX
cblr-7219	224	8	the	the	DET
cblr-7219	224	9	plumbing	plumbing	NOUN
cblr-7219	224	10	of	of	ADP
cblr-7219	224	11	the	the	DET
cblr-7219	224	12	financial	financial	ADJ
cblr-7219	224	13	markets	market	NOUN
cblr-7219	224	14	.	.	PUNCT
cblr-7219	225	1	because	because	SCONJ
cblr-7219	225	2	they	they	PRON
cblr-7219	225	3	operate	operate	VERB
cblr-7219	225	4	behind	behind	ADP
cblr-7219	225	5	the	the	DET
cblr-7219	225	6	scenes	scene	NOUN
cblr-7219	225	7	,	,	PUNCT
cblr-7219	225	8	they	they	PRON
cblr-7219	225	9	are	be	AUX
cblr-7219	225	10	often	often	ADV
cblr-7219	225	11	overlooked	overlook	VERB
cblr-7219	225	12	.	.	PUNCT
cblr-7219	226	1	this	this	DET
cblr-7219	226	2	part	part	NOUN
cblr-7219	226	3	brings	bring	VERB
cblr-7219	226	4	the	the	DET
cblr-7219	226	5	function	function	NOUN
cblr-7219	226	6	of	of	ADP
cblr-7219	226	7	clearinghouses	clearinghouse	NOUN
cblr-7219	226	8	to	to	PART
cblr-7219	226	9	light	light	NOUN
cblr-7219	226	10	,	,	PUNCT
cblr-7219	226	11	explaining	explain	VERB
cblr-7219	226	12	their	their	PRON
cblr-7219	226	13	critical	critical	ADJ
cblr-7219	226	14	role	role	NOUN
cblr-7219	226	15	in	in	ADP
cblr-7219	226	16	supporting	support	VERB
cblr-7219	226	17	efficient	efficient	ADJ
cblr-7219	226	18	and	and	CCONJ
cblr-7219	226	19	stable	stable	ADJ
cblr-7219	226	20	financial	financial	ADJ
cblr-7219	226	21	markets	market	NOUN
cblr-7219	226	22	.	.	PUNCT
cblr-7219	227	1	it	it	PRON
cblr-7219	227	2	then	then	ADV
cblr-7219	227	3	discusses	discuss	VERB
cblr-7219	227	4	how	how	SCONJ
cblr-7219	227	5	clearinghouses	clearinghouse	NOUN
cblr-7219	227	6	are	be	AUX
cblr-7219	227	7	organized	organize	VERB
cblr-7219	227	8	as	as	ADP
cblr-7219	227	9	firms	firm	NOUN
cblr-7219	227	10	and	and	CCONJ
cblr-7219	227	11	how	how	SCONJ
cblr-7219	227	12	they	they	PRON
cblr-7219	227	13	operate	operate	VERB
cblr-7219	227	14	in	in	ADP
cblr-7219	227	15	financial	financial	ADJ
cblr-7219	227	16	market	market	NOUN
cblr-7219	227	17	environment	environment	NOUN
cblr-7219	227	18	.	.	PUNCT
cblr-7219	228	1	a.	a.	NOUN
cblr-7219	229	1	the	the	DET
cblr-7219	229	2	economics	economic	NOUN
cblr-7219	229	3	of	of	ADP
cblr-7219	229	4	central	central	ADJ
cblr-7219	229	5	clearing	clearing	NOUN
cblr-7219	229	6	:	:	PUNCT
cblr-7219	229	7	what	what	PRON
cblr-7219	229	8	clearinghouses	clearinghouse	NOUN
cblr-7219	229	9	do	do	AUX
cblr-7219	229	10	clearinghouses	clearinghouse	NOUN
cblr-7219	229	11	are	be	AUX
cblr-7219	229	12	the	the	DET
cblr-7219	229	13	product	product	NOUN
cblr-7219	229	14	of	of	ADP
cblr-7219	229	15	synergies	synergy	NOUN
cblr-7219	229	16	among	among	ADP
cblr-7219	229	17	market	market	NOUN
cblr-7219	229	18	participants	participant	NOUN
cblr-7219	229	19	that	that	PRON
cblr-7219	229	20	create	create	VERB
cblr-7219	229	21	a	a	DET
cblr-7219	229	22	mechanism	mechanism	NOUN
cblr-7219	229	23	to	to	PART
cblr-7219	229	24	centralize	centralize	VERB
cblr-7219	229	25	,	,	PUNCT
cblr-7219	229	26	pool	pool	NOUN
cblr-7219	229	27	,	,	PUNCT
cblr-7219	229	28	manage	manage	VERB
cblr-7219	229	29	,	,	PUNCT
cblr-7219	229	30	and	and	CCONJ
cblr-7219	229	31	ultimately	ultimately	ADV
cblr-7219	229	32	share	share	VERB
cblr-7219	229	33	the	the	DET
cblr-7219	229	34	risks	risk	NOUN
cblr-7219	229	35	and	and	CCONJ
cblr-7219	229	36	losses	loss	NOUN
cblr-7219	229	37	of	of	ADP
cblr-7219	229	38	transacting	transact	VERB
cblr-7219	229	39	in	in	ADP
cblr-7219	229	40	financial	financial	ADJ
cblr-7219	229	41	contracts.45	contracts.45	NOUN
cblr-7219	229	42	widely	widely	ADV
cblr-7219	229	43	used	use	VERB
cblr-7219	229	44	in	in	ADP
cblr-7219	229	45	the	the	DET
cblr-7219	229	46	securities	security	NOUN
cblr-7219	229	47	,	,	PUNCT
cblr-7219	229	48	45	45	NUM
cblr-7219	229	49	see	see	VERB
cblr-7219	229	50	saguato	saguato	NOUN
cblr-7219	229	51	,	,	PUNCT
cblr-7219	229	52	the	the	DET
cblr-7219	229	53	ownership	ownership	NOUN
cblr-7219	229	54	of	of	ADP
cblr-7219	229	55	clearinghouses	clearinghouse	NOUN
cblr-7219	229	56	,	,	PUNCT
cblr-7219	229	57	supra	supra	PROPN
cblr-7219	229	58	note	note	NOUN
cblr-7219	229	59	8	8	NUM
cblr-7219	229	60	,	,	PUNCT
cblr-7219	229	61	at	at	ADP
cblr-7219	229	62	614–23	614–23	NUM
cblr-7219	229	63	.	.	PUNCT
cblr-7219	230	1	see	see	VERB
cblr-7219	230	2	also	also	ADV
cblr-7219	230	3	norman	norman	PROPN
cblr-7219	230	4	,	,	PUNCT
cblr-7219	230	5	supra	supra	PROPN
cblr-7219	230	6	note	note	PROPN
cblr-7219	230	7	15	15	NUM
cblr-7219	230	8	,	,	PUNCT
cblr-7219	230	9	at	at	ADP
cblr-7219	230	10	51–66	51–66	NUM
cblr-7219	230	11	(	(	PUNCT
cblr-7219	230	12	offering	offer	VERB
cblr-7219	230	13	a	a	DET
cblr-7219	230	14	brief	brief	ADJ
cblr-7219	230	15	historical	historical	ADJ
cblr-7219	230	16	account	account	NOUN
cblr-7219	230	17	of	of	ADP
cblr-7219	230	18	the	the	DET
cblr-7219	230	19	evolution	evolution	NOUN
cblr-7219	230	20	of	of	ADP
cblr-7219	230	21	trading	trading	NOUN
cblr-7219	230	22	and	and	CCONJ
cblr-7219	230	23	post	post	ADJ
cblr-7219	230	24	-	-	ADJ
cblr-7219	230	25	trading	trading	ADJ
cblr-7219	230	26	practices	practice	NOUN
cblr-7219	230	27	,	,	PUNCT
cblr-7219	230	28	with	with	ADP
cblr-7219	230	29	a	a	DET
cblr-7219	230	30	narrow	narrow	ADJ
cblr-7219	230	31	focus	focus	NOUN
cblr-7219	230	32	on	on	ADP
cblr-7219	230	33	clearinghouses	clearinghouse	NOUN
cblr-7219	230	34	)	)	PUNCT
cblr-7219	230	35	.	.	PUNCT
cblr-7219	231	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	231	2	(	(	PUNCT
cblr-7219	231	3	do	do	AUX
cblr-7219	231	4	not	not	PART
cblr-7219	231	5	delete	delete	VERB
cblr-7219	231	6	)	)	PUNCT
cblr-7219	231	7	10/21/2020	10/21/2020	NUM
cblr-7219	231	8	11:22	11:22	NUM
cblr-7219	231	9	am	am	NOUN
cblr-7219	231	10	no	no	NOUN
cblr-7219	231	11	.	.	PUNCT
cblr-7219	232	1	2:449	2:449	NUM
cblr-7219	232	2	]	]	X
cblr-7219	232	3	unfinished	unfinished	ADJ
cblr-7219	232	4	business	business	NOUN
cblr-7219	232	5	463	463	NUM
cblr-7219	232	6	commodities	commodity	NOUN
cblr-7219	232	7	,	,	PUNCT
cblr-7219	232	8	and	and	CCONJ
cblr-7219	232	9	derivatives	derivative	NOUN
cblr-7219	232	10	markets,46	markets,46	NOUN
cblr-7219	232	11	clearinghouses	clearinghouse	NOUN
cblr-7219	232	12	intervene	intervene	VERB
cblr-7219	232	13	after	after	SCONJ
cblr-7219	232	14	a	a	DET
cblr-7219	232	15	trade	trade	NOUN
cblr-7219	232	16	is	be	AUX
cblr-7219	232	17	executed	execute	VERB
cblr-7219	232	18	between	between	ADP
cblr-7219	232	19	two	two	NUM
cblr-7219	232	20	parties	party	NOUN
cblr-7219	232	21	and	and	CCONJ
cblr-7219	232	22	support	support	VERB
cblr-7219	232	23	the	the	DET
cblr-7219	232	24	post	post	ADJ
cblr-7219	232	25	-	-	ADJ
cblr-7219	232	26	trading	trading	ADJ
cblr-7219	232	27	phase	phase	NOUN
cblr-7219	232	28	of	of	ADP
cblr-7219	232	29	the	the	DET
cblr-7219	232	30	transaction.47	transaction.47	NOUN
cblr-7219	232	31	they	they	PRON
cblr-7219	232	32	confirm	confirm	VERB
cblr-7219	232	33	and	and	CCONJ
cblr-7219	232	34	reconcile	reconcile	VERB
cblr-7219	232	35	the	the	DET
cblr-7219	232	36	contractual	contractual	ADJ
cblr-7219	232	37	terms	term	NOUN
cblr-7219	232	38	,	,	PUNCT
cblr-7219	232	39	administer	administer	NOUN
cblr-7219	232	40	and	and	CCONJ
cblr-7219	232	41	manage	manage	VERB
cblr-7219	232	42	the	the	DET
cblr-7219	232	43	provision	provision	NOUN
cblr-7219	232	44	of	of	ADP
cblr-7219	232	45	contractual	contractual	ADJ
cblr-7219	232	46	guarantees	guarantee	NOUN
cblr-7219	232	47	—	—	PUNCT
cblr-7219	232	48	collateral	collateral	NOUN
cblr-7219	232	49	—	—	PUNCT
cblr-7219	232	50	and	and	CCONJ
cblr-7219	232	51	ensure	ensure	VERB
cblr-7219	232	52	the	the	DET
cblr-7219	232	53	performance	performance	NOUN
cblr-7219	232	54	of	of	ADP
cblr-7219	232	55	the	the	DET
cblr-7219	232	56	contract.48	contract.48	NOUN
cblr-7219	232	57	to	to	PART
cblr-7219	232	58	effectively	effectively	ADV
cblr-7219	232	59	manage	manage	VERB
cblr-7219	232	60	risk	risk	NOUN
cblr-7219	232	61	and	and	CCONJ
cblr-7219	232	62	compress	compress	VERB
cblr-7219	232	63	exposure	exposure	NOUN
cblr-7219	232	64	,	,	PUNCT
cblr-7219	232	65	clearinghouses	clearinghouse	NOUN
cblr-7219	232	66	generally	generally	ADV
cblr-7219	232	67	act	act	VERB
cblr-7219	232	68	as	as	ADP
cblr-7219	232	69	central	central	ADJ
cblr-7219	232	70	counterparties	counterpartie	NOUN
cblr-7219	232	71	(	(	PUNCT
cblr-7219	232	72	“	"	PUNCT
cblr-7219	232	73	ccps	ccp	NOUN
cblr-7219	232	74	”	"	PUNCT
cblr-7219	232	75	)	)	PUNCT
cblr-7219	232	76	for	for	ADP
cblr-7219	232	77	a	a	DET
cblr-7219	232	78	group	group	NOUN
cblr-7219	232	79	of	of	ADP
cblr-7219	232	80	dealer	dealer	NOUN
cblr-7219	232	81	firms	firm	NOUN
cblr-7219	232	82	—	—	PUNCT
cblr-7219	232	83	the	the	DET
cblr-7219	232	84	members	member	NOUN
cblr-7219	232	85	of	of	ADP
cblr-7219	232	86	the	the	DET
cblr-7219	232	87	clearinghouse	clearinghouse	NOUN
cblr-7219	232	88	that	that	PRON
cblr-7219	232	89	apply	apply	VERB
cblr-7219	232	90	for	for	ADP
cblr-7219	232	91	membership	membership	NOUN
cblr-7219	232	92	status	status	NOUN
cblr-7219	232	93	to	to	PART
cblr-7219	232	94	access	access	NOUN
cblr-7219	232	95	clearing	clearing	NOUN
cblr-7219	232	96	services	service	NOUN
cblr-7219	232	97	and	and	CCONJ
cblr-7219	232	98	pay	pay	VERB
cblr-7219	232	99	fees	fee	NOUN
cblr-7219	232	100	to	to	PART
cblr-7219	232	101	have	have	VERB
cblr-7219	232	102	their	their	PRON
cblr-7219	232	103	trades	trade	NOUN
cblr-7219	232	104	cleared	clear	VERB
cblr-7219	232	105	.	.	PUNCT
cblr-7219	233	1	through	through	ADP
cblr-7219	233	2	a	a	DET
cblr-7219	233	3	process	process	NOUN
cblr-7219	233	4	of	of	ADP
cblr-7219	233	5	novation,49	novation,49	NOUN
cblr-7219	233	6	the	the	DET
cblr-7219	233	7	clearinghouse	clearinghouse	NOUN
cblr-7219	233	8	breaks	break	VERB
cblr-7219	233	9	the	the	DET
cblr-7219	233	10	original	original	ADJ
cblr-7219	233	11	contract	contract	NOUN
cblr-7219	233	12	into	into	ADP
cblr-7219	233	13	two	two	NUM
cblr-7219	233	14	new	new	ADJ
cblr-7219	233	15	contracts	contract	NOUN
cblr-7219	233	16	and	and	CCONJ
cblr-7219	233	17	interposes	interpose	VERB
cblr-7219	233	18	itself	itself	PRON
cblr-7219	233	19	between	between	ADP
cblr-7219	233	20	the	the	DET
cblr-7219	233	21	original	original	ADJ
cblr-7219	233	22	parties	party	NOUN
cblr-7219	233	23	,	,	PUNCT
cblr-7219	233	24	becoming	become	VERB
cblr-7219	233	25	the	the	DET
cblr-7219	233	26	buyer	buyer	NOUN
cblr-7219	233	27	to	to	ADP
cblr-7219	233	28	the	the	DET
cblr-7219	233	29	original	original	ADJ
cblr-7219	233	30	seller	seller	NOUN
cblr-7219	233	31	and	and	CCONJ
cblr-7219	233	32	the	the	DET
cblr-7219	233	33	new	new	ADJ
cblr-7219	233	34	seller	seller	NOUN
cblr-7219	233	35	to	to	ADP
cblr-7219	233	36	the	the	DET
cblr-7219	233	37	original	original	ADJ
cblr-7219	233	38	buyer	buyer	NOUN
cblr-7219	233	39	.	.	PUNCT
cblr-7219	234	1	after	after	SCONJ
cblr-7219	234	2	the	the	DET
cblr-7219	234	3	contract	contract	NOUN
cblr-7219	234	4	is	be	AUX
cblr-7219	234	5	novated	novate	VERB
cblr-7219	234	6	,	,	PUNCT
cblr-7219	234	7	the	the	DET
cblr-7219	234	8	clearinghouse	clearinghouse	NOUN
cblr-7219	234	9	has	have	VERB
cblr-7219	234	10	two	two	NUM
cblr-7219	234	11	opposite	opposite	ADJ
cblr-7219	234	12	,	,	PUNCT
cblr-7219	234	13	matching	matching	NOUN
cblr-7219	234	14	,	,	PUNCT
cblr-7219	234	15	and	and	CCONJ
cblr-7219	234	16	offsetting	offset	VERB
cblr-7219	234	17	positions	position	NOUN
cblr-7219	234	18	on	on	ADP
cblr-7219	234	19	its	its	PRON
cblr-7219	234	20	balance	balance	NOUN
cblr-7219	234	21	sheet	sheet	NOUN
cblr-7219	234	22	and	and	CCONJ
cblr-7219	234	23	operates	operate	VERB
cblr-7219	234	24	with	with	ADP
cblr-7219	234	25	a	a	DET
cblr-7219	234	26	“	"	PUNCT
cblr-7219	234	27	matched	match	VERB
cblr-7219	234	28	book	book	NOUN
cblr-7219	234	29	,	,	PUNCT
cblr-7219	234	30	”	"	PUNCT
cblr-7219	234	31	meaning	mean	VERB
cblr-7219	234	32	that	that	SCONJ
cblr-7219	234	33	each	each	DET
cblr-7219	234	34	claim	claim	NOUN
cblr-7219	234	35	that	that	SCONJ
cblr-7219	234	36	the	the	DET
cblr-7219	234	37	clearinghouse	clearinghouse	NOUN
cblr-7219	234	38	has	have	AUX
cblr-7219	234	39	against	against	ADP
cblr-7219	234	40	one	one	NUM
cblr-7219	234	41	of	of	ADP
cblr-7219	234	42	its	its	PRON
cblr-7219	234	43	members	member	NOUN
cblr-7219	234	44	(	(	PUNCT
cblr-7219	234	45	i.e.	i.e.	X
cblr-7219	234	46	,	,	PUNCT
cblr-7219	234	47	asset	asset	NOUN
cblr-7219	234	48	)	)	PUNCT
cblr-7219	234	49	is	be	AUX
cblr-7219	234	50	matched	match	VERB
cblr-7219	234	51	by	by	ADP
cblr-7219	234	52	a	a	DET
cblr-7219	234	53	claim	claim	NOUN
cblr-7219	234	54	against	against	ADP
cblr-7219	234	55	the	the	DET
cblr-7219	234	56	clearinghouse	clearinghouse	NOUN
cblr-7219	234	57	(	(	PUNCT
cblr-7219	234	58	i.e.	i.e.	X
cblr-7219	234	59	,	,	PUNCT
cblr-7219	234	60	liability).50	liability).50	PROPN
cblr-7219	234	61	operating	operate	VERB
cblr-7219	234	62	with	with	ADP
cblr-7219	234	63	a	a	DET
cblr-7219	234	64	matched	match	VERB
cblr-7219	234	65	book	book	NOUN
cblr-7219	234	66	means	mean	VERB
cblr-7219	234	67	that	that	SCONJ
cblr-7219	234	68	the	the	DET
cblr-7219	234	69	clearinghouse	clearinghouse	NOUN
cblr-7219	234	70	is	be	AUX
cblr-7219	234	71	primarily	primarily	ADV
cblr-7219	234	72	exposed	expose	VERB
cblr-7219	234	73	to	to	ADP
cblr-7219	234	74	the	the	DET
cblr-7219	234	75	risk	risk	NOUN
cblr-7219	234	76	of	of	ADP
cblr-7219	234	77	the	the	DET
cblr-7219	234	78	failure	failure	NOUN
cblr-7219	234	79	of	of	ADP
cblr-7219	234	80	its	its	PRON
cblr-7219	234	81	members	member	NOUN
cblr-7219	234	82	(	(	PUNCT
cblr-7219	234	83	i.e.	i.e.	X
cblr-7219	234	84	,	,	PUNCT
cblr-7219	234	85	counterparty	counterparty	NOUN
cblr-7219	234	86	credit	credit	NOUN
cblr-7219	234	87	risk	risk	NOUN
cblr-7219	234	88	)	)	PUNCT
cblr-7219	234	89	and	and	CCONJ
cblr-7219	234	90	is	be	AUX
cblr-7219	234	91	not	not	PART
cblr-7219	234	92	directly	directly	ADV
cblr-7219	234	93	exposed	expose	VERB
cblr-7219	234	94	to	to	ADP
cblr-7219	234	95	market	market	NOUN
cblr-7219	234	96	risk.51	risk.51	NOUN
cblr-7219	234	97	in	in	ADP
cblr-7219	234	98	normal	normal	ADJ
cblr-7219	234	99	times	time	NOUN
cblr-7219	234	100	,	,	PUNCT
cblr-7219	234	101	market	market	NOUN
cblr-7219	234	102	fluctuations	fluctuation	NOUN
cblr-7219	234	103	create	create	VERB
cblr-7219	234	104	no	no	DET
cblr-7219	234	105	net	net	ADJ
cblr-7219	234	106	change	change	NOUN
cblr-7219	234	107	in	in	ADP
cblr-7219	234	108	the	the	DET
cblr-7219	234	109	firm	firm	NOUN
cblr-7219	234	110	’s	’s	PART
cblr-7219	234	111	liquidity	liquidity	NOUN
cblr-7219	234	112	and	and	CCONJ
cblr-7219	234	113	balance	balance	NOUN
cblr-7219	234	114	sheet.52	sheet.52	NOUN
cblr-7219	234	115	because	because	SCONJ
cblr-7219	234	116	of	of	ADP
cblr-7219	234	117	its	its	PRON
cblr-7219	234	118	matched	match	VERB
cblr-7219	234	119	book	book	NOUN
cblr-7219	234	120	,	,	PUNCT
cblr-7219	234	121	if	if	SCONJ
cblr-7219	234	122	for	for	ADP
cblr-7219	234	123	instance	instance	NOUN
cblr-7219	234	124	the	the	DET
cblr-7219	234	125	short	short	ADJ
cblr-7219	234	126	exposure	exposure	NOUN
cblr-7219	234	127	of	of	ADP
cblr-7219	234	128	a	a	DET
cblr-7219	234	129	clearinghouse	clearinghouse	NOUN
cblr-7219	234	130	in	in	ADP
cblr-7219	234	131	a	a	DET
cblr-7219	234	132	specific	specific	ADJ
cblr-7219	234	133	transaction	transaction	NOUN
cblr-7219	234	134	46	46	NUM
cblr-7219	234	135	see	see	VERB
cblr-7219	234	136	paolo	paolo	PROPN
cblr-7219	234	137	saguato	saguato	PROPN
cblr-7219	234	138	,	,	PUNCT
cblr-7219	234	139	the	the	DET
cblr-7219	234	140	liquidity	liquidity	NOUN
cblr-7219	234	141	dilemma	dilemma	NOUN
cblr-7219	234	142	and	and	CCONJ
cblr-7219	234	143	the	the	DET
cblr-7219	234	144	repo	repo	NOUN
cblr-7219	234	145	market	market	NOUN
cblr-7219	234	146	:	:	PUNCT
cblr-7219	234	147	a	a	DET
cblr-7219	234	148	two	two	NUM
cblr-7219	234	149	-	-	PUNCT
cblr-7219	234	150	step	step	NOUN
cblr-7219	234	151	policy	policy	NOUN
cblr-7219	234	152	option	option	NOUN
cblr-7219	234	153	to	to	PART
cblr-7219	234	154	address	address	VERB
cblr-7219	234	155	the	the	DET
cblr-7219	234	156	regulatory	regulatory	ADJ
cblr-7219	234	157	void	void	NOUN
cblr-7219	234	158	,	,	PUNCT
cblr-7219	234	159	22	22	NUM
cblr-7219	234	160	stan	stan	NOUN
cblr-7219	234	161	.	.	PUNCT
cblr-7219	235	1	j.l	j.l	PROPN
cblr-7219	235	2	.	.	PROPN
cblr-7219	235	3	bus	bus	PROPN
cblr-7219	235	4	.	.	PUNCT
cblr-7219	235	5	&	&	CCONJ
cblr-7219	235	6	fin	fin	PROPN
cblr-7219	235	7	.	.	PROPN
cblr-7219	235	8	85	85	NUM
cblr-7219	235	9	(	(	PUNCT
cblr-7219	235	10	2017	2017	NUM
cblr-7219	235	11	)	)	PUNCT
cblr-7219	235	12	(	(	PUNCT
cblr-7219	235	13	identifying	identify	VERB
cblr-7219	235	14	the	the	DET
cblr-7219	235	15	potential	potential	ADJ
cblr-7219	235	16	benefits	benefit	NOUN
cblr-7219	235	17	of	of	ADP
cblr-7219	235	18	expanding	expand	VERB
cblr-7219	235	19	clearing	clearing	NOUN
cblr-7219	235	20	via	via	ADP
cblr-7219	235	21	central	central	ADJ
cblr-7219	235	22	clearing	clearing	NOUN
cblr-7219	235	23	counterparties	counterpartie	NOUN
cblr-7219	235	24	to	to	ADP
cblr-7219	235	25	the	the	DET
cblr-7219	235	26	repurchase	repurchase	NOUN
cblr-7219	235	27	agreements	agreement	NOUN
cblr-7219	235	28	markets	market	NOUN
cblr-7219	235	29	as	as	ADP
cblr-7219	235	30	a	a	DET
cblr-7219	235	31	mechanism	mechanism	NOUN
cblr-7219	235	32	to	to	PART
cblr-7219	235	33	reduce	reduce	VERB
cblr-7219	235	34	risk	risk	NOUN
cblr-7219	235	35	)	)	PUNCT
cblr-7219	235	36	.	.	PUNCT
cblr-7219	236	1	47	47	NUM
cblr-7219	236	2	see	see	VERB
cblr-7219	236	3	saguato	saguato	NOUN
cblr-7219	236	4	,	,	PUNCT
cblr-7219	236	5	the	the	DET
cblr-7219	236	6	ownership	ownership	NOUN
cblr-7219	236	7	of	of	ADP
cblr-7219	236	8	clearinghouses	clearinghouse	NOUN
cblr-7219	236	9	,	,	PUNCT
cblr-7219	236	10	supra	supra	PROPN
cblr-7219	236	11	note	note	NOUN
cblr-7219	236	12	8	8	NUM
cblr-7219	236	13	,	,	PUNCT
cblr-7219	236	14	at	at	ADP
cblr-7219	236	15	614	614	NUM
cblr-7219	236	16	.	.	PUNCT
cblr-7219	237	1	48	48	NUM
cblr-7219	238	1	i	i	PRON
cblr-7219	238	2	d.	d.	PROPN
cblr-7219	238	3	at	at	ADP
cblr-7219	238	4	614–16	614–16	PROPN
cblr-7219	238	5	.	.	PUNCT
cblr-7219	238	6	49	49	NUM
cblr-7219	238	7	novation	novation	NOUN
cblr-7219	238	8	is	be	AUX
cblr-7219	238	9	a	a	DET
cblr-7219	238	10	legal	legal	ADJ
cblr-7219	238	11	process	process	NOUN
cblr-7219	238	12	whereby	whereby	SCONJ
cblr-7219	238	13	an	an	DET
cblr-7219	238	14	original	original	ADJ
cblr-7219	238	15	obligation	obligation	NOUN
cblr-7219	238	16	or	or	CCONJ
cblr-7219	238	17	party	party	NOUN
cblr-7219	238	18	is	be	AUX
cblr-7219	238	19	substituted	substitute	VERB
cblr-7219	238	20	with	with	ADP
cblr-7219	238	21	a	a	DET
cblr-7219	238	22	new	new	ADJ
cblr-7219	238	23	one	one	NUM
cblr-7219	238	24	.	.	PUNCT
cblr-7219	239	1	see	see	VERB
cblr-7219	239	2	jon	jon	PROPN
cblr-7219	239	3	gregory	gregory	PROPN
cblr-7219	239	4	,	,	PUNCT
cblr-7219	239	5	central	central	ADJ
cblr-7219	239	6	counterparties	counterpartie	NOUN
cblr-7219	239	7	:	:	PUNCT
cblr-7219	239	8	mandatory	mandatory	ADJ
cblr-7219	239	9	clearing	clearing	NOUN
cblr-7219	239	10	and	and	CCONJ
cblr-7219	239	11	bilateral	bilateral	ADJ
cblr-7219	239	12	margin	margin	NOUN
cblr-7219	239	13	requirements	requirement	NOUN
cblr-7219	239	14	for	for	ADP
cblr-7219	239	15	otc	otc	PROPN
cblr-7219	239	16	derivatives	derivative	NOUN
cblr-7219	239	17	28	28	NUM
cblr-7219	239	18	(	(	PUNCT
cblr-7219	239	19	2014	2014	NUM
cblr-7219	239	20	)	)	PUNCT
cblr-7219	239	21	.	.	PUNCT
cblr-7219	240	1	50	50	NUM
cblr-7219	240	2	see	see	NOUN
cblr-7219	240	3	squire	squire	NOUN
cblr-7219	240	4	,	,	PUNCT
cblr-7219	240	5	supra	supra	PROPN
cblr-7219	240	6	note	note	NOUN
cblr-7219	240	7	9	9	NUM
cblr-7219	240	8	,	,	PUNCT
cblr-7219	240	9	at	at	ADP
cblr-7219	240	10	859	859	NUM
cblr-7219	240	11	.	.	NOUN
cblr-7219	240	12	51	51	NUM
cblr-7219	240	13	see	see	VERB
cblr-7219	240	14	saguato	saguato	NOUN
cblr-7219	240	15	,	,	PUNCT
cblr-7219	240	16	the	the	DET
cblr-7219	240	17	ownership	ownership	NOUN
cblr-7219	240	18	of	of	ADP
cblr-7219	240	19	clearinghouses	clearinghouse	NOUN
cblr-7219	240	20	,	,	PUNCT
cblr-7219	240	21	supra	supra	PROPN
cblr-7219	240	22	note	note	NOUN
cblr-7219	240	23	8	8	NUM
cblr-7219	240	24	,	,	PUNCT
cblr-7219	240	25	at	at	ADP
cblr-7219	240	26	615	615	NUM
cblr-7219	240	27	.	.	PUNCT
cblr-7219	241	1	52	52	NUM
cblr-7219	241	2	see	see	VERB
cblr-7219	241	3	gregory	gregory	PROPN
cblr-7219	241	4	,	,	PUNCT
cblr-7219	241	5	supra	supra	PROPN
cblr-7219	241	6	note	note	PROPN
cblr-7219	241	7	49	49	NUM
cblr-7219	241	8	,	,	PUNCT
cblr-7219	241	9	at	at	ADP
cblr-7219	241	10	29	29	NUM
cblr-7219	241	11	.	.	PUNCT
cblr-7219	242	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	242	2	(	(	PUNCT
cblr-7219	242	3	do	do	AUX
cblr-7219	242	4	not	not	PART
cblr-7219	242	5	delte	delte	VERB
cblr-7219	242	6	)	)	PUNCT
cblr-7219	242	7	10/21/2020	10/21/2020	NUM
cblr-7219	242	8	11:22	11:22	NUM
cblr-7219	242	9	am	be	AUX
cblr-7219	242	10	464	464	NUM
cblr-7219	242	11	columbia	columbia	PROPN
cblr-7219	242	12	business	business	NOUN
cblr-7219	242	13	law	law	PROPN
cblr-7219	242	14	review	review	NOUN
cblr-7219	242	15	[	[	X
cblr-7219	242	16	vol	vol	NOUN
cblr-7219	242	17	.	.	PUNCT
cblr-7219	242	18	2020	2020	NUM
cblr-7219	242	19	increases	increase	NOUN
cblr-7219	242	20	,	,	PUNCT
cblr-7219	242	21	then	then	ADV
cblr-7219	242	22	its	its	PRON
cblr-7219	242	23	corresponding	corresponding	ADJ
cblr-7219	242	24	long	long	ADJ
cblr-7219	242	25	position	position	NOUN
cblr-7219	242	26	in	in	ADP
cblr-7219	242	27	the	the	DET
cblr-7219	242	28	same	same	ADJ
cblr-7219	242	29	transaction	transaction	NOUN
cblr-7219	242	30	increases	increase	NOUN
cblr-7219	242	31	.	.	PUNCT
cblr-7219	243	1	this	this	PRON
cblr-7219	243	2	means	mean	VERB
cblr-7219	243	3	that	that	SCONJ
cblr-7219	243	4	if	if	SCONJ
cblr-7219	243	5	,	,	PUNCT
cblr-7219	243	6	because	because	SCONJ
cblr-7219	243	7	of	of	ADP
cblr-7219	243	8	market	market	NOUN
cblr-7219	243	9	fluctuation	fluctuation	NOUN
cblr-7219	243	10	,	,	PUNCT
cblr-7219	243	11	the	the	DET
cblr-7219	243	12	clearinghouse	clearinghouse	NOUN
cblr-7219	243	13	were	be	AUX
cblr-7219	243	14	to	to	PART
cblr-7219	243	15	owe	owe	VERB
cblr-7219	243	16	more	more	ADJ
cblr-7219	243	17	to	to	ADP
cblr-7219	243	18	an	an	DET
cblr-7219	243	19	original	original	ADJ
cblr-7219	243	20	buyer	buyer	NOUN
cblr-7219	243	21	,	,	PUNCT
cblr-7219	243	22	then	then	ADV
cblr-7219	243	23	that	that	DET
cblr-7219	243	24	increase	increase	NOUN
cblr-7219	243	25	in	in	ADP
cblr-7219	243	26	exposure	exposure	NOUN
cblr-7219	243	27	on	on	ADP
cblr-7219	243	28	the	the	DET
cblr-7219	243	29	clearinghouse	clearinghouse	NOUN
cblr-7219	243	30	liability	liability	NOUN
cblr-7219	243	31	side	side	NOUN
cblr-7219	243	32	would	would	AUX
cblr-7219	243	33	be	be	AUX
cblr-7219	243	34	matched	match	VERB
cblr-7219	243	35	by	by	ADP
cblr-7219	243	36	an	an	DET
cblr-7219	243	37	increase	increase	NOUN
cblr-7219	243	38	in	in	ADP
cblr-7219	243	39	the	the	DET
cblr-7219	243	40	amount	amount	NOUN
cblr-7219	243	41	owed	owe	VERB
cblr-7219	243	42	to	to	ADP
cblr-7219	243	43	the	the	DET
cblr-7219	243	44	clearinghouse	clearinghouse	NOUN
cblr-7219	243	45	by	by	ADP
cblr-7219	243	46	the	the	DET
cblr-7219	243	47	original	original	ADJ
cblr-7219	243	48	seller	seller	NOUN
cblr-7219	243	49	,	,	PUNCT
cblr-7219	243	50	creating	create	VERB
cblr-7219	243	51	a	a	DET
cblr-7219	243	52	corresponding	corresponding	ADJ
cblr-7219	243	53	increase	increase	NOUN
cblr-7219	243	54	in	in	ADP
cblr-7219	243	55	the	the	DET
cblr-7219	243	56	clearinghouse	clearinghouse	NOUN
cblr-7219	243	57	’s	’s	PART
cblr-7219	243	58	asset	asset	NOUN
cblr-7219	243	59	side	side	NOUN
cblr-7219	243	60	.	.	PUNCT
cblr-7219	244	1	as	as	ADP
cblr-7219	244	2	an	an	DET
cblr-7219	244	3	illustration	illustration	NOUN
cblr-7219	244	4	of	of	ADP
cblr-7219	244	5	how	how	SCONJ
cblr-7219	244	6	a	a	DET
cblr-7219	244	7	clearinghouse	clearinghouse	NOUN
cblr-7219	244	8	operates	operate	VERB
cblr-7219	244	9	,	,	PUNCT
cblr-7219	244	10	imagine	imagine	VERB
cblr-7219	244	11	that	that	SCONJ
cblr-7219	244	12	a	a	DET
cblr-7219	244	13	wishes	wish	NOUN
cblr-7219	244	14	to	to	PART
cblr-7219	244	15	sell	sell	VERB
cblr-7219	244	16	to	to	ADP
cblr-7219	244	17	b	b	PROPN
cblr-7219	244	18	a	a	DET
cblr-7219	244	19	bitcoin	bitcoin	ADJ
cblr-7219	244	20	future53	future53	NOUN
cblr-7219	244	21	—	—	PUNCT
cblr-7219	244	22	that	that	ADV
cblr-7219	244	23	is	is	ADV
cblr-7219	244	24	,	,	PUNCT
cblr-7219	244	25	a	a	DET
cblr-7219	244	26	financial	financial	ADJ
cblr-7219	244	27	derivative	derivative	NOUN
cblr-7219	244	28	where	where	SCONJ
cblr-7219	244	29	the	the	DET
cblr-7219	244	30	seller	seller	NOUN
cblr-7219	244	31	agrees	agree	VERB
cblr-7219	244	32	to	to	PART
cblr-7219	244	33	deliver	deliver	VERB
cblr-7219	244	34	,	,	PUNCT
cblr-7219	244	35	at	at	ADP
cblr-7219	244	36	a	a	DET
cblr-7219	244	37	specified	specified	ADJ
cblr-7219	244	38	date	date	NOUN
cblr-7219	244	39	,	,	PUNCT
cblr-7219	244	40	a	a	DET
cblr-7219	244	41	specified	specify	VERB
cblr-7219	244	42	asset	asset	NOUN
cblr-7219	244	43	to	to	ADP
cblr-7219	244	44	the	the	DET
cblr-7219	244	45	buyer	buyer	NOUN
cblr-7219	244	46	,	,	PUNCT
cblr-7219	244	47	who	who	PRON
cblr-7219	244	48	agrees	agree	VERB
cblr-7219	244	49	to	to	PART
cblr-7219	244	50	pay	pay	VERB
cblr-7219	244	51	a	a	DET
cblr-7219	244	52	specified	specified	ADJ
cblr-7219	244	53	price.54	price.54	NOUN
cblr-7219	244	54	a	a	DET
cblr-7219	244	55	can	can	AUX
cblr-7219	244	56	deal	deal	VERB
cblr-7219	244	57	directly	directly	ADV
cblr-7219	244	58	with	with	ADP
cblr-7219	244	59	b	b	NOUN
cblr-7219	244	60	and	and	CCONJ
cblr-7219	244	61	negotiate	negotiate	VERB
cblr-7219	244	62	,	,	PUNCT
cblr-7219	244	63	conclude	conclude	VERB
cblr-7219	244	64	,	,	PUNCT
cblr-7219	244	65	and	and	CCONJ
cblr-7219	244	66	clear	clear	ADJ
cblr-7219	244	67	a	a	DET
cblr-7219	244	68	bilateral	bilateral	ADJ
cblr-7219	244	69	contract.55	contract.55	NOUN
cblr-7219	244	70	each	each	DET
cblr-7219	244	71	party	party	NOUN
cblr-7219	244	72	will	will	AUX
cblr-7219	244	73	assume	assume	VERB
cblr-7219	244	74	the	the	DET
cblr-7219	244	75	costs	cost	NOUN
cblr-7219	244	76	and	and	CCONJ
cblr-7219	244	77	risks	risk	NOUN
cblr-7219	244	78	associated	associate	VERB
cblr-7219	244	79	with	with	ADP
cblr-7219	244	80	dealing	deal	VERB
cblr-7219	244	81	directly	directly	ADV
cblr-7219	244	82	with	with	ADP
cblr-7219	244	83	its	its	PRON
cblr-7219	244	84	own	own	ADJ
cblr-7219	244	85	counterparty	counterparty	NOUN
cblr-7219	244	86	,	,	PUNCT
cblr-7219	244	87	including	include	VERB
cblr-7219	244	88	the	the	DET
cblr-7219	244	89	risk	risk	NOUN
cblr-7219	244	90	of	of	ADP
cblr-7219	244	91	either	either	DET
cblr-7219	244	92	’s	’s	PART
cblr-7219	244	93	default	default	NOUN
cblr-7219	244	94	.	.	PUNCT
cblr-7219	245	1	the	the	DET
cblr-7219	245	2	parties	party	NOUN
cblr-7219	245	3	can	can	AUX
cblr-7219	245	4	offset	offset	VERB
cblr-7219	245	5	these	these	DET
cblr-7219	245	6	risks	risk	NOUN
cblr-7219	245	7	by	by	ADP
cblr-7219	245	8	requiring	require	VERB
cblr-7219	245	9	the	the	DET
cblr-7219	245	10	posting	posting	NOUN
cblr-7219	245	11	of	of	ADP
cblr-7219	245	12	collateral	collateral	NOUN
cblr-7219	245	13	,	,	PUNCT
cblr-7219	245	14	periodically	periodically	ADV
cblr-7219	245	15	assessing	assess	VERB
cblr-7219	245	16	the	the	DET
cblr-7219	245	17	risk	risk	NOUN
cblr-7219	245	18	underlying	underlie	VERB
cblr-7219	245	19	the	the	DET
cblr-7219	245	20	transaction	transaction	NOUN
cblr-7219	245	21	,	,	PUNCT
cblr-7219	245	22	and	and	CCONJ
cblr-7219	245	23	consequently	consequently	ADV
cblr-7219	245	24	readjusting	readjust	VERB
cblr-7219	245	25	their	their	PRON
cblr-7219	245	26	respective	respective	ADJ
cblr-7219	245	27	positions.56	positions.56	NOUN
cblr-7219	245	28	on	on	ADP
cblr-7219	245	29	the	the	DET
cblr-7219	245	30	other	other	ADJ
cblr-7219	245	31	hand	hand	NOUN
cblr-7219	245	32	,	,	PUNCT
cblr-7219	245	33	the	the	DET
cblr-7219	245	34	parties	party	NOUN
cblr-7219	245	35	can	can	AUX
cblr-7219	245	36	decide	decide	VERB
cblr-7219	245	37	to	to	PART
cblr-7219	245	38	access	access	VERB
cblr-7219	245	39	the	the	DET
cblr-7219	245	40	services	service	NOUN
cblr-7219	245	41	of	of	ADP
cblr-7219	245	42	market	market	NOUN
cblr-7219	245	43	infrastructures.57	infrastructures.57	NOUN
cblr-7219	245	44	they	they	PRON
cblr-7219	245	45	can	can	AUX
cblr-7219	245	46	have	have	VERB
cblr-7219	245	47	their	their	PRON
cblr-7219	245	48	buy	buy	VERB
cblr-7219	245	49	53	53	NUM
cblr-7219	245	50	starting	start	VERB
cblr-7219	245	51	in	in	ADP
cblr-7219	245	52	december	december	PROPN
cblr-7219	245	53	2017	2017	NUM
cblr-7219	245	54	,	,	PUNCT
cblr-7219	245	55	the	the	DET
cblr-7219	245	56	largest	large	ADJ
cblr-7219	245	57	trading	trading	NOUN
cblr-7219	245	58	and	and	CCONJ
cblr-7219	245	59	clearing	clearing	NOUN
cblr-7219	245	60	platforms	platform	NOUN
cblr-7219	245	61	in	in	ADP
cblr-7219	245	62	the	the	DET
cblr-7219	245	63	u.s	u.s	PROPN
cblr-7219	245	64	.	.	PROPN
cblr-7219	245	65	have	have	AUX
cblr-7219	245	66	started	start	VERB
cblr-7219	245	67	offering	offer	VERB
cblr-7219	245	68	futures	future	NOUN
cblr-7219	245	69	contracts	contract	NOUN
cblr-7219	245	70	for	for	ADP
cblr-7219	245	71	bitcoin	bitcoin	NOUN
cblr-7219	245	72	.	.	PUNCT
cblr-7219	246	1	see	see	VERB
cblr-7219	246	2	bitcoin	bitcoin	ADJ
cblr-7219	246	3	futures	future	NOUN
cblr-7219	246	4	and	and	CCONJ
cblr-7219	246	5	options	option	NOUN
cblr-7219	246	6	on	on	ADP
cblr-7219	246	7	futures	future	NOUN
cblr-7219	246	8	,	,	PUNCT
cblr-7219	246	9	cme	cme	PROPN
cblr-7219	246	10	group	group	NOUN
cblr-7219	246	11	,	,	PUNCT
cblr-7219	246	12	https://www.cmegroup.com/trading/bitcoin-futures.html	https://www.cmegroup.com/trading/bitcoin-futures.html	X
cblr-7219	246	13	[	[	X
cblr-7219	246	14	https://perma.cc/nj8q-ye88	https://perma.cc/nj8q-ye88	X
cblr-7219	246	15	]	]	X
cblr-7219	246	16	(	(	PUNCT
cblr-7219	246	17	last	last	ADJ
cblr-7219	246	18	visited	visit	VERB
cblr-7219	246	19	may	may	PROPN
cblr-7219	246	20	30	30	NUM
cblr-7219	246	21	,	,	PUNCT
cblr-7219	246	22	2020	2020	NUM
cblr-7219	246	23	)	)	PUNCT
cblr-7219	246	24	;	;	PUNCT
cblr-7219	246	25	fully	fully	ADV
cblr-7219	246	26	regulated	regulate	VERB
cblr-7219	246	27	end	end	NOUN
cblr-7219	246	28	-	-	PUNCT
cblr-7219	246	29	to	to	ADP
cblr-7219	246	30	-	-	PUNCT
cblr-7219	246	31	end	end	NOUN
cblr-7219	246	32	:	:	PUNCT
cblr-7219	246	33	bakkt	bakkt	ADJ
cblr-7219	246	34	bitcoin	bitcoin	PROPN
cblr-7219	246	35	futures	futures	PROPN
cblr-7219	246	36	&	&	CCONJ
cblr-7219	246	37	options	option	NOUN
cblr-7219	246	38	,	,	PUNCT
cblr-7219	246	39	bakkt	bakkt	ADJ
cblr-7219	246	40	,	,	PUNCT
cblr-7219	246	41	https://www.bakkt.com/bakkt-markets#derivatives	https://www.bakkt.com/bakkt-markets#derivative	NOUN
cblr-7219	246	42	[	[	X
cblr-7219	246	43	https://perma.cc/dt5l-g87	https://perma.cc/dt5l-g87	NOUN
cblr-7219	246	44	g	g	NOUN
cblr-7219	246	45	]	]	X
cblr-7219	246	46	(	(	PUNCT
cblr-7219	246	47	last	last	ADJ
cblr-7219	246	48	visited	visit	VERB
cblr-7219	246	49	may	may	PROPN
cblr-7219	246	50	15	15	NUM
cblr-7219	246	51	,	,	PUNCT
cblr-7219	246	52	2020	2020	NUM
cblr-7219	246	53	)	)	PUNCT
cblr-7219	246	54	.	.	PUNCT
cblr-7219	247	1	futures	future	NOUN
cblr-7219	247	2	contracts	contract	NOUN
cblr-7219	247	3	allow	allow	VERB
cblr-7219	247	4	parties	party	NOUN
cblr-7219	247	5	to	to	PART
cblr-7219	247	6	hedge	hedge	VERB
cblr-7219	247	7	against	against	ADP
cblr-7219	247	8	fluctuations	fluctuation	NOUN
cblr-7219	247	9	in	in	ADP
cblr-7219	247	10	asset	asset	NOUN
cblr-7219	247	11	prices	price	NOUN
cblr-7219	247	12	and	and	CCONJ
cblr-7219	247	13	investors	investor	NOUN
cblr-7219	247	14	to	to	PART
cblr-7219	247	15	place	place	VERB
cblr-7219	247	16	long	long	ADJ
cblr-7219	247	17	and	and	CCONJ
cblr-7219	247	18	short	short	ADJ
cblr-7219	247	19	-	-	PUNCT
cblr-7219	247	20	term	term	NOUN
cblr-7219	247	21	positions	position	NOUN
cblr-7219	247	22	in	in	ADP
cblr-7219	247	23	cryptocurrency	cryptocurrency	NOUN
cblr-7219	247	24	markets	market	NOUN
cblr-7219	247	25	.	.	PUNCT
cblr-7219	248	1	see	see	VERB
cblr-7219	248	2	introduction	introduction	NOUN
cblr-7219	248	3	to	to	ADP
cblr-7219	248	4	futures	future	NOUN
cblr-7219	248	5	—	—	PUNCT
cblr-7219	248	6	definition	definition	NOUN
cblr-7219	248	7	of	of	ADP
cblr-7219	248	8	a	a	DET
cblr-7219	248	9	futures	future	NOUN
cblr-7219	248	10	contract	contract	NOUN
cblr-7219	248	11	,	,	PUNCT
cblr-7219	248	12	cme	cme	PROPN
cblr-7219	248	13	group	group	NOUN
cblr-7219	248	14	,	,	PUNCT
cblr-7219	248	15	https://www.cmegroup.com/education/courses/introduction-to-futures/definition-of-a-futures-contract.html	https://www.cmegroup.com/education/courses/introduction-to-futures/definition-of-a-futures-contract.html	VERB
cblr-7219	249	1	[	[	X
cblr-7219	249	2	https://perma.cc/2qvw-w4ey	https://perma.cc/2qvw-w4ey	NOUN
cblr-7219	249	3	]	]	X
cblr-7219	249	4	(	(	PUNCT
cblr-7219	249	5	last	last	ADV
cblr-7219	249	6	visited	visit	VERB
cblr-7219	249	7	july	july	PROPN
cblr-7219	249	8	1	1	NUM
cblr-7219	249	9	,	,	PUNCT
cblr-7219	249	10	2020	2020	NUM
cblr-7219	249	11	)	)	PUNCT
cblr-7219	249	12	.	.	PUNCT
cblr-7219	250	1	54	54	NUM
cblr-7219	250	2	this	this	DET
cblr-7219	250	3	example	example	NOUN
cblr-7219	250	4	is	be	AUX
cblr-7219	250	5	modeled	model	VERB
cblr-7219	250	6	on	on	ADP
cblr-7219	250	7	squire	squire	NOUN
cblr-7219	250	8	,	,	PUNCT
cblr-7219	250	9	supra	supra	PROPN
cblr-7219	250	10	note	note	NOUN
cblr-7219	250	11	9	9	NUM
cblr-7219	250	12	,	,	PUNCT
cblr-7219	250	13	at	at	ADP
cblr-7219	250	14	862–69	862–69	NOUN
cblr-7219	250	15	(	(	PUNCT
cblr-7219	250	16	describing	describe	VERB
cblr-7219	250	17	the	the	DET
cblr-7219	250	18	structure	structure	NOUN
cblr-7219	250	19	of	of	ADP
cblr-7219	250	20	a	a	DET
cblr-7219	250	21	cleared	clear	VERB
cblr-7219	250	22	derivative	derivative	ADJ
cblr-7219	250	23	transaction	transaction	NOUN
cblr-7219	250	24	)	)	PUNCT
cblr-7219	250	25	.	.	PUNCT
cblr-7219	251	1	55	55	NUM
cblr-7219	251	2	see	see	VERB
cblr-7219	251	3	david	david	PROPN
cblr-7219	251	4	murphy	murphy	PROPN
cblr-7219	251	5	,	,	PUNCT
cblr-7219	251	6	otc	otc	PROPN
cblr-7219	251	7	derivatives	derivative	NOUN
cblr-7219	251	8	:	:	PUNCT
cblr-7219	251	9	bilateral	bilateral	ADJ
cblr-7219	251	10	trading	trading	NOUN
cblr-7219	251	11	and	and	CCONJ
cblr-7219	251	12	central	central	ADJ
cblr-7219	251	13	clearing	clearing	NOUN
cblr-7219	251	14	9–20	9–20	NOUN
cblr-7219	251	15	(	(	PUNCT
cblr-7219	251	16	2013	2013	NUM
cblr-7219	251	17	)	)	PUNCT
cblr-7219	251	18	(	(	PUNCT
cblr-7219	251	19	analyzing	analyze	VERB
cblr-7219	251	20	the	the	DET
cblr-7219	251	21	structure	structure	NOUN
cblr-7219	251	22	of	of	ADP
cblr-7219	251	23	trading	trading	NOUN
cblr-7219	251	24	and	and	CCONJ
cblr-7219	251	25	clearing	clear	VERB
cblr-7219	251	26	in	in	ADP
cblr-7219	251	27	bilateral	bilateral	ADJ
cblr-7219	251	28	markets	market	NOUN
cblr-7219	251	29	and	and	CCONJ
cblr-7219	251	30	the	the	DET
cblr-7219	251	31	risks	risk	NOUN
cblr-7219	251	32	therein	therein	ADV
cblr-7219	251	33	)	)	PUNCT
cblr-7219	251	34	.	.	PUNCT
cblr-7219	252	1	56	56	NUM
cblr-7219	252	2	see	see	VERB
cblr-7219	252	3	saguato	saguato	NOUN
cblr-7219	252	4	,	,	PUNCT
cblr-7219	252	5	the	the	DET
cblr-7219	252	6	ownership	ownership	NOUN
cblr-7219	252	7	of	of	ADP
cblr-7219	252	8	clearinghouses	clearinghouse	NOUN
cblr-7219	252	9	,	,	PUNCT
cblr-7219	252	10	supra	supra	PROPN
cblr-7219	252	11	note	note	NOUN
cblr-7219	252	12	8	8	NUM
cblr-7219	252	13	,	,	PUNCT
cblr-7219	252	14	at	at	ADP
cblr-7219	252	15	618	618	NUM
cblr-7219	252	16	.	.	PUNCT
cblr-7219	253	1	57	57	NUM
cblr-7219	253	2	see	see	VERB
cblr-7219	253	3	guido	guido	PROPN
cblr-7219	253	4	ferrarini	ferrarini	PROPN
cblr-7219	253	5	&	&	CCONJ
cblr-7219	253	6	paolo	paolo	PROPN
cblr-7219	253	7	saguato	saguato	PROPN
cblr-7219	253	8	,	,	PUNCT
cblr-7219	253	9	regulating	regulate	VERB
cblr-7219	253	10	financial	financial	ADJ
cblr-7219	253	11	market	market	NOUN
cblr-7219	253	12	infrastructures	infrastructure	NOUN
cblr-7219	253	13	,	,	PUNCT
cblr-7219	253	14	in	in	ADP
cblr-7219	253	15	the	the	DET
cblr-7219	253	16	oxford	oxford	PROPN
cblr-7219	253	17	handbook	handbook	NOUN
cblr-7219	253	18	of	of	ADP
cblr-7219	253	19	financial	financial	ADJ
cblr-7219	253	20	regulation	regulation	NOUN
cblr-7219	253	21	568	568	NUM
cblr-7219	253	22	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	253	23	(	(	PUNCT
cblr-7219	253	24	do	do	AUX
cblr-7219	253	25	not	not	PART
cblr-7219	253	26	delete	delete	VERB
cblr-7219	253	27	)	)	PUNCT
cblr-7219	253	28	10/21/2020	10/21/2020	NUM
cblr-7219	253	29	11:22	11:22	NUM
cblr-7219	253	30	am	am	NOUN
cblr-7219	253	31	no	no	NOUN
cblr-7219	253	32	.	.	PUNCT
cblr-7219	254	1	2:449	2:449	NUM
cblr-7219	254	2	]	]	X
cblr-7219	254	3	unfinished	unfinished	ADJ
cblr-7219	254	4	business	business	NOUN
cblr-7219	254	5	465	465	NUM
cblr-7219	254	6	and	and	CCONJ
cblr-7219	254	7	sell	sell	VERB
cblr-7219	254	8	orders	order	NOUN
cblr-7219	254	9	processed	process	VERB
cblr-7219	254	10	by	by	ADP
cblr-7219	254	11	a	a	DET
cblr-7219	254	12	trading	trading	NOUN
cblr-7219	254	13	venue	venue	NOUN
cblr-7219	254	14	,	,	PUNCT
cblr-7219	254	15	and	and	CCONJ
cblr-7219	254	16	,	,	PUNCT
cblr-7219	254	17	after	after	SCONJ
cblr-7219	254	18	they	they	PRON
cblr-7219	254	19	agree	agree	VERB
cblr-7219	254	20	on	on	ADP
cblr-7219	254	21	the	the	DET
cblr-7219	254	22	price	price	NOUN
cblr-7219	254	23	,	,	PUNCT
cblr-7219	254	24	quantity	quantity	NOUN
cblr-7219	254	25	,	,	PUNCT
cblr-7219	254	26	and	and	CCONJ
cblr-7219	254	27	maturity	maturity	NOUN
cblr-7219	254	28	of	of	ADP
cblr-7219	254	29	the	the	DET
cblr-7219	254	30	contract	contract	NOUN
cblr-7219	254	31	and	and	CCONJ
cblr-7219	254	32	the	the	DET
cblr-7219	254	33	contract	contract	NOUN
cblr-7219	254	34	is	be	AUX
cblr-7219	254	35	executed	execute	VERB
cblr-7219	254	36	by	by	ADP
cblr-7219	254	37	the	the	DET
cblr-7219	254	38	platform	platform	NOUN
cblr-7219	254	39	,	,	PUNCT
cblr-7219	254	40	they	they	PRON
cblr-7219	254	41	can	can	AUX
cblr-7219	254	42	have	have	VERB
cblr-7219	254	43	the	the	DET
cblr-7219	254	44	contract	contract	NOUN
cblr-7219	254	45	cleared	clear	VERB
cblr-7219	254	46	by	by	ADP
cblr-7219	254	47	the	the	DET
cblr-7219	254	48	clearinghouse	clearinghouse	NOUN
cblr-7219	254	49	—	—	PUNCT
cblr-7219	254	50	in	in	ADP
cblr-7219	254	51	this	this	DET
cblr-7219	254	52	case	case	NOUN
cblr-7219	254	53	,	,	PUNCT
cblr-7219	254	54	cme	cme	PROPN
cblr-7219	254	55	clearing.58	clearing.58	PROPN
cblr-7219	254	56	cme	cme	PROPN
cblr-7219	254	57	clearing	clearing	NOUN
cblr-7219	254	58	would	would	AUX
cblr-7219	254	59	interpose	interpose	VERB
cblr-7219	254	60	itself	itself	PRON
cblr-7219	254	61	between	between	ADP
cblr-7219	254	62	parties	party	NOUN
cblr-7219	254	63	a	a	PRON
cblr-7219	254	64	and	and	CCONJ
cblr-7219	254	65	b	b	NOUN
cblr-7219	254	66	,	,	PUNCT
cblr-7219	254	67	acting	act	VERB
cblr-7219	254	68	as	as	ADP
cblr-7219	254	69	the	the	DET
cblr-7219	254	70	ccp	ccp	PROPN
cblr-7219	254	71	and	and	CCONJ
cblr-7219	254	72	taking	take	VERB
cblr-7219	254	73	on	on	ADP
cblr-7219	254	74	the	the	DET
cblr-7219	254	75	ultimate	ultimate	ADJ
cblr-7219	254	76	performance	performance	NOUN
cblr-7219	254	77	of	of	ADP
cblr-7219	254	78	the	the	DET
cblr-7219	254	79	contract	contract	NOUN
cblr-7219	254	80	.	.	PUNCT
cblr-7219	255	1	thus	thus	ADV
cblr-7219	255	2	,	,	PUNCT
cblr-7219	255	3	instead	instead	ADV
cblr-7219	255	4	of	of	ADP
cblr-7219	255	5	having	have	VERB
cblr-7219	255	6	a	a	PRON
cblr-7219	255	7	as	as	ADP
cblr-7219	255	8	a	a	DET
cblr-7219	255	9	contractual	contractual	ADJ
cblr-7219	255	10	party	party	NOUN
cblr-7219	255	11	in	in	ADP
cblr-7219	255	12	the	the	DET
cblr-7219	255	13	bitcoin	bitcoin	ADJ
cblr-7219	255	14	future	future	NOUN
cblr-7219	255	15	,	,	PUNCT
cblr-7219	255	16	b	b	PROPN
cblr-7219	255	17	will	will	AUX
cblr-7219	255	18	deal	deal	VERB
cblr-7219	255	19	directly	directly	ADV
cblr-7219	255	20	with	with	ADP
cblr-7219	255	21	cme	cme	PROPN
cblr-7219	255	22	clearing.59	clearing.59	NOUN
cblr-7219	255	23	in	in	ADP
cblr-7219	255	24	acting	act	VERB
cblr-7219	255	25	as	as	ADP
cblr-7219	255	26	ccps	ccp	NOUN
cblr-7219	255	27	,	,	PUNCT
cblr-7219	255	28	clearinghouses	clearinghouse	NOUN
cblr-7219	255	29	have	have	AUX
cblr-7219	255	30	been	be	AUX
cblr-7219	255	31	designed	design	VERB
cblr-7219	255	32	to	to	PART
cblr-7219	255	33	support	support	VERB
cblr-7219	255	34	the	the	DET
cblr-7219	255	35	efficient	efficient	ADJ
cblr-7219	255	36	,	,	PUNCT
cblr-7219	255	37	safe	safe	ADJ
cblr-7219	255	38	,	,	PUNCT
cblr-7219	255	39	and	and	CCONJ
cblr-7219	255	40	sound	sound	ADJ
cblr-7219	255	41	operation	operation	NOUN
cblr-7219	255	42	of	of	ADP
cblr-7219	255	43	financial	financial	ADJ
cblr-7219	255	44	markets.60	markets.60	PROPN
cblr-7219	255	45	from	from	ADP
cblr-7219	255	46	a	a	DET
cblr-7219	255	47	microeconomic	microeconomic	ADJ
cblr-7219	255	48	perspective	perspective	NOUN
cblr-7219	255	49	,	,	PUNCT
cblr-7219	255	50	they	they	PRON
cblr-7219	255	51	convey	convey	VERB
cblr-7219	255	52	transactional	transactional	ADJ
cblr-7219	255	53	and	and	CCONJ
cblr-7219	255	54	operational	operational	ADJ
cblr-7219	255	55	benefits	benefit	NOUN
cblr-7219	255	56	by	by	ADP
cblr-7219	255	57	mitigating	mitigate	VERB
cblr-7219	255	58	counterparty	counterparty	NOUN
cblr-7219	255	59	risk	risk	NOUN
cblr-7219	255	60	and	and	CCONJ
cblr-7219	255	61	by	by	ADP
cblr-7219	255	62	optimizing	optimize	VERB
cblr-7219	255	63	the	the	DET
cblr-7219	255	64	use	use	NOUN
cblr-7219	255	65	of	of	ADP
cblr-7219	255	66	capital.61	capital.61	NOUN
cblr-7219	255	67	from	from	ADP
cblr-7219	255	68	a	a	DET
cblr-7219	255	69	macroeconomic	macroeconomic	ADJ
cblr-7219	255	70	angle	angle	NOUN
cblr-7219	255	71	,	,	PUNCT
cblr-7219	255	72	they	they	PRON
cblr-7219	255	73	provide	provide	VERB
cblr-7219	255	74	systemic	systemic	ADJ
cblr-7219	255	75	support	support	NOUN
cblr-7219	255	76	to	to	ADP
cblr-7219	255	77	the	the	DET
cblr-7219	255	78	markets	market	NOUN
cblr-7219	255	79	by	by	ADP
cblr-7219	255	80	contributing	contribute	VERB
cblr-7219	255	81	to	to	ADP
cblr-7219	255	82	market	market	NOUN
cblr-7219	255	83	liquidity	liquidity	NOUN
cblr-7219	255	84	and	and	CCONJ
cblr-7219	255	85	by	by	ADP
cblr-7219	255	86	mutualizing	mutualize	VERB
cblr-7219	255	87	the	the	DET
cblr-7219	255	88	counterparty	counterparty	NOUN
cblr-7219	255	89	default	default	NOUN
cblr-7219	255	90	risk	risk	NOUN
cblr-7219	255	91	among	among	ADP
cblr-7219	255	92	a	a	DET
cblr-7219	255	93	select	select	ADJ
cblr-7219	255	94	group	group	NOUN
cblr-7219	255	95	of	of	ADP
cblr-7219	255	96	financial	financial	ADJ
cblr-7219	255	97	institutions	institution	NOUN
cblr-7219	255	98	that	that	PRON
cblr-7219	255	99	access	access	VERB
cblr-7219	255	100	their	their	PRON
cblr-7219	255	101	clearing	clearing	NOUN
cblr-7219	255	102	services.62	services.62	NOUN
cblr-7219	255	103	they	they	PRON
cblr-7219	255	104	do	do	VERB
cblr-7219	255	105	so	so	ADV
cblr-7219	255	106	by	by	ADP
cblr-7219	255	107	collecting	collect	VERB
cblr-7219	255	108	pre	pre	ADJ
cblr-7219	255	109	-	-	ADJ
cblr-7219	255	110	funded	funded	ADJ
cblr-7219	255	111	resources	resource	NOUN
cblr-7219	255	112	that	that	PRON
cblr-7219	255	113	can	can	AUX
cblr-7219	255	114	be	be	AUX
cblr-7219	255	115	deployed	deploy	VERB
cblr-7219	255	116	to	to	PART
cblr-7219	255	117	cover	cover	VERB
cblr-7219	255	118	the	the	DET
cblr-7219	255	119	losses	loss	NOUN
cblr-7219	255	120	caused	cause	VERB
cblr-7219	255	121	by	by	ADP
cblr-7219	255	122	the	the	DET
cblr-7219	255	123	failure	failure	NOUN
cblr-7219	255	124	of	of	ADP
cblr-7219	255	125	one	one	NUM
cblr-7219	255	126	or	or	CCONJ
cblr-7219	255	127	more	more	ADJ
cblr-7219	255	128	of	of	ADP
cblr-7219	255	129	those	those	DET
cblr-7219	255	130	institutions.63	institutions.63	PROPN
cblr-7219	255	131	while	while	SCONJ
cblr-7219	255	132	post	post	ADJ
cblr-7219	255	133	-	-	ADJ
cblr-7219	255	134	trading	trading	ADJ
cblr-7219	255	135	services	service	NOUN
cblr-7219	255	136	,	,	PUNCT
cblr-7219	255	137	and	and	CCONJ
cblr-7219	255	138	clearinghouses	clearinghouse	NOUN
cblr-7219	255	139	in	in	ADP
cblr-7219	255	140	particular	particular	ADJ
cblr-7219	255	141	,	,	PUNCT
cblr-7219	255	142	have	have	AUX
cblr-7219	255	143	often	often	ADV
cblr-7219	255	144	been	be	AUX
cblr-7219	255	145	overlooked	overlook	VERB
cblr-7219	255	146	by	by	ADP
cblr-7219	255	147	the	the	DET
cblr-7219	255	148	academic	academic	ADJ
cblr-7219	255	149	literature	literature	NOUN
cblr-7219	255	150	—	—	PUNCT
cblr-7219	255	151	which	which	PRON
cblr-7219	255	152	is	be	AUX
cblr-7219	255	153	more	more	ADV
cblr-7219	255	154	focused	focused	ADJ
cblr-7219	255	155	on	on	ADP
cblr-7219	255	156	the	the	DET
cblr-7219	255	157	trading	trading	NOUN
cblr-7219	255	158	ecosystem	ecosystem	NOUN
cblr-7219	255	159	and	and	CCONJ
cblr-7219	255	160	its	its	PRON
cblr-7219	255	161	(	(	PUNCT
cblr-7219	255	162	niamh	niamh	PROPN
cblr-7219	255	163	moloney	moloney	PROPN
cblr-7219	255	164	et	et	PROPN
cblr-7219	255	165	al	al	PROPN
cblr-7219	255	166	.	.	PUNCT
cblr-7219	256	1	eds	eds	PROPN
cblr-7219	256	2	.	.	PROPN
cblr-7219	256	3	,	,	PUNCT
cblr-7219	256	4	2015	2015	NUM
cblr-7219	256	5	)	)	PUNCT
cblr-7219	256	6	(	(	PUNCT
cblr-7219	256	7	analyzing	analyze	VERB
cblr-7219	256	8	the	the	DET
cblr-7219	256	9	critical	critical	ADJ
cblr-7219	256	10	role	role	NOUN
cblr-7219	256	11	financial	financial	ADJ
cblr-7219	256	12	market	market	NOUN
cblr-7219	256	13	infrastructure	infrastructure	NOUN
cblr-7219	256	14	plays	play	VERB
cblr-7219	256	15	in	in	ADP
cblr-7219	256	16	modern	modern	ADJ
cblr-7219	256	17	financial	financial	ADJ
cblr-7219	256	18	markets	market	NOUN
cblr-7219	256	19	)	)	PUNCT
cblr-7219	256	20	.	.	PUNCT
cblr-7219	257	1	58	58	NUM
cblr-7219	257	2	see	see	VERB
cblr-7219	257	3	chi	chi	PROPN
cblr-7219	257	4	.	.	PUNCT
cblr-7219	258	1	mercantile	mercantile	PROPN
cblr-7219	258	2	exch	exch	PROPN
cblr-7219	258	3	.	.	PROPN
cblr-7219	258	4	,	,	PUNCT
cblr-7219	258	5	an	an	DET
cblr-7219	258	6	introduction	introduction	NOUN
cblr-7219	258	7	to	to	ADP
cblr-7219	258	8	futures	future	NOUN
cblr-7219	258	9	and	and	CCONJ
cblr-7219	258	10	options	option	NOUN
cblr-7219	258	11	7	7	NUM
cblr-7219	258	12	(	(	PUNCT
cblr-7219	258	13	2006	2006	NUM
cblr-7219	258	14	)	)	PUNCT
cblr-7219	258	15	,	,	PUNCT
cblr-7219	258	16	http://www.cmegroup.com/files/intro_fut_opt.pdf	http://www.cmegroup.com/files/intro_fut_opt.pdf	NOUN
cblr-7219	259	1	[	[	X
cblr-7219	259	2	https://perma.cc/xk7q-pl86	https://perma.cc/xk7q-pl86	X
cblr-7219	259	3	]	]	X
cblr-7219	259	4	(	(	PUNCT
cblr-7219	259	5	describing	describe	VERB
cblr-7219	259	6	trading	trading	NOUN
cblr-7219	259	7	and	and	CCONJ
cblr-7219	259	8	post	post	ADJ
cblr-7219	259	9	-	-	ADJ
cblr-7219	259	10	trading	trading	ADJ
cblr-7219	259	11	services	service	NOUN
cblr-7219	259	12	at	at	ADP
cblr-7219	259	13	the	the	DET
cblr-7219	259	14	chicago	chicago	PROPN
cblr-7219	259	15	mercantile	mercantile	PROPN
cblr-7219	259	16	exchange	exchange	PROPN
cblr-7219	259	17	group	group	PROPN
cblr-7219	259	18	)	)	PUNCT
cblr-7219	259	19	.	.	PUNCT
cblr-7219	260	1	59	59	NUM
cblr-7219	260	2	see	see	VERB
cblr-7219	260	3	i	i	PRON
cblr-7219	260	4	d.	d.	PROPN
cblr-7219	260	5	at	at	ADP
cblr-7219	260	6	7	7	NUM
cblr-7219	260	7	.	.	SYM
cblr-7219	260	8	60	60	NUM
cblr-7219	260	9	see	see	VERB
cblr-7219	260	10	generally	generally	ADV
cblr-7219	260	11	norman	norman	PROPN
cblr-7219	260	12	,	,	PUNCT
cblr-7219	260	13	supra	supra	PROPN
cblr-7219	260	14	note	note	PROPN
cblr-7219	260	15	15	15	NUM
cblr-7219	260	16	(	(	PUNCT
cblr-7219	260	17	offering	offer	VERB
cblr-7219	260	18	a	a	DET
cblr-7219	260	19	comprehensive	comprehensive	ADJ
cblr-7219	260	20	and	and	CCONJ
cblr-7219	260	21	incise	incise	VERB
cblr-7219	260	22	discussion	discussion	NOUN
cblr-7219	260	23	on	on	ADP
cblr-7219	260	24	the	the	DET
cblr-7219	260	25	historical	historical	ADJ
cblr-7219	260	26	evolution	evolution	NOUN
cblr-7219	260	27	of	of	ADP
cblr-7219	260	28	ccps	ccp	NOUN
cblr-7219	260	29	and	and	CCONJ
cblr-7219	260	30	the	the	DET
cblr-7219	260	31	critical	critical	ADJ
cblr-7219	260	32	role	role	NOUN
cblr-7219	260	33	they	they	PRON
cblr-7219	260	34	play	play	VERB
cblr-7219	260	35	as	as	ADP
cblr-7219	260	36	risk	risk	NOUN
cblr-7219	260	37	controllers	controller	NOUN
cblr-7219	260	38	in	in	ADP
cblr-7219	260	39	globalized	globalize	VERB
cblr-7219	260	40	financial	financial	ADJ
cblr-7219	260	41	markets	market	NOUN
cblr-7219	260	42	)	)	PUNCT
cblr-7219	260	43	;	;	PUNCT
cblr-7219	260	44	tina	tina	PROPN
cblr-7219	260	45	p.	p.	PROPN
cblr-7219	260	46	hasenpusch	hasenpusch	PROPN
cblr-7219	260	47	,	,	PUNCT
cblr-7219	260	48	clearing	clear	VERB
cblr-7219	260	49	services	service	NOUN
cblr-7219	260	50	for	for	ADP
cblr-7219	260	51	global	global	ADJ
cblr-7219	260	52	markets	market	NOUN
cblr-7219	260	53	41–49	41–49	NUM
cblr-7219	260	54	(	(	PUNCT
cblr-7219	260	55	2009	2009	NUM
cblr-7219	260	56	)	)	PUNCT
cblr-7219	260	57	.	.	PUNCT
cblr-7219	261	1	61	61	NUM
cblr-7219	261	2	see	see	VERB
cblr-7219	261	3	infra	infra	NOUN
cblr-7219	261	4	notes	note	VERB
cblr-7219	261	5	70–77	70–77	NUM
cblr-7219	261	6	and	and	CCONJ
cblr-7219	261	7	accompanying	accompany	VERB
cblr-7219	261	8	text	text	NOUN
cblr-7219	261	9	(	(	PUNCT
cblr-7219	261	10	discussing	discuss	VERB
cblr-7219	261	11	the	the	DET
cblr-7219	261	12	critical	critical	ADJ
cblr-7219	261	13	role	role	NOUN
cblr-7219	261	14	multilateral	multilateral	ADJ
cblr-7219	261	15	netting	netting	NOUN
cblr-7219	261	16	plays	play	NOUN
cblr-7219	261	17	to	to	PART
cblr-7219	261	18	reduce	reduce	VERB
cblr-7219	261	19	counterparty	counterparty	NOUN
cblr-7219	261	20	exposures	exposure	NOUN
cblr-7219	261	21	,	,	PUNCT
cblr-7219	261	22	collateral	collateral	ADJ
cblr-7219	261	23	requirements	requirement	NOUN
cblr-7219	261	24	,	,	PUNCT
cblr-7219	261	25	etc	etc	X
cblr-7219	261	26	.	.	X
cblr-7219	261	27	)	)	PUNCT
cblr-7219	261	28	.	.	PUNCT
cblr-7219	262	1	62	62	NUM
cblr-7219	262	2	see	see	VERB
cblr-7219	262	3	saguato	saguato	NOUN
cblr-7219	262	4	,	,	PUNCT
cblr-7219	262	5	the	the	DET
cblr-7219	262	6	ownership	ownership	NOUN
cblr-7219	262	7	of	of	ADP
cblr-7219	262	8	clearinghouses	clearinghouse	NOUN
cblr-7219	262	9	,	,	PUNCT
cblr-7219	262	10	supra	supra	PROPN
cblr-7219	262	11	note	note	NOUN
cblr-7219	262	12	8	8	NUM
cblr-7219	262	13	,	,	PUNCT
cblr-7219	262	14	at	at	ADP
cblr-7219	262	15	615	615	NUM
cblr-7219	262	16	;	;	PUNCT
cblr-7219	262	17	see	see	VERB
cblr-7219	262	18	also	also	ADV
cblr-7219	262	19	hasenpusch	hasenpusch	VERB
cblr-7219	262	20	,	,	PUNCT
cblr-7219	262	21	supra	supra	PROPN
cblr-7219	262	22	note	note	NOUN
cblr-7219	262	23	60	60	NUM
cblr-7219	262	24	,	,	PUNCT
cblr-7219	262	25	at	at	ADP
cblr-7219	262	26	44–49	44–49	NUM
cblr-7219	262	27	.	.	PUNCT
cblr-7219	263	1	63	63	NUM
cblr-7219	263	2	see	see	VERB
cblr-7219	263	3	infra	infra	NOUN
cblr-7219	263	4	section	section	NOUN
cblr-7219	263	5	ii.b	ii.b	NOUN
cblr-7219	263	6	.	.	PUNCT
cblr-7219	264	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	264	2	(	(	PUNCT
cblr-7219	264	3	do	do	AUX
cblr-7219	264	4	not	not	PART
cblr-7219	264	5	delte	delte	VERB
cblr-7219	264	6	)	)	PUNCT
cblr-7219	264	7	10/21/2020	10/21/2020	NUM
cblr-7219	264	8	11:22	11:22	NUM
cblr-7219	264	9	am	be	AUX
cblr-7219	264	10	466	466	NUM
cblr-7219	264	11	columbia	columbia	PROPN
cblr-7219	264	12	business	business	NOUN
cblr-7219	264	13	law	law	NOUN
cblr-7219	264	14	review	review	NOUN
cblr-7219	265	1	[	[	X
cblr-7219	265	2	vol	vol	NOUN
cblr-7219	265	3	.	.	PUNCT
cblr-7219	265	4	2020	2020	NUM
cblr-7219	265	5	microstructure64	microstructure64	NOUN
cblr-7219	265	6	—	—	PUNCT
cblr-7219	265	7	they	they	PRON
cblr-7219	265	8	are	be	AUX
cblr-7219	265	9	still	still	ADV
cblr-7219	265	10	essential	essential	ADJ
cblr-7219	265	11	for	for	ADP
cblr-7219	265	12	the	the	DET
cblr-7219	265	13	functioning	functioning	NOUN
cblr-7219	265	14	of	of	ADP
cblr-7219	265	15	financial	financial	ADJ
cblr-7219	265	16	markets	market	NOUN
cblr-7219	265	17	.	.	PUNCT
cblr-7219	266	1	clearinghouses	clearinghouse	NOUN
cblr-7219	266	2	contribute	contribute	VERB
cblr-7219	266	3	to	to	ADP
cblr-7219	266	4	the	the	DET
cblr-7219	266	5	efficiency	efficiency	NOUN
cblr-7219	266	6	and	and	CCONJ
cblr-7219	266	7	stability	stability	NOUN
cblr-7219	266	8	of	of	ADP
cblr-7219	266	9	financial	financial	ADJ
cblr-7219	266	10	markets	market	NOUN
cblr-7219	266	11	by	by	ADP
cblr-7219	266	12	freeing	free	VERB
cblr-7219	266	13	up	up	ADP
cblr-7219	266	14	capital	capital	NOUN
cblr-7219	266	15	,	,	PUNCT
cblr-7219	266	16	supporting	support	VERB
cblr-7219	266	17	trade	trade	NOUN
cblr-7219	266	18	finalization	finalization	NOUN
cblr-7219	266	19	certainty	certainty	NOUN
cblr-7219	266	20	,	,	PUNCT
cblr-7219	266	21	and	and	CCONJ
cblr-7219	266	22	injecting	inject	VERB
cblr-7219	266	23	confidence	confidence	NOUN
cblr-7219	266	24	in	in	ADP
cblr-7219	266	25	the	the	DET
cblr-7219	266	26	stability	stability	NOUN
cblr-7219	266	27	of	of	ADP
cblr-7219	266	28	the	the	DET
cblr-7219	266	29	overall	overall	ADJ
cblr-7219	266	30	securities	security	NOUN
cblr-7219	266	31	and	and	CCONJ
cblr-7219	266	32	derivatives	derivative	NOUN
cblr-7219	266	33	trading	trading	NOUN
cblr-7219	266	34	market	market	NOUN
cblr-7219	266	35	environment.65	environment.65	PROPN
cblr-7219	266	36	a	a	DET
cblr-7219	266	37	clearinghouse	clearinghouse	NOUN
cblr-7219	266	38	’s	’s	PART
cblr-7219	266	39	toolkit	toolkit	NOUN
cblr-7219	266	40	is	be	AUX
cblr-7219	266	41	composed	compose	VERB
cblr-7219	266	42	of	of	ADP
cblr-7219	266	43	three	three	NUM
cblr-7219	266	44	primary	primary	ADJ
cblr-7219	266	45	elements:66	elements:66	X
cblr-7219	266	46	(	(	PUNCT
cblr-7219	266	47	i	i	NOUN
cblr-7219	266	48	)	)	PUNCT
cblr-7219	266	49	multilateral	multilateral	NOUN
cblr-7219	266	50	or	or	CCONJ
cblr-7219	266	51	multiparty	multiparty	NOUN
cblr-7219	266	52	netting;67	netting;67	PROPN
cblr-7219	266	53	(	(	PUNCT
cblr-7219	266	54	ii	ii	NOUN
cblr-7219	266	55	)	)	PUNCT
cblr-7219	266	56	specialized	specialized	ADJ
cblr-7219	266	57	risk	risk	NOUN
cblr-7219	266	58	management	management	NOUN
cblr-7219	266	59	processes	process	NOUN
cblr-7219	266	60	and	and	CCONJ
cblr-7219	266	61	mechanisms	mechanism	NOUN
cblr-7219	266	62	;	;	PUNCT
cblr-7219	266	63	and	and	CCONJ
cblr-7219	266	64	(	(	PUNCT
cblr-7219	266	65	iii	iii	NOUN
cblr-7219	266	66	)	)	PUNCT
cblr-7219	266	67	(	(	PUNCT
cblr-7219	266	68	prefunded	prefunded	ADJ
cblr-7219	266	69	)	)	PUNCT
cblr-7219	266	70	loss	loss	NOUN
cblr-7219	266	71	-	-	PUNCT
cblr-7219	266	72	absorbing	absorbing	ADJ
cblr-7219	266	73	(	(	PUNCT
cblr-7219	266	74	and	and	CCONJ
cblr-7219	266	75	mutualization	mutualization	NOUN
cblr-7219	266	76	)	)	PUNCT
cblr-7219	266	77	resources.68	resources.68	NOUN
cblr-7219	266	78	the	the	DET
cblr-7219	266	79	64	64	NUM
cblr-7219	266	80	see	see	VERB
cblr-7219	266	81	generally	generally	ADV
cblr-7219	266	82	maureen	maureen	PROPN
cblr-7219	266	83	o’hara	o’hara	PROPN
cblr-7219	266	84	,	,	PUNCT
cblr-7219	266	85	market	market	NOUN
cblr-7219	266	86	microstructure	microstructure	NOUN
cblr-7219	266	87	theory	theory	NOUN
cblr-7219	266	88	(	(	PUNCT
cblr-7219	266	89	1995	1995	NUM
cblr-7219	266	90	)	)	PUNCT
cblr-7219	266	91	;	;	PUNCT
cblr-7219	267	1	merritt	merritt	PROPN
cblr-7219	267	2	b.	b.	PROPN
cblr-7219	267	3	fox	fox	PROPN
cblr-7219	267	4	et	et	PROPN
cblr-7219	267	5	al	al	PROPN
cblr-7219	267	6	.	.	PROPN
cblr-7219	267	7	,	,	PUNCT
cblr-7219	267	8	the	the	DET
cblr-7219	267	9	new	new	ADJ
cblr-7219	267	10	stock	stock	NOUN
cblr-7219	267	11	market	market	NOUN
cblr-7219	267	12	:	:	PUNCT
cblr-7219	267	13	law	law	NOUN
cblr-7219	267	14	,	,	PUNCT
cblr-7219	267	15	economics	economic	NOUN
cblr-7219	267	16	,	,	PUNCT
cblr-7219	267	17	and	and	CCONJ
cblr-7219	267	18	policy	policy	NOUN
cblr-7219	267	19	(	(	PUNCT
cblr-7219	267	20	2019	2019	NUM
cblr-7219	267	21	)	)	PUNCT
cblr-7219	267	22	.	.	PUNCT
cblr-7219	268	1	65	65	NUM
cblr-7219	268	2	see	see	VERB
cblr-7219	268	3	saguato	saguato	NOUN
cblr-7219	268	4	,	,	PUNCT
cblr-7219	268	5	the	the	DET
cblr-7219	268	6	ownership	ownership	NOUN
cblr-7219	268	7	of	of	ADP
cblr-7219	268	8	clearinghouses	clearinghouse	NOUN
cblr-7219	268	9	,	,	PUNCT
cblr-7219	268	10	supra	supra	PROPN
cblr-7219	268	11	note	note	PROPN
cblr-7219	268	12	8	8	NUM
cblr-7219	268	13	,	,	PUNCT
cblr-7219	268	14	at	at	ADP
cblr-7219	268	15	630–32	630–32	NOUN
cblr-7219	268	16	.	.	PUNCT
cblr-7219	269	1	clearinghouses	clearinghouse	NOUN
cblr-7219	269	2	also	also	ADV
cblr-7219	269	3	operate	operate	VERB
cblr-7219	269	4	in	in	ADP
cblr-7219	269	5	repurchase	repurchase	NOUN
cblr-7219	269	6	agreement	agreement	NOUN
cblr-7219	269	7	markets	market	NOUN
cblr-7219	269	8	where	where	SCONJ
cblr-7219	269	9	they	they	PRON
cblr-7219	269	10	contribute	contribute	VERB
cblr-7219	269	11	to	to	ADP
cblr-7219	269	12	the	the	DET
cblr-7219	269	13	stability	stability	NOUN
cblr-7219	269	14	of	of	ADP
cblr-7219	269	15	transactions	transaction	NOUN
cblr-7219	269	16	and	and	CCONJ
cblr-7219	269	17	have	have	AUX
cblr-7219	269	18	supported	support	VERB
cblr-7219	269	19	the	the	DET
cblr-7219	269	20	orderly	orderly	ADJ
cblr-7219	269	21	process	process	NOUN
cblr-7219	269	22	of	of	ADP
cblr-7219	269	23	trading	trading	NOUN
cblr-7219	269	24	.	.	PUNCT
cblr-7219	270	1	see	see	VERB
cblr-7219	270	2	saguato	saguato	NOUN
cblr-7219	270	3	,	,	PUNCT
cblr-7219	270	4	supra	supra	PROPN
cblr-7219	270	5	note	note	PROPN
cblr-7219	270	6	46	46	NUM
cblr-7219	270	7	(	(	PUNCT
cblr-7219	270	8	analyzing	analyze	VERB
cblr-7219	270	9	the	the	DET
cblr-7219	270	10	role	role	NOUN
cblr-7219	270	11	central	central	ADJ
cblr-7219	270	12	clearing	clearing	NOUN
cblr-7219	270	13	could	could	AUX
cblr-7219	270	14	play	play	VERB
cblr-7219	270	15	in	in	ADP
cblr-7219	270	16	repo	repo	ADP
cblr-7219	270	17	markets	market	NOUN
cblr-7219	270	18	)	)	PUNCT
cblr-7219	270	19	;	;	PUNCT
cblr-7219	270	20	steven	steven	PROPN
cblr-7219	270	21	l.	l.	PROPN
cblr-7219	270	22	schwarcz	schwarcz	PROPN
cblr-7219	270	23	,	,	PUNCT
cblr-7219	270	24	central	central	ADJ
cblr-7219	270	25	clearing	clearing	NOUN
cblr-7219	270	26	of	of	ADP
cblr-7219	270	27	financial	financial	ADJ
cblr-7219	270	28	contracts	contract	NOUN
cblr-7219	270	29	:	:	PUNCT
cblr-7219	270	30	theory	theory	NOUN
cblr-7219	270	31	and	and	CCONJ
cblr-7219	270	32	regulatory	regulatory	ADJ
cblr-7219	270	33	implications	implication	NOUN
cblr-7219	270	34	,	,	PUNCT
cblr-7219	270	35	167	167	NUM
cblr-7219	270	36	u.	u.	PROPN
cblr-7219	270	37	pa	pa	PROPN
cblr-7219	270	38	.	.	PUNCT
cblr-7219	270	39	l.	l.	PROPN
cblr-7219	270	40	rev	rev	PROPN
cblr-7219	270	41	.	.	PROPN
cblr-7219	270	42	1327	1327	NUM
cblr-7219	270	43	,	,	PUNCT
cblr-7219	270	44	1347–56	1347–56	NUM
cblr-7219	270	45	(	(	PUNCT
cblr-7219	270	46	2019	2019	NUM
cblr-7219	270	47	)	)	PUNCT
cblr-7219	270	48	(	(	PUNCT
cblr-7219	270	49	exploring	explore	VERB
cblr-7219	270	50	the	the	DET
cblr-7219	270	51	feasibility	feasibility	NOUN
cblr-7219	270	52	of	of	ADP
cblr-7219	270	53	expanding	expand	VERB
cblr-7219	270	54	central	central	ADJ
cblr-7219	270	55	clearing	clearing	NOUN
cblr-7219	270	56	to	to	ADP
cblr-7219	270	57	nonderivative	nonderivative	ADJ
cblr-7219	270	58	financial	financial	ADJ
cblr-7219	270	59	contracts	contract	NOUN
cblr-7219	270	60	such	such	ADJ
cblr-7219	270	61	as	as	ADP
cblr-7219	270	62	loan	loan	NOUN
cblr-7219	270	63	agreements	agreement	NOUN
cblr-7219	270	64	)	)	PUNCT
cblr-7219	270	65	.	.	PUNCT
cblr-7219	271	1	66	66	NUM
cblr-7219	272	1	some	some	DET
cblr-7219	272	2	scholars	scholar	NOUN
cblr-7219	272	3	identify	identify	VERB
cblr-7219	272	4	these	these	DET
cblr-7219	272	5	three	three	NUM
cblr-7219	272	6	risk	risk	NOUN
cblr-7219	272	7	management	management	NOUN
cblr-7219	272	8	mechanisms	mechanism	NOUN
cblr-7219	272	9	as	as	ADP
cblr-7219	272	10	loss	loss	NOUN
cblr-7219	272	11	distribution	distribution	NOUN
cblr-7219	272	12	forms	form	NOUN
cblr-7219	272	13	.	.	PUNCT
cblr-7219	273	1	multilateral	multilateral	ADJ
cblr-7219	273	2	netting	netting	NOUN
cblr-7219	273	3	and	and	CCONJ
cblr-7219	273	4	margin	margin	NOUN
cblr-7219	273	5	requirements	requirement	NOUN
cblr-7219	273	6	are	be	AUX
cblr-7219	273	7	defined	define	VERB
cblr-7219	273	8	as	as	ADP
cblr-7219	273	9	loss	loss	NOUN
cblr-7219	273	10	externalization	externalization	NOUN
cblr-7219	273	11	tools	tool	NOUN
cblr-7219	273	12	as	as	SCONJ
cblr-7219	273	13	they	they	PRON
cblr-7219	273	14	pass	pass	VERB
cblr-7219	273	15	the	the	DET
cblr-7219	273	16	costs	cost	NOUN
cblr-7219	273	17	of	of	ADP
cblr-7219	273	18	failure	failure	NOUN
cblr-7219	273	19	of	of	ADP
cblr-7219	273	20	a	a	DET
cblr-7219	273	21	clearing	clearing	NOUN
cblr-7219	273	22	member	member	NOUN
cblr-7219	273	23	onto	onto	ADP
cblr-7219	273	24	clearinghouses	clearinghouse	NOUN
cblr-7219	273	25	’	'	PUNCT
cblr-7219	273	26	outside	outside	ADJ
cblr-7219	273	27	creditors	creditor	NOUN
cblr-7219	273	28	.	.	PUNCT
cblr-7219	274	1	see	see	VERB
cblr-7219	274	2	squire	squire	NOUN
cblr-7219	274	3	,	,	PUNCT
cblr-7219	274	4	supra	supra	PROPN
cblr-7219	274	5	note	note	NOUN
cblr-7219	274	6	9	9	NUM
cblr-7219	274	7	,	,	PUNCT
cblr-7219	274	8	at	at	ADP
cblr-7219	274	9	863–71	863–71	NOUN
cblr-7219	274	10	.	.	PUNCT
cblr-7219	275	1	on	on	ADP
cblr-7219	275	2	the	the	DET
cblr-7219	275	3	other	other	ADJ
cblr-7219	275	4	hand	hand	NOUN
cblr-7219	275	5	,	,	PUNCT
cblr-7219	275	6	loss	loss	NOUN
cblr-7219	275	7	mutualization	mutualization	NOUN
cblr-7219	275	8	tools	tool	NOUN
cblr-7219	275	9	include	include	VERB
cblr-7219	275	10	the	the	DET
cblr-7219	275	11	guaranty	guaranty	NOUN
cblr-7219	275	12	fund	fund	NOUN
cblr-7219	275	13	,	,	PUNCT
cblr-7219	275	14	the	the	DET
cblr-7219	275	15	pool	pool	NOUN
cblr-7219	275	16	of	of	ADP
cblr-7219	275	17	resources	resource	NOUN
cblr-7219	275	18	provided	provide	VERB
cblr-7219	275	19	by	by	ADP
cblr-7219	275	20	all	all	DET
cblr-7219	275	21	members	member	NOUN
cblr-7219	275	22	,	,	PUNCT
cblr-7219	275	23	which	which	PRON
cblr-7219	275	24	spreads	spread	VERB
cblr-7219	275	25	the	the	DET
cblr-7219	275	26	cost	cost	NOUN
cblr-7219	275	27	of	of	ADP
cblr-7219	275	28	one	one	NUM
cblr-7219	275	29	member	member	NOUN
cblr-7219	275	30	’s	’s	PART
cblr-7219	275	31	default	default	NOUN
cblr-7219	275	32	among	among	ADP
cblr-7219	275	33	all	all	DET
cblr-7219	275	34	non	non	ADJ
cblr-7219	275	35	-	-	ADJ
cblr-7219	275	36	defaulted	defaulted	ADJ
cblr-7219	275	37	members	member	NOUN
cblr-7219	275	38	.	.	PUNCT
cblr-7219	276	1	see	see	VERB
cblr-7219	276	2	squire	squire	NOUN
cblr-7219	276	3	,	,	PUNCT
cblr-7219	276	4	supra	supra	PROPN
cblr-7219	276	5	note	note	NOUN
cblr-7219	276	6	9	9	NUM
cblr-7219	276	7	,	,	PUNCT
cblr-7219	276	8	at	at	ADP
cblr-7219	276	9	871–72	871–72	NUM
cblr-7219	276	10	.	.	PUNCT
cblr-7219	277	1	as	as	SCONJ
cblr-7219	277	2	discussed	discuss	VERB
cblr-7219	277	3	in	in	ADP
cblr-7219	277	4	the	the	DET
cblr-7219	277	5	next	next	ADJ
cblr-7219	277	6	section	section	NOUN
cblr-7219	277	7	,	,	PUNCT
cblr-7219	277	8	loss	loss	NOUN
cblr-7219	277	9	mutualization	mutualization	NOUN
cblr-7219	277	10	mechanisms	mechanism	NOUN
cblr-7219	277	11	are	be	AUX
cblr-7219	277	12	also	also	ADV
cblr-7219	277	13	loss	loss	NOUN
cblr-7219	277	14	externalization	externalization	NOUN
cblr-7219	277	15	tools	tool	NOUN
cblr-7219	277	16	in	in	ADP
cblr-7219	277	17	practice	practice	NOUN
cblr-7219	277	18	.	.	PUNCT
cblr-7219	278	1	see	see	VERB
cblr-7219	278	2	infra	infra	NOUN
cblr-7219	278	3	section	section	NOUN
cblr-7219	278	4	ii.b	ii.b	NOUN
cblr-7219	278	5	.	.	PUNCT
cblr-7219	279	1	from	from	ADP
cblr-7219	279	2	the	the	DET
cblr-7219	279	3	perspective	perspective	NOUN
cblr-7219	279	4	of	of	ADP
cblr-7219	279	5	clearinghouses	clearinghouse	NOUN
cblr-7219	279	6	and	and	CCONJ
cblr-7219	279	7	their	their	PRON
cblr-7219	279	8	shareholders	shareholder	NOUN
cblr-7219	279	9	,	,	PUNCT
cblr-7219	279	10	all	all	DET
cblr-7219	279	11	the	the	DET
cblr-7219	279	12	above	above	ADV
cblr-7219	279	13	-	-	PUNCT
cblr-7219	279	14	mentioned	mention	VERB
cblr-7219	279	15	mechanisms	mechanism	NOUN
cblr-7219	279	16	pass	pass	VERB
cblr-7219	279	17	the	the	DET
cblr-7219	279	18	costs	cost	NOUN
cblr-7219	279	19	of	of	ADP
cblr-7219	279	20	default	default	NOUN
cblr-7219	279	21	down	down	ADP
cblr-7219	279	22	on	on	ADP
cblr-7219	279	23	to	to	ADP
cblr-7219	279	24	third	third	ADJ
cblr-7219	279	25	parties	party	NOUN
cblr-7219	279	26	—	—	PUNCT
cblr-7219	279	27	precisely	precisely	ADV
cblr-7219	279	28	those	those	DET
cblr-7219	279	29	parties	party	NOUN
cblr-7219	279	30	who	who	PRON
cblr-7219	279	31	are	be	AUX
cblr-7219	279	32	not	not	PART
cblr-7219	279	33	in	in	ADP
cblr-7219	279	34	privity	privity	NOUN
cblr-7219	279	35	of	of	ADP
cblr-7219	279	36	contract	contract	NOUN
cblr-7219	279	37	with	with	ADP
cblr-7219	279	38	the	the	DET
cblr-7219	279	39	defaulted	defaulted	ADJ
cblr-7219	279	40	party	party	NOUN
cblr-7219	279	41	.	.	PUNCT
cblr-7219	280	1	67	67	NUM
cblr-7219	280	2	netting	net	VERB
cblr-7219	280	3	is	be	AUX
cblr-7219	280	4	the	the	DET
cblr-7219	280	5	process	process	NOUN
cblr-7219	280	6	of	of	ADP
cblr-7219	280	7	compressing	compress	VERB
cblr-7219	280	8	reciprocal	reciprocal	ADJ
cblr-7219	280	9	and	and	CCONJ
cblr-7219	280	10	opposite	opposite	ADJ
cblr-7219	280	11	positions	position	NOUN
cblr-7219	280	12	.	.	PUNCT
cblr-7219	281	1	see	see	VERB
cblr-7219	281	2	paolo	paolo	PROPN
cblr-7219	281	3	saguato	saguato	NOUN
cblr-7219	281	4	,	,	PUNCT
cblr-7219	281	5	unbundling	unbundle	VERB
cblr-7219	281	6	complexity	complexity	NOUN
cblr-7219	281	7	:	:	PUNCT
cblr-7219	281	8	the	the	DET
cblr-7219	281	9	law	law	NOUN
cblr-7219	281	10	and	and	CCONJ
cblr-7219	281	11	economics	economic	NOUN
cblr-7219	281	12	on	on	ADP
cblr-7219	281	13	netting	net	VERB
cblr-7219	281	14	16–20	16–20	NUM
cblr-7219	281	15	(	(	PUNCT
cblr-7219	281	16	may	may	NOUN
cblr-7219	281	17	2020	2020	NUM
cblr-7219	281	18	)	)	PUNCT
cblr-7219	281	19	(	(	PUNCT
cblr-7219	281	20	unpublished	unpublished	ADJ
cblr-7219	281	21	manuscript	manuscript	NOUN
cblr-7219	281	22	)	)	PUNCT
cblr-7219	281	23	(	(	PUNCT
cblr-7219	281	24	on	on	ADP
cblr-7219	281	25	file	file	NOUN
cblr-7219	281	26	with	with	ADP
cblr-7219	281	27	author	author	NOUN
cblr-7219	281	28	)	)	PUNCT
cblr-7219	281	29	.	.	PUNCT
cblr-7219	282	1	68	68	NUM
cblr-7219	282	2	two	two	NUM
cblr-7219	282	3	additional	additional	ADJ
cblr-7219	282	4	functions	function	NOUN
cblr-7219	282	5	performed	perform	VERB
cblr-7219	282	6	indirectly	indirectly	ADV
cblr-7219	282	7	by	by	ADP
cblr-7219	282	8	clearinghouses	clearinghouse	NOUN
cblr-7219	282	9	are	be	AUX
cblr-7219	282	10	transparency	transparency	NOUN
cblr-7219	282	11	enhancement	enhancement	NOUN
cblr-7219	282	12	(	(	PUNCT
cblr-7219	282	13	by	by	ADP
cblr-7219	282	14	reporting	report	VERB
cblr-7219	282	15	the	the	DET
cblr-7219	282	16	data	datum	NOUN
cblr-7219	282	17	of	of	ADP
cblr-7219	282	18	cleared	clear	VERB
cblr-7219	282	19	transactions	transaction	NOUN
cblr-7219	282	20	)	)	PUNCT
cblr-7219	282	21	,	,	PUNCT
cblr-7219	282	22	and	and	CCONJ
cblr-7219	282	23	contract	contract	NOUN
cblr-7219	282	24	standardization	standardization	NOUN
cblr-7219	282	25	(	(	PUNCT
cblr-7219	282	26	as	as	ADP
cblr-7219	282	27	a	a	DET
cblr-7219	282	28	basic	basic	ADJ
cblr-7219	282	29	prerequisite	prerequisite	NOUN
cblr-7219	282	30	to	to	ADP
cblr-7219	282	31	operating	operate	VERB
cblr-7219	282	32	of	of	ADP
cblr-7219	282	33	a	a	DET
cblr-7219	282	34	“	"	PUNCT
cblr-7219	282	35	matched	match	VERB
cblr-7219	282	36	book	book	NOUN
cblr-7219	282	37	”	"	PUNCT
cblr-7219	282	38	)	)	PUNCT
cblr-7219	282	39	.	.	PUNCT
cblr-7219	283	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	283	2	(	(	PUNCT
cblr-7219	283	3	do	do	AUX
cblr-7219	283	4	not	not	PART
cblr-7219	283	5	delete	delete	VERB
cblr-7219	283	6	)	)	PUNCT
cblr-7219	283	7	10/21/2020	10/21/2020	NUM
cblr-7219	283	8	11:22	11:22	NUM
cblr-7219	283	9	am	am	NOUN
cblr-7219	283	10	no	no	NOUN
cblr-7219	283	11	.	.	PUNCT
cblr-7219	284	1	2:449	2:449	NUM
cblr-7219	284	2	]	]	X
cblr-7219	284	3	unfinished	unfinished	ADJ
cblr-7219	284	4	business	business	NOUN
cblr-7219	284	5	467	467	NUM
cblr-7219	284	6	first	first	ADJ
cblr-7219	284	7	two	two	NUM
cblr-7219	284	8	features	feature	NOUN
cblr-7219	284	9	are	be	AUX
cblr-7219	284	10	made	make	VERB
cblr-7219	284	11	possible	possible	ADJ
cblr-7219	284	12	by	by	ADP
cblr-7219	284	13	the	the	DET
cblr-7219	284	14	novation	novation	NOUN
cblr-7219	284	15	process	process	NOUN
cblr-7219	284	16	and	and	CCONJ
cblr-7219	284	17	operate	operate	VERB
cblr-7219	284	18	primarily	primarily	ADV
cblr-7219	284	19	as	as	ADP
cblr-7219	284	20	microprudential	microprudential	ADJ
cblr-7219	284	21	transactional	transactional	ADJ
cblr-7219	284	22	tools	tool	NOUN
cblr-7219	284	23	to	to	PART
cblr-7219	284	24	mitigate	mitigate	VERB
cblr-7219	284	25	counterparty	counterparty	NOUN
cblr-7219	284	26	risk	risk	NOUN
cblr-7219	284	27	.	.	PUNCT
cblr-7219	285	1	the	the	DET
cblr-7219	285	2	third	third	ADJ
cblr-7219	285	3	feature	feature	NOUN
cblr-7219	285	4	,	,	PUNCT
cblr-7219	285	5	which	which	PRON
cblr-7219	285	6	is	be	AUX
cblr-7219	285	7	the	the	DET
cblr-7219	285	8	ultimate	ultimate	ADJ
cblr-7219	285	9	risk	risk	NOUN
cblr-7219	285	10	management	management	NOUN
cblr-7219	285	11	mechanism	mechanism	NOUN
cblr-7219	285	12	to	to	PART
cblr-7219	285	13	contain	contain	VERB
cblr-7219	285	14	counterparty	counterparty	NOUN
cblr-7219	285	15	risk	risk	NOUN
cblr-7219	285	16	,	,	PUNCT
cblr-7219	285	17	contributes	contribute	VERB
cblr-7219	285	18	to	to	ADP
cblr-7219	285	19	the	the	DET
cblr-7219	285	20	macroprudential	macroprudential	ADJ
cblr-7219	285	21	mission	mission	NOUN
cblr-7219	285	22	of	of	ADP
cblr-7219	285	23	mitigating	mitigate	VERB
cblr-7219	285	24	systemic	systemic	ADJ
cblr-7219	285	25	risk	risk	NOUN
cblr-7219	285	26	and	and	CCONJ
cblr-7219	285	27	reducing	reduce	VERB
cblr-7219	285	28	complexity	complexity	NOUN
cblr-7219	285	29	in	in	ADP
cblr-7219	285	30	the	the	DET
cblr-7219	285	31	financial	financial	ADJ
cblr-7219	285	32	system.69	system.69	NOUN
cblr-7219	285	33	by	by	ADP
cblr-7219	285	34	operating	operate	VERB
cblr-7219	285	35	as	as	ADP
cblr-7219	285	36	ccps	ccp	NOUN
cblr-7219	285	37	,	,	PUNCT
cblr-7219	285	38	clearinghouses	clearinghouse	NOUN
cblr-7219	285	39	become	become	VERB
cblr-7219	285	40	the	the	DET
cblr-7219	285	41	central	central	ADJ
cblr-7219	285	42	nodes	node	NOUN
cblr-7219	285	43	of	of	ADP
cblr-7219	285	44	a	a	DET
cblr-7219	285	45	multitude	multitude	NOUN
cblr-7219	285	46	of	of	ADP
cblr-7219	285	47	trades	trade	NOUN
cblr-7219	285	48	.	.	PUNCT
cblr-7219	286	1	their	their	PRON
cblr-7219	286	2	role	role	NOUN
cblr-7219	286	3	as	as	ADP
cblr-7219	286	4	buyers	buyer	NOUN
cblr-7219	286	5	to	to	ADP
cblr-7219	286	6	every	every	DET
cblr-7219	286	7	seller	seller	NOUN
cblr-7219	286	8	and	and	CCONJ
cblr-7219	286	9	sellers	seller	NOUN
cblr-7219	286	10	to	to	ADP
cblr-7219	286	11	every	every	DET
cblr-7219	286	12	buyer	buyer	NOUN
cblr-7219	286	13	allows	allow	VERB
cblr-7219	286	14	them	they	PRON
cblr-7219	286	15	to	to	PART
cblr-7219	286	16	compress	compress	VERB
cblr-7219	286	17	and	and	CCONJ
cblr-7219	286	18	offset	offset	VERB
cblr-7219	286	19	opposite	opposite	ADJ
cblr-7219	286	20	positions	position	NOUN
cblr-7219	286	21	through	through	ADP
cblr-7219	286	22	a	a	DET
cblr-7219	286	23	process	process	NOUN
cblr-7219	286	24	of	of	ADP
cblr-7219	286	25	multilateral	multilateral	ADJ
cblr-7219	286	26	netting.70	netting.70	NOUN
cblr-7219	286	27	expanding	expand	VERB
cblr-7219	286	28	upon	upon	SCONJ
cblr-7219	286	29	the	the	DET
cblr-7219	286	30	previous	previous	ADJ
cblr-7219	286	31	example	example	NOUN
cblr-7219	286	32	,	,	PUNCT
cblr-7219	286	33	imagine	imagine	VERB
cblr-7219	286	34	that	that	SCONJ
cblr-7219	286	35	a	a	PRON
cblr-7219	286	36	has	have	AUX
cblr-7219	286	37	sold	sell	VERB
cblr-7219	286	38	a	a	DET
cblr-7219	286	39	bitcoin	bitcoin	ADJ
cblr-7219	286	40	future	future	NOUN
cblr-7219	286	41	to	to	PART
cblr-7219	286	42	b71	b71	VERB
cblr-7219	286	43	and	and	CCONJ
cblr-7219	286	44	has	have	AUX
cblr-7219	286	45	bought	buy	VERB
cblr-7219	286	46	one	one	NUM
cblr-7219	286	47	from	from	ADP
cblr-7219	286	48	c,72	c,72	NOUN
cblr-7219	286	49	and	and	CCONJ
cblr-7219	286	50	imagine	imagine	VERB
cblr-7219	286	51	that	that	SCONJ
cblr-7219	286	52	c	c	PROPN
cblr-7219	286	53	bought	buy	VERB
cblr-7219	286	54	another	another	DET
cblr-7219	286	55	bitcoin	bitcoin	ADJ
cblr-7219	286	56	future	future	NOUN
cblr-7219	286	57	from	from	ADP
cblr-7219	286	58	b.	b.	PROPN
cblr-7219	286	59	assume	assume	VERB
cblr-7219	286	60	that	that	SCONJ
cblr-7219	286	61	the	the	DET
cblr-7219	286	62	futures	future	NOUN
cblr-7219	286	63	have	have	VERB
cblr-7219	286	64	to	to	PART
cblr-7219	286	65	be	be	AUX
cblr-7219	286	66	cash	cash	NOUN
cblr-7219	286	67	-	-	PUNCT
cblr-7219	286	68	settled73	settled73	VERB
cblr-7219	286	69	and	and	CCONJ
cblr-7219	286	70	imagine	imagine	VERB
cblr-7219	286	71	69	69	NUM
cblr-7219	286	72	as	as	ADV
cblr-7219	286	73	further	far	ADV
cblr-7219	286	74	developed	develop	VERB
cblr-7219	286	75	in	in	ADP
cblr-7219	286	76	this	this	DET
cblr-7219	286	77	section	section	NOUN
cblr-7219	286	78	,	,	PUNCT
cblr-7219	286	79	clearinghouses	clearinghouse	NOUN
cblr-7219	286	80	do	do	AUX
cblr-7219	286	81	not	not	PART
cblr-7219	286	82	fully	fully	ADV
cblr-7219	286	83	eliminate	eliminate	VERB
cblr-7219	286	84	financial	financial	ADJ
cblr-7219	286	85	risk	risk	NOUN
cblr-7219	286	86	and	and	CCONJ
cblr-7219	286	87	complexity	complexity	NOUN
cblr-7219	286	88	from	from	ADP
cblr-7219	286	89	the	the	DET
cblr-7219	286	90	financial	financial	ADJ
cblr-7219	286	91	market	market	NOUN
cblr-7219	286	92	.	.	PUNCT
cblr-7219	287	1	see	see	VERB
cblr-7219	287	2	infra	infra	NOUN
cblr-7219	287	3	notes	note	VERB
cblr-7219	287	4	71–77	71–77	NUM
cblr-7219	287	5	and	and	CCONJ
cblr-7219	287	6	accompanying	accompany	VERB
cblr-7219	287	7	text	text	NOUN
cblr-7219	287	8	.	.	PUNCT
cblr-7219	288	1	however	however	ADV
cblr-7219	288	2	,	,	PUNCT
cblr-7219	288	3	by	by	ADP
cblr-7219	288	4	novating	novate	VERB
cblr-7219	288	5	contracts	contract	NOUN
cblr-7219	288	6	and	and	CCONJ
cblr-7219	288	7	becoming	become	VERB
cblr-7219	288	8	a	a	DET
cblr-7219	288	9	central	central	ADJ
cblr-7219	288	10	counterparty	counterparty	NOUN
cblr-7219	288	11	for	for	ADP
cblr-7219	288	12	a	a	DET
cblr-7219	288	13	multitude	multitude	NOUN
cblr-7219	288	14	of	of	ADP
cblr-7219	288	15	trades	trade	NOUN
cblr-7219	288	16	,	,	PUNCT
cblr-7219	288	17	clearinghouses	clearinghouse	NOUN
cblr-7219	288	18	remove	remove	VERB
cblr-7219	288	19	the	the	DET
cblr-7219	288	20	risk	risk	NOUN
cblr-7219	288	21	from	from	ADP
cblr-7219	288	22	bilateral	bilateral	ADJ
cblr-7219	288	23	transactions	transaction	NOUN
cblr-7219	288	24	among	among	ADP
cblr-7219	288	25	dealers	dealer	NOUN
cblr-7219	288	26	and	and	CCONJ
cblr-7219	288	27	centralize	centralize	VERB
cblr-7219	288	28	it	it	PRON
cblr-7219	288	29	within	within	ADP
cblr-7219	288	30	their	their	PRON
cblr-7219	288	31	own	own	ADJ
cblr-7219	288	32	walls	wall	NOUN
cblr-7219	288	33	.	.	PUNCT
cblr-7219	289	1	that	that	PRON
cblr-7219	289	2	is	be	AUX
cblr-7219	289	3	,	,	PUNCT
cblr-7219	289	4	financial	financial	ADJ
cblr-7219	289	5	risk	risk	NOUN
cblr-7219	289	6	is	be	AUX
cblr-7219	289	7	not	not	PART
cblr-7219	289	8	eliminated	eliminate	VERB
cblr-7219	289	9	from	from	ADP
cblr-7219	289	10	the	the	DET
cblr-7219	289	11	system	system	NOUN
cblr-7219	289	12	,	,	PUNCT
cblr-7219	289	13	but	but	CCONJ
cblr-7219	289	14	it	it	PRON
cblr-7219	289	15	is	be	AUX
cblr-7219	289	16	centralized	centralize	VERB
cblr-7219	289	17	,	,	PUNCT
cblr-7219	289	18	mitigated	mitigate	VERB
cblr-7219	289	19	,	,	PUNCT
cblr-7219	289	20	and	and	CCONJ
cblr-7219	289	21	managed	manage	VERB
cblr-7219	289	22	by	by	ADP
cblr-7219	289	23	specialized	specialized	ADJ
cblr-7219	289	24	risk	risk	NOUN
cblr-7219	289	25	managers	manager	NOUN
cblr-7219	289	26	.	.	PUNCT
cblr-7219	290	1	see	see	VERB
cblr-7219	290	2	infra	infra	NOUN
cblr-7219	290	3	notes	note	VERB
cblr-7219	290	4	78–83	78–83	NUM
cblr-7219	290	5	and	and	CCONJ
cblr-7219	290	6	accompanying	accompany	VERB
cblr-7219	290	7	text	text	NOUN
cblr-7219	290	8	.	.	PUNCT
cblr-7219	291	1	70	70	NUM
cblr-7219	291	2	see	see	VERB
cblr-7219	291	3	saguato	saguato	NOUN
cblr-7219	291	4	,	,	PUNCT
cblr-7219	291	5	the	the	DET
cblr-7219	291	6	ownership	ownership	NOUN
cblr-7219	291	7	of	of	ADP
cblr-7219	291	8	clearinghouses	clearinghouse	NOUN
cblr-7219	291	9	,	,	PUNCT
cblr-7219	291	10	supra	supra	PROPN
cblr-7219	291	11	note	note	NOUN
cblr-7219	291	12	8	8	NUM
cblr-7219	291	13	,	,	PUNCT
cblr-7219	291	14	at	at	ADP
cblr-7219	291	15	616–18	616–18	NUM
cblr-7219	291	16	.	.	PUNCT
cblr-7219	292	1	71	71	NUM
cblr-7219	292	2	the	the	DET
cblr-7219	292	3	seller	seller	NOUN
cblr-7219	292	4	of	of	ADP
cblr-7219	292	5	a	a	DET
cblr-7219	292	6	futures	future	NOUN
cblr-7219	292	7	contract	contract	NOUN
cblr-7219	292	8	,	,	PUNCT
cblr-7219	292	9	the	the	DET
cblr-7219	292	10	party	party	NOUN
cblr-7219	292	11	“	"	PUNCT
cblr-7219	292	12	going	go	VERB
cblr-7219	292	13	short	short	ADJ
cblr-7219	292	14	”	"	PUNCT
cblr-7219	292	15	on	on	ADP
cblr-7219	292	16	the	the	DET
cblr-7219	292	17	futures	future	NOUN
cblr-7219	292	18	,	,	PUNCT
cblr-7219	292	19	takes	take	VERB
cblr-7219	292	20	on	on	ADP
cblr-7219	292	21	the	the	DET
cblr-7219	292	22	obligation	obligation	NOUN
cblr-7219	292	23	to	to	PART
cblr-7219	292	24	provide	provide	VERB
cblr-7219	292	25	and	and	CCONJ
cblr-7219	292	26	deliver	deliver	VERB
cblr-7219	292	27	the	the	DET
cblr-7219	292	28	underlying	underlie	VERB
cblr-7219	292	29	asset	asset	NOUN
cblr-7219	292	30	when	when	SCONJ
cblr-7219	292	31	the	the	DET
cblr-7219	292	32	contract	contract	NOUN
cblr-7219	292	33	comes	come	VERB
cblr-7219	292	34	to	to	ADP
cblr-7219	292	35	maturity	maturity	NOUN
cblr-7219	292	36	.	.	PUNCT
cblr-7219	293	1	see	see	VERB
cblr-7219	293	2	chi	chi	PROPN
cblr-7219	293	3	.	.	PUNCT
cblr-7219	294	1	mercantile	mercantile	PROPN
cblr-7219	294	2	exch	exch	PROPN
cblr-7219	294	3	.	.	PROPN
cblr-7219	294	4	,	,	PUNCT
cblr-7219	294	5	supra	supra	PROPN
cblr-7219	294	6	note	note	PROPN
cblr-7219	294	7	58	58	NUM
cblr-7219	294	8	,	,	PUNCT
cblr-7219	294	9	at	at	ADP
cblr-7219	294	10	37	37	NUM
cblr-7219	294	11	.	.	PUNCT
cblr-7219	294	12	72	72	NUM
cblr-7219	295	1	the	the	DET
cblr-7219	295	2	buyer	buyer	NOUN
cblr-7219	295	3	of	of	ADP
cblr-7219	295	4	a	a	DET
cblr-7219	295	5	futures	future	NOUN
cblr-7219	295	6	contract	contract	NOUN
cblr-7219	295	7	,	,	PUNCT
cblr-7219	295	8	the	the	DET
cblr-7219	295	9	party	party	NOUN
cblr-7219	295	10	“	"	PUNCT
cblr-7219	295	11	going	go	VERB
cblr-7219	295	12	long	long	ADV
cblr-7219	295	13	”	"	PUNCT
cblr-7219	295	14	on	on	ADP
cblr-7219	295	15	the	the	DET
cblr-7219	295	16	futures	future	NOUN
cblr-7219	295	17	,	,	PUNCT
cblr-7219	295	18	assumes	assume	VERB
cblr-7219	295	19	the	the	DET
cblr-7219	295	20	obligation	obligation	NOUN
cblr-7219	295	21	to	to	PART
cblr-7219	295	22	buy	buy	VERB
cblr-7219	295	23	and	and	CCONJ
cblr-7219	295	24	receive	receive	VERB
cblr-7219	295	25	the	the	DET
cblr-7219	295	26	underlying	underlie	VERB
cblr-7219	295	27	asset	asset	NOUN
cblr-7219	295	28	when	when	SCONJ
cblr-7219	295	29	the	the	DET
cblr-7219	295	30	contract	contract	NOUN
cblr-7219	295	31	comes	come	VERB
cblr-7219	295	32	to	to	ADP
cblr-7219	295	33	maturity	maturity	NOUN
cblr-7219	295	34	.	.	PUNCT
cblr-7219	296	1	i	i	PRON
cblr-7219	296	2	d.	d.	PROPN
cblr-7219	296	3	at	at	ADP
cblr-7219	296	4	36	36	NUM
cblr-7219	296	5	,	,	PUNCT
cblr-7219	296	6	38	38	NUM
cblr-7219	296	7	.	.	PUNCT
cblr-7219	297	1	73	73	NUM
cblr-7219	297	2	cash	cash	NOUN
cblr-7219	297	3	settlement	settlement	NOUN
cblr-7219	297	4	is	be	AUX
cblr-7219	297	5	one	one	NUM
cblr-7219	297	6	way	way	NOUN
cblr-7219	297	7	a	a	DET
cblr-7219	297	8	futures	future	NOUN
cblr-7219	297	9	contract	contract	NOUN
cblr-7219	297	10	can	can	AUX
cblr-7219	297	11	be	be	AUX
cblr-7219	297	12	performed	perform	VERB
cblr-7219	297	13	.	.	PUNCT
cblr-7219	298	1	in	in	ADP
cblr-7219	298	2	a	a	DET
cblr-7219	298	3	cash	cash	NOUN
cblr-7219	298	4	settlement	settlement	NOUN
cblr-7219	298	5	,	,	PUNCT
cblr-7219	298	6	the	the	DET
cblr-7219	298	7	parties	party	NOUN
cblr-7219	298	8	to	to	ADP
cblr-7219	298	9	the	the	DET
cblr-7219	298	10	contract	contract	NOUN
cblr-7219	298	11	agree	agree	VERB
cblr-7219	298	12	to	to	PART
cblr-7219	298	13	exchange	exchange	VERB
cblr-7219	298	14	a	a	DET
cblr-7219	298	15	sum	sum	NOUN
cblr-7219	298	16	of	of	ADP
cblr-7219	298	17	money	money	NOUN
cblr-7219	298	18	equal	equal	ADJ
cblr-7219	298	19	to	to	ADP
cblr-7219	298	20	the	the	DET
cblr-7219	298	21	difference	difference	NOUN
cblr-7219	298	22	between	between	ADP
cblr-7219	298	23	the	the	DET
cblr-7219	298	24	price	price	NOUN
cblr-7219	298	25	at	at	ADP
cblr-7219	298	26	the	the	DET
cblr-7219	298	27	time	time	NOUN
cblr-7219	298	28	the	the	DET
cblr-7219	298	29	contract	contract	NOUN
cblr-7219	298	30	was	be	AUX
cblr-7219	298	31	entered	enter	VERB
cblr-7219	298	32	into	into	ADP
cblr-7219	298	33	and	and	CCONJ
cblr-7219	298	34	the	the	DET
cblr-7219	298	35	price	price	NOUN
cblr-7219	298	36	at	at	ADP
cblr-7219	298	37	the	the	DET
cblr-7219	298	38	time	time	NOUN
cblr-7219	298	39	the	the	DET
cblr-7219	298	40	asset	asset	NOUN
cblr-7219	298	41	delivery	delivery	NOUN
cblr-7219	298	42	is	be	AUX
cblr-7219	298	43	scheduled	schedule	VERB
cblr-7219	298	44	to	to	PART
cblr-7219	298	45	be	be	AUX
cblr-7219	298	46	performed	perform	VERB
cblr-7219	298	47	.	.	PUNCT
cblr-7219	299	1	no	no	DET
cblr-7219	299	2	physical	physical	ADJ
cblr-7219	299	3	delivery	delivery	NOUN
cblr-7219	299	4	of	of	ADP
cblr-7219	299	5	the	the	DET
cblr-7219	299	6	asset	asset	NOUN
cblr-7219	299	7	is	be	AUX
cblr-7219	299	8	required	require	VERB
cblr-7219	299	9	to	to	PART
cblr-7219	299	10	perform	perform	VERB
cblr-7219	299	11	the	the	DET
cblr-7219	299	12	contract	contract	NOUN
cblr-7219	299	13	.	.	PUNCT
cblr-7219	300	1	i	i	PRON
cblr-7219	300	2	d.	d.	PROPN
cblr-7219	300	3	at	at	ADP
cblr-7219	300	4	38	38	NUM
cblr-7219	300	5	(	(	PUNCT
cblr-7219	300	6	“	"	PUNCT
cblr-7219	300	7	cash	cash	NOUN
cblr-7219	300	8	settlement	settlement	NOUN
cblr-7219	300	9	,	,	PUNCT
cblr-7219	300	10	in	in	ADP
cblr-7219	300	11	futures	future	NOUN
cblr-7219	300	12	trading	trading	NOUN
cblr-7219	300	13	,	,	PUNCT
cblr-7219	300	14	simply	simply	ADV
cblr-7219	300	15	means	mean	VERB
cblr-7219	300	16	the	the	DET
cblr-7219	300	17	offsetting	offsetting	NOUN
cblr-7219	300	18	of	of	ADP
cblr-7219	300	19	an	an	DET
cblr-7219	300	20	outstanding	outstanding	ADJ
cblr-7219	300	21	futures	future	NOUN
cblr-7219	300	22	obligation	obligation	NOUN
cblr-7219	300	23	with	with	ADP
cblr-7219	300	24	a	a	DET
cblr-7219	300	25	final	final	ADJ
cblr-7219	300	26	mark	mark	NOUN
cblr-7219	300	27	-	-	PUNCT
cblr-7219	300	28	to	to	ADP
cblr-7219	300	29	-	-	PUNCT
cblr-7219	300	30	market	market	NOUN
cblr-7219	300	31	adjustment	adjustment	NOUN
cblr-7219	300	32	.	.	PUNCT
cblr-7219	301	1	the	the	DET
cblr-7219	301	2	trader	trader	NOUN
cblr-7219	301	3	will	will	AUX
cblr-7219	301	4	ultimately	ultimately	ADV
cblr-7219	301	5	receive	receive	VERB
cblr-7219	301	6	(	(	PUNCT
cblr-7219	301	7	or	or	CCONJ
cblr-7219	301	8	pay	pay	VERB
cblr-7219	301	9	)	)	PUNCT
cblr-7219	301	10	the	the	DET
cblr-7219	301	11	difference	difference	NOUN
cblr-7219	301	12	between	between	ADP
cblr-7219	301	13	the	the	DET
cblr-7219	301	14	price	price	NOUN
cblr-7219	301	15	at	at	ADP
cblr-7219	301	16	which	which	PRON
cblr-7219	301	17	the	the	DET
cblr-7219	301	18	trader	trader	NOUN
cblr-7219	301	19	initiated	initiate	VERB
cblr-7219	301	20	the	the	DET
cblr-7219	301	21	position	position	NOUN
cblr-7219	301	22	,	,	PUNCT
cblr-7219	301	23	and	and	CCONJ
cblr-7219	301	24	the	the	DET
cblr-7219	301	25	final	final	ADJ
cblr-7219	301	26	settlement	settlement	NOUN
cblr-7219	301	27	price	price	NOUN
cblr-7219	301	28	.	.	PUNCT
cblr-7219	301	29	”	"	PUNCT
cblr-7219	301	30	)	)	PUNCT
cblr-7219	301	31	.	.	PUNCT
cblr-7219	302	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	302	2	(	(	PUNCT
cblr-7219	302	3	do	do	AUX
cblr-7219	302	4	not	not	PART
cblr-7219	302	5	delte	delte	VERB
cblr-7219	302	6	)	)	PUNCT
cblr-7219	302	7	10/21/2020	10/21/2020	NUM
cblr-7219	302	8	11:22	11:22	NUM
cblr-7219	302	9	am	be	AUX
cblr-7219	302	10	468	468	NUM
cblr-7219	302	11	columbia	columbia	PROPN
cblr-7219	302	12	business	business	NOUN
cblr-7219	302	13	law	law	PROPN
cblr-7219	302	14	review	review	NOUN
cblr-7219	302	15	[	[	X
cblr-7219	302	16	vol	vol	NOUN
cblr-7219	302	17	.	.	PUNCT
cblr-7219	302	18	2020	2020	NUM
cblr-7219	302	19	that	that	PRON
cblr-7219	302	20	the	the	DET
cblr-7219	302	21	price	price	NOUN
cblr-7219	302	22	of	of	ADP
cblr-7219	302	23	bitcoin	bitcoin	NOUN
cblr-7219	302	24	has	have	AUX
cblr-7219	302	25	sharply	sharply	ADV
cblr-7219	302	26	risen	rise	VERB
cblr-7219	302	27	so	so	SCONJ
cblr-7219	302	28	that	that	SCONJ
cblr-7219	302	29	,	,	PUNCT
cblr-7219	302	30	as	as	ADP
cblr-7219	302	31	of	of	ADP
cblr-7219	302	32	today	today	NOUN
cblr-7219	302	33	,	,	PUNCT
cblr-7219	302	34	a	a	PRON
cblr-7219	302	35	would	would	AUX
cblr-7219	302	36	owe	owe	VERB
cblr-7219	302	37	b	b	SYM
cblr-7219	302	38	$	$	SYM
cblr-7219	302	39	100	100	NUM
cblr-7219	302	40	,	,	PUNCT
cblr-7219	302	41	b	b	NOUN
cblr-7219	302	42	would	would	AUX
cblr-7219	302	43	owe	owe	VERB
cblr-7219	302	44	c	c	VERB
cblr-7219	302	45	$	$	SYM
cblr-7219	302	46	200	200	NUM
cblr-7219	302	47	,	,	PUNCT
cblr-7219	302	48	and	and	CCONJ
cblr-7219	302	49	c	c	PROPN
cblr-7219	302	50	would	would	AUX
cblr-7219	302	51	owe	owe	VERB
cblr-7219	302	52	a	a	DET
cblr-7219	302	53	$	$	SYM
cblr-7219	302	54	200	200	NUM
cblr-7219	302	55	.	.	PUNCT
cblr-7219	303	1	without	without	ADP
cblr-7219	303	2	multilateral	multilateral	ADJ
cblr-7219	303	3	netting	netting	NOUN
cblr-7219	303	4	,	,	PUNCT
cblr-7219	303	5	the	the	DET
cblr-7219	303	6	overall	overall	ADJ
cblr-7219	303	7	exposure	exposure	NOUN
cblr-7219	303	8	in	in	ADP
cblr-7219	303	9	this	this	DET
cblr-7219	303	10	three	three	NUM
cblr-7219	303	11	-	-	PUNCT
cblr-7219	303	12	party	party	NOUN
cblr-7219	303	13	market	market	NOUN
cblr-7219	303	14	would	would	AUX
cblr-7219	303	15	be	be	AUX
cblr-7219	303	16	$	$	SYM
cblr-7219	303	17	500	500	NUM
cblr-7219	303	18	.	.	PUNCT
cblr-7219	304	1	figure	figure	VERB
cblr-7219	304	2	1	1	NUM
cblr-7219	304	3	:	:	PUNCT
cblr-7219	304	4	multilateral	multilateral	ADJ
cblr-7219	304	5	transactions	transaction	NOUN
cblr-7219	304	6	without	without	ADP
cblr-7219	304	7	a	a	DET
cblr-7219	304	8	clearinghouse	clearinghouse	NOUN
cblr-7219	304	9	now	now	ADV
cblr-7219	304	10	imagine	imagine	VERB
cblr-7219	304	11	that	that	SCONJ
cblr-7219	304	12	a	a	DET
cblr-7219	304	13	,	,	PUNCT
cblr-7219	304	14	b	b	NOUN
cblr-7219	304	15	,	,	PUNCT
cblr-7219	304	16	and	and	CCONJ
cblr-7219	304	17	c	c	PROPN
cblr-7219	304	18	are	be	AUX
cblr-7219	304	19	members	member	NOUN
cblr-7219	304	20	of	of	ADP
cblr-7219	304	21	a	a	DET
cblr-7219	304	22	clearinghouse	clearinghouse	NOUN
cblr-7219	304	23	and	and	CCONJ
cblr-7219	304	24	as	as	ADP
cblr-7219	304	25	such	such	ADJ
cblr-7219	304	26	have	have	VERB
cblr-7219	304	27	their	their	PRON
cblr-7219	304	28	contracts	contract	NOUN
cblr-7219	304	29	centrally	centrally	ADV
cblr-7219	304	30	cleared	clear	VERB
cblr-7219	304	31	.	.	PUNCT
cblr-7219	305	1	as	as	ADP
cblr-7219	305	2	a	a	DET
cblr-7219	305	3	result	result	NOUN
cblr-7219	305	4	,	,	PUNCT
cblr-7219	305	5	the	the	DET
cblr-7219	305	6	original	original	ADJ
cblr-7219	305	7	contracts	contract	NOUN
cblr-7219	305	8	between	between	ADP
cblr-7219	305	9	a	a	PRON
cblr-7219	305	10	and	and	CCONJ
cblr-7219	305	11	b	b	NOUN
cblr-7219	305	12	,	,	PUNCT
cblr-7219	305	13	b	b	PROPN
cblr-7219	305	14	and	and	CCONJ
cblr-7219	305	15	c	c	NOUN
cblr-7219	305	16	,	,	PUNCT
cblr-7219	305	17	and	and	CCONJ
cblr-7219	305	18	a	a	PRON
cblr-7219	305	19	and	and	CCONJ
cblr-7219	305	20	c	c	NOUN
cblr-7219	305	21	will	will	AUX
cblr-7219	305	22	novate	novate	VERB
cblr-7219	305	23	and	and	CCONJ
cblr-7219	305	24	the	the	DET
cblr-7219	305	25	clearinghouse	clearinghouse	NOUN
cblr-7219	305	26	will	will	AUX
cblr-7219	305	27	become	become	VERB
cblr-7219	305	28	the	the	DET
cblr-7219	305	29	sole	sole	ADJ
cblr-7219	305	30	counterparty	counterparty	NOUN
cblr-7219	305	31	for	for	ADP
cblr-7219	305	32	a	a	DET
cblr-7219	305	33	,	,	PUNCT
cblr-7219	305	34	b	b	NOUN
cblr-7219	305	35	,	,	PUNCT
cblr-7219	305	36	and	and	CCONJ
cblr-7219	305	37	c.	c.	NOUN
cblr-7219	305	38	in	in	ADP
cblr-7219	305	39	addition	addition	NOUN
cblr-7219	305	40	,	,	PUNCT
cblr-7219	305	41	by	by	ADP
cblr-7219	305	42	virtue	virtue	NOUN
cblr-7219	305	43	of	of	ADP
cblr-7219	305	44	multilateral	multilateral	ADJ
cblr-7219	305	45	netting	netting	NOUN
cblr-7219	305	46	,	,	PUNCT
cblr-7219	305	47	the	the	DET
cblr-7219	305	48	original	original	ADJ
cblr-7219	305	49	parties	party	NOUN
cblr-7219	305	50	will	will	AUX
cblr-7219	305	51	be	be	AUX
cblr-7219	305	52	able	able	ADJ
cblr-7219	305	53	to	to	PART
cblr-7219	305	54	reduce	reduce	VERB
cblr-7219	305	55	their	their	PRON
cblr-7219	305	56	overall	overall	ADJ
cblr-7219	305	57	counterparty	counterparty	NOUN
cblr-7219	305	58	risk	risk	NOUN
cblr-7219	305	59	exposure	exposure	NOUN
cblr-7219	305	60	from	from	ADP
cblr-7219	305	61	multiple	multiple	ADJ
cblr-7219	305	62	open	open	ADJ
cblr-7219	305	63	positions	position	NOUN
cblr-7219	305	64	to	to	ADP
cblr-7219	305	65	a	a	DET
cblr-7219	305	66	new	new	ADJ
cblr-7219	305	67	“	"	PUNCT
cblr-7219	305	68	netted	netted	ADJ
cblr-7219	305	69	”	"	PUNCT
cblr-7219	305	70	one	one	NUM
cblr-7219	305	71	with	with	ADP
cblr-7219	305	72	the	the	DET
cblr-7219	305	73	clearinghouse.74	clearinghouse.74	ADJ
cblr-7219	305	74	the	the	DET
cblr-7219	305	75	overall	overall	ADJ
cblr-7219	305	76	exposure	exposure	NOUN
cblr-7219	305	77	in	in	ADP
cblr-7219	305	78	the	the	DET
cblr-7219	305	79	cleared	clear	VERB
cblr-7219	305	80	market	market	NOUN
cblr-7219	305	81	would	would	AUX
cblr-7219	305	82	drop	drop	VERB
cblr-7219	305	83	from	from	ADP
cblr-7219	305	84	$	$	SYM
cblr-7219	305	85	500	500	NUM
cblr-7219	305	86	to	to	PART
cblr-7219	305	87	$	$	SYM
cblr-7219	305	88	200	200	NUM
cblr-7219	305	89	.	.	PUNCT
cblr-7219	306	1	c	c	NOUN
cblr-7219	306	2	would	would	AUX
cblr-7219	306	3	be	be	AUX
cblr-7219	306	4	able	able	ADJ
cblr-7219	306	5	to	to	PART
cblr-7219	306	6	completely	completely	ADV
cblr-7219	306	7	set	set	VERB
cblr-7219	306	8	off	off	ADP
cblr-7219	306	9	its	its	PRON
cblr-7219	306	10	mutual	mutual	ADJ
cblr-7219	306	11	and	and	CCONJ
cblr-7219	306	12	74	74	NUM
cblr-7219	306	13	this	this	PRON
cblr-7219	306	14	is	be	AUX
cblr-7219	306	15	a	a	DET
cblr-7219	306	16	simplification	simplification	NOUN
cblr-7219	306	17	of	of	ADP
cblr-7219	306	18	the	the	DET
cblr-7219	306	19	operation	operation	NOUN
cblr-7219	306	20	of	of	ADP
cblr-7219	306	21	netting	net	VERB
cblr-7219	306	22	in	in	ADP
cblr-7219	306	23	a	a	DET
cblr-7219	306	24	centrally	centrally	ADV
cblr-7219	306	25	cleared	clear	VERB
cblr-7219	306	26	environment	environment	NOUN
cblr-7219	306	27	.	.	PUNCT
cblr-7219	307	1	multilateral	multilateral	ADJ
cblr-7219	307	2	netting	netting	NOUN
cblr-7219	307	3	generally	generally	ADV
cblr-7219	307	4	does	do	AUX
cblr-7219	307	5	not	not	PART
cblr-7219	307	6	operate	operate	VERB
cblr-7219	307	7	across	across	ADP
cblr-7219	307	8	all	all	DET
cblr-7219	307	9	asset	asset	NOUN
cblr-7219	307	10	classes	class	NOUN
cblr-7219	307	11	of	of	ADP
cblr-7219	307	12	centrally	centrally	ADV
cblr-7219	307	13	cleared	clear	VERB
cblr-7219	307	14	transactions	transaction	NOUN
cblr-7219	307	15	but	but	CCONJ
cblr-7219	307	16	is	be	AUX
cblr-7219	307	17	generally	generally	ADV
cblr-7219	307	18	applied	apply	VERB
cblr-7219	307	19	to	to	ADP
cblr-7219	307	20	a	a	DET
cblr-7219	307	21	standardized	standardized	ADJ
cblr-7219	307	22	set	set	NOUN
cblr-7219	307	23	of	of	ADP
cblr-7219	307	24	cleared	clear	VERB
cblr-7219	307	25	contracts	contract	NOUN
cblr-7219	307	26	.	.	PUNCT
cblr-7219	308	1	see	see	VERB
cblr-7219	308	2	saguato	saguato	NOUN
cblr-7219	308	3	,	,	PUNCT
cblr-7219	308	4	supra	supra	PROPN
cblr-7219	308	5	note	note	NOUN
cblr-7219	308	6	67	67	NUM
cblr-7219	308	7	(	(	PUNCT
cblr-7219	308	8	manuscript	manuscript	NOUN
cblr-7219	308	9	at	at	ADP
cblr-7219	308	10	18	18	NUM
cblr-7219	308	11	)	)	PUNCT
cblr-7219	308	12	.	.	PUNCT
cblr-7219	309	1	bank	bank	PROPN
cblr-7219	309	2	c	c	PROPN
cblr-7219	309	3	bank	bank	PROPN
cblr-7219	309	4	b	b	PROPN
cblr-7219	309	5	bank	bank	PROPN
cblr-7219	309	6	a	a	DET
cblr-7219	309	7	$	$	SYM
cblr-7219	309	8	200	200	NUM
cblr-7219	309	9	$	$	SYM
cblr-7219	309	10	200	200	NUM
cblr-7219	309	11	$	$	SYM
cblr-7219	309	12	100	100	NUM
cblr-7219	309	13	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	309	14	(	(	PUNCT
cblr-7219	309	15	do	do	AUX
cblr-7219	309	16	not	not	PART
cblr-7219	309	17	delete	delete	VERB
cblr-7219	309	18	)	)	PUNCT
cblr-7219	309	19	10/21/2020	10/21/2020	NUM
cblr-7219	309	20	11:22	11:22	NUM
cblr-7219	309	21	am	am	NOUN
cblr-7219	309	22	no	no	NOUN
cblr-7219	309	23	.	.	PUNCT
cblr-7219	309	24	2:449	2:449	NUM
cblr-7219	309	25	]	]	X
cblr-7219	309	26	unfinished	unfinished	ADJ
cblr-7219	309	27	business	business	NOUN
cblr-7219	309	28	469	469	NUM
cblr-7219	309	29	reciprocal	reciprocal	ADJ
cblr-7219	309	30	obligations	obligation	NOUN
cblr-7219	309	31	to	to	ADP
cblr-7219	309	32	the	the	DET
cblr-7219	309	33	clearinghouse	clearinghouse	NOUN
cblr-7219	309	34	(	(	PUNCT
cblr-7219	309	35	$	$	SYM
cblr-7219	309	36	200	200	NUM
cblr-7219	309	37	owed	owe	VERB
cblr-7219	309	38	and	and	CCONJ
cblr-7219	309	39	$	$	SYM
cblr-7219	309	40	200	200	NUM
cblr-7219	309	41	owing	owe	VERB
cblr-7219	309	42	)	)	PUNCT
cblr-7219	309	43	,	,	PUNCT
cblr-7219	309	44	while	while	SCONJ
cblr-7219	309	45	a	a	PRON
cblr-7219	309	46	would	would	AUX
cblr-7219	309	47	be	be	AUX
cblr-7219	309	48	entitled	entitle	VERB
cblr-7219	309	49	to	to	PART
cblr-7219	309	50	receive	receive	VERB
cblr-7219	309	51	$	$	SYM
cblr-7219	309	52	100	100	NUM
cblr-7219	309	53	and	and	CCONJ
cblr-7219	309	54	b	b	NOUN
cblr-7219	309	55	would	would	AUX
cblr-7219	309	56	owe	owe	VERB
cblr-7219	309	57	the	the	DET
cblr-7219	309	58	clearinghouse	clearinghouse	NOUN
cblr-7219	309	59	$	$	SYM
cblr-7219	309	60	100	100	NUM
cblr-7219	309	61	.	.	PUNCT
cblr-7219	310	1	when	when	SCONJ
cblr-7219	310	2	executed	execute	VERB
cblr-7219	310	3	on	on	ADP
cblr-7219	310	4	a	a	DET
cblr-7219	310	5	rolling	rolling	ADJ
cblr-7219	310	6	basis	basis	NOUN
cblr-7219	310	7	,	,	PUNCT
cblr-7219	310	8	multilateral	multilateral	ADJ
cblr-7219	310	9	netting	netting	NOUN
cblr-7219	310	10	eliminates	eliminate	VERB
cblr-7219	310	11	offsetting	offset	VERB
cblr-7219	310	12	positions	position	NOUN
cblr-7219	310	13	,	,	PUNCT
cblr-7219	310	14	compresses	compress	VERB
cblr-7219	310	15	the	the	DET
cblr-7219	310	16	number	number	NOUN
cblr-7219	310	17	of	of	ADP
cblr-7219	310	18	contractual	contractual	ADJ
cblr-7219	310	19	obligations	obligation	NOUN
cblr-7219	310	20	,	,	PUNCT
cblr-7219	310	21	and	and	CCONJ
cblr-7219	310	22	reduces	reduce	VERB
cblr-7219	310	23	the	the	DET
cblr-7219	310	24	number	number	NOUN
cblr-7219	310	25	of	of	ADP
cblr-7219	310	26	payment	payment	NOUN
cblr-7219	310	27	obligations	obligation	NOUN
cblr-7219	310	28	and	and	CCONJ
cblr-7219	310	29	contractual	contractual	ADJ
cblr-7219	310	30	guarantees	guarantee	NOUN
cblr-7219	310	31	to	to	PART
cblr-7219	310	32	be	be	AUX
cblr-7219	310	33	pledged	pledge	VERB
cblr-7219	310	34	.	.	PUNCT
cblr-7219	311	1	netting	net	VERB
cblr-7219	311	2	mitigates	mitigate	NOUN
cblr-7219	311	3	parties	party	NOUN
cblr-7219	311	4	’	'	PUNCT
cblr-7219	311	5	exposure	exposure	NOUN
cblr-7219	311	6	to	to	ADP
cblr-7219	311	7	counterparty	counterparty	NOUN
cblr-7219	311	8	default	default	NOUN
cblr-7219	311	9	risk	risk	NOUN
cblr-7219	311	10	and	and	CCONJ
cblr-7219	311	11	optimizes	optimize	VERB
cblr-7219	311	12	the	the	DET
cblr-7219	311	13	use	use	NOUN
cblr-7219	311	14	of	of	ADP
cblr-7219	311	15	collateral,75	collateral,75	NOUN
cblr-7219	311	16	ultimately	ultimately	ADV
cblr-7219	311	17	supporting	support	VERB
cblr-7219	311	18	market	market	NOUN
cblr-7219	311	19	liquidity	liquidity	NOUN
cblr-7219	311	20	and	and	CCONJ
cblr-7219	311	21	a	a	DET
cblr-7219	311	22	more	more	ADV
cblr-7219	311	23	efficient	efficient	ADJ
cblr-7219	311	24	use	use	NOUN
cblr-7219	311	25	of	of	ADP
cblr-7219	311	26	capital	capital	NOUN
cblr-7219	311	27	.	.	PUNCT
cblr-7219	312	1	netting	net	VERB
cblr-7219	312	2	is	be	AUX
cblr-7219	312	3	not	not	PART
cblr-7219	312	4	only	only	ADV
cblr-7219	312	5	executed	execute	VERB
cblr-7219	312	6	to	to	PART
cblr-7219	312	7	process	process	VERB
cblr-7219	312	8	open	open	ADJ
cblr-7219	312	9	positions	position	NOUN
cblr-7219	312	10	,	,	PUNCT
cblr-7219	312	11	but	but	CCONJ
cblr-7219	312	12	is	be	AUX
cblr-7219	312	13	also	also	ADV
cblr-7219	312	14	triggered	trigger	VERB
cblr-7219	312	15	when	when	SCONJ
cblr-7219	312	16	a	a	DET
cblr-7219	312	17	contractual	contractual	ADJ
cblr-7219	312	18	party	party	NOUN
cblr-7219	312	19	defaults	default	NOUN
cblr-7219	312	20	on	on	ADP
cblr-7219	312	21	its	its	PRON
cblr-7219	312	22	obligation.76	obligation.76	NOUN
cblr-7219	312	23	this	this	DET
cblr-7219	312	24	type	type	NOUN
cblr-7219	312	25	of	of	ADP
cblr-7219	312	26	netting	netting	NOUN
cblr-7219	312	27	is	be	AUX
cblr-7219	312	28	generally	generally	ADV
cblr-7219	312	29	referred	refer	VERB
cblr-7219	312	30	to	to	ADP
cblr-7219	312	31	as	as	ADP
cblr-7219	312	32	“	"	PUNCT
cblr-7219	312	33	close	close	VERB
cblr-7219	312	34	-	-	PUNCT
cblr-7219	312	35	out	out	ADP
cblr-7219	312	36	set	set	NOUN
cblr-7219	312	37	-	-	PUNCT
cblr-7219	312	38	off	off	ADP
cblr-7219	312	39	netting	netting	NOUN
cblr-7219	312	40	”	"	PUNCT
cblr-7219	312	41	and	and	CCONJ
cblr-7219	312	42	expedites	expedite	VERB
cblr-7219	312	43	the	the	DET
cblr-7219	312	44	liquidation	liquidation	NOUN
cblr-7219	312	45	of	of	ADP
cblr-7219	312	46	the	the	DET
cblr-7219	312	47	positions	position	NOUN
cblr-7219	312	48	of	of	ADP
cblr-7219	312	49	defaulting	default	VERB
cblr-7219	312	50	parties.77	parties.77	ADJ
cblr-7219	312	51	75	75	NUM
cblr-7219	312	52	collateral	collateral	NOUN
cblr-7219	312	53	is	be	AUX
cblr-7219	312	54	the	the	DET
cblr-7219	312	55	guarantee	guarantee	NOUN
cblr-7219	312	56	a	a	DET
cblr-7219	312	57	contractual	contractual	ADJ
cblr-7219	312	58	party	party	NOUN
cblr-7219	312	59	requests	request	NOUN
cblr-7219	312	60	from	from	ADP
cblr-7219	312	61	its	its	PRON
cblr-7219	312	62	counterparty	counterparty	NOUN
cblr-7219	312	63	to	to	PART
cblr-7219	312	64	mitigate	mitigate	VERB
cblr-7219	312	65	its	its	PRON
cblr-7219	312	66	credit	credit	NOUN
cblr-7219	312	67	exposure	exposure	NOUN
cblr-7219	312	68	.	.	PUNCT
cblr-7219	313	1	if	if	SCONJ
cblr-7219	313	2	a	a	DET
cblr-7219	313	3	clearinghouse	clearinghouse	NOUN
cblr-7219	313	4	,	,	PUNCT
cblr-7219	313	5	through	through	ADP
cblr-7219	313	6	multilateral	multilateral	ADJ
cblr-7219	313	7	netting	netting	NOUN
cblr-7219	313	8	,	,	PUNCT
cblr-7219	313	9	reduces	reduce	VERB
cblr-7219	313	10	its	its	PRON
cblr-7219	313	11	counterparty	counterparty	NOUN
cblr-7219	313	12	risk	risk	NOUN
cblr-7219	313	13	,	,	PUNCT
cblr-7219	313	14	then	then	ADV
cblr-7219	313	15	it	it	PRON
cblr-7219	313	16	would	would	AUX
cblr-7219	313	17	be	be	AUX
cblr-7219	313	18	able	able	ADJ
cblr-7219	313	19	to	to	PART
cblr-7219	313	20	proportionately	proportionately	ADV
cblr-7219	313	21	reduce	reduce	VERB
cblr-7219	313	22	the	the	DET
cblr-7219	313	23	amount	amount	NOUN
cblr-7219	313	24	of	of	ADP
cblr-7219	313	25	collateral	collateral	NOUN
cblr-7219	313	26	it	it	PRON
cblr-7219	313	27	requests	request	VERB
cblr-7219	313	28	to	to	PART
cblr-7219	313	29	hedge	hedge	VERB
cblr-7219	313	30	against	against	ADP
cblr-7219	313	31	its	its	PRON
cblr-7219	313	32	counterparty	counterparty	NOUN
cblr-7219	313	33	default	default	NOUN
cblr-7219	313	34	risk	risk	NOUN
cblr-7219	313	35	.	.	PUNCT
cblr-7219	314	1	76	76	NUM
cblr-7219	314	2	see	see	VERB
cblr-7219	314	3	saguato	saguato	NOUN
cblr-7219	314	4	,	,	PUNCT
cblr-7219	314	5	supra	supra	PROPN
cblr-7219	314	6	note	note	NOUN
cblr-7219	314	7	67	67	NUM
cblr-7219	314	8	(	(	PUNCT
cblr-7219	314	9	manuscript	manuscript	NOUN
cblr-7219	314	10	at	at	ADP
cblr-7219	314	11	13–14	13–14	NUM
cblr-7219	314	12	)	)	PUNCT
cblr-7219	314	13	.	.	PUNCT
cblr-7219	315	1	77	77	NUM
cblr-7219	315	2	see	see	NOUN
cblr-7219	315	3	squire	squire	NOUN
cblr-7219	315	4	,	,	PUNCT
cblr-7219	315	5	supra	supra	PROPN
cblr-7219	315	6	note	note	NOUN
cblr-7219	315	7	9	9	NUM
cblr-7219	315	8	,	,	PUNCT
cblr-7219	315	9	at	at	ADP
cblr-7219	315	10	899–902	899–902	NUM
cblr-7219	315	11	.	.	PUNCT
cblr-7219	316	1	for	for	ADP
cblr-7219	316	2	a	a	DET
cblr-7219	316	3	different	different	ADJ
cblr-7219	316	4	and	and	CCONJ
cblr-7219	316	5	more	more	ADV
cblr-7219	316	6	critical	critical	ADJ
cblr-7219	316	7	assessment	assessment	NOUN
cblr-7219	316	8	of	of	ADP
cblr-7219	316	9	netting	net	VERB
cblr-7219	316	10	see	see	VERB
cblr-7219	316	11	roe	roe	NOUN
cblr-7219	316	12	,	,	PUNCT
cblr-7219	316	13	supra	supra	PROPN
cblr-7219	316	14	note	note	NOUN
cblr-7219	316	15	9	9	NUM
cblr-7219	316	16	,	,	PUNCT
cblr-7219	316	17	at	at	ADP
cblr-7219	316	18	1660–62	1660–62	NUM
cblr-7219	316	19	.	.	PUNCT
cblr-7219	317	1	bankruptcy	bankruptcy	NOUN
cblr-7219	317	2	law	law	NOUN
cblr-7219	317	3	scholars	scholar	NOUN
cblr-7219	317	4	have	have	AUX
cblr-7219	317	5	widely	widely	ADV
cblr-7219	317	6	discussed	discuss	VERB
cblr-7219	317	7	the	the	DET
cblr-7219	317	8	special	special	ADJ
cblr-7219	317	9	regime	regime	NOUN
cblr-7219	317	10	the	the	DET
cblr-7219	317	11	bankruptcy	bankruptcy	NOUN
cblr-7219	317	12	code	code	NOUN
cblr-7219	317	13	reserves	reserve	NOUN
cblr-7219	317	14	for	for	ADP
cblr-7219	317	15	a	a	DET
cblr-7219	317	16	specific	specific	ADJ
cblr-7219	317	17	class	class	NOUN
cblr-7219	317	18	of	of	ADP
cblr-7219	317	19	financial	financial	ADJ
cblr-7219	317	20	transaction	transaction	NOUN
cblr-7219	317	21	.	.	PUNCT
cblr-7219	318	1	those	those	DET
cblr-7219	318	2	scholars	scholar	NOUN
cblr-7219	318	3	also	also	ADV
cblr-7219	318	4	analyze	analyze	VERB
cblr-7219	318	5	the	the	DET
cblr-7219	318	6	inherent	inherent	ADJ
cblr-7219	318	7	costs	cost	NOUN
cblr-7219	318	8	and	and	CCONJ
cblr-7219	318	9	benefits	benefit	VERB
cblr-7219	318	10	these	these	DET
cblr-7219	318	11	special	special	ADJ
cblr-7219	318	12	bankruptcy	bankruptcy	NOUN
cblr-7219	318	13	code	code	NOUN
cblr-7219	318	14	sections	section	NOUN
cblr-7219	318	15	create	create	VERB
cblr-7219	318	16	for	for	ADP
cblr-7219	318	17	contractual	contractual	ADJ
cblr-7219	318	18	parties	party	NOUN
cblr-7219	318	19	and	and	CCONJ
cblr-7219	318	20	for	for	ADP
cblr-7219	318	21	the	the	DET
cblr-7219	318	22	financial	financial	ADJ
cblr-7219	318	23	system	system	NOUN
cblr-7219	318	24	as	as	ADP
cblr-7219	318	25	a	a	DET
cblr-7219	318	26	whole	whole	NOUN
cblr-7219	318	27	.	.	PUNCT
cblr-7219	319	1	see	see	VERB
cblr-7219	319	2	e.g.	e.g.	ADV
cblr-7219	319	3	,	,	PUNCT
cblr-7219	319	4	franklin	franklin	PROPN
cblr-7219	319	5	r.	r.	PROPN
cblr-7219	319	6	edwards	edwards	PROPN
cblr-7219	319	7	&	&	CCONJ
cblr-7219	319	8	edward	edward	PROPN
cblr-7219	319	9	r.	r.	PROPN
cblr-7219	319	10	morrison	morrison	PROPN
cblr-7219	319	11	,	,	PUNCT
cblr-7219	319	12	derivatives	derivative	NOUN
cblr-7219	319	13	and	and	CCONJ
cblr-7219	319	14	the	the	DET
cblr-7219	319	15	bankruptcy	bankruptcy	NOUN
cblr-7219	319	16	code	code	PROPN
cblr-7219	319	17	:	:	PUNCT
cblr-7219	319	18	why	why	SCONJ
cblr-7219	319	19	the	the	DET
cblr-7219	319	20	special	special	ADJ
cblr-7219	319	21	treatment	treatment	NOUN
cblr-7219	319	22	?	?	PUNCT
cblr-7219	319	23	,	,	PUNCT
cblr-7219	319	24	22	22	NUM
cblr-7219	319	25	yale	yale	PROPN
cblr-7219	319	26	j.	j.	PROPN
cblr-7219	319	27	reg	reg	PROPN
cblr-7219	319	28	.	.	PROPN
cblr-7219	319	29	91	91	NUM
cblr-7219	319	30	,	,	PUNCT
cblr-7219	319	31	101	101	NUM
cblr-7219	319	32	(	(	PUNCT
cblr-7219	319	33	2005	2005	NUM
cblr-7219	319	34	)	)	PUNCT
cblr-7219	319	35	.	.	PUNCT
cblr-7219	320	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	320	2	(	(	PUNCT
cblr-7219	320	3	do	do	AUX
cblr-7219	320	4	not	not	PART
cblr-7219	320	5	delte	delte	VERB
cblr-7219	320	6	)	)	PUNCT
cblr-7219	320	7	10/21/2020	10/21/2020	NUM
cblr-7219	320	8	11:22	11:22	NUM
cblr-7219	320	9	am	be	AUX
cblr-7219	320	10	470	470	NUM
cblr-7219	320	11	columbia	columbia	PROPN
cblr-7219	320	12	business	business	NOUN
cblr-7219	320	13	law	law	PROPN
cblr-7219	320	14	review	review	NOUN
cblr-7219	320	15	[	[	X
cblr-7219	320	16	vol	vol	NOUN
cblr-7219	320	17	.	.	PUNCT
cblr-7219	320	18	2020	2020	NUM
cblr-7219	320	19	figure	figure	VERB
cblr-7219	320	20	2	2	NUM
cblr-7219	320	21	:	:	PUNCT
cblr-7219	320	22	multilateral	multilateral	ADJ
cblr-7219	320	23	transactions	transaction	NOUN
cblr-7219	320	24	with	with	ADP
cblr-7219	320	25	a	a	DET
cblr-7219	320	26	clearinghouse	clearinghouse	NOUN
cblr-7219	320	27	by	by	ADP
cblr-7219	320	28	becoming	become	VERB
cblr-7219	320	29	the	the	DET
cblr-7219	320	30	transactional	transactional	ADJ
cblr-7219	320	31	node	node	NOUN
cblr-7219	320	32	for	for	ADP
cblr-7219	320	33	cleared	clear	VERB
cblr-7219	320	34	markets	market	NOUN
cblr-7219	320	35	and	and	CCONJ
cblr-7219	320	36	accessing	access	VERB
cblr-7219	320	37	information	information	NOUN
cblr-7219	320	38	about	about	ADP
cblr-7219	320	39	all	all	DET
cblr-7219	320	40	cleared	clear	VERB
cblr-7219	320	41	transactions	transaction	NOUN
cblr-7219	320	42	,	,	PUNCT
cblr-7219	320	43	a	a	DET
cblr-7219	320	44	clearinghouse	clearinghouse	NOUN
cblr-7219	320	45	can	can	AUX
cblr-7219	320	46	more	more	ADV
cblr-7219	320	47	effectively	effectively	ADV
cblr-7219	320	48	and	and	CCONJ
cblr-7219	320	49	accurately	accurately	ADV
cblr-7219	320	50	assess	assess	VERB
cblr-7219	320	51	,	,	PUNCT
cblr-7219	320	52	price	price	NOUN
cblr-7219	320	53	,	,	PUNCT
cblr-7219	320	54	and	and	CCONJ
cblr-7219	320	55	monitor	monitor	VERB
cblr-7219	320	56	the	the	DET
cblr-7219	320	57	risk	risk	NOUN
cblr-7219	320	58	in	in	ADP
cblr-7219	320	59	the	the	DET
cblr-7219	320	60	serviced	serviced	ADJ
cblr-7219	320	61	market	market	NOUN
cblr-7219	320	62	.	.	PUNCT
cblr-7219	321	1	clearinghouses	clearinghouse	NOUN
cblr-7219	321	2	thus	thus	ADV
cblr-7219	321	3	become	become	VERB
cblr-7219	321	4	information	information	NOUN
cblr-7219	321	5	intermediaries.78	intermediaries.78	NOUN
cblr-7219	321	6	they	they	PRON
cblr-7219	321	7	gather	gather	VERB
cblr-7219	321	8	information	information	NOUN
cblr-7219	321	9	about	about	ADP
cblr-7219	321	10	counterparties	counterpartie	NOUN
cblr-7219	321	11	’	'	PUNCT
cblr-7219	321	12	overall	overall	ADJ
cblr-7219	321	13	exposure	exposure	NOUN
cblr-7219	321	14	and	and	CCONJ
cblr-7219	321	15	have	have	VERB
cblr-7219	321	16	a	a	DET
cblr-7219	321	17	comprehensive	comprehensive	ADJ
cblr-7219	321	18	view	view	NOUN
cblr-7219	321	19	of	of	ADP
cblr-7219	321	20	the	the	DET
cblr-7219	321	21	types	type	NOUN
cblr-7219	321	22	and	and	CCONJ
cblr-7219	321	23	distribution	distribution	NOUN
cblr-7219	321	24	of	of	ADP
cblr-7219	321	25	the	the	DET
cblr-7219	321	26	assets	asset	NOUN
cblr-7219	321	27	that	that	PRON
cblr-7219	321	28	are	be	AUX
cblr-7219	321	29	generally	generally	ADV
cblr-7219	321	30	accepted	accept	VERB
cblr-7219	321	31	as	as	ADP
cblr-7219	321	32	collateral	collateral	NOUN
cblr-7219	321	33	.	.	PUNCT
cblr-7219	322	1	by	by	ADP
cblr-7219	322	2	accessing	access	VERB
cblr-7219	322	3	and	and	CCONJ
cblr-7219	322	4	processing	process	VERB
cblr-7219	322	5	this	this	DET
cblr-7219	322	6	information	information	NOUN
cblr-7219	322	7	,	,	PUNCT
cblr-7219	322	8	clearinghouses	clearinghouse	NOUN
cblr-7219	322	9	can	can	AUX
cblr-7219	322	10	operate	operate	VERB
cblr-7219	322	11	as	as	ADP
cblr-7219	322	12	systemic	systemic	ADJ
cblr-7219	322	13	risk	risk	NOUN
cblr-7219	322	14	managers	manager	NOUN
cblr-7219	322	15	,	,	PUNCT
cblr-7219	322	16	and	and	CCONJ
cblr-7219	322	17	more	more	ADV
cblr-7219	322	18	accurately	accurately	ADV
cblr-7219	322	19	price	price	NOUN
cblr-7219	322	20	services	service	NOUN
cblr-7219	322	21	for	for	ADP
cblr-7219	322	22	their	their	PRON
cblr-7219	322	23	members	member	NOUN
cblr-7219	322	24	.	.	PUNCT
cblr-7219	323	1	eventually	eventually	ADV
cblr-7219	323	2	,	,	PUNCT
cblr-7219	323	3	acting	act	VERB
cblr-7219	323	4	on	on	ADP
cblr-7219	323	5	this	this	DET
cblr-7219	323	6	proprietary	proprietary	ADJ
cblr-7219	323	7	information	information	NOUN
cblr-7219	323	8	,	,	PUNCT
cblr-7219	323	9	they	they	PRON
cblr-7219	323	10	can	can	AUX
cblr-7219	323	11	proactively	proactively	ADV
cblr-7219	323	12	adjust	adjust	VERB
cblr-7219	323	13	their	their	PRON
cblr-7219	323	14	risk	risk	NOUN
cblr-7219	323	15	profiles	profile	NOUN
cblr-7219	323	16	and	and	CCONJ
cblr-7219	323	17	tune	tune	VERB
cblr-7219	323	18	their	their	PRON
cblr-7219	323	19	contractual	contractual	ADJ
cblr-7219	323	20	positions	position	NOUN
cblr-7219	323	21	to	to	PART
cblr-7219	323	22	reflect	reflect	VERB
cblr-7219	323	23	and	and	CCONJ
cblr-7219	323	24	balance	balance	NOUN
cblr-7219	323	25	changes	change	VERB
cblr-7219	323	26	78	78	NUM
cblr-7219	323	27	see	see	VERB
cblr-7219	323	28	paolo	paolo	PROPN
cblr-7219	323	29	saguato	saguato	PROPN
cblr-7219	323	30	,	,	PUNCT
cblr-7219	323	31	the	the	DET
cblr-7219	323	32	new	new	ADJ
cblr-7219	323	33	information	information	NOUN
cblr-7219	323	34	intermediaries	intermediary	NOUN
cblr-7219	323	35	(	(	PUNCT
cblr-7219	323	36	jan	jan	PROPN
cblr-7219	323	37	.	.	PROPN
cblr-7219	323	38	2019	2019	NUM
cblr-7219	323	39	)	)	PUNCT
cblr-7219	323	40	(	(	PUNCT
cblr-7219	323	41	unpublished	unpublished	ADJ
cblr-7219	323	42	manuscript	manuscript	NOUN
cblr-7219	323	43	)	)	PUNCT
cblr-7219	323	44	(	(	PUNCT
cblr-7219	323	45	on	on	ADP
cblr-7219	323	46	file	file	NOUN
cblr-7219	323	47	with	with	ADP
cblr-7219	323	48	author	author	NOUN
cblr-7219	323	49	)	)	PUNCT
cblr-7219	323	50	(	(	PUNCT
cblr-7219	323	51	analyzing	analyze	VERB
cblr-7219	323	52	the	the	DET
cblr-7219	323	53	growing	grow	VERB
cblr-7219	323	54	role	role	NOUN
cblr-7219	323	55	and	and	CCONJ
cblr-7219	323	56	influence	influence	NOUN
cblr-7219	323	57	of	of	ADP
cblr-7219	323	58	clearinghouses	clearinghouse	NOUN
cblr-7219	323	59	as	as	ADP
cblr-7219	323	60	information	information	NOUN
cblr-7219	323	61	intermediaries	intermediary	NOUN
cblr-7219	323	62	and	and	CCONJ
cblr-7219	323	63	discussing	discuss	VERB
cblr-7219	323	64	the	the	DET
cblr-7219	323	65	implications	implication	NOUN
cblr-7219	323	66	of	of	ADP
cblr-7219	323	67	clearinghouses	clearinghouse	NOUN
cblr-7219	323	68	acting	act	VERB
cblr-7219	323	69	as	as	ADP
cblr-7219	323	70	part	part	NOUN
cblr-7219	323	71	of	of	ADP
cblr-7219	323	72	a	a	DET
cblr-7219	323	73	large	large	ADJ
cblr-7219	323	74	financial	financial	ADJ
cblr-7219	323	75	infrastructural	infrastructural	ADJ
cblr-7219	323	76	group	group	NOUN
cblr-7219	323	77	heavily	heavily	ADV
cblr-7219	323	78	engaged	engage	VERB
cblr-7219	323	79	in	in	ADP
cblr-7219	323	80	selling	sell	VERB
cblr-7219	323	81	informational	informational	ADJ
cblr-7219	323	82	services	service	NOUN
cblr-7219	323	83	and	and	CCONJ
cblr-7219	323	84	data	datum	NOUN
cblr-7219	323	85	to	to	ADP
cblr-7219	323	86	market	market	NOUN
cblr-7219	323	87	participants	participant	NOUN
cblr-7219	323	88	)	)	PUNCT
cblr-7219	323	89	.	.	PUNCT
cblr-7219	324	1	$	$	SYM
cblr-7219	324	2	100	100	NUM
cblr-7219	324	3	bank	bank	NOUN
cblr-7219	324	4	a	a	DET
cblr-7219	324	5	clearinghouse	clearinghouse	NOUN
cblr-7219	324	6	$	$	SYM
cblr-7219	324	7	100	100	NUM
cblr-7219	324	8	$	$	SYM
cblr-7219	324	9	0	0	NUM
cblr-7219	324	10	bank	bank	PROPN
cblr-7219	324	11	c	c	PROPN
cblr-7219	324	12	bank	bank	PROPN
cblr-7219	324	13	b	b	PROPN
cblr-7219	324	14	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	324	15	(	(	PUNCT
cblr-7219	324	16	do	do	AUX
cblr-7219	324	17	not	not	PART
cblr-7219	324	18	delete	delete	VERB
cblr-7219	324	19	)	)	PUNCT
cblr-7219	324	20	10/21/2020	10/21/2020	NUM
cblr-7219	324	21	11:22	11:22	NUM
cblr-7219	324	22	am	am	NOUN
cblr-7219	324	23	no	no	NOUN
cblr-7219	324	24	.	.	PUNCT
cblr-7219	325	1	2:449	2:449	NUM
cblr-7219	325	2	]	]	X
cblr-7219	325	3	unfinished	unfinished	ADJ
cblr-7219	325	4	business	business	NOUN
cblr-7219	325	5	471	471	NUM
cblr-7219	325	6	in	in	ADP
cblr-7219	325	7	financial	financial	ADJ
cblr-7219	325	8	markets	market	NOUN
cblr-7219	325	9	.	.	PUNCT
cblr-7219	326	1	from	from	ADP
cblr-7219	326	2	the	the	DET
cblr-7219	326	3	regulators	regulator	NOUN
cblr-7219	326	4	’	’	PART
cblr-7219	326	5	perspective	perspective	NOUN
cblr-7219	326	6	,	,	PUNCT
cblr-7219	326	7	clearinghouses	clearinghouse	NOUN
cblr-7219	326	8	offer	offer	VERB
cblr-7219	326	9	an	an	DET
cblr-7219	326	10	effective	effective	ADJ
cblr-7219	326	11	stream	stream	NOUN
cblr-7219	326	12	of	of	ADP
cblr-7219	326	13	data	datum	NOUN
cblr-7219	326	14	on	on	ADP
cblr-7219	326	15	the	the	DET
cblr-7219	326	16	derivatives	derivative	NOUN
cblr-7219	326	17	markets	market	NOUN
cblr-7219	326	18	.	.	PUNCT
cblr-7219	327	1	this	this	PRON
cblr-7219	327	2	was	be	AUX
cblr-7219	327	3	missing	miss	VERB
cblr-7219	327	4	in	in	ADP
cblr-7219	327	5	the	the	DET
cblr-7219	327	6	pre	pre	ADJ
cblr-7219	327	7	-	-	ADJ
cblr-7219	327	8	crisis	crisis	ADJ
cblr-7219	327	9	world	world	NOUN
cblr-7219	327	10	.	.	PUNCT
cblr-7219	328	1	clearinghouses	clearinghouse	NOUN
cblr-7219	328	2	are	be	AUX
cblr-7219	328	3	systemic	systemic	ADJ
cblr-7219	328	4	and	and	CCONJ
cblr-7219	328	5	specialized	specialized	ADJ
cblr-7219	328	6	risk	risk	NOUN
cblr-7219	328	7	managers.79	managers.79	VERB
cblr-7219	328	8	their	their	PRON
cblr-7219	328	9	core	core	NOUN
cblr-7219	328	10	business	business	NOUN
cblr-7219	328	11	is	be	AUX
cblr-7219	328	12	managing	manage	VERB
cblr-7219	328	13	risk	risk	NOUN
cblr-7219	328	14	.	.	PUNCT
cblr-7219	329	1	in	in	ADP
cblr-7219	329	2	performing	perform	VERB
cblr-7219	329	3	their	their	PRON
cblr-7219	329	4	mission	mission	NOUN
cblr-7219	329	5	,	,	PUNCT
cblr-7219	329	6	clearinghouses	clearinghouse	NOUN
cblr-7219	329	7	establish	establish	VERB
cblr-7219	329	8	risk	risk	NOUN
cblr-7219	329	9	management	management	NOUN
cblr-7219	329	10	practices	practice	NOUN
cblr-7219	329	11	to	to	PART
cblr-7219	329	12	mitigate	mitigate	VERB
cblr-7219	329	13	counterparty	counterparty	NOUN
cblr-7219	329	14	credit	credit	NOUN
cblr-7219	329	15	risk,80	risk,80	NOUN
cblr-7219	329	16	contain	contain	VERB
cblr-7219	329	17	market	market	NOUN
cblr-7219	329	18	risk,81	risk,81	NOUN
cblr-7219	329	19	address	address	NOUN
cblr-7219	329	20	operational	operational	ADJ
cblr-7219	329	21	risk,82	risk,82	NOUN
cblr-7219	329	22	and	and	CCONJ
cblr-7219	329	23	prevent	prevent	VERB
cblr-7219	329	24	liquidity	liquidity	NOUN
cblr-7219	329	25	risk.83	risk.83	PROPN
cblr-7219	329	26	clearinghouses	clearinghouse	NOUN
cblr-7219	329	27	have	have	VERB
cblr-7219	329	28	a	a	DET
cblr-7219	329	29	staggered	staggered	ADJ
cblr-7219	329	30	arsenal	arsenal	NOUN
cblr-7219	329	31	of	of	ADP
cblr-7219	329	32	risk	risk	NOUN
cblr-7219	329	33	management	management	NOUN
cblr-7219	329	34	requirements	requirement	NOUN
cblr-7219	329	35	,	,	PUNCT
cblr-7219	329	36	processes	process	NOUN
cblr-7219	329	37	,	,	PUNCT
cblr-7219	329	38	and	and	CCONJ
cblr-7219	329	39	practices	practice	NOUN
cblr-7219	329	40	they	they	PRON
cblr-7219	329	41	employ	employ	VERB
cblr-7219	329	42	to	to	PART
cblr-7219	329	43	support	support	VERB
cblr-7219	329	44	the	the	DET
cblr-7219	329	45	financial	financial	ADJ
cblr-7219	329	46	resilience	resilience	NOUN
cblr-7219	329	47	of	of	ADP
cblr-7219	329	48	the	the	DET
cblr-7219	329	49	firm,84	firm,84	NOUN
cblr-7219	329	50	along	along	ADP
cblr-7219	329	51	with	with	ADP
cblr-7219	329	52	multiple	multiple	ADJ
cblr-7219	329	53	lines	line	NOUN
cblr-7219	329	54	of	of	ADP
cblr-7219	329	55	defense	defense	NOUN
cblr-7219	329	56	to	to	PART
cblr-7219	329	57	tackle	tackle	VERB
cblr-7219	329	58	risk	risk	NOUN
cblr-7219	329	59	.	.	PUNCT
cblr-7219	330	1	the	the	DET
cblr-7219	330	2	first	first	ADJ
cblr-7219	330	3	line	line	NOUN
cblr-7219	330	4	of	of	ADP
cblr-7219	330	5	defense	defense	NOUN
cblr-7219	330	6	that	that	SCONJ
cblr-7219	330	7	clearinghouses	clearinghouse	NOUN
cblr-7219	330	8	deploy	deploy	VERB
cblr-7219	330	9	is	be	AUX
cblr-7219	330	10	the	the	DET
cblr-7219	330	11	membership	membership	NOUN
cblr-7219	330	12	requirements	requirement	NOUN
cblr-7219	330	13	they	they	PRON
cblr-7219	330	14	impose	impose	VERB
cblr-7219	330	15	on	on	ADP
cblr-7219	330	16	clearing	clear	VERB
cblr-7219	330	17	members	member	NOUN
cblr-7219	330	18	.	.	PUNCT
cblr-7219	331	1	not	not	PART
cblr-7219	331	2	all	all	DET
cblr-7219	331	3	market	market	NOUN
cblr-7219	331	4	participants	participant	NOUN
cblr-7219	331	5	can	can	AUX
cblr-7219	331	6	directly	directly	ADV
cblr-7219	331	7	access	access	VERB
cblr-7219	331	8	clearing	clearing	NOUN
cblr-7219	331	9	services	service	NOUN
cblr-7219	331	10	;	;	PUNCT
cblr-7219	331	11	only	only	ADV
cblr-7219	331	12	qualified	qualified	ADJ
cblr-7219	331	13	financial	financial	ADJ
cblr-7219	331	14	institutions	institution	NOUN
cblr-7219	331	15	are	be	AUX
cblr-7219	331	16	granted	grant	VERB
cblr-7219	331	17	a	a	DET
cblr-7219	331	18	license	license	NOUN
cblr-7219	331	19	to	to	PART
cblr-7219	331	20	access	access	VERB
cblr-7219	331	21	a	a	DET
cblr-7219	331	22	firm	firm	NOUN
cblr-7219	331	23	’s	’s	PART
cblr-7219	331	24	services.85	services.85	NOUN
cblr-7219	331	25	clearinghouses	clearinghouse	NOUN
cblr-7219	331	26	retain	retain	VERB
cblr-7219	331	27	strong	strong	ADJ
cblr-7219	331	28	powers	power	NOUN
cblr-7219	331	29	over	over	ADP
cblr-7219	331	30	setting	set	VERB
cblr-7219	331	31	entry	entry	NOUN
cblr-7219	331	32	standards	standard	NOUN
cblr-7219	331	33	:	:	PUNCT
cblr-7219	331	34	they	they	PRON
cblr-7219	331	35	mandate	mandate	VERB
cblr-7219	331	36	stringent	stringent	ADJ
cblr-7219	331	37	prudential	prudential	NOUN
cblr-7219	331	38	,	,	PUNCT
cblr-7219	331	39	financial	financial	ADJ
cblr-7219	331	40	,	,	PUNCT
cblr-7219	331	41	and	and	CCONJ
cblr-7219	331	42	capital	capital	NOUN
cblr-7219	331	43	adequacy	adequacy	NOUN
cblr-7219	331	44	requirements	requirement	NOUN
cblr-7219	331	45	to	to	PART
cblr-7219	331	46	qualify	qualify	VERB
cblr-7219	331	47	as	as	ADP
cblr-7219	331	48	a	a	DET
cblr-7219	331	49	clearing	clearing	NOUN
cblr-7219	331	50	member.86	member.86	NOUN
cblr-7219	331	51	once	once	ADV
cblr-7219	331	52	a	a	DET
cblr-7219	331	53	financial	financial	ADJ
cblr-7219	331	54	79	79	NUM
cblr-7219	331	55	see	see	VERB
cblr-7219	331	56	generally	generally	ADV
cblr-7219	331	57	norman	norman	PROPN
cblr-7219	331	58	,	,	PUNCT
cblr-7219	331	59	supra	supra	PROPN
cblr-7219	331	60	note	note	PROPN
cblr-7219	331	61	15	15	NUM
cblr-7219	331	62	,	,	PUNCT
cblr-7219	331	63	at	at	ADP
cblr-7219	331	64	9–12	9–12	NOUN
cblr-7219	331	65	(	(	PUNCT
cblr-7219	331	66	defining	define	VERB
cblr-7219	331	67	clearinghouses	clearinghouse	NOUN
cblr-7219	331	68	as	as	ADP
cblr-7219	331	69	risk	risk	NOUN
cblr-7219	331	70	controllers	controller	NOUN
cblr-7219	331	71	)	)	PUNCT
cblr-7219	331	72	.	.	PUNCT
cblr-7219	332	1	80	80	NUM
cblr-7219	332	2	counterparty	counterparty	NOUN
cblr-7219	332	3	credit	credit	NOUN
cblr-7219	332	4	risk	risk	NOUN
cblr-7219	332	5	is	be	AUX
cblr-7219	332	6	the	the	DET
cblr-7219	332	7	risk	risk	NOUN
cblr-7219	332	8	that	that	SCONJ
cblr-7219	332	9	a	a	DET
cblr-7219	332	10	contractual	contractual	ADJ
cblr-7219	332	11	counterparty	counterparty	NOUN
cblr-7219	332	12	will	will	AUX
cblr-7219	332	13	default	default	VERB
cblr-7219	332	14	on	on	ADP
cblr-7219	332	15	its	its	PRON
cblr-7219	332	16	obligations	obligation	NOUN
cblr-7219	332	17	.	.	PUNCT
cblr-7219	333	1	see	see	VERB
cblr-7219	333	2	comm	comm	NOUN
cblr-7219	333	3	.	.	PUNCT
cblr-7219	334	1	on	on	ADP
cblr-7219	334	2	payments	payment	NOUN
cblr-7219	334	3	&	&	CCONJ
cblr-7219	334	4	settlement	settlement	PROPN
cblr-7219	334	5	sys	sys	PROPN
cblr-7219	334	6	.	.	PROPN
cblr-7219	334	7	,	,	PUNCT
cblr-7219	334	8	bank	bank	NOUN
cblr-7219	334	9	for	for	ADP
cblr-7219	334	10	int’l	int’l	NUM
cblr-7219	334	11	settlements	settlement	NOUN
cblr-7219	334	12	,	,	PUNCT
cblr-7219	334	13	principles	principle	NOUN
cblr-7219	334	14	for	for	ADP
cblr-7219	334	15	financial	financial	ADJ
cblr-7219	334	16	market	market	NOUN
cblr-7219	334	17	infrastructures	infrastructure	NOUN
cblr-7219	334	18	19	19	NUM
cblr-7219	334	19	(	(	PUNCT
cblr-7219	334	20	2012	2012	NUM
cblr-7219	334	21	)	)	PUNCT
cblr-7219	334	22	.	.	PUNCT
cblr-7219	335	1	81	81	NUM
cblr-7219	335	2	market	market	NOUN
cblr-7219	335	3	risk	risk	NOUN
cblr-7219	335	4	is	be	AUX
cblr-7219	335	5	the	the	DET
cblr-7219	335	6	risk	risk	NOUN
cblr-7219	335	7	associated	associate	VERB
cblr-7219	335	8	with	with	ADP
cblr-7219	335	9	fluctuations	fluctuation	NOUN
cblr-7219	335	10	in	in	ADP
cblr-7219	335	11	market	market	NOUN
cblr-7219	335	12	prices	price	NOUN
cblr-7219	335	13	,	,	PUNCT
cblr-7219	335	14	which	which	PRON
cblr-7219	335	15	affects	affect	VERB
cblr-7219	335	16	the	the	DET
cblr-7219	335	17	value	value	NOUN
cblr-7219	335	18	of	of	ADP
cblr-7219	335	19	assets	asset	NOUN
cblr-7219	335	20	.	.	PUNCT
cblr-7219	336	1	see	see	VERB
cblr-7219	336	2	i	i	PRON
cblr-7219	336	3	d.	d.	PROPN
cblr-7219	336	4	82	82	NUM
cblr-7219	336	5	operational	operational	ADJ
cblr-7219	336	6	risk	risk	NOUN
cblr-7219	336	7	is	be	AUX
cblr-7219	336	8	the	the	DET
cblr-7219	336	9	risk	risk	NOUN
cblr-7219	336	10	of	of	ADP
cblr-7219	336	11	losses	loss	NOUN
cblr-7219	336	12	resulting	result	VERB
cblr-7219	336	13	from	from	ADP
cblr-7219	336	14	deficiencies	deficiency	NOUN
cblr-7219	336	15	and	and	CCONJ
cblr-7219	336	16	breakdowns	breakdown	NOUN
cblr-7219	336	17	in	in	ADP
cblr-7219	336	18	internal	internal	ADJ
cblr-7219	336	19	processes	process	NOUN
cblr-7219	336	20	,	,	PUNCT
cblr-7219	336	21	human	human	ADJ
cblr-7219	336	22	errors	error	NOUN
cblr-7219	336	23	,	,	PUNCT
cblr-7219	336	24	management	management	NOUN
cblr-7219	336	25	failures	failure	NOUN
cblr-7219	336	26	,	,	PUNCT
cblr-7219	336	27	or	or	CCONJ
cblr-7219	336	28	general	general	ADJ
cblr-7219	336	29	disruptions	disruption	NOUN
cblr-7219	336	30	in	in	ADP
cblr-7219	336	31	the	the	DET
cblr-7219	336	32	operation	operation	NOUN
cblr-7219	336	33	of	of	ADP
cblr-7219	336	34	the	the	DET
cblr-7219	336	35	clearing	clearing	NOUN
cblr-7219	336	36	business	business	NOUN
cblr-7219	336	37	.	.	PUNCT
cblr-7219	337	1	see	see	VERB
cblr-7219	337	2	i	i	PRON
cblr-7219	337	3	d.	d.	PROPN
cblr-7219	337	4	at	at	ADP
cblr-7219	337	5	20	20	NUM
cblr-7219	337	6	.	.	PUNCT
cblr-7219	338	1	83	83	NUM
cblr-7219	338	2	liquidity	liquidity	NOUN
cblr-7219	338	3	risk	risk	NOUN
cblr-7219	338	4	is	be	AUX
cblr-7219	338	5	the	the	DET
cblr-7219	338	6	risk	risk	NOUN
cblr-7219	338	7	that	that	SCONJ
cblr-7219	338	8	a	a	DET
cblr-7219	338	9	counterparty	counterparty	NOUN
cblr-7219	338	10	,	,	PUNCT
cblr-7219	338	11	or	or	CCONJ
cblr-7219	338	12	the	the	DET
cblr-7219	338	13	clearinghouse	clearinghouse	NOUN
cblr-7219	338	14	itself	itself	PRON
cblr-7219	338	15	,	,	PUNCT
cblr-7219	338	16	will	will	AUX
cblr-7219	338	17	have	have	AUX
cblr-7219	338	18	insufficient	insufficient	ADJ
cblr-7219	338	19	liquid	liquid	ADJ
cblr-7219	338	20	funds	fund	NOUN
cblr-7219	338	21	to	to	PART
cblr-7219	338	22	meet	meet	VERB
cblr-7219	338	23	its	its	PRON
cblr-7219	338	24	financial	financial	ADJ
cblr-7219	338	25	obligations	obligation	NOUN
cblr-7219	338	26	.	.	PUNCT
cblr-7219	339	1	see	see	VERB
cblr-7219	339	2	i	i	PRON
cblr-7219	339	3	d.	d.	PROPN
cblr-7219	339	4	at	at	ADP
cblr-7219	339	5	19	19	NUM
cblr-7219	339	6	.	.	PUNCT
cblr-7219	339	7	84	84	NUM
cblr-7219	339	8	see	see	VERB
cblr-7219	339	9	saguato	saguato	NOUN
cblr-7219	339	10	,	,	PUNCT
cblr-7219	339	11	the	the	DET
cblr-7219	339	12	ownership	ownership	NOUN
cblr-7219	339	13	of	of	ADP
cblr-7219	339	14	clearinghouses	clearinghouse	NOUN
cblr-7219	339	15	,	,	PUNCT
cblr-7219	339	16	supra	supra	PROPN
cblr-7219	339	17	note	note	NOUN
cblr-7219	339	18	8	8	NUM
cblr-7219	339	19	,	,	PUNCT
cblr-7219	339	20	at	at	ADP
cblr-7219	339	21	619–23	619–23	PROPN
cblr-7219	339	22	.	.	PROPN
cblr-7219	339	23	85	85	NUM
cblr-7219	339	24	see	see	VERB
cblr-7219	339	25	supra	supra	PROPN
cblr-7219	339	26	note	note	NOUN
cblr-7219	339	27	25	25	NUM
cblr-7219	339	28	and	and	CCONJ
cblr-7219	339	29	accompanying	accompany	VERB
cblr-7219	339	30	text	text	NOUN
cblr-7219	339	31	.	.	PUNCT
cblr-7219	340	1	86	86	NUM
cblr-7219	340	2	see	see	VERB
cblr-7219	340	3	,	,	PUNCT
cblr-7219	340	4	e.g.	e.g.	ADV
cblr-7219	340	5	,	,	PUNCT
cblr-7219	340	6	cme	cme	PROPN
cblr-7219	340	7	rules	rule	NOUN
cblr-7219	340	8	,	,	PUNCT
cblr-7219	340	9	supra	supra	PROPN
cblr-7219	340	10	note	note	PROPN
cblr-7219	340	11	25	25	NUM
cblr-7219	340	12	,	,	PUNCT
cblr-7219	340	13	§	§	PROPN
cblr-7219	340	14	101	101	NUM
cblr-7219	340	15	;	;	PUNCT
cblr-7219	340	16	ice	ice	NOUN
cblr-7219	340	17	clear	clear	ADJ
cblr-7219	340	18	credit	credit	NOUN
cblr-7219	340	19	,	,	PUNCT
cblr-7219	340	20	clearing	clearing	NOUN
cblr-7219	340	21	rules	rule	NOUN
cblr-7219	340	22	,	,	PUNCT
cblr-7219	340	23	supra	supra	PROPN
cblr-7219	340	24	note	note	NOUN
cblr-7219	340	25	25	25	NUM
cblr-7219	340	26	.	.	PUNCT
cblr-7219	341	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	341	2	(	(	PUNCT
cblr-7219	341	3	do	do	AUX
cblr-7219	341	4	not	not	PART
cblr-7219	341	5	delte	delte	VERB
cblr-7219	341	6	)	)	PUNCT
cblr-7219	341	7	10/21/2020	10/21/2020	NUM
cblr-7219	341	8	11:22	11:22	NUM
cblr-7219	341	9	am	be	AUX
cblr-7219	341	10	472	472	NUM
cblr-7219	341	11	columbia	columbia	PROPN
cblr-7219	341	12	business	business	NOUN
cblr-7219	341	13	law	law	PROPN
cblr-7219	341	14	review	review	NOUN
cblr-7219	342	1	[	[	X
cblr-7219	342	2	vol	vol	NOUN
cblr-7219	342	3	.	.	PUNCT
cblr-7219	342	4	2020	2020	NUM
cblr-7219	342	5	institution	institution	NOUN
cblr-7219	342	6	is	be	AUX
cblr-7219	342	7	admitted	admit	VERB
cblr-7219	342	8	as	as	ADP
cblr-7219	342	9	a	a	DET
cblr-7219	342	10	member,87	member,87	NOUN
cblr-7219	342	11	clearinghouses	clearinghouse	NOUN
cblr-7219	342	12	have	have	VERB
cblr-7219	342	13	the	the	DET
cblr-7219	342	14	right	right	NOUN
cblr-7219	342	15	to	to	PART
cblr-7219	342	16	inspect	inspect	VERB
cblr-7219	342	17	the	the	DET
cblr-7219	342	18	member	member	NOUN
cblr-7219	342	19	’s	’s	PART
cblr-7219	342	20	books	book	NOUN
cblr-7219	342	21	,	,	PUNCT
cblr-7219	342	22	and	and	CCONJ
cblr-7219	342	23	subject	subject	VERB
cblr-7219	342	24	the	the	DET
cblr-7219	342	25	member	member	NOUN
cblr-7219	342	26	to	to	ADP
cblr-7219	342	27	ongoing	ongoing	ADJ
cblr-7219	342	28	financial	financial	ADJ
cblr-7219	342	29	disclosure	disclosure	NOUN
cblr-7219	342	30	and	and	CCONJ
cblr-7219	342	31	periodic	periodic	ADJ
cblr-7219	342	32	monitoring	monitoring	NOUN
cblr-7219	342	33	of	of	ADP
cblr-7219	342	34	their	their	PRON
cblr-7219	342	35	internal	internal	ADJ
cblr-7219	342	36	risk	risk	NOUN
cblr-7219	342	37	management	management	NOUN
cblr-7219	342	38	practices	practice	NOUN
cblr-7219	342	39	and	and	CCONJ
cblr-7219	342	40	policies.88	policies.88	NOUN
cblr-7219	342	41	clearinghouses	clearinghouse	NOUN
cblr-7219	342	42	retain	retain	VERB
cblr-7219	342	43	the	the	DET
cblr-7219	342	44	right	right	NOUN
cblr-7219	342	45	to	to	ADP
cblr-7219	342	46	either	either	CCONJ
cblr-7219	342	47	suspend	suspend	VERB
cblr-7219	342	48	or	or	CCONJ
cblr-7219	342	49	withdraw	withdraw	VERB
cblr-7219	342	50	membership	membership	NOUN
cblr-7219	342	51	privileges	privilege	NOUN
cblr-7219	342	52	if	if	SCONJ
cblr-7219	342	53	the	the	DET
cblr-7219	342	54	member	member	NOUN
cblr-7219	342	55	falls	fall	VERB
cblr-7219	342	56	short	short	ADV
cblr-7219	342	57	in	in	ADP
cblr-7219	342	58	complying	comply	VERB
cblr-7219	342	59	with	with	ADP
cblr-7219	342	60	the	the	DET
cblr-7219	342	61	prudential	prudential	ADJ
cblr-7219	342	62	standards	standard	NOUN
cblr-7219	342	63	included	include	VERB
cblr-7219	342	64	in	in	ADP
cblr-7219	342	65	the	the	DET
cblr-7219	342	66	clearinghouse	clearinghouse	NOUN
cblr-7219	342	67	’s	’s	PART
cblr-7219	342	68	rule	rule	NOUN
cblr-7219	342	69	book.89	book.89	NOUN
cblr-7219	342	70	furthermore	furthermore	ADV
cblr-7219	342	71	,	,	PUNCT
cblr-7219	342	72	and	and	CCONJ
cblr-7219	342	73	critical	critical	ADJ
cblr-7219	342	74	to	to	ADP
cblr-7219	342	75	the	the	DET
cblr-7219	342	76	smooth	smooth	ADJ
cblr-7219	342	77	functioning	functioning	NOUN
cblr-7219	342	78	of	of	ADP
cblr-7219	342	79	the	the	DET
cblr-7219	342	80	firm	firm	NOUN
cblr-7219	342	81	,	,	PUNCT
cblr-7219	342	82	members	member	NOUN
cblr-7219	342	83	agree	agree	VERB
cblr-7219	342	84	to	to	PART
cblr-7219	342	85	be	be	AUX
cblr-7219	342	86	bound	bind	VERB
cblr-7219	342	87	by	by	ADP
cblr-7219	342	88	and	and	CCONJ
cblr-7219	342	89	comply	comply	VERB
cblr-7219	342	90	with	with	ADP
cblr-7219	342	91	all	all	PRON
cblr-7219	342	92	of	of	ADP
cblr-7219	342	93	the	the	DET
cblr-7219	342	94	conditions	condition	NOUN
cblr-7219	342	95	that	that	PRON
cblr-7219	342	96	come	come	VERB
cblr-7219	342	97	along	along	ADP
cblr-7219	342	98	with	with	ADP
cblr-7219	342	99	their	their	PRON
cblr-7219	342	100	status	status	NOUN
cblr-7219	342	101	as	as	ADP
cblr-7219	342	102	members.90	members.90	NOUN
cblr-7219	342	103	in	in	ADP
cblr-7219	342	104	particular	particular	ADJ
cblr-7219	342	105	,	,	PUNCT
cblr-7219	342	106	once	once	ADV
cblr-7219	342	107	admitted	admit	VERB
cblr-7219	342	108	as	as	ADP
cblr-7219	342	109	members	member	NOUN
cblr-7219	342	110	,	,	PUNCT
cblr-7219	342	111	financial	financial	ADJ
cblr-7219	342	112	institutions	institution	NOUN
cblr-7219	342	113	are	be	AUX
cblr-7219	342	114	required	require	VERB
cblr-7219	342	115	to	to	PART
cblr-7219	342	116	contribute	contribute	VERB
cblr-7219	342	117	to	to	ADP
cblr-7219	342	118	the	the	DET
cblr-7219	342	119	financial	financial	ADJ
cblr-7219	342	120	resources	resource	NOUN
cblr-7219	342	121	that	that	PRON
cblr-7219	342	122	clearinghouses	clearinghouse	NOUN
cblr-7219	342	123	collect	collect	VERB
cblr-7219	342	124	to	to	PART
cblr-7219	342	125	support	support	VERB
cblr-7219	342	126	the	the	DET
cblr-7219	342	127	business	business	NOUN
cblr-7219	342	128	and	and	CCONJ
cblr-7219	342	129	,	,	PUNCT
cblr-7219	342	130	if	if	SCONJ
cblr-7219	342	131	one	one	PRON
cblr-7219	342	132	should	should	AUX
cblr-7219	342	133	occur	occur	VERB
cblr-7219	342	134	,	,	PUNCT
cblr-7219	342	135	internalize	internalize	VERB
cblr-7219	342	136	the	the	DET
cblr-7219	342	137	losses	loss	NOUN
cblr-7219	342	138	of	of	ADP
cblr-7219	342	139	the	the	DET
cblr-7219	342	140	default	default	NOUN
cblr-7219	342	141	of	of	ADP
cblr-7219	342	142	one	one	NUM
cblr-7219	342	143	or	or	CCONJ
cblr-7219	342	144	more	more	ADJ
cblr-7219	342	145	of	of	ADP
cblr-7219	342	146	their	their	PRON
cblr-7219	342	147	members	member	NOUN
cblr-7219	342	148	while	while	SCONJ
cblr-7219	342	149	mutualizing	mutualize	VERB
cblr-7219	342	150	the	the	DET
cblr-7219	342	151	losses	loss	NOUN
cblr-7219	342	152	across	across	ADP
cblr-7219	342	153	the	the	DET
cblr-7219	342	154	non	non	ADJ
cblr-7219	342	155	-	-	ADJ
cblr-7219	342	156	defaulted	defaulted	ADJ
cblr-7219	342	157	ones.91	ones.91	NOUN
cblr-7219	342	158	participation	participation	NOUN
cblr-7219	342	159	in	in	ADP
cblr-7219	342	160	the	the	DET
cblr-7219	342	161	risk	risk	NOUN
cblr-7219	342	162	mutualization	mutualization	NOUN
cblr-7219	342	163	mechanism	mechanism	NOUN
cblr-7219	342	164	is	be	AUX
cblr-7219	342	165	a	a	DET
cblr-7219	342	166	necessary	necessary	ADJ
cblr-7219	342	167	condition	condition	NOUN
cblr-7219	342	168	for	for	ADP
cblr-7219	342	169	admission	admission	NOUN
cblr-7219	342	170	as	as	ADP
cblr-7219	342	171	a	a	DET
cblr-7219	342	172	clearinghouse	clearinghouse	NOUN
cblr-7219	342	173	member.92	member.92	NOUN
cblr-7219	342	174	beyond	beyond	ADP
cblr-7219	342	175	membership	membership	NOUN
cblr-7219	342	176	admission	admission	NOUN
cblr-7219	342	177	and	and	CCONJ
cblr-7219	342	178	the	the	DET
cblr-7219	342	179	maintenance	maintenance	NOUN
cblr-7219	342	180	of	of	ADP
cblr-7219	342	181	members	member	NOUN
cblr-7219	342	182	’	'	PUNCT
cblr-7219	342	183	status	status	NOUN
cblr-7219	342	184	,	,	PUNCT
cblr-7219	342	185	members	member	NOUN
cblr-7219	342	186	are	be	AUX
cblr-7219	342	187	contractually	contractually	ADV
cblr-7219	342	188	required	require	VERB
cblr-7219	342	189	to	to	PART
cblr-7219	342	190	contribute	contribute	VERB
cblr-7219	342	191	to	to	ADP
cblr-7219	342	192	clearinghouses	clearinghouse	NOUN
cblr-7219	342	193	’	'	PUNCT
cblr-7219	342	194	financial	financial	ADJ
cblr-7219	342	195	resilience	resilience	NOUN
cblr-7219	342	196	.	.	PUNCT
cblr-7219	343	1	members	member	NOUN
cblr-7219	343	2	must	must	AUX
cblr-7219	343	3	provide	provide	VERB
cblr-7219	343	4	the	the	DET
cblr-7219	343	5	clearinghouse	clearinghouse	NOUN
cblr-7219	343	6	with	with	ADP
cblr-7219	343	7	loss	loss	NOUN
cblr-7219	343	8	-	-	PUNCT
cblr-7219	343	9	absorbing	absorbing	ADJ
cblr-7219	343	10	resources	resource	NOUN
cblr-7219	343	11	that	that	PRON
cblr-7219	343	12	make	make	VERB
cblr-7219	343	13	it	it	PRON
cblr-7219	343	14	possible	possible	ADJ
cblr-7219	343	15	for	for	SCONJ
cblr-7219	343	16	it	it	PRON
cblr-7219	343	17	to	to	PART
cblr-7219	343	18	operate	operate	VERB
cblr-7219	343	19	as	as	ADP
cblr-7219	343	20	a	a	DET
cblr-7219	343	21	systemic	systemic	ADJ
cblr-7219	343	22	risk	risk	NOUN
cblr-7219	343	23	absorber	absorber	NOUN
cblr-7219	343	24	.	.	PUNCT
cblr-7219	344	1	these	these	DET
cblr-7219	344	2	financial	financial	ADJ
cblr-7219	344	3	resources	resource	NOUN
cblr-7219	344	4	,	,	PUNCT
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cblr-7219	344	6	are	be	AUX
cblr-7219	344	7	managed	manage	VERB
cblr-7219	344	8	by	by	ADP
cblr-7219	344	9	the	the	DET
cblr-7219	344	10	87	87	NUM
cblr-7219	344	11	the	the	DET
cblr-7219	344	12	membership	membership	NOUN
cblr-7219	344	13	of	of	ADP
cblr-7219	344	14	derivatives	derivative	NOUN
cblr-7219	344	15	clearinghouses	clearinghouse	NOUN
cblr-7219	344	16	is	be	AUX
cblr-7219	344	17	comprised	comprise	VERB
cblr-7219	344	18	of	of	ADP
cblr-7219	344	19	major	major	ADJ
cblr-7219	344	20	global	global	ADJ
cblr-7219	344	21	financial	financial	ADJ
cblr-7219	344	22	institutions	institution	NOUN
cblr-7219	344	23	.	.	PUNCT
cblr-7219	345	1	see	see	VERB
cblr-7219	345	2	clearing	clearing	NOUN
cblr-7219	345	3	firms	firm	NOUN
cblr-7219	345	4	,	,	PUNCT
cblr-7219	345	5	cme	cme	PROPN
cblr-7219	345	6	group	group	NOUN
cblr-7219	345	7	,	,	PUNCT
cblr-7219	345	8	https://www.cmegroup.com/clearing/financial-and-regulatory-surveillance/clearing-firms.html#clearingfirms	https://www.cmegroup.com/clearing/financial-and-regulatory-surveillance/clearing-firms.html#clearingfirm	VERB
cblr-7219	346	1	[	[	X
cblr-7219	346	2	https://perma.cc/ag93-3lu5	https://perma.cc/ag93-3lu5	X
cblr-7219	346	3	]	]	X
cblr-7219	346	4	(	(	PUNCT
cblr-7219	346	5	last	last	ADV
cblr-7219	346	6	visited	visit	VERB
cblr-7219	346	7	aug	aug	PROPN
cblr-7219	346	8	.	.	PROPN
cblr-7219	346	9	14	14	NUM
cblr-7219	346	10	,	,	PUNCT
cblr-7219	346	11	2019	2019	NUM
cblr-7219	346	12	)	)	PUNCT
cblr-7219	346	13	;	;	PUNCT
cblr-7219	346	14	ice	ice	NOUN
cblr-7219	346	15	clear	clear	ADJ
cblr-7219	346	16	credit	credit	NOUN
cblr-7219	346	17	:	:	PUNCT
cblr-7219	346	18	participants	participant	NOUN
cblr-7219	346	19	,	,	PUNCT
cblr-7219	346	20	intercontinental	intercontinental	ADJ
cblr-7219	346	21	exchange	exchange	NOUN
cblr-7219	346	22	,	,	PUNCT
cblr-7219	346	23	https://www.theice.com/clear-credit/participants	https://www.theice.com/clear-credit/participant	NOUN
cblr-7219	346	24	[	[	X
cblr-7219	346	25	https://perma.cc/hap5-mzfa	https://perma.cc/hap5-mzfa	X
cblr-7219	346	26	]	]	X
cblr-7219	346	27	(	(	PUNCT
cblr-7219	346	28	last	last	ADV
cblr-7219	346	29	visited	visit	VERB
cblr-7219	346	30	aug	aug	PROPN
cblr-7219	346	31	.	.	PROPN
cblr-7219	346	32	14	14	NUM
cblr-7219	346	33	,	,	PUNCT
cblr-7219	346	34	2019	2019	NUM
cblr-7219	346	35	)	)	PUNCT
cblr-7219	346	36	.	.	PUNCT
cblr-7219	347	1	88	88	NUM
cblr-7219	347	2	see	see	VERB
cblr-7219	347	3	cme	cme	PROPN
cblr-7219	347	4	rules	rule	NOUN
cblr-7219	347	5	,	,	PUNCT
cblr-7219	347	6	supra	supra	PROPN
cblr-7219	347	7	note	note	PROPN
cblr-7219	347	8	25	25	NUM
cblr-7219	347	9	,	,	PUNCT
cblr-7219	347	10	§	§	PROPN
cblr-7219	347	11	195	195	NUM
cblr-7219	347	12	;	;	PUNCT
cblr-7219	347	13	ice	ice	NOUN
cblr-7219	347	14	clear	clear	ADJ
cblr-7219	347	15	credit	credit	NOUN
cblr-7219	347	16	,	,	PUNCT
cblr-7219	347	17	clearing	clearing	NOUN
cblr-7219	347	18	rules	rule	NOUN
cblr-7219	347	19	,	,	PUNCT
cblr-7219	347	20	supra	supra	PROPN
cblr-7219	347	21	note	note	PROPN
cblr-7219	347	22	25	25	NUM
cblr-7219	347	23	,	,	PUNCT
cblr-7219	347	24	at	at	ADP
cblr-7219	347	25	43	43	NUM
cblr-7219	347	26	.	.	PUNCT
cblr-7219	347	27	89	89	NUM
cblr-7219	347	28	see	see	VERB
cblr-7219	347	29	cme	cme	PROPN
cblr-7219	347	30	rules	rule	NOUN
cblr-7219	347	31	,	,	PUNCT
cblr-7219	347	32	supra	supra	PROPN
cblr-7219	347	33	note	note	PROPN
cblr-7219	347	34	25	25	NUM
cblr-7219	347	35	,	,	PUNCT
cblr-7219	347	36	§	§	PROPN
cblr-7219	347	37	§	§	PROPN
cblr-7219	347	38	130	130	NUM
cblr-7219	347	39	,	,	PUNCT
cblr-7219	347	40	133	133	NUM
cblr-7219	347	41	;	;	PUNCT
cblr-7219	347	42	ice	ice	NOUN
cblr-7219	347	43	clear	clear	ADJ
cblr-7219	347	44	credit	credit	NOUN
cblr-7219	347	45	,	,	PUNCT
cblr-7219	347	46	clearing	clearing	NOUN
cblr-7219	347	47	rules	rule	NOUN
cblr-7219	347	48	,	,	PUNCT
cblr-7219	347	49	supra	supra	PROPN
cblr-7219	347	50	note	note	PROPN
cblr-7219	347	51	25	25	NUM
cblr-7219	347	52	,	,	PUNCT
cblr-7219	347	53	at	at	ADP
cblr-7219	347	54	29	29	NUM
cblr-7219	347	55	.	.	PUNCT
cblr-7219	347	56	90	90	NUM
cblr-7219	347	57	see	see	VERB
cblr-7219	347	58	cme	cme	NOUN
cblr-7219	347	59	rules	rule	NOUN
cblr-7219	347	60	,	,	PUNCT
cblr-7219	347	61	supra	supra	PROPN
cblr-7219	347	62	note	note	PROPN
cblr-7219	347	63	25	25	NUM
cblr-7219	347	64	,	,	PUNCT
cblr-7219	347	65	§	§	PROPN
cblr-7219	347	66	122	122	NUM
cblr-7219	347	67	;	;	PUNCT
cblr-7219	347	68	ice	ice	NOUN
cblr-7219	347	69	clear	clear	ADJ
cblr-7219	347	70	credit	credit	NOUN
cblr-7219	347	71	,	,	PUNCT
cblr-7219	347	72	clearing	clearing	NOUN
cblr-7219	347	73	rules	rule	NOUN
cblr-7219	347	74	,	,	PUNCT
cblr-7219	347	75	supra	supra	PROPN
cblr-7219	347	76	note	note	PROPN
cblr-7219	347	77	25	25	NUM
cblr-7219	347	78	,	,	PUNCT
cblr-7219	347	79	at	at	ADP
cblr-7219	347	80	29	29	NUM
cblr-7219	347	81	.	.	PUNCT
cblr-7219	348	1	91	91	NUM
cblr-7219	348	2	see	see	VERB
cblr-7219	348	3	cme	cme	PROPN
cblr-7219	348	4	rules	rule	NOUN
cblr-7219	348	5	,	,	PUNCT
cblr-7219	348	6	supra	supra	PROPN
cblr-7219	348	7	note	note	PROPN
cblr-7219	348	8	25	25	NUM
cblr-7219	348	9	,	,	PUNCT
cblr-7219	348	10	§	§	PROPN
cblr-7219	348	11	816	816	NUM
cblr-7219	348	12	;	;	PUNCT
cblr-7219	348	13	ice	ice	NOUN
cblr-7219	348	14	clear	clear	ADJ
cblr-7219	348	15	credit	credit	NOUN
cblr-7219	348	16	,	,	PUNCT
cblr-7219	348	17	clearing	clearing	NOUN
cblr-7219	348	18	rules	rule	NOUN
cblr-7219	348	19	,	,	PUNCT
cblr-7219	348	20	supra	supra	PROPN
cblr-7219	348	21	note	note	PROPN
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cblr-7219	348	24	at	at	ADP
cblr-7219	348	25	102–03	102–03	PROPN
cblr-7219	348	26	.	.	PROPN
cblr-7219	349	1	92	92	NUM
cblr-7219	349	2	see	see	NOUN
cblr-7219	349	3	saguato	saguato	NOUN
cblr-7219	349	4	,	,	PUNCT
cblr-7219	349	5	the	the	DET
cblr-7219	349	6	ownership	ownership	NOUN
cblr-7219	349	7	of	of	ADP
cblr-7219	349	8	clearinghouses	clearinghouse	NOUN
cblr-7219	349	9	,	,	PUNCT
cblr-7219	349	10	supra	supra	PROPN
cblr-7219	349	11	note	note	NOUN
cblr-7219	349	12	8	8	NUM
cblr-7219	349	13	,	,	PUNCT
cblr-7219	349	14	at	at	ADP
cblr-7219	349	15	618–23	618–23	NUM
cblr-7219	349	16	.	.	PUNCT
cblr-7219	350	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	350	2	(	(	PUNCT
cblr-7219	350	3	do	do	AUX
cblr-7219	350	4	not	not	PART
cblr-7219	350	5	delete	delete	VERB
cblr-7219	350	6	)	)	PUNCT
cblr-7219	350	7	10/21/2020	10/21/2020	NUM
cblr-7219	350	8	11:22	11:22	NUM
cblr-7219	350	9	am	am	NOUN
cblr-7219	350	10	no	no	NOUN
cblr-7219	350	11	.	.	PUNCT
cblr-7219	351	1	2:449	2:449	NUM
cblr-7219	351	2	]	]	X
cblr-7219	351	3	unfinished	unfinished	ADJ
cblr-7219	351	4	business	business	NOUN
cblr-7219	351	5	473	473	NUM
cblr-7219	351	6	clearinghouse	clearinghouse	NOUN
cblr-7219	351	7	,	,	PUNCT
cblr-7219	351	8	serve	serve	VERB
cblr-7219	351	9	as	as	ADP
cblr-7219	351	10	the	the	DET
cblr-7219	351	11	two	two	NUM
cblr-7219	351	12	most	most	ADV
cblr-7219	351	13	substantial	substantial	ADJ
cblr-7219	351	14	lines	line	NOUN
cblr-7219	351	15	of	of	ADP
cblr-7219	351	16	defense	defense	NOUN
cblr-7219	351	17	to	to	PART
cblr-7219	351	18	absorb	absorb	VERB
cblr-7219	351	19	risks	risk	NOUN
cblr-7219	351	20	and	and	CCONJ
cblr-7219	351	21	losses	loss	NOUN
cblr-7219	351	22	.	.	PUNCT
cblr-7219	352	1	these	these	DET
cblr-7219	352	2	primary	primary	ADJ
cblr-7219	352	3	lines	line	NOUN
cblr-7219	352	4	of	of	ADP
cblr-7219	352	5	defense	defense	NOUN
cblr-7219	352	6	are	be	AUX
cblr-7219	352	7	margin	margin	NOUN
cblr-7219	352	8	collateral	collateral	NOUN
cblr-7219	352	9	and	and	CCONJ
cblr-7219	352	10	the	the	DET
cblr-7219	352	11	default	default	NOUN
cblr-7219	352	12	guaranty	guaranty	NOUN
cblr-7219	352	13	fund.93	fund.93	NOUN
cblr-7219	352	14	by	by	ADP
cblr-7219	352	15	making	make	VERB
cblr-7219	352	16	these	these	DET
cblr-7219	352	17	contributions	contribution	NOUN
cblr-7219	352	18	,	,	PUNCT
cblr-7219	352	19	clearing	clear	VERB
cblr-7219	352	20	members	member	NOUN
cblr-7219	352	21	make	make	VERB
cblr-7219	352	22	it	it	PRON
cblr-7219	352	23	possible	possible	ADJ
cblr-7219	352	24	for	for	SCONJ
cblr-7219	352	25	the	the	DET
cblr-7219	352	26	clearinghouse	clearinghouse	NOUN
cblr-7219	352	27	to	to	PART
cblr-7219	352	28	position	position	VERB
cblr-7219	352	29	itself	itself	PRON
cblr-7219	352	30	in	in	ADP
cblr-7219	352	31	the	the	DET
cblr-7219	352	32	financial	financial	ADJ
cblr-7219	352	33	markets	market	NOUN
cblr-7219	352	34	as	as	ADP
cblr-7219	352	35	a	a	DET
cblr-7219	352	36	robust	robust	ADJ
cblr-7219	352	37	bastion	bastion	NOUN
cblr-7219	352	38	of	of	ADP
cblr-7219	352	39	financial	financial	ADJ
cblr-7219	352	40	stability	stability	NOUN
cblr-7219	352	41	against	against	ADP
cblr-7219	352	42	crises	crisis	NOUN
cblr-7219	352	43	.	.	PUNCT
cblr-7219	353	1	together	together	ADV
cblr-7219	353	2	with	with	ADP
cblr-7219	353	3	the	the	DET
cblr-7219	353	4	cushion	cushion	NOUN
cblr-7219	353	5	of	of	ADP
cblr-7219	353	6	resources	resource	NOUN
cblr-7219	353	7	committed	commit	VERB
cblr-7219	353	8	by	by	ADP
cblr-7219	353	9	the	the	DET
cblr-7219	353	10	clearinghouse	clearinghouse	NOUN
cblr-7219	353	11	to	to	PART
cblr-7219	353	12	support	support	VERB
cblr-7219	353	13	the	the	DET
cblr-7219	353	14	firm	firm	NOUN
cblr-7219	353	15	in	in	ADP
cblr-7219	353	16	the	the	DET
cblr-7219	353	17	orderly	orderly	ADJ
cblr-7219	353	18	management	management	NOUN
cblr-7219	353	19	of	of	ADP
cblr-7219	353	20	the	the	DET
cblr-7219	353	21	default	default	NOUN
cblr-7219	353	22	of	of	ADP
cblr-7219	353	23	its	its	PRON
cblr-7219	353	24	member(s),94	member(s),94	ADJ
cblr-7219	353	25	the	the	DET
cblr-7219	353	26	amalgamation	amalgamation	NOUN
cblr-7219	353	27	of	of	ADP
cblr-7219	353	28	the	the	DET
cblr-7219	353	29	different	different	ADJ
cblr-7219	353	30	layers	layer	NOUN
cblr-7219	353	31	of	of	ADP
cblr-7219	353	32	financial	financial	ADJ
cblr-7219	353	33	resources	resource	NOUN
cblr-7219	353	34	deployable	deployable	ADJ
cblr-7219	353	35	by	by	ADP
cblr-7219	353	36	clearinghouses	clearinghouse	NOUN
cblr-7219	353	37	—	—	PUNCT
cblr-7219	353	38	and	and	CCONJ
cblr-7219	353	39	the	the	DET
cblr-7219	353	40	order	order	NOUN
cblr-7219	353	41	in	in	ADP
cblr-7219	353	42	which	which	PRON
cblr-7219	353	43	these	these	DET
cblr-7219	353	44	lines	line	NOUN
cblr-7219	353	45	of	of	ADP
cblr-7219	353	46	defense	defense	NOUN
cblr-7219	353	47	are	be	AUX
cblr-7219	353	48	positioned	position	VERB
cblr-7219	353	49	—	—	PUNCT
cblr-7219	353	50	is	be	AUX
cblr-7219	353	51	generally	generally	ADV
cblr-7219	353	52	referred	refer	VERB
cblr-7219	353	53	to	to	ADP
cblr-7219	353	54	as	as	ADP
cblr-7219	353	55	the	the	DET
cblr-7219	353	56	“	"	PUNCT
cblr-7219	353	57	default	default	NOUN
cblr-7219	353	58	waterfall	waterfall	NOUN
cblr-7219	353	59	”	"	PUNCT
cblr-7219	353	60	of	of	ADP
cblr-7219	353	61	recovery	recovery	NOUN
cblr-7219	353	62	resources,95	resources,95	NUM
cblr-7219	354	1	and	and	CCONJ
cblr-7219	354	2	it	it	PRON
cblr-7219	354	3	varies	vary	VERB
cblr-7219	354	4	from	from	ADP
cblr-7219	354	5	clearinghouse	clearinghouse	NOUN
cblr-7219	354	6	to	to	ADP
cblr-7219	354	7	clearinghouse	clearinghouse	NOUN
cblr-7219	354	8	.	.	PUNCT
cblr-7219	355	1	figure	figure	NOUN
cblr-7219	355	2	3	3	NUM
cblr-7219	355	3	offers	offer	VERB
cblr-7219	355	4	an	an	DET
cblr-7219	355	5	example	example	NOUN
cblr-7219	355	6	of	of	ADP
cblr-7219	355	7	the	the	DET
cblr-7219	355	8	operation	operation	NOUN
cblr-7219	355	9	and	and	CCONJ
cblr-7219	355	10	order	order	NOUN
cblr-7219	355	11	of	of	ADP
cblr-7219	355	12	the	the	DET
cblr-7219	355	13	different	different	ADJ
cblr-7219	355	14	lines	line	NOUN
cblr-7219	355	15	of	of	ADP
cblr-7219	355	16	defense	defense	NOUN
cblr-7219	355	17	in	in	ADP
cblr-7219	355	18	a	a	DET
cblr-7219	355	19	clearinghouse	clearinghouse	NOUN
cblr-7219	355	20	default	default	NOUN
cblr-7219	355	21	waterfall.96	waterfall.96	NOUN
cblr-7219	355	22	93	93	NUM
cblr-7219	355	23	see	see	VERB
cblr-7219	355	24	i	i	PRON
cblr-7219	355	25	d.	d.	PROPN
cblr-7219	355	26	at	at	ADP
cblr-7219	355	27	620–21	620–21	PROPN
cblr-7219	355	28	.	.	PUNCT
cblr-7219	356	1	94	94	NUM
cblr-7219	356	2	see	see	VERB
cblr-7219	356	3	i	i	PRON
cblr-7219	356	4	d.	d.	PROPN
cblr-7219	356	5	at	at	ADP
cblr-7219	356	6	620	620	NUM
cblr-7219	356	7	.	.	PUNCT
cblr-7219	357	1	95	95	NUM
cblr-7219	357	2	see	see	VERB
cblr-7219	357	3	jessie	jessie	PROPN
cblr-7219	357	4	jiaxu	jiaxu	PROPN
cblr-7219	357	5	wang	wang	PROPN
cblr-7219	357	6	et	et	PROPN
cblr-7219	357	7	al	al	PROPN
cblr-7219	357	8	.	.	PROPN
cblr-7219	357	9	,	,	PUNCT
cblr-7219	357	10	a	a	DET
cblr-7219	357	11	theory	theory	NOUN
cblr-7219	357	12	of	of	ADP
cblr-7219	357	13	collateral	collateral	ADJ
cblr-7219	357	14	requirements	requirement	NOUN
cblr-7219	357	15	for	for	ADP
cblr-7219	357	16	central	central	ADJ
cblr-7219	357	17	counterparties	counterpartie	NOUN
cblr-7219	357	18	8–10	8–10	NOUN
cblr-7219	357	19	(	(	PUNCT
cblr-7219	357	20	feb	feb	PROPN
cblr-7219	357	21	.	.	PROPN
cblr-7219	357	22	29	29	NUM
cblr-7219	357	23	,	,	PUNCT
cblr-7219	357	24	2020	2020	NUM
cblr-7219	357	25	)	)	PUNCT
cblr-7219	357	26	(	(	PUNCT
cblr-7219	357	27	unpublished	unpublished	ADJ
cblr-7219	357	28	manuscript	manuscript	NOUN
cblr-7219	357	29	)	)	PUNCT
cblr-7219	357	30	,	,	PUNCT
cblr-7219	357	31	https://ssrn.com/abstract=3290397	https://ssrn.com/abstract=3290397	VERB
cblr-7219	357	32	[	[	X
cblr-7219	357	33	https://perma.cc/8j2a-jmah	https://perma.cc/8j2a-jmah	X
cblr-7219	357	34	]	]	X
cblr-7219	357	35	.	.	PUNCT
cblr-7219	358	1	96	96	NUM
cblr-7219	358	2	figure	figure	NOUN
cblr-7219	358	3	3	3	NUM
cblr-7219	358	4	summarizes	summarize	NOUN
cblr-7219	358	5	and	and	CCONJ
cblr-7219	358	6	simplifies	simplifie	NOUN
cblr-7219	358	7	the	the	DET
cblr-7219	358	8	operations	operation	NOUN
cblr-7219	358	9	of	of	ADP
cblr-7219	358	10	the	the	DET
cblr-7219	358	11	default	default	NOUN
cblr-7219	358	12	waterfall	waterfall	NOUN
cblr-7219	358	13	in	in	ADP
cblr-7219	358	14	the	the	DET
cblr-7219	358	15	recovery	recovery	NOUN
cblr-7219	358	16	phase	phase	NOUN
cblr-7219	358	17	when	when	SCONJ
cblr-7219	358	18	a	a	DET
cblr-7219	358	19	clearinghouse	clearinghouse	NOUN
cblr-7219	358	20	can	can	AUX
cblr-7219	358	21	not	not	PART
cblr-7219	358	22	rebalance	rebalance	VERB
cblr-7219	358	23	its	its	PRON
cblr-7219	358	24	books	book	NOUN
cblr-7219	358	25	by	by	ADP
cblr-7219	358	26	auctioning	auction	VERB
cblr-7219	358	27	off	off	ADP
cblr-7219	358	28	the	the	DET
cblr-7219	358	29	open	open	ADJ
cblr-7219	358	30	positions	position	NOUN
cblr-7219	358	31	of	of	ADP
cblr-7219	358	32	the	the	DET
cblr-7219	358	33	defaulted	defaulted	ADJ
cblr-7219	358	34	member	member	NOUN
cblr-7219	358	35	and	and	CCONJ
cblr-7219	358	36	needs	need	VERB
cblr-7219	358	37	to	to	PART
cblr-7219	358	38	tap	tap	VERB
cblr-7219	358	39	the	the	DET
cblr-7219	358	40	pre	pre	ADJ
cblr-7219	358	41	-	-	ADJ
cblr-7219	358	42	funded	funded	ADJ
cblr-7219	358	43	resources	resource	NOUN
cblr-7219	358	44	that	that	SCONJ
cblr-7219	358	45	it	it	PRON
cblr-7219	358	46	collects	collect	VERB
cblr-7219	358	47	as	as	ADP
cblr-7219	358	48	solvency	solvency	NOUN
cblr-7219	358	49	guarantees	guarantee	NOUN
cblr-7219	358	50	.	.	PUNCT
cblr-7219	359	1	the	the	DET
cblr-7219	359	2	operation	operation	NOUN
cblr-7219	359	3	of	of	ADP
cblr-7219	359	4	the	the	DET
cblr-7219	359	5	default	default	NOUN
cblr-7219	359	6	waterfall	waterfall	NOUN
cblr-7219	359	7	and	and	CCONJ
cblr-7219	359	8	the	the	DET
cblr-7219	359	9	recovery	recovery	NOUN
cblr-7219	359	10	phase	phase	NOUN
cblr-7219	359	11	in	in	ADP
cblr-7219	359	12	general	general	ADJ
cblr-7219	359	13	is	be	AUX
cblr-7219	359	14	based	base	VERB
cblr-7219	359	15	on	on	ADP
cblr-7219	359	16	the	the	DET
cblr-7219	359	17	contractual	contractual	ADJ
cblr-7219	359	18	agreement	agreement	NOUN
cblr-7219	359	19	between	between	ADP
cblr-7219	359	20	the	the	DET
cblr-7219	359	21	clearinghouse	clearinghouse	NOUN
cblr-7219	359	22	and	and	CCONJ
cblr-7219	359	23	its	its	PRON
cblr-7219	359	24	shareholders	shareholder	NOUN
cblr-7219	359	25	.	.	PUNCT
cblr-7219	360	1	see	see	VERB
cblr-7219	360	2	darrell	darrell	PROPN
cblr-7219	360	3	duffie	duffie	PROPN
cblr-7219	360	4	,	,	PUNCT
cblr-7219	360	5	resolution	resolution	NOUN
cblr-7219	360	6	of	of	ADP
cblr-7219	360	7	failing	fail	VERB
cblr-7219	360	8	central	central	ADJ
cblr-7219	360	9	counterparties	counterpartie	NOUN
cblr-7219	360	10	,	,	PUNCT
cblr-7219	360	11	in	in	ADP
cblr-7219	360	12	making	make	VERB
cblr-7219	360	13	failure	failure	NOUN
cblr-7219	360	14	feasible	feasible	ADJ
cblr-7219	360	15	:	:	PUNCT
cblr-7219	360	16	how	how	SCONJ
cblr-7219	360	17	can	can	AUX
cblr-7219	360	18	bankruptcy	bankruptcy	NOUN
cblr-7219	360	19	reform	reform	NOUN
cblr-7219	360	20	can	can	AUX
cblr-7219	360	21	end	end	VERB
cblr-7219	360	22	“	"	PUNCT
cblr-7219	360	23	too	too	ADV
cblr-7219	360	24	big	big	ADJ
cblr-7219	360	25	to	to	PART
cblr-7219	360	26	fail	fail	VERB
cblr-7219	360	27	”	"	PUNCT
cblr-7219	360	28	87	87	NUM
cblr-7219	360	29	,	,	PUNCT
cblr-7219	360	30	90–92	90–92	NUM
cblr-7219	360	31	(	(	PUNCT
cblr-7219	360	32	kenneth	kenneth	PROPN
cblr-7219	360	33	e.	e.	PROPN
cblr-7219	360	34	scott	scott	PROPN
cblr-7219	360	35	et	et	PROPN
cblr-7219	360	36	al	al	PROPN
cblr-7219	360	37	.	.	PUNCT
cblr-7219	361	1	eds	eds	PROPN
cblr-7219	361	2	.	.	PROPN
cblr-7219	361	3	,	,	PUNCT
cblr-7219	361	4	2015	2015	NUM
cblr-7219	361	5	)	)	PUNCT
cblr-7219	361	6	.	.	PUNCT
cblr-7219	362	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	362	2	(	(	PUNCT
cblr-7219	362	3	do	do	AUX
cblr-7219	362	4	not	not	PART
cblr-7219	362	5	delte	delte	VERB
cblr-7219	362	6	)	)	PUNCT
cblr-7219	362	7	10/21/2020	10/21/2020	NUM
cblr-7219	362	8	11:22	11:22	NUM
cblr-7219	362	9	am	be	AUX
cblr-7219	362	10	474	474	NUM
cblr-7219	362	11	columbia	columbia	PROPN
cblr-7219	362	12	business	business	NOUN
cblr-7219	362	13	law	law	PROPN
cblr-7219	362	14	review	review	NOUN
cblr-7219	362	15	[	[	X
cblr-7219	362	16	vol	vol	NOUN
cblr-7219	362	17	.	.	PUNCT
cblr-7219	362	18	2020	2020	NUM
cblr-7219	362	19	figure	figure	VERB
cblr-7219	362	20	3	3	NUM
cblr-7219	362	21	:	:	PUNCT
cblr-7219	362	22	model	model	NOUN
cblr-7219	362	23	of	of	ADP
cblr-7219	362	24	a	a	DET
cblr-7219	362	25	clearinghouse	clearinghouse	NOUN
cblr-7219	362	26	“	"	PUNCT
cblr-7219	362	27	default	default	NOUN
cblr-7219	362	28	waterfall	waterfall	NOUN
cblr-7219	362	29	”	"	PUNCT
cblr-7219	362	30	after	after	ADP
cblr-7219	362	31	membership	membership	NOUN
cblr-7219	362	32	requirements	requirement	NOUN
cblr-7219	362	33	,	,	PUNCT
cblr-7219	362	34	the	the	DET
cblr-7219	362	35	second	second	ADJ
cblr-7219	362	36	line	line	NOUN
cblr-7219	362	37	of	of	ADP
cblr-7219	362	38	defense	defense	NOUN
cblr-7219	362	39	are	be	AUX
cblr-7219	362	40	the	the	DET
cblr-7219	362	41	margin	margin	NOUN
cblr-7219	362	42	requirements	requirement	NOUN
cblr-7219	362	43	.	.	PUNCT
cblr-7219	363	1	margin	margin	NOUN
cblr-7219	363	2	is	be	AUX
cblr-7219	363	3	the	the	DET
cblr-7219	363	4	first	first	ADJ
cblr-7219	363	5	financial	financial	ADJ
cblr-7219	363	6	resource	resource	NOUN
cblr-7219	363	7	that	that	PRON
cblr-7219	363	8	can	can	AUX
cblr-7219	363	9	be	be	AUX
cblr-7219	363	10	tapped	tap	VERB
cblr-7219	363	11	by	by	ADP
cblr-7219	363	12	a	a	DET
cblr-7219	363	13	clearinghouse	clearinghouse	NOUN
cblr-7219	363	14	to	to	PART
cblr-7219	363	15	cover	cover	VERB
cblr-7219	363	16	the	the	DET
cblr-7219	363	17	losses	loss	NOUN
cblr-7219	363	18	caused	cause	VERB
cblr-7219	363	19	by	by	ADP
cblr-7219	363	20	the	the	DET
cblr-7219	363	21	default	default	NOUN
cblr-7219	363	22	of	of	ADP
cblr-7219	363	23	one	one	NUM
cblr-7219	363	24	of	of	ADP
cblr-7219	363	25	its	its	PRON
cblr-7219	363	26	members.97	members.97	NOUN
cblr-7219	363	27	margin	margin	NOUN
cblr-7219	363	28	defends	defend	VERB
cblr-7219	363	29	against	against	ADP
cblr-7219	363	30	counterparty	counterparty	NOUN
cblr-7219	363	31	default	default	NOUN
cblr-7219	363	32	risk	risk	NOUN
cblr-7219	363	33	and	and	CCONJ
cblr-7219	363	34	operates	operate	VERB
cblr-7219	363	35	as	as	ADP
cblr-7219	363	36	a	a	DET
cblr-7219	363	37	microprudential	microprudential	ADJ
cblr-7219	363	38	transactional	transactional	ADJ
cblr-7219	363	39	risk	risk	NOUN
cblr-7219	363	40	management	management	NOUN
cblr-7219	363	41	tool.98	tool.98	NOUN
cblr-7219	363	42	clearinghouses	clearinghouse	NOUN
cblr-7219	363	43	collect	collect	VERB
cblr-7219	363	44	margin	margin	NOUN
cblr-7219	363	45	as	as	ADP
cblr-7219	363	46	collateral	collateral	NOUN
cblr-7219	363	47	to	to	PART
cblr-7219	363	48	guarantee	guarantee	VERB
cblr-7219	363	49	the	the	DET
cblr-7219	363	50	performance	performance	NOUN
cblr-7219	363	51	of	of	ADP
cblr-7219	363	52	cleared	clear	VERB
cblr-7219	363	53	and	and	CCONJ
cblr-7219	363	54	open	open	ADJ
cblr-7219	363	55	positions.99	positions.99	NOUN
cblr-7219	363	56	these	these	DET
cblr-7219	363	57	guarantees	guarantee	NOUN
cblr-7219	363	58	,	,	PUNCT
cblr-7219	363	59	which	which	PRON
cblr-7219	363	60	are	be	AUX
cblr-7219	363	61	designed	design	VERB
cblr-7219	363	62	to	to	PART
cblr-7219	363	63	hedge	hedge	VERB
cblr-7219	363	64	against	against	ADP
cblr-7219	363	65	the	the	DET
cblr-7219	363	66	exposure	exposure	NOUN
cblr-7219	363	67	of	of	ADP
cblr-7219	363	68	any	any	DET
cblr-7219	363	69	cleared	clear	VERB
cblr-7219	363	70	transaction	transaction	NOUN
cblr-7219	363	71	,	,	PUNCT
cblr-7219	363	72	can	can	AUX
cblr-7219	363	73	take	take	VERB
cblr-7219	363	74	the	the	DET
cblr-7219	363	75	form	form	NOUN
cblr-7219	363	76	of	of	ADP
cblr-7219	363	77	initial	initial	ADJ
cblr-7219	363	78	margin	margin	NOUN
cblr-7219	363	79	or	or	CCONJ
cblr-7219	363	80	97	97	NUM
cblr-7219	363	81	see	see	NOUN
cblr-7219	363	82	comm	comm	NOUN
cblr-7219	363	83	.	.	PUNCT
cblr-7219	364	1	on	on	ADP
cblr-7219	364	2	payments	payment	NOUN
cblr-7219	364	3	&	&	CCONJ
cblr-7219	364	4	settlement	settlement	PROPN
cblr-7219	364	5	sys	sys	PROPN
cblr-7219	364	6	.	.	PROPN
cblr-7219	364	7	,	,	PUNCT
cblr-7219	364	8	supra	supra	PROPN
cblr-7219	364	9	note	note	PROPN
cblr-7219	364	10	80	80	NUM
cblr-7219	364	11	,	,	PUNCT
cblr-7219	364	12	at	at	ADP
cblr-7219	364	13	19	19	NUM
cblr-7219	364	14	.	.	NOUN
cblr-7219	364	15	98	98	NUM
cblr-7219	364	16	see	see	VERB
cblr-7219	364	17	i	i	PRON
cblr-7219	364	18	d.	d.	PROPN
cblr-7219	364	19	99	99	NUM
cblr-7219	364	20	see	see	VERB
cblr-7219	364	21	hasenpusch	hasenpusch	NOUN
cblr-7219	364	22	,	,	PUNCT
cblr-7219	364	23	supra	supra	PROPN
cblr-7219	364	24	note	note	NOUN
cblr-7219	364	25	60	60	NUM
cblr-7219	364	26	,	,	PUNCT
cblr-7219	364	27	at	at	ADP
cblr-7219	364	28	29–31	29–31	PROPN
cblr-7219	364	29	.	.	PUNCT
cblr-7219	364	30	clearinghouse	clearinghouse	NOUN
cblr-7219	364	31	equity	equity	NOUN
cblr-7219	364	32	capital	capital	NOUN
cblr-7219	364	33	non	non	ADJ
cblr-7219	364	34	-	-	ADJ
cblr-7219	364	35	defaulted	defaulted	ADJ
cblr-7219	364	36	members	member	NOUN
cblr-7219	364	37	'	'	PART
cblr-7219	364	38	assessment	assessment	NOUN
cblr-7219	364	39	rights	right	NOUN
cblr-7219	364	40	non	non	ADJ
cblr-7219	364	41	-	-	ADJ
cblr-7219	364	42	defaulted	defaulted	ADJ
cblr-7219	364	43	members	member	NOUN
cblr-7219	364	44	'	'	PART
cblr-7219	364	45	guaranty	guaranty	NOUN
cblr-7219	364	46	fund	fund	NOUN
cblr-7219	364	47	contributions	contribution	NOUN
cblr-7219	364	48	clearinghouse	clearinghouse	VERB
cblr-7219	364	49	“	"	PUNCT
cblr-7219	364	50	skin	skin	NOUN
cblr-7219	364	51	-	-	PUNCT
cblr-7219	364	52	in	in	ADP
cblr-7219	364	53	-	-	PUNCT
cblr-7219	364	54	the	the	DET
cblr-7219	364	55	-	-	PUNCT
cblr-7219	364	56	game	game	NOUN
cblr-7219	364	57	”	"	PUNCT
cblr-7219	364	58	defaulted	default	VERB
cblr-7219	364	59	member	member	NOUN
cblr-7219	364	60	guaranty	guaranty	NOUN
cblr-7219	364	61	fund	fund	NOUN
cblr-7219	364	62	contribution	contribution	NOUN
cblr-7219	364	63	defaulted	default	VERB
cblr-7219	364	64	member	member	NOUN
cblr-7219	364	65	margin	margin	NOUN
cblr-7219	364	66	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	364	67	(	(	PUNCT
cblr-7219	364	68	do	do	AUX
cblr-7219	364	69	not	not	PART
cblr-7219	364	70	delete	delete	VERB
cblr-7219	364	71	)	)	PUNCT
cblr-7219	364	72	10/21/2020	10/21/2020	NUM
cblr-7219	364	73	11:22	11:22	NUM
cblr-7219	364	74	am	am	NOUN
cblr-7219	364	75	no	no	NOUN
cblr-7219	364	76	.	.	PUNCT
cblr-7219	365	1	2:449	2:449	NUM
cblr-7219	365	2	]	]	X
cblr-7219	365	3	unfinished	unfinished	ADJ
cblr-7219	365	4	business	business	NOUN
cblr-7219	365	5	475	475	NUM
cblr-7219	365	6	variation	variation	NOUN
cblr-7219	365	7	margin.100	margin.100	NOUN
cblr-7219	365	8	initial	initial	ADJ
cblr-7219	365	9	margin	margin	NOUN
cblr-7219	365	10	,	,	PUNCT
cblr-7219	365	11	often	often	ADV
cblr-7219	365	12	called	call	VERB
cblr-7219	365	13	“	"	PUNCT
cblr-7219	365	14	initial	initial	ADJ
cblr-7219	365	15	performance	performance	NOUN
cblr-7219	365	16	bond,”101	bond,”101	NOUN
cblr-7219	365	17	is	be	AUX
cblr-7219	365	18	collected	collect	VERB
cblr-7219	365	19	at	at	ADP
cblr-7219	365	20	the	the	DET
cblr-7219	365	21	time	time	NOUN
cblr-7219	365	22	the	the	DET
cblr-7219	365	23	transaction	transaction	NOUN
cblr-7219	365	24	is	be	AUX
cblr-7219	365	25	cleared.102	cleared.102	NUM
cblr-7219	365	26	in	in	ADP
cblr-7219	365	27	a	a	DET
cblr-7219	365	28	broad	broad	ADJ
cblr-7219	365	29	sense	sense	NOUN
cblr-7219	365	30	,	,	PUNCT
cblr-7219	365	31	initial	initial	ADJ
cblr-7219	365	32	margin	margin	NOUN
cblr-7219	365	33	reflects	reflect	VERB
cblr-7219	365	34	market	market	NOUN
cblr-7219	365	35	volatility	volatility	NOUN
cblr-7219	365	36	,	,	PUNCT
cblr-7219	365	37	the	the	DET
cblr-7219	365	38	risk	risk	NOUN
cblr-7219	365	39	of	of	ADP
cblr-7219	365	40	the	the	DET
cblr-7219	365	41	underlying	underlying	ADJ
cblr-7219	365	42	transaction	transaction	NOUN
cblr-7219	365	43	,	,	PUNCT
cblr-7219	365	44	and	and	CCONJ
cblr-7219	365	45	the	the	DET
cblr-7219	365	46	creditworthiness	creditworthiness	NOUN
cblr-7219	365	47	of	of	ADP
cblr-7219	365	48	the	the	DET
cblr-7219	365	49	clearing	clearing	NOUN
cblr-7219	365	50	party.103	party.103	VERB
cblr-7219	365	51	more	more	ADV
cblr-7219	365	52	specifically	specifically	ADV
cblr-7219	365	53	,	,	PUNCT
cblr-7219	365	54	initial	initial	ADJ
cblr-7219	365	55	margin	margin	NOUN
cblr-7219	365	56	contributions	contribution	NOUN
cblr-7219	365	57	are	be	AUX
cblr-7219	365	58	intended	intend	VERB
cblr-7219	365	59	to	to	PART
cblr-7219	365	60	cover	cover	VERB
cblr-7219	365	61	the	the	DET
cblr-7219	365	62	future	future	ADJ
cblr-7219	365	63	exposures	exposure	NOUN
cblr-7219	365	64	that	that	PRON
cblr-7219	365	65	might	might	AUX
cblr-7219	365	66	arise	arise	VERB
cblr-7219	365	67	in	in	ADP
cblr-7219	365	68	the	the	DET
cblr-7219	365	69	interval	interval	NOUN
cblr-7219	365	70	between	between	ADP
cblr-7219	365	71	the	the	DET
cblr-7219	365	72	execution	execution	NOUN
cblr-7219	365	73	of	of	ADP
cblr-7219	365	74	the	the	DET
cblr-7219	365	75	contract	contract	NOUN
cblr-7219	365	76	and	and	CCONJ
cblr-7219	365	77	either	either	CCONJ
cblr-7219	365	78	its	its	PRON
cblr-7219	365	79	performance	performance	NOUN
cblr-7219	365	80	or	or	CCONJ
cblr-7219	365	81	the	the	DET
cblr-7219	365	82	close	close	VERB
cblr-7219	365	83	-	-	PUNCT
cblr-7219	365	84	out	out	NOUN
cblr-7219	365	85	and	and	CCONJ
cblr-7219	365	86	liquidation	liquidation	NOUN
cblr-7219	365	87	of	of	ADP
cblr-7219	365	88	the	the	DET
cblr-7219	365	89	cleared	clear	VERB
cblr-7219	365	90	position	position	NOUN
cblr-7219	365	91	upon	upon	SCONJ
cblr-7219	365	92	the	the	DET
cblr-7219	365	93	default	default	NOUN
cblr-7219	365	94	of	of	ADP
cblr-7219	365	95	the	the	DET
cblr-7219	365	96	clearing	clearing	NOUN
cblr-7219	365	97	member.104	member.104	NOUN
cblr-7219	365	98	variation	variation	NOUN
cblr-7219	365	99	margin	margin	NOUN
cblr-7219	365	100	,	,	PUNCT
cblr-7219	365	101	or	or	CCONJ
cblr-7219	365	102	“	"	PUNCT
cblr-7219	365	103	maintenance	maintenance	NOUN
cblr-7219	365	104	performance	performance	NOUN
cblr-7219	365	105	bond	bond	NOUN
cblr-7219	365	106	,	,	PUNCT
cblr-7219	365	107	”	"	PUNCT
cblr-7219	365	108	on	on	ADP
cblr-7219	365	109	the	the	DET
cblr-7219	365	110	other	other	ADJ
cblr-7219	365	111	hand	hand	NOUN
cblr-7219	365	112	,	,	PUNCT
cblr-7219	365	113	is	be	AUX
cblr-7219	365	114	a	a	DET
cblr-7219	365	115	“	"	PUNCT
cblr-7219	365	116	dynamic	dynamic	ADJ
cblr-7219	365	117	”	"	PUNCT
cblr-7219	365	118	guarantee	guarantee	NOUN
cblr-7219	365	119	;	;	PUNCT
cblr-7219	365	120	it	it	PRON
cblr-7219	365	121	reflects	reflect	VERB
cblr-7219	365	122	market	market	NOUN
cblr-7219	365	123	fluctuations	fluctuation	NOUN
cblr-7219	365	124	in	in	ADP
cblr-7219	365	125	the	the	DET
cblr-7219	365	126	value	value	NOUN
cblr-7219	365	127	of	of	ADP
cblr-7219	365	128	cleared	clear	VERB
cblr-7219	365	129	positions	position	NOUN
cblr-7219	365	130	,	,	PUNCT
cblr-7219	365	131	is	be	AUX
cblr-7219	365	132	generally	generally	ADV
cblr-7219	365	133	recalculated	recalculate	VERB
cblr-7219	365	134	and	and	CCONJ
cblr-7219	365	135	marked	mark	VERB
cblr-7219	365	136	-	-	PUNCT
cblr-7219	365	137	to	to	ADP
cblr-7219	365	138	-	-	PUNCT
cblr-7219	365	139	market	market	NOUN
cblr-7219	365	140	daily	daily	ADJ
cblr-7219	365	141	or	or	CCONJ
cblr-7219	365	142	intra	intra	ADJ
cblr-7219	365	143	-	-	ADJ
cblr-7219	365	144	daily	daily	ADJ
cblr-7219	365	145	,	,	PUNCT
cblr-7219	365	146	and	and	CCONJ
cblr-7219	365	147	allows	allow	VERB
cblr-7219	365	148	clearinghouses	clearinghouse	NOUN
cblr-7219	365	149	to	to	PART
cblr-7219	365	150	address	address	VERB
cblr-7219	365	151	market	market	NOUN
cblr-7219	365	152	risk	risk	NOUN
cblr-7219	365	153	more	more	ADV
cblr-7219	365	154	effectively.105	effectively.105	ADV
cblr-7219	365	155	in	in	ADP
cblr-7219	365	156	addition	addition	NOUN
cblr-7219	365	157	to	to	ADP
cblr-7219	365	158	the	the	DET
cblr-7219	365	159	transactional	transactional	ADJ
cblr-7219	365	160	defenses	defense	NOUN
cblr-7219	365	161	described	describe	VERB
cblr-7219	365	162	above	above	ADV
cblr-7219	365	163	,	,	PUNCT
cblr-7219	365	164	a	a	DET
cblr-7219	365	165	clearinghouse	clearinghouse	NOUN
cblr-7219	365	166	has	have	VERB
cblr-7219	365	167	in	in	ADP
cblr-7219	365	168	place	place	NOUN
cblr-7219	365	169	a	a	DET
cblr-7219	365	170	unique	unique	ADJ
cblr-7219	365	171	risk	risk	NOUN
cblr-7219	365	172	mitigation	mitigation	NOUN
cblr-7219	365	173	resource	resource	NOUN
cblr-7219	365	174	:	:	PUNCT
cblr-7219	365	175	the	the	DET
cblr-7219	365	176	default	default	NOUN
cblr-7219	365	177	guaranty	guaranty	NOUN
cblr-7219	365	178	fund	fund	NOUN
cblr-7219	365	179	,	,	PUNCT
cblr-7219	365	180	the	the	DET
cblr-7219	365	181	third	third	ADJ
cblr-7219	365	182	line	line	NOUN
cblr-7219	365	183	of	of	ADP
cblr-7219	365	184	defense	defense	NOUN
cblr-7219	365	185	,	,	PUNCT
cblr-7219	365	186	which	which	PRON
cblr-7219	365	187	operates	operate	VERB
cblr-7219	365	188	as	as	ADP
cblr-7219	365	189	a	a	DET
cblr-7219	365	190	loss	loss	NOUN
cblr-7219	365	191	-	-	PUNCT
cblr-7219	365	192	sharing	share	VERB
cblr-7219	365	193	mechanism	mechanism	NOUN
cblr-7219	365	194	that	that	PRON
cblr-7219	365	195	mutualizes	mutualize	VERB
cblr-7219	365	196	losses	loss	NOUN
cblr-7219	365	197	among	among	ADP
cblr-7219	365	198	clearing	clear	VERB
cblr-7219	365	199	members	member	NOUN
cblr-7219	365	200	and	and	CCONJ
cblr-7219	365	201	makes	make	VERB
cblr-7219	365	202	the	the	DET
cblr-7219	365	203	risk	risk	NOUN
cblr-7219	365	204	mitigation	mitigation	NOUN
cblr-7219	365	205	model	model	NOUN
cblr-7219	365	206	of	of	ADP
cblr-7219	365	207	clearinghouses	clearinghouse	NOUN
cblr-7219	365	208	unique	unique	ADJ
cblr-7219	365	209	.	.	PUNCT
cblr-7219	366	1	when	when	SCONJ
cblr-7219	366	2	a	a	DET
cblr-7219	366	3	defaulted	default	VERB
cblr-7219	366	4	clearing	clearing	NOUN
cblr-7219	366	5	member	member	NOUN
cblr-7219	366	6	’s	’s	PART
cblr-7219	366	7	margin	margin	NOUN
cblr-7219	366	8	contributions	contribution	NOUN
cblr-7219	366	9	are	be	AUX
cblr-7219	366	10	not	not	PART
cblr-7219	366	11	sufficient	sufficient	ADJ
cblr-7219	366	12	to	to	PART
cblr-7219	366	13	absorb	absorb	VERB
cblr-7219	366	14	the	the	DET
cblr-7219	366	15	losses	loss	NOUN
cblr-7219	366	16	of	of	ADP
cblr-7219	366	17	its	its	PRON
cblr-7219	366	18	default	default	NOUN
cblr-7219	366	19	,	,	PUNCT
cblr-7219	366	20	the	the	DET
cblr-7219	366	21	guaranty	guaranty	NOUN
cblr-7219	366	22	fund	fund	NOUN
cblr-7219	366	23	intervenes.106	intervenes.106	NOUN
cblr-7219	366	24	it	it	PRON
cblr-7219	366	25	acts	act	VERB
cblr-7219	366	26	as	as	ADP
cblr-7219	366	27	a	a	DET
cblr-7219	366	28	mutualization	mutualization	NOUN
cblr-7219	366	29	device	device	NOUN
cblr-7219	366	30	and	and	CCONJ
cblr-7219	366	31	provides	provide	VERB
cblr-7219	366	32	a	a	DET
cblr-7219	366	33	countercyclical	countercyclical	ADJ
cblr-7219	366	34	,	,	PUNCT
cblr-7219	366	35	pre	pre	ADJ
cblr-7219	366	36	-	-	ADJ
cblr-7219	366	37	funded	funded	ADJ
cblr-7219	366	38	cushion	cushion	NOUN
cblr-7219	366	39	of	of	ADP
cblr-7219	366	40	resources	resource	NOUN
cblr-7219	366	41	to	to	PART
cblr-7219	366	42	contain	contain	VERB
cblr-7219	366	43	(	(	PUNCT
cblr-7219	366	44	within	within	ADP
cblr-7219	366	45	the	the	DET
cblr-7219	366	46	clearinghouse	clearinghouse	NOUN
cblr-7219	366	47	perimeter	perimeter	NOUN
cblr-7219	366	48	)	)	PUNCT
cblr-7219	366	49	and	and	CCONJ
cblr-7219	366	50	mutualize	mutualize	VERB
cblr-7219	366	51	among	among	ADP
cblr-7219	366	52	all	all	DET
cblr-7219	366	53	clearing	clear	VERB
cblr-7219	366	54	100	100	NUM
cblr-7219	366	55	see	see	NOUN
cblr-7219	366	56	,	,	PUNCT
cblr-7219	366	57	e.g.	e.g.	ADV
cblr-7219	366	58	,	,	PUNCT
cblr-7219	366	59	cme	cme	PROPN
cblr-7219	366	60	group	group	NOUN
cblr-7219	366	61	,	,	PUNCT
cblr-7219	366	62	cme	cme	PROPN
cblr-7219	366	63	clearing	clearing	NOUN
cblr-7219	366	64	risk	risk	NOUN
cblr-7219	366	65	management	management	NOUN
cblr-7219	366	66	and	and	CCONJ
cblr-7219	366	67	financial	financial	ADJ
cblr-7219	366	68	safeguards	safeguard	NOUN
cblr-7219	366	69	11	11	NUM
cblr-7219	366	70	(	(	PUNCT
cblr-7219	366	71	2018	2018	NUM
cblr-7219	366	72	)	)	PUNCT
cblr-7219	367	1	[	[	X
cblr-7219	367	2	hereinafter	hereinafter	NOUN
cblr-7219	367	3	cme	cme	PROPN
cblr-7219	367	4	risk	risk	NOUN
cblr-7219	367	5	management	management	NOUN
cblr-7219	367	6	]	]	PUNCT
cblr-7219	367	7	,	,	PUNCT
cblr-7219	367	8	https://www.cmegroup.com/clearing/files/financialsafeguards_v2.pdf	https://www.cmegroup.com/clearing/files/financialsafeguards_v2.pdf	PROPN
cblr-7219	367	9	[	[	X
cblr-7219	367	10	https://perma.cc/2t23-b2ey	https://perma.cc/2t23-b2ey	X
cblr-7219	367	11	]	]	X
cblr-7219	367	12	.	.	PUNCT
cblr-7219	368	1	101	101	NUM
cblr-7219	369	1	i	i	PRON
cblr-7219	369	2	d.	d.	PROPN
cblr-7219	369	3	at	at	ADP
cblr-7219	369	4	5	5	NUM
cblr-7219	369	5	.	.	X
cblr-7219	369	6	102	102	NUM
cblr-7219	369	7	see	see	VERB
cblr-7219	369	8	i	i	PRON
cblr-7219	369	9	d.	d.	PROPN
cblr-7219	369	10	at	at	ADP
cblr-7219	369	11	11	11	NUM
cblr-7219	369	12	.	.	PUNCT
cblr-7219	370	1	margin	margin	NOUN
cblr-7219	370	2	requirements	requirement	NOUN
cblr-7219	370	3	are	be	AUX
cblr-7219	370	4	generally	generally	ADV
cblr-7219	370	5	collected	collect	VERB
cblr-7219	370	6	by	by	ADP
cblr-7219	370	7	clearinghouses	clearinghouse	NOUN
cblr-7219	370	8	and	and	CCONJ
cblr-7219	370	9	held	hold	VERB
cblr-7219	370	10	in	in	ADP
cblr-7219	370	11	a	a	DET
cblr-7219	370	12	segregated	segregated	ADJ
cblr-7219	370	13	account	account	NOUN
cblr-7219	370	14	for	for	ADP
cblr-7219	370	15	each	each	DET
cblr-7219	370	16	individual	individual	ADJ
cblr-7219	370	17	clearing	clearing	NOUN
cblr-7219	370	18	member	member	NOUN
cblr-7219	370	19	.	.	PUNCT
cblr-7219	371	1	103	103	NUM
cblr-7219	371	2	see	see	NOUN
cblr-7219	371	3	hasenpusch	hasenpusch	NOUN
cblr-7219	371	4	,	,	PUNCT
cblr-7219	371	5	supra	supra	PROPN
cblr-7219	371	6	60	60	NUM
cblr-7219	371	7	,	,	PUNCT
cblr-7219	371	8	at	at	ADP
cblr-7219	371	9	29	29	NUM
cblr-7219	371	10	.	.	PUNCT
cblr-7219	372	1	104	104	NUM
cblr-7219	372	2	see	see	VERB
cblr-7219	372	3	cme	cme	PROPN
cblr-7219	372	4	risk	risk	NOUN
cblr-7219	372	5	management	management	NOUN
cblr-7219	372	6	,	,	PUNCT
cblr-7219	372	7	supra	supra	PROPN
cblr-7219	372	8	note	note	PROPN
cblr-7219	372	9	100	100	NUM
cblr-7219	372	10	,	,	PUNCT
cblr-7219	372	11	at	at	ADP
cblr-7219	372	12	14	14	NUM
cblr-7219	372	13	.	.	PUNCT
cblr-7219	373	1	105	105	NUM
cblr-7219	373	2	see	see	VERB
cblr-7219	373	3	,	,	PUNCT
cblr-7219	373	4	e.g.	e.g.	ADV
cblr-7219	373	5	,	,	PUNCT
cblr-7219	373	6	i	i	PRON
cblr-7219	373	7	d.	d.	VERB
cblr-7219	373	8	at	at	ADP
cblr-7219	373	9	10–11	10–11	NUM
cblr-7219	373	10	.	.	PUNCT
cblr-7219	374	1	106	106	NUM
cblr-7219	374	2	see	see	VERB
cblr-7219	374	3	i	i	PRON
cblr-7219	374	4	d.	d.	PROPN
cblr-7219	374	5	at	at	ADP
cblr-7219	374	6	19	19	NUM
cblr-7219	374	7	.	.	PUNCT
cblr-7219	374	8	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	374	9	(	(	PUNCT
cblr-7219	374	10	do	do	AUX
cblr-7219	374	11	not	not	PART
cblr-7219	374	12	delte	delte	VERB
cblr-7219	374	13	)	)	PUNCT
cblr-7219	374	14	10/21/2020	10/21/2020	NUM
cblr-7219	374	15	11:22	11:22	NUM
cblr-7219	374	16	am	be	AUX
cblr-7219	374	17	476	476	NUM
cblr-7219	374	18	columbia	columbia	PROPN
cblr-7219	374	19	business	business	NOUN
cblr-7219	374	20	law	law	PROPN
cblr-7219	374	21	review	review	NOUN
cblr-7219	374	22	[	[	X
cblr-7219	374	23	vol	vol	NOUN
cblr-7219	374	24	.	.	PUNCT
cblr-7219	374	25	2020	2020	NUM
cblr-7219	374	26	members	member	VERB
cblr-7219	374	27	the	the	DET
cblr-7219	374	28	losses	loss	NOUN
cblr-7219	374	29	from	from	ADP
cblr-7219	374	30	the	the	DET
cblr-7219	374	31	default	default	NOUN
cblr-7219	374	32	of	of	ADP
cblr-7219	374	33	one	one	NUM
cblr-7219	374	34	or	or	CCONJ
cblr-7219	374	35	more	more	ADJ
cblr-7219	374	36	of	of	ADP
cblr-7219	374	37	them.107	them.107	NOUN
cblr-7219	374	38	each	each	DET
cblr-7219	374	39	member	member	NOUN
cblr-7219	374	40	must	must	AUX
cblr-7219	374	41	contribute	contribute	VERB
cblr-7219	374	42	to	to	ADP
cblr-7219	374	43	the	the	DET
cblr-7219	374	44	guaranty	guaranty	NOUN
cblr-7219	374	45	fund	fund	NOUN
cblr-7219	374	46	in	in	ADP
cblr-7219	374	47	proportion	proportion	NOUN
cblr-7219	374	48	to	to	ADP
cblr-7219	374	49	the	the	DET
cblr-7219	374	50	volume	volume	NOUN
cblr-7219	374	51	and	and	CCONJ
cblr-7219	374	52	riskiness	riskiness	NOUN
cblr-7219	374	53	of	of	ADP
cblr-7219	374	54	the	the	DET
cblr-7219	374	55	portfolio	portfolio	NOUN
cblr-7219	374	56	of	of	ADP
cblr-7219	374	57	transactions	transaction	NOUN
cblr-7219	374	58	it	it	PRON
cblr-7219	374	59	submits	submit	VERB
cblr-7219	374	60	to	to	PART
cblr-7219	374	61	be	be	AUX
cblr-7219	374	62	centrally	centrally	ADV
cblr-7219	374	63	cleared.108	cleared.108	VERB
cblr-7219	374	64	the	the	DET
cblr-7219	374	65	guaranty	guaranty	NOUN
cblr-7219	374	66	fund	fund	NOUN
cblr-7219	374	67	operates	operate	VERB
cblr-7219	374	68	in	in	ADP
cblr-7219	374	69	a	a	DET
cblr-7219	374	70	staggered	staggered	ADJ
cblr-7219	374	71	approach	approach	NOUN
cblr-7219	374	72	.	.	PUNCT
cblr-7219	375	1	if	if	SCONJ
cblr-7219	375	2	,	,	PUNCT
cblr-7219	375	3	after	after	SCONJ
cblr-7219	375	4	all	all	DET
cblr-7219	375	5	the	the	DET
cblr-7219	375	6	margin	margin	NOUN
cblr-7219	375	7	pledged	pledge	VERB
cblr-7219	375	8	by	by	ADP
cblr-7219	375	9	the	the	DET
cblr-7219	375	10	defaulted	defaulted	ADJ
cblr-7219	375	11	member	member	NOUN
cblr-7219	375	12	is	be	AUX
cblr-7219	375	13	used	use	VERB
cblr-7219	375	14	,	,	PUNCT
cblr-7219	375	15	the	the	DET
cblr-7219	375	16	clearinghouse	clearinghouse	NOUN
cblr-7219	375	17	still	still	ADV
cblr-7219	375	18	needs	need	VERB
cblr-7219	375	19	additional	additional	ADJ
cblr-7219	375	20	resources	resource	NOUN
cblr-7219	375	21	to	to	PART
cblr-7219	375	22	cover	cover	VERB
cblr-7219	375	23	the	the	DET
cblr-7219	375	24	losses	loss	NOUN
cblr-7219	375	25	of	of	ADP
cblr-7219	375	26	the	the	DET
cblr-7219	375	27	default	default	NOUN
cblr-7219	375	28	and	and	CCONJ
cblr-7219	375	29	rematch	rematch	VERB
cblr-7219	375	30	its	its	PRON
cblr-7219	375	31	book	book	NOUN
cblr-7219	375	32	,	,	PUNCT
cblr-7219	375	33	then	then	ADV
cblr-7219	375	34	the	the	DET
cblr-7219	375	35	capital	capital	NOUN
cblr-7219	375	36	contributions	contribution	NOUN
cblr-7219	375	37	to	to	ADP
cblr-7219	375	38	the	the	DET
cblr-7219	375	39	default	default	NOUN
cblr-7219	375	40	fund	fund	NOUN
cblr-7219	375	41	by	by	ADP
cblr-7219	375	42	the	the	DET
cblr-7219	375	43	defaulted	defaulted	ADJ
cblr-7219	375	44	member	member	NOUN
cblr-7219	375	45	are	be	AUX
cblr-7219	375	46	used.109	used.109	ADJ
cblr-7219	375	47	only	only	ADV
cblr-7219	375	48	if	if	SCONJ
cblr-7219	375	49	all	all	PRON
cblr-7219	375	50	of	of	ADP
cblr-7219	375	51	the	the	DET
cblr-7219	375	52	guarantees	guarantee	NOUN
cblr-7219	375	53	provided	provide	VERB
cblr-7219	375	54	by	by	ADP
cblr-7219	375	55	the	the	DET
cblr-7219	375	56	defaulted	defaulted	ADJ
cblr-7219	375	57	member	member	NOUN
cblr-7219	375	58	are	be	AUX
cblr-7219	375	59	insufficient	insufficient	ADJ
cblr-7219	375	60	to	to	PART
cblr-7219	375	61	cover	cover	VERB
cblr-7219	375	62	its	its	PRON
cblr-7219	375	63	losses	loss	NOUN
cblr-7219	375	64	are	be	AUX
cblr-7219	375	65	the	the	DET
cblr-7219	375	66	costs	cost	NOUN
cblr-7219	375	67	of	of	ADP
cblr-7219	375	68	the	the	DET
cblr-7219	375	69	default	default	NOUN
cblr-7219	375	70	eventually	eventually	ADV
cblr-7219	375	71	passed	pass	VERB
cblr-7219	375	72	down	down	ADP
cblr-7219	375	73	to	to	ADP
cblr-7219	375	74	the	the	DET
cblr-7219	375	75	non	non	ADJ
cblr-7219	375	76	-	-	ADJ
cblr-7219	375	77	defaulted	defaulted	ADJ
cblr-7219	375	78	members	member	NOUN
cblr-7219	375	79	and	and	CCONJ
cblr-7219	375	80	absorbed	absorb	VERB
cblr-7219	375	81	by	by	ADP
cblr-7219	375	82	their	their	PRON
cblr-7219	375	83	contributions	contribution	NOUN
cblr-7219	375	84	to	to	ADP
cblr-7219	375	85	the	the	DET
cblr-7219	375	86	guaranty	guaranty	NOUN
cblr-7219	375	87	fund.110	fund.110	NOUN
cblr-7219	375	88	the	the	DET
cblr-7219	375	89	guaranty	guaranty	NOUN
cblr-7219	375	90	fund	fund	NOUN
cblr-7219	375	91	proportionally	proportionally	ADV
cblr-7219	375	92	shares	share	VERB
cblr-7219	375	93	the	the	DET
cblr-7219	375	94	excess	excess	ADJ
cblr-7219	375	95	losses	loss	NOUN
cblr-7219	375	96	among	among	ADP
cblr-7219	375	97	all	all	DET
cblr-7219	375	98	non	non	ADJ
cblr-7219	375	99	-	-	ADJ
cblr-7219	375	100	defaulted	defaulted	ADJ
cblr-7219	375	101	members.111	members.111	NOUN
cblr-7219	375	102	on	on	ADP
cblr-7219	375	103	top	top	NOUN
cblr-7219	375	104	of	of	ADP
cblr-7219	375	105	collateralizing	collateralize	VERB
cblr-7219	375	106	open	open	ADJ
cblr-7219	375	107	positions	position	NOUN
cblr-7219	375	108	and	and	CCONJ
cblr-7219	375	109	contributing	contribute	VERB
cblr-7219	375	110	to	to	ADP
cblr-7219	375	111	the	the	DET
cblr-7219	375	112	guaranty	guaranty	NOUN
cblr-7219	375	113	fund	fund	NOUN
cblr-7219	375	114	,	,	PUNCT
cblr-7219	375	115	members	member	NOUN
cblr-7219	375	116	are	be	AUX
cblr-7219	375	117	also	also	ADV
cblr-7219	375	118	contractually	contractually	ADV
cblr-7219	375	119	bound	bind	VERB
cblr-7219	375	120	to	to	PART
cblr-7219	375	121	provide	provide	VERB
cblr-7219	375	122	for	for	ADP
cblr-7219	375	123	clearinghouses	clearinghouse	NOUN
cblr-7219	375	124	’	'	PUNCT
cblr-7219	375	125	financial	financial	ADJ
cblr-7219	375	126	resilience	resilience	NOUN
cblr-7219	375	127	with	with	ADP
cblr-7219	375	128	additional	additional	ADJ
cblr-7219	375	129	injections	injection	NOUN
cblr-7219	375	130	of	of	ADP
cblr-7219	375	131	resources	resource	NOUN
cblr-7219	375	132	.	.	PUNCT
cblr-7219	376	1	that	that	PRON
cblr-7219	376	2	is	be	AUX
cblr-7219	376	3	,	,	PUNCT
cblr-7219	376	4	when	when	SCONJ
cblr-7219	376	5	the	the	DET
cblr-7219	376	6	pre	pre	ADJ
cblr-7219	376	7	-	-	ADJ
cblr-7219	376	8	funded	funded	ADJ
cblr-7219	376	9	financial	financial	ADJ
cblr-7219	376	10	resources	resource	NOUN
cblr-7219	376	11	are	be	AUX
cblr-7219	376	12	completely	completely	ADV
cblr-7219	376	13	used	use	VERB
cblr-7219	376	14	,	,	PUNCT
cblr-7219	376	15	the	the	DET
cblr-7219	376	16	guaranty	guaranty	NOUN
cblr-7219	376	17	fund	fund	NOUN
cblr-7219	376	18	is	be	AUX
cblr-7219	376	19	depleted	deplete	VERB
cblr-7219	376	20	,	,	PUNCT
cblr-7219	376	21	and	and	CCONJ
cblr-7219	376	22	there	there	PRON
cblr-7219	376	23	are	be	VERB
cblr-7219	376	24	still	still	ADV
cblr-7219	376	25	losses	loss	NOUN
cblr-7219	376	26	to	to	PART
cblr-7219	376	27	be	be	AUX
cblr-7219	376	28	covered	cover	VERB
cblr-7219	376	29	and	and	CCONJ
cblr-7219	376	30	positions	position	NOUN
cblr-7219	376	31	to	to	PART
cblr-7219	376	32	be	be	AUX
cblr-7219	376	33	rematched	rematche	VERB
cblr-7219	376	34	,	,	PUNCT
cblr-7219	376	35	clearinghouses	clearinghouse	NOUN
cblr-7219	376	36	can	can	AUX
cblr-7219	376	37	call	call	VERB
cblr-7219	376	38	or	or	CCONJ
cblr-7219	376	39	assess	assess	VERB
cblr-7219	376	40	members	member	NOUN
cblr-7219	376	41	for	for	ADP
cblr-7219	376	42	107	107	NUM
cblr-7219	376	43	see	see	NOUN
cblr-7219	376	44	e.g.	e.g.	ADV
cblr-7219	376	45	,	,	PUNCT
cblr-7219	376	46	i	i	PRON
cblr-7219	376	47	d.	d.	VERB
cblr-7219	376	48	at	at	ADP
cblr-7219	376	49	12	12	NUM
cblr-7219	376	50	.	.	PUNCT
cblr-7219	377	1	in	in	ADP
cblr-7219	377	2	industry	industry	NOUN
cblr-7219	377	3	jargon	jargon	NOUN
cblr-7219	377	4	,	,	PUNCT
cblr-7219	377	5	the	the	DET
cblr-7219	377	6	ensemble	ensemble	ADJ
cblr-7219	377	7	of	of	ADP
cblr-7219	377	8	all	all	DET
cblr-7219	377	9	financial	financial	ADJ
cblr-7219	377	10	resources	resource	NOUN
cblr-7219	377	11	used	use	VERB
cblr-7219	377	12	by	by	ADP
cblr-7219	377	13	a	a	DET
cblr-7219	377	14	clearinghouse	clearinghouse	NOUN
cblr-7219	377	15	to	to	PART
cblr-7219	377	16	deal	deal	VERB
cblr-7219	377	17	with	with	ADP
cblr-7219	377	18	the	the	DET
cblr-7219	377	19	default	default	NOUN
cblr-7219	377	20	of	of	ADP
cblr-7219	377	21	a	a	DET
cblr-7219	377	22	clearing	clearing	NOUN
cblr-7219	377	23	member	member	NOUN
cblr-7219	377	24	is	be	AUX
cblr-7219	377	25	referred	refer	VERB
cblr-7219	377	26	to	to	ADP
cblr-7219	377	27	as	as	ADP
cblr-7219	377	28	the	the	DET
cblr-7219	377	29	“	"	PUNCT
cblr-7219	377	30	default	default	NOUN
cblr-7219	377	31	waterfall	waterfall	NOUN
cblr-7219	377	32	”	"	PUNCT
cblr-7219	377	33	mechanism	mechanism	NOUN
cblr-7219	377	34	,	,	PUNCT
cblr-7219	377	35	with	with	ADP
cblr-7219	377	36	transaction	transaction	NOUN
cblr-7219	377	37	-	-	PUNCT
cblr-7219	377	38	specific	specific	ADJ
cblr-7219	377	39	resources	resource	NOUN
cblr-7219	377	40	(	(	PUNCT
cblr-7219	377	41	margin	margin	NOUN
cblr-7219	377	42	)	)	PUNCT
cblr-7219	377	43	,	,	PUNCT
cblr-7219	377	44	being	be	AUX
cblr-7219	377	45	used	use	VERB
cblr-7219	377	46	before	before	ADP
cblr-7219	377	47	tapping	tap	VERB
cblr-7219	377	48	into	into	ADP
cblr-7219	377	49	the	the	DET
cblr-7219	377	50	default	default	NOUN
cblr-7219	377	51	guaranty	guaranty	NOUN
cblr-7219	377	52	fund	fund	NOUN
cblr-7219	377	53	(	(	PUNCT
cblr-7219	377	54	mutualization	mutualization	NOUN
cblr-7219	377	55	defense	defense	NOUN
cblr-7219	377	56	)	)	PUNCT
cblr-7219	377	57	.	.	PUNCT
cblr-7219	378	1	see	see	VERB
cblr-7219	378	2	saguato	saguato	NOUN
cblr-7219	378	3	,	,	PUNCT
cblr-7219	378	4	the	the	DET
cblr-7219	378	5	ownership	ownership	NOUN
cblr-7219	378	6	of	of	ADP
cblr-7219	378	7	clearinghouses	clearinghouse	NOUN
cblr-7219	378	8	,	,	PUNCT
cblr-7219	378	9	supra	supra	PROPN
cblr-7219	378	10	note	note	NOUN
cblr-7219	378	11	8	8	NUM
cblr-7219	378	12	,	,	PUNCT
cblr-7219	378	13	at	at	ADP
cblr-7219	378	14	620–21	620–21	NOUN
cblr-7219	378	15	.	.	PUNCT
cblr-7219	379	1	108	108	NUM
cblr-7219	379	2	see	see	VERB
cblr-7219	379	3	cme	cme	PROPN
cblr-7219	379	4	risk	risk	NOUN
cblr-7219	379	5	management	management	NOUN
cblr-7219	379	6	,	,	PUNCT
cblr-7219	379	7	supra	supra	PROPN
cblr-7219	379	8	note	note	PROPN
cblr-7219	379	9	100	100	NUM
cblr-7219	379	10	,	,	PUNCT
cblr-7219	379	11	at	at	ADP
cblr-7219	379	12	20	20	NUM
cblr-7219	379	13	.	.	PUNCT
cblr-7219	379	14	109	109	NUM
cblr-7219	379	15	see	see	VERB
cblr-7219	379	16	i	i	PRON
cblr-7219	379	17	d.	d.	PROPN
cblr-7219	379	18	at	at	ADP
cblr-7219	379	19	11	11	NUM
cblr-7219	379	20	,	,	PUNCT
cblr-7219	379	21	20	20	NUM
cblr-7219	379	22	.	.	PUNCT
cblr-7219	380	1	110	110	NUM
cblr-7219	380	2	see	see	VERB
cblr-7219	380	3	cme	cme	PROPN
cblr-7219	380	4	risk	risk	NOUN
cblr-7219	380	5	management	management	NOUN
cblr-7219	380	6	,	,	PUNCT
cblr-7219	380	7	supra	supra	PROPN
cblr-7219	380	8	note	note	PROPN
cblr-7219	380	9	100	100	NUM
cblr-7219	380	10	,	,	PUNCT
cblr-7219	380	11	at	at	ADP
cblr-7219	380	12	19	19	NUM
cblr-7219	380	13	.	.	PUNCT
cblr-7219	381	1	each	each	DET
cblr-7219	381	2	clearinghouse	clearinghouse	NOUN
cblr-7219	381	3	’s	’s	PART
cblr-7219	381	4	default	default	NOUN
cblr-7219	381	5	waterfall	waterfall	NOUN
cblr-7219	381	6	has	have	VERB
cblr-7219	381	7	a	a	DET
cblr-7219	381	8	different	different	ADJ
cblr-7219	381	9	structure	structure	NOUN
cblr-7219	381	10	.	.	PUNCT
cblr-7219	382	1	generally	generally	ADV
cblr-7219	382	2	,	,	PUNCT
cblr-7219	382	3	after	after	SCONJ
cblr-7219	382	4	the	the	DET
cblr-7219	382	5	defaulted	defaulted	ADJ
cblr-7219	382	6	members	member	NOUN
cblr-7219	382	7	’	’	PART
cblr-7219	382	8	contributions	contribution	NOUN
cblr-7219	382	9	to	to	ADP
cblr-7219	382	10	the	the	DET
cblr-7219	382	11	guaranty	guaranty	NOUN
cblr-7219	382	12	fund	fund	NOUN
cblr-7219	382	13	are	be	AUX
cblr-7219	382	14	completely	completely	ADV
cblr-7219	382	15	depleted	deplete	VERB
cblr-7219	382	16	and	and	CCONJ
cblr-7219	382	17	before	before	SCONJ
cblr-7219	382	18	the	the	DET
cblr-7219	382	19	clearinghouse	clearinghouse	NOUN
cblr-7219	382	20	can	can	AUX
cblr-7219	382	21	pass	pass	VERB
cblr-7219	382	22	down	down	ADP
cblr-7219	382	23	and	and	CCONJ
cblr-7219	382	24	mutualize	mutualize	VERB
cblr-7219	382	25	the	the	DET
cblr-7219	382	26	losses	loss	NOUN
cblr-7219	382	27	among	among	ADP
cblr-7219	382	28	the	the	DET
cblr-7219	382	29	non	non	ADJ
cblr-7219	382	30	-	-	ADJ
cblr-7219	382	31	defaulted	defaulted	ADJ
cblr-7219	382	32	members	member	NOUN
cblr-7219	382	33	,	,	PUNCT
cblr-7219	382	34	the	the	DET
cblr-7219	382	35	clearinghouse	clearinghouse	NOUN
cblr-7219	382	36	contributes	contribute	VERB
cblr-7219	382	37	to	to	ADP
cblr-7219	382	38	the	the	DET
cblr-7219	382	39	absorption	absorption	NOUN
cblr-7219	382	40	of	of	ADP
cblr-7219	382	41	the	the	DET
cblr-7219	382	42	losses	loss	NOUN
cblr-7219	382	43	with	with	ADP
cblr-7219	382	44	a	a	DET
cblr-7219	382	45	set	set	VERB
cblr-7219	382	46	amount	amount	NOUN
cblr-7219	382	47	of	of	ADP
cblr-7219	382	48	resources	resource	NOUN
cblr-7219	382	49	—	—	PUNCT
cblr-7219	382	50	their	their	PRON
cblr-7219	382	51	“	"	PUNCT
cblr-7219	382	52	skin	skin	NOUN
cblr-7219	382	53	-	-	PUNCT
cblr-7219	382	54	in	in	ADP
cblr-7219	382	55	-	-	PUNCT
cblr-7219	382	56	thegame	thegame	NOUN
cblr-7219	382	57	.	.	PUNCT
cblr-7219	382	58	”	"	PUNCT
cblr-7219	383	1	see	see	VERB
cblr-7219	383	2	i	i	PRON
cblr-7219	383	3	d.	d.	PROPN
cblr-7219	383	4	at	at	ADP
cblr-7219	383	5	19–20	19–20	NUM
cblr-7219	383	6	.	.	PUNCT
cblr-7219	383	7	111	111	NUM
cblr-7219	383	8	see	see	VERB
cblr-7219	383	9	i	i	PROPN
cblr-7219	383	10	d.	d.	PROPN
cblr-7219	383	11	at	at	ADP
cblr-7219	383	12	20	20	NUM
cblr-7219	383	13	.	.	PUNCT
cblr-7219	384	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	384	2	(	(	PUNCT
cblr-7219	384	3	do	do	AUX
cblr-7219	384	4	not	not	PART
cblr-7219	384	5	delete	delete	VERB
cblr-7219	384	6	)	)	PUNCT
cblr-7219	384	7	10/21/2020	10/21/2020	NUM
cblr-7219	384	8	11:22	11:22	NUM
cblr-7219	384	9	am	am	NOUN
cblr-7219	384	10	no	no	NOUN
cblr-7219	384	11	.	.	PUNCT
cblr-7219	385	1	2:449	2:449	NUM
cblr-7219	385	2	]	]	X
cblr-7219	385	3	unfinished	unfinished	ADJ
cblr-7219	385	4	business	business	NOUN
cblr-7219	385	5	477	477	NUM
cblr-7219	385	6	additional	additional	ADJ
cblr-7219	385	7	default	default	NOUN
cblr-7219	385	8	fund	fund	NOUN
cblr-7219	385	9	contributions.112	contributions.112	NOUN
cblr-7219	385	10	members	member	NOUN
cblr-7219	385	11	are	be	AUX
cblr-7219	385	12	contractually	contractually	ADV
cblr-7219	385	13	required	require	VERB
cblr-7219	385	14	to	to	PART
cblr-7219	385	15	replenish	replenish	VERB
cblr-7219	385	16	the	the	DET
cblr-7219	385	17	guaranty	guaranty	NOUN
cblr-7219	385	18	fund	fund	NOUN
cblr-7219	385	19	when	when	SCONJ
cblr-7219	385	20	losses	loss	NOUN
cblr-7219	385	21	are	be	AUX
cblr-7219	385	22	so	so	ADV
cblr-7219	385	23	egregious	egregious	ADJ
cblr-7219	385	24	that	that	SCONJ
cblr-7219	385	25	they	they	PRON
cblr-7219	385	26	can	can	AUX
cblr-7219	385	27	not	not	PART
cblr-7219	385	28	be	be	AUX
cblr-7219	385	29	contained	contain	VERB
cblr-7219	385	30	using	use	VERB
cblr-7219	385	31	the	the	DET
cblr-7219	385	32	pre	pre	ADJ
cblr-7219	385	33	-	-	ADJ
cblr-7219	385	34	funded	funded	ADJ
cblr-7219	385	35	resources.113	resources.113	NOUN
cblr-7219	385	36	in	in	ADP
cblr-7219	385	37	contrast	contrast	NOUN
cblr-7219	385	38	to	to	ADP
cblr-7219	385	39	members	member	NOUN
cblr-7219	385	40	’	'	PUNCT
cblr-7219	385	41	contributions	contribution	NOUN
cblr-7219	385	42	to	to	ADP
cblr-7219	385	43	the	the	DET
cblr-7219	385	44	guaranty	guaranty	NOUN
cblr-7219	385	45	fund	fund	NOUN
cblr-7219	385	46	—	—	PUNCT
cblr-7219	385	47	which	which	PRON
cblr-7219	385	48	are	be	AUX
cblr-7219	385	49	countercyclical	countercyclical	ADJ
cblr-7219	385	50	,	,	PUNCT
cblr-7219	385	51	prefunded	prefunded	ADJ
cblr-7219	385	52	,	,	PUNCT
cblr-7219	385	53	and	and	CCONJ
cblr-7219	385	54	adjusted	adjust	VERB
cblr-7219	385	55	to	to	ADP
cblr-7219	385	56	the	the	DET
cblr-7219	385	57	risk	risk	NOUN
cblr-7219	385	58	profile	profile	NOUN
cblr-7219	385	59	of	of	ADP
cblr-7219	385	60	each	each	DET
cblr-7219	385	61	member	member	NOUN
cblr-7219	385	62	’s	’s	PART
cblr-7219	385	63	cleared	clear	VERB
cblr-7219	385	64	portfolio	portfolio	NOUN
cblr-7219	385	65	—	—	PUNCT
cblr-7219	385	66	assessment	assessment	NOUN
cblr-7219	385	67	rights	right	NOUN
cblr-7219	385	68	are	be	AUX
cblr-7219	385	69	not	not	PART
cblr-7219	385	70	prefunded	prefunded	ADJ
cblr-7219	385	71	,	,	PUNCT
cblr-7219	385	72	and	and	CCONJ
cblr-7219	385	73	are	be	AUX
cblr-7219	385	74	triggered	trigger	VERB
cblr-7219	385	75	only	only	ADV
cblr-7219	385	76	when	when	SCONJ
cblr-7219	385	77	losses	loss	NOUN
cblr-7219	385	78	can	can	AUX
cblr-7219	385	79	not	not	PART
cblr-7219	385	80	be	be	AUX
cblr-7219	385	81	contained	contain	VERB
cblr-7219	385	82	within	within	ADP
cblr-7219	385	83	the	the	DET
cblr-7219	385	84	already	already	ADV
cblr-7219	385	85	pledged	pledge	VERB
cblr-7219	385	86	resources.114	resources.114	NOUN
cblr-7219	385	87	due	due	ADP
cblr-7219	385	88	to	to	ADP
cblr-7219	385	89	the	the	DET
cblr-7219	385	90	way	way	NOUN
cblr-7219	385	91	they	they	PRON
cblr-7219	385	92	operate	operate	VERB
cblr-7219	385	93	,	,	PUNCT
cblr-7219	385	94	assessment	assessment	NOUN
cblr-7219	385	95	rights	right	NOUN
cblr-7219	385	96	are	be	AUX
cblr-7219	385	97	pro	pro	ADJ
cblr-7219	385	98	-	-	ADJ
cblr-7219	385	99	cyclical	cyclical	ADJ
cblr-7219	385	100	—	—	PUNCT
cblr-7219	385	101	they	they	PRON
cblr-7219	385	102	impose	impose	VERB
cblr-7219	385	103	additional	additional	ADJ
cblr-7219	385	104	liabilities	liability	NOUN
cblr-7219	385	105	on	on	ADP
cblr-7219	385	106	financial	financial	ADJ
cblr-7219	385	107	institutions	institution	NOUN
cblr-7219	385	108	in	in	ADP
cblr-7219	385	109	a	a	DET
cblr-7219	385	110	market	market	NOUN
cblr-7219	385	111	environment	environment	NOUN
cblr-7219	385	112	that	that	PRON
cblr-7219	385	113	is	be	AUX
cblr-7219	385	114	likely	likely	ADV
cblr-7219	385	115	experiencing	experience	VERB
cblr-7219	385	116	severe	severe	ADJ
cblr-7219	385	117	distress	distress	NOUN
cblr-7219	385	118	.	.	PUNCT
cblr-7219	386	1	finally	finally	ADV
cblr-7219	386	2	,	,	PUNCT
cblr-7219	386	3	a	a	DET
cblr-7219	386	4	very	very	ADV
cblr-7219	386	5	important	important	ADJ
cblr-7219	386	6	piece	piece	NOUN
cblr-7219	386	7	of	of	ADP
cblr-7219	386	8	the	the	DET
cblr-7219	386	9	default	default	NOUN
cblr-7219	386	10	waterfall	waterfall	NOUN
cblr-7219	386	11	is	be	AUX
cblr-7219	386	12	the	the	DET
cblr-7219	386	13	so	so	ADV
cblr-7219	386	14	-	-	PUNCT
cblr-7219	386	15	called	call	VERB
cblr-7219	386	16	“	"	PUNCT
cblr-7219	386	17	skin	skin	NOUN
cblr-7219	386	18	-	-	PUNCT
cblr-7219	386	19	in	in	ADP
cblr-7219	386	20	-	-	PUNCT
cblr-7219	386	21	the	the	DET
cblr-7219	386	22	-	-	PUNCT
cblr-7219	386	23	game	game	NOUN
cblr-7219	386	24	”	"	PUNCT
cblr-7219	386	25	that	that	PRON
cblr-7219	386	26	clearinghouses	clearinghouse	NOUN
cblr-7219	386	27	have	have	VERB
cblr-7219	386	28	in	in	ADP
cblr-7219	386	29	the	the	DET
cblr-7219	386	30	scheme	scheme	NOUN
cblr-7219	386	31	to	to	PART
cblr-7219	386	32	support	support	VERB
cblr-7219	386	33	their	their	PRON
cblr-7219	386	34	financial	financial	ADJ
cblr-7219	386	35	resilience.115	resilience.115	NOUN
cblr-7219	386	36	in	in	ADP
cblr-7219	386	37	addition	addition	NOUN
cblr-7219	386	38	to	to	ADP
cblr-7219	386	39	the	the	DET
cblr-7219	386	40	financial	financial	ADJ
cblr-7219	386	41	resources	resource	NOUN
cblr-7219	386	42	provided	provide	VERB
cblr-7219	386	43	by	by	ADP
cblr-7219	386	44	clearing	clear	VERB
cblr-7219	386	45	members	member	NOUN
cblr-7219	386	46	,	,	PUNCT
cblr-7219	386	47	clearinghouses	clearinghouse	NOUN
cblr-7219	386	48	traditionally	traditionally	ADV
cblr-7219	386	49	contribute	contribute	VERB
cblr-7219	386	50	to	to	ADP
cblr-7219	386	51	their	their	PRON
cblr-7219	386	52	financial	financial	ADJ
cblr-7219	386	53	resilience	resilience	NOUN
cblr-7219	386	54	with	with	ADP
cblr-7219	386	55	their	their	PRON
cblr-7219	386	56	own	own	ADJ
cblr-7219	386	57	capital.116	capital.116	NOUN
cblr-7219	386	58	before	before	SCONJ
cblr-7219	386	59	a	a	DET
cblr-7219	386	60	clearinghouse	clearinghouse	NOUN
cblr-7219	386	61	can	can	AUX
cblr-7219	386	62	access	access	VERB
cblr-7219	386	63	the	the	DET
cblr-7219	386	64	guaranty	guaranty	NOUN
cblr-7219	386	65	fund	fund	NOUN
cblr-7219	386	66	contributions	contribution	NOUN
cblr-7219	386	67	made	make	VERB
cblr-7219	386	68	by	by	ADP
cblr-7219	386	69	non	non	ADJ
cblr-7219	386	70	-	-	ADJ
cblr-7219	386	71	defaulted	defaulted	ADJ
cblr-7219	386	72	members	member	NOUN
cblr-7219	386	73	to	to	PART
cblr-7219	386	74	cover	cover	VERB
cblr-7219	386	75	still	still	ADV
cblr-7219	386	76	-	-	PUNCT
cblr-7219	386	77	open	open	ADJ
cblr-7219	386	78	and	and	CCONJ
cblr-7219	386	79	unmatched	unmatched	ADJ
cblr-7219	386	80	positions	position	NOUN
cblr-7219	386	81	,	,	PUNCT
cblr-7219	386	82	it	it	PRON
cblr-7219	386	83	taps	tap	VERB
cblr-7219	386	84	into	into	ADP
cblr-7219	386	85	its	its	PRON
cblr-7219	386	86	own	own	ADJ
cblr-7219	386	87	capital	capital	NOUN
cblr-7219	386	88	contributions.117	contributions.117	VERB
cblr-7219	386	89	the	the	DET
cblr-7219	386	90	clearinghouse	clearinghouse	NOUN
cblr-7219	386	91	’s	’s	PART
cblr-7219	386	92	skinin	skinin	ADJ
cblr-7219	386	93	-	-	PUNCT
cblr-7219	386	94	the	the	DET
cblr-7219	386	95	-	-	PUNCT
cblr-7219	386	96	game	game	NOUN
cblr-7219	386	97	plays	play	VERB
cblr-7219	386	98	a	a	DET
cblr-7219	386	99	role	role	NOUN
cblr-7219	386	100	in	in	ADP
cblr-7219	386	101	absorbing	absorb	VERB
cblr-7219	386	102	a	a	DET
cblr-7219	386	103	fraction	fraction	NOUN
cblr-7219	386	104	of	of	ADP
cblr-7219	386	105	default	default	NOUN
cblr-7219	386	106	losses.118	losses.118	PROPN
cblr-7219	386	107	as	as	SCONJ
cblr-7219	386	108	the	the	DET
cblr-7219	386	109	next	next	ADJ
cblr-7219	386	110	section	section	NOUN
cblr-7219	386	111	will	will	AUX
cblr-7219	386	112	discuss	discuss	VERB
cblr-7219	386	113	in	in	ADP
cblr-7219	386	114	more	more	ADJ
cblr-7219	386	115	detail	detail	NOUN
cblr-7219	386	116	,	,	PUNCT
cblr-7219	386	117	the	the	DET
cblr-7219	386	118	presence	presence	NOUN
cblr-7219	386	119	and	and	CCONJ
cblr-7219	386	120	function	function	NOUN
cblr-7219	386	121	of	of	ADP
cblr-7219	386	122	clearinghouse	clearinghouse	NOUN
cblr-7219	386	123	skin	skin	NOUN
cblr-7219	386	124	-	-	PUNCT
cblr-7219	386	125	in	in	ADP
cblr-7219	386	126	-	-	PUNCT
cblr-7219	386	127	the	the	DET
cblr-7219	386	128	-	-	PUNCT
cblr-7219	386	129	game	game	NOUN
cblr-7219	386	130	in	in	ADP
cblr-7219	386	131	the	the	DET
cblr-7219	386	132	default	default	NOUN
cblr-7219	386	133	waterfall	waterfall	NOUN
cblr-7219	386	134	is	be	AUX
cblr-7219	386	135	theoretically	theoretically	ADV
cblr-7219	386	136	intended	intend	VERB
cblr-7219	386	137	to	to	PART
cblr-7219	386	138	align	align	VERB
cblr-7219	386	139	the	the	DET
cblr-7219	386	140	economic	economic	ADJ
cblr-7219	386	141	incentives	incentive	NOUN
cblr-7219	386	142	of	of	ADP
cblr-7219	386	143	the	the	DET
cblr-7219	386	144	clearinghouse	clearinghouse	NOUN
cblr-7219	386	145	to	to	ADP
cblr-7219	386	146	those	those	PRON
cblr-7219	386	147	of	of	ADP
cblr-7219	386	148	its	its	PRON
cblr-7219	386	149	members	member	NOUN
cblr-7219	386	150	and	and	CCONJ
cblr-7219	386	151	to	to	PART
cblr-7219	386	152	make	make	VERB
cblr-7219	386	153	the	the	DET
cblr-7219	386	154	firm	firm	NOUN
cblr-7219	386	155	internalize	internalize	VERB
cblr-7219	386	156	part	part	NOUN
cblr-7219	386	157	of	of	ADP
cblr-7219	386	158	the	the	DET
cblr-7219	386	159	losses	loss	NOUN
cblr-7219	386	160	of	of	ADP
cblr-7219	386	161	its	its	PRON
cblr-7219	386	162	112	112	NUM
cblr-7219	386	163	see	see	NOUN
cblr-7219	386	164	i	i	PROPN
cblr-7219	386	165	d.	d.	PROPN
cblr-7219	386	166	at	at	ADP
cblr-7219	386	167	20–21	20–21	PROPN
cblr-7219	386	168	.	.	PUNCT
cblr-7219	387	1	in	in	ADP
cblr-7219	387	2	theory	theory	NOUN
cblr-7219	387	3	,	,	PUNCT
cblr-7219	387	4	clearinghouse	clearinghouse	NOUN
cblr-7219	387	5	members	member	NOUN
cblr-7219	387	6	can	can	AUX
cblr-7219	387	7	be	be	AUX
cblr-7219	387	8	exposed	expose	VERB
cblr-7219	387	9	to	to	ADP
cblr-7219	387	10	unlimited	unlimited	ADJ
cblr-7219	387	11	liability	liability	NOUN
cblr-7219	387	12	to	to	PART
cblr-7219	387	13	keep	keep	VERB
cblr-7219	387	14	the	the	DET
cblr-7219	387	15	clearinghouse	clearinghouse	NOUN
cblr-7219	387	16	business	business	NOUN
cblr-7219	387	17	afloat	afloat	ADV
cblr-7219	387	18	and	and	CCONJ
cblr-7219	387	19	cover	cover	VERB
cblr-7219	387	20	all	all	DET
cblr-7219	387	21	its	its	PRON
cblr-7219	387	22	losses	loss	NOUN
cblr-7219	387	23	.	.	PUNCT
cblr-7219	388	1	113	113	NUM
cblr-7219	388	2	see	see	VERB
cblr-7219	388	3	i	i	PROPN
cblr-7219	388	4	d.	d.	PROPN
cblr-7219	388	5	114	114	NUM
cblr-7219	388	6	see	see	VERB
cblr-7219	388	7	i	i	PROPN
cblr-7219	388	8	d.	d.	PROPN
cblr-7219	388	9	115	115	NUM
cblr-7219	388	10	see	see	VERB
cblr-7219	388	11	saguato	saguato	NOUN
cblr-7219	388	12	,	,	PUNCT
cblr-7219	388	13	the	the	DET
cblr-7219	388	14	ownership	ownership	NOUN
cblr-7219	388	15	of	of	ADP
cblr-7219	388	16	clearinghouses	clearinghouse	NOUN
cblr-7219	388	17	,	,	PUNCT
cblr-7219	388	18	supra	supra	PROPN
cblr-7219	388	19	note	note	NOUN
cblr-7219	388	20	8	8	NUM
cblr-7219	388	21	,	,	PUNCT
cblr-7219	388	22	at	at	ADP
cblr-7219	388	23	621–22	621–22	NUM
cblr-7219	388	24	.	.	PUNCT
cblr-7219	389	1	116	116	NUM
cblr-7219	389	2	see	see	VERB
cblr-7219	389	3	cme	cme	PROPN
cblr-7219	389	4	risk	risk	NOUN
cblr-7219	389	5	management	management	NOUN
cblr-7219	389	6	,	,	PUNCT
cblr-7219	389	7	supra	supra	PROPN
cblr-7219	389	8	note	note	PROPN
cblr-7219	389	9	100	100	NUM
cblr-7219	389	10	,	,	PUNCT
cblr-7219	389	11	at	at	ADP
cblr-7219	389	12	20	20	NUM
cblr-7219	389	13	.	.	PUNCT
cblr-7219	389	14	117	117	NUM
cblr-7219	389	15	see	see	VERB
cblr-7219	389	16	i	i	PROPN
cblr-7219	389	17	d.	d.	PROPN
cblr-7219	389	18	118	118	NUM
cblr-7219	389	19	see	see	VERB
cblr-7219	389	20	i	i	PROPN
cblr-7219	389	21	d.	d.	PROPN
cblr-7219	389	22	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	389	23	(	(	PUNCT
cblr-7219	389	24	do	do	AUX
cblr-7219	389	25	not	not	PART
cblr-7219	389	26	delte	delte	VERB
cblr-7219	389	27	)	)	PUNCT
cblr-7219	389	28	10/21/2020	10/21/2020	NUM
cblr-7219	389	29	11:22	11:22	NUM
cblr-7219	389	30	am	am	NOUN
cblr-7219	389	31	478	478	NUM
cblr-7219	389	32	columbia	columbia	PROPN
cblr-7219	389	33	business	business	NOUN
cblr-7219	389	34	law	law	PROPN
cblr-7219	389	35	review	review	NOUN
cblr-7219	389	36	[	[	X
cblr-7219	389	37	vol	vol	NOUN
cblr-7219	389	38	.	.	PUNCT
cblr-7219	389	39	2020	2020	NUM
cblr-7219	390	1	business	business	NOUN
cblr-7219	390	2	,	,	PUNCT
cblr-7219	390	3	rather	rather	ADV
cblr-7219	390	4	than	than	ADP
cblr-7219	390	5	externalizing	externalize	VERB
cblr-7219	390	6	them	they	PRON
cblr-7219	390	7	entirely	entirely	ADV
cblr-7219	390	8	to	to	ADP
cblr-7219	390	9	its	its	PRON
cblr-7219	390	10	members.119	members.119	NOUN
cblr-7219	390	11	the	the	DET
cblr-7219	390	12	last	last	ADJ
cblr-7219	390	13	line	line	NOUN
cblr-7219	390	14	of	of	ADP
cblr-7219	390	15	defense	defense	NOUN
cblr-7219	390	16	is	be	AUX
cblr-7219	390	17	theoretically	theoretically	ADV
cblr-7219	390	18	the	the	DET
cblr-7219	390	19	clearinghouses	clearinghouse	NOUN
cblr-7219	390	20	’	’	PART
cblr-7219	390	21	equity	equity	NOUN
cblr-7219	390	22	capital	capital	NOUN
cblr-7219	390	23	,	,	PUNCT
cblr-7219	390	24	which	which	PRON
cblr-7219	390	25	,	,	PUNCT
cblr-7219	390	26	in	in	ADP
cblr-7219	390	27	the	the	DET
cblr-7219	390	28	existing	exist	VERB
cblr-7219	390	29	loss	loss	NOUN
cblr-7219	390	30	-	-	PUNCT
cblr-7219	390	31	allocating	allocate	VERB
cblr-7219	390	32	mechanisms	mechanism	NOUN
cblr-7219	390	33	,	,	PUNCT
cblr-7219	390	34	is	be	AUX
cblr-7219	390	35	primarily	primarily	ADV
cblr-7219	390	36	tasked	task	VERB
cblr-7219	390	37	with	with	ADP
cblr-7219	390	38	internalizing	internalize	VERB
cblr-7219	390	39	any	any	DET
cblr-7219	390	40	operational	operational	ADJ
cblr-7219	390	41	or	or	CCONJ
cblr-7219	390	42	non	non	ADJ
cblr-7219	390	43	-	-	ADJ
cblr-7219	390	44	default	default	ADJ
cblr-7219	390	45	related	related	ADJ
cblr-7219	390	46	losses	loss	NOUN
cblr-7219	390	47	incurred	incur	VERB
cblr-7219	390	48	by	by	ADP
cblr-7219	390	49	a	a	DET
cblr-7219	390	50	clearinghouse	clearinghouse	NOUN
cblr-7219	390	51	in	in	ADP
cblr-7219	390	52	the	the	DET
cblr-7219	390	53	operation	operation	NOUN
cblr-7219	390	54	of	of	ADP
cblr-7219	390	55	its	its	PRON
cblr-7219	390	56	business.120	business.120	NOUN
cblr-7219	390	57	loss	loss	NOUN
cblr-7219	390	58	mutualization	mutualization	NOUN
cblr-7219	390	59	occurs	occur	VERB
cblr-7219	390	60	only	only	ADV
cblr-7219	390	61	after	after	SCONJ
cblr-7219	390	62	all	all	PRON
cblr-7219	390	63	of	of	ADP
cblr-7219	390	64	the	the	DET
cblr-7219	390	65	defaulted	defaulted	ADJ
cblr-7219	390	66	member	member	NOUN
cblr-7219	390	67	’s	’s	PART
cblr-7219	390	68	resources	resource	NOUN
cblr-7219	390	69	are	be	AUX
cblr-7219	390	70	used	use	VERB
cblr-7219	390	71	up	up	ADP
cblr-7219	390	72	and	and	CCONJ
cblr-7219	390	73	the	the	DET
cblr-7219	390	74	clearinghouse	clearinghouse	NOUN
cblr-7219	390	75	takes	take	VERB
cblr-7219	390	76	the	the	DET
cblr-7219	390	77	first	first	ADJ
cblr-7219	390	78	hit	hit	VERB
cblr-7219	390	79	with	with	ADP
cblr-7219	390	80	its	its	PRON
cblr-7219	390	81	skin	skin	NOUN
cblr-7219	390	82	-	-	PUNCT
cblr-7219	390	83	in	in	ADP
cblr-7219	390	84	-	-	PUNCT
cblr-7219	390	85	the	the	DET
cblr-7219	390	86	-	-	PUNCT
cblr-7219	390	87	game	game	NOUN
cblr-7219	390	88	contribution.121	contribution.121	NOUN
cblr-7219	390	89	because	because	SCONJ
cblr-7219	390	90	of	of	ADP
cblr-7219	390	91	the	the	DET
cblr-7219	390	92	specific	specific	ADJ
cblr-7219	390	93	features	feature	NOUN
cblr-7219	390	94	of	of	ADP
cblr-7219	390	95	the	the	DET
cblr-7219	390	96	default	default	NOUN
cblr-7219	390	97	waterfall	waterfall	NOUN
cblr-7219	390	98	and	and	CCONJ
cblr-7219	390	99	its	its	PRON
cblr-7219	390	100	prefunded	prefunded	ADJ
cblr-7219	390	101	and	and	CCONJ
cblr-7219	390	102	countercyclical	countercyclical	ADJ
cblr-7219	390	103	nature	nature	NOUN
cblr-7219	390	104	—	—	PUNCT
cblr-7219	390	105	that	that	ADV
cblr-7219	390	106	is	is	ADV
cblr-7219	390	107	,	,	PUNCT
cblr-7219	390	108	the	the	DET
cblr-7219	390	109	resources	resource	NOUN
cblr-7219	390	110	of	of	ADP
cblr-7219	390	111	the	the	DET
cblr-7219	390	112	waterfall	waterfall	NOUN
cblr-7219	390	113	are	be	AUX
cblr-7219	390	114	readily	readily	ADV
cblr-7219	390	115	available	available	ADJ
cblr-7219	390	116	for	for	ADP
cblr-7219	390	117	the	the	DET
cblr-7219	390	118	clearinghouse	clearinghouse	NOUN
cblr-7219	390	119	when	when	SCONJ
cblr-7219	390	120	a	a	DET
cblr-7219	390	121	crisis	crisis	NOUN
cblr-7219	390	122	situation	situation	NOUN
cblr-7219	390	123	occurs122	occurs122	PROPN
cblr-7219	390	124	—	—	PUNCT
cblr-7219	390	125	the	the	DET
cblr-7219	390	126	clearinghouse	clearinghouse	NOUN
cblr-7219	390	127	performs	perform	VERB
cblr-7219	390	128	a	a	DET
cblr-7219	390	129	119	119	NUM
cblr-7219	390	130	the	the	DET
cblr-7219	390	131	ratio	ratio	NOUN
cblr-7219	390	132	between	between	ADP
cblr-7219	390	133	members	member	NOUN
cblr-7219	390	134	’	’	PART
cblr-7219	390	135	guaranty	guaranty	NOUN
cblr-7219	390	136	fund	fund	NOUN
cblr-7219	390	137	contributions	contribution	NOUN
cblr-7219	390	138	and	and	CCONJ
cblr-7219	390	139	clearinghouses	clearinghouse	NOUN
cblr-7219	390	140	’	'	PUNCT
cblr-7219	390	141	own	own	ADJ
cblr-7219	390	142	skin	skin	NOUN
cblr-7219	390	143	in	in	ADP
cblr-7219	390	144	the	the	DET
cblr-7219	390	145	game	game	NOUN
cblr-7219	390	146	is	be	AUX
cblr-7219	390	147	quite	quite	ADV
cblr-7219	390	148	unbalanced	unbalanced	ADJ
cblr-7219	390	149	,	,	PUNCT
cblr-7219	390	150	with	with	ADP
cblr-7219	390	151	the	the	DET
cblr-7219	390	152	clearinghouse	clearinghouse	NOUN
cblr-7219	390	153	’s	’s	PART
cblr-7219	390	154	skin	skin	NOUN
cblr-7219	390	155	-	-	PUNCT
cblr-7219	390	156	in	in	ADP
cblr-7219	390	157	-	-	PUNCT
cblr-7219	390	158	the	the	DET
cblr-7219	390	159	-	-	PUNCT
cblr-7219	390	160	game	game	NOUN
cblr-7219	390	161	representing	represent	VERB
cblr-7219	390	162	only	only	ADV
cblr-7219	390	163	a	a	DET
cblr-7219	390	164	small	small	ADJ
cblr-7219	390	165	fraction	fraction	NOUN
cblr-7219	390	166	of	of	ADP
cblr-7219	390	167	the	the	DET
cblr-7219	390	168	members	member	NOUN
cblr-7219	390	169	’	’	PART
cblr-7219	390	170	skin	skin	NOUN
cblr-7219	390	171	-	-	PUNCT
cblr-7219	390	172	in	in	ADP
cblr-7219	390	173	-	-	PUNCT
cblr-7219	390	174	the	the	DET
cblr-7219	390	175	-	-	PUNCT
cblr-7219	390	176	game	game	NOUN
cblr-7219	390	177	.	.	PUNCT
cblr-7219	391	1	see	see	VERB
cblr-7219	391	2	infra	infra	NOUN
cblr-7219	391	3	tables	table	NOUN
cblr-7219	391	4	2–5	2–5	PROPN
cblr-7219	391	5	.	.	PUNCT
cblr-7219	392	1	this	this	DET
cblr-7219	392	2	situation	situation	NOUN
cblr-7219	392	3	may	may	AUX
cblr-7219	392	4	create	create	VERB
cblr-7219	392	5	an	an	DET
cblr-7219	392	6	imbalance	imbalance	NOUN
cblr-7219	392	7	between	between	ADP
cblr-7219	392	8	the	the	DET
cblr-7219	392	9	potential	potential	ADJ
cblr-7219	392	10	economic	economic	ADJ
cblr-7219	392	11	exposure	exposure	NOUN
cblr-7219	392	12	of	of	ADP
cblr-7219	392	13	a	a	DET
cblr-7219	392	14	clearinghouse	clearinghouse	NOUN
cblr-7219	392	15	and	and	CCONJ
cblr-7219	392	16	that	that	PRON
cblr-7219	392	17	of	of	ADP
cblr-7219	392	18	its	its	PRON
cblr-7219	392	19	members	member	NOUN
cblr-7219	392	20	,	,	PUNCT
cblr-7219	392	21	and	and	CCONJ
cblr-7219	392	22	polarize	polarize	VERB
cblr-7219	392	23	the	the	DET
cblr-7219	392	24	positions	position	NOUN
cblr-7219	392	25	of	of	ADP
cblr-7219	392	26	the	the	DET
cblr-7219	392	27	firm	firm	NOUN
cblr-7219	392	28	and	and	CCONJ
cblr-7219	392	29	those	those	PRON
cblr-7219	392	30	of	of	ADP
cblr-7219	392	31	its	its	PRON
cblr-7219	392	32	main	main	ADJ
cblr-7219	392	33	stakeholders	stakeholder	NOUN
cblr-7219	392	34	,	,	PUNCT
cblr-7219	392	35	rather	rather	ADV
cblr-7219	392	36	than	than	ADP
cblr-7219	392	37	aligning	align	VERB
cblr-7219	392	38	them	they	PRON
cblr-7219	392	39	.	.	PUNCT
cblr-7219	393	1	see	see	VERB
cblr-7219	393	2	infra	infra	NOUN
cblr-7219	393	3	part	part	PROPN
cblr-7219	393	4	iii	iii	NOUN
cblr-7219	393	5	.	.	PUNCT
cblr-7219	394	1	see	see	VERB
cblr-7219	394	2	also	also	ADV
cblr-7219	394	3	saguato	saguato	NOUN
cblr-7219	394	4	,	,	PUNCT
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cblr-7219	394	9	,	,	PUNCT
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cblr-7219	394	11	note	note	NOUN
cblr-7219	394	12	8	8	NUM
cblr-7219	394	13	,	,	PUNCT
cblr-7219	394	14	at	at	ADP
cblr-7219	394	15	22	22	NUM
cblr-7219	394	16	.	.	PUNCT
cblr-7219	395	1	120	120	NUM
cblr-7219	395	2	see	see	VERB
cblr-7219	395	3	rebecca	rebecca	PROPN
cblr-7219	395	4	lewis	lewis	PROPN
cblr-7219	395	5	&	&	CCONJ
cblr-7219	395	6	john	john	PROPN
cblr-7219	395	7	mcpartland	mcpartland	PROPN
cblr-7219	395	8	,	,	PUNCT
cblr-7219	395	9	non	non	ADJ
cblr-7219	395	10	-	-	ADJ
cblr-7219	395	11	default	default	ADJ
cblr-7219	395	12	loss	loss	NOUN
cblr-7219	395	13	allocation	allocation	NOUN
cblr-7219	395	14	at	at	ADP
cblr-7219	395	15	ccps	ccp	NOUN
cblr-7219	395	16	5	5	NUM
cblr-7219	395	17	-	-	SYM
cblr-7219	395	18	6	6	NUM
cblr-7219	395	19	(	(	PUNCT
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cblr-7219	395	25	chi	chi	PROPN
cblr-7219	395	26	.	.	PUNCT
cblr-7219	395	27	,	,	PUNCT
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cblr-7219	395	29	paper	paper	NOUN
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cblr-7219	395	31	.	.	PROPN
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cblr-7219	395	33	-	-	SYM
cblr-7219	395	34	02	02	NUM
cblr-7219	395	35	,	,	PUNCT
cblr-7219	395	36	2017	2017	NUM
cblr-7219	395	37	)	)	PUNCT
cblr-7219	395	38	,	,	PUNCT
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cblr-7219	396	1	[	[	X
cblr-7219	396	2	https://perma.cc/3llw-sjne	https://perma.cc/3llw-sjne	X
cblr-7219	396	3	]	]	PUNCT
cblr-7219	396	4	.	.	PUNCT
cblr-7219	397	1	see	see	VERB
cblr-7219	397	2	also	also	ADV
cblr-7219	397	3	mkt	mkt	PROPN
cblr-7219	397	4	.	.	PUNCT
cblr-7219	398	1	risk	risk	NOUN
cblr-7219	398	2	advisory	advisory	ADJ
cblr-7219	398	3	comm	comm	NOUN
cblr-7219	398	4	.	.	PUNCT
cblr-7219	398	5	,	,	PUNCT
cblr-7219	398	6	commodity	commodity	NOUN
cblr-7219	398	7	futures	future	NOUN
cblr-7219	398	8	trading	trading	NOUN
cblr-7219	398	9	comm’n	comm’n	NOUN
cblr-7219	398	10	,	,	PUNCT
cblr-7219	398	11	minutes	minute	NOUN
cblr-7219	398	12	of	of	ADP
cblr-7219	398	13	the	the	DET
cblr-7219	398	14	tenth	tenth	ADJ
cblr-7219	398	15	meeting	meeting	NOUN
cblr-7219	398	16	of	of	ADP
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cblr-7219	398	18	u.s	u.s	PROPN
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cblr-7219	398	20	commodity	commodity	PROPN
cblr-7219	398	21	futures	futures	PROPN
cblr-7219	398	22	trading	trading	PROPN
cblr-7219	398	23	commission	commission	PROPN
cblr-7219	398	24	's	's	PART
cblr-7219	398	25	market	market	NOUN
cblr-7219	398	26	risk	risk	NOUN
cblr-7219	398	27	advisory	advisory	NOUN
cblr-7219	398	28	committee	committee	NOUN
cblr-7219	398	29	(	(	PUNCT
cblr-7219	398	30	mrac	mrac	NOUN
cblr-7219	398	31	)	)	PUNCT
cblr-7219	398	32	6–7	6–7	NUM
cblr-7219	398	33	(	(	PUNCT
cblr-7219	398	34	2018	2018	NUM
cblr-7219	398	35	)	)	PUNCT
cblr-7219	398	36	.	.	PUNCT
cblr-7219	399	1	121	121	NUM
cblr-7219	399	2	each	each	DET
cblr-7219	399	3	clearinghouse	clearinghouse	NOUN
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cblr-7219	399	5	with	with	ADP
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cblr-7219	399	8	default	default	NOUN
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cblr-7219	399	10	.	.	PUNCT
cblr-7219	400	1	the	the	DET
cblr-7219	400	2	biggest	big	ADJ
cblr-7219	400	3	difference	difference	NOUN
cblr-7219	400	4	between	between	ADP
cblr-7219	400	5	clearinghouses	clearinghouse	NOUN
cblr-7219	400	6	’	’	PART
cblr-7219	400	7	default	default	NOUN
cblr-7219	400	8	waterfalls	waterfall	NOUN
cblr-7219	400	9	is	be	AUX
cblr-7219	400	10	how	how	SCONJ
cblr-7219	400	11	losses	loss	NOUN
cblr-7219	400	12	are	be	AUX
cblr-7219	400	13	allocated	allocate	VERB
cblr-7219	400	14	between	between	ADP
cblr-7219	400	15	non	non	ADJ
cblr-7219	400	16	-	-	ADJ
cblr-7219	400	17	defaulting	defaulting	ADJ
cblr-7219	400	18	members	member	NOUN
cblr-7219	400	19	and	and	CCONJ
cblr-7219	400	20	the	the	DET
cblr-7219	400	21	clearinghouse	clearinghouse	NOUN
cblr-7219	400	22	.	.	PUNCT
cblr-7219	401	1	some	some	DET
cblr-7219	401	2	firms	firm	NOUN
cblr-7219	401	3	first	first	ADV
cblr-7219	401	4	call	call	VERB
cblr-7219	401	5	for	for	ADP
cblr-7219	401	6	the	the	DET
cblr-7219	401	7	complete	complete	ADJ
cblr-7219	401	8	use	use	NOUN
cblr-7219	401	9	of	of	ADP
cblr-7219	401	10	the	the	DET
cblr-7219	401	11	clearinghouse	clearinghouse	NOUN
cblr-7219	401	12	’s	’s	PART
cblr-7219	401	13	skin	skin	NOUN
cblr-7219	401	14	-	-	PUNCT
cblr-7219	401	15	in	in	ADP
cblr-7219	401	16	-	-	PUNCT
cblr-7219	401	17	the	the	DET
cblr-7219	401	18	-	-	PUNCT
cblr-7219	401	19	game	game	NOUN
cblr-7219	401	20	before	before	ADP
cblr-7219	401	21	losses	loss	NOUN
cblr-7219	401	22	can	can	AUX
cblr-7219	401	23	be	be	AUX
cblr-7219	401	24	passed	pass	VERB
cblr-7219	401	25	down	down	ADP
cblr-7219	401	26	to	to	ADP
cblr-7219	401	27	non	non	ADJ
cblr-7219	401	28	-	-	ADJ
cblr-7219	401	29	defaulted	defaulted	ADJ
cblr-7219	401	30	members	member	NOUN
cblr-7219	401	31	;	;	PUNCT
cblr-7219	401	32	others	other	NOUN
cblr-7219	401	33	call	call	VERB
cblr-7219	401	34	for	for	ADP
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cblr-7219	401	40	between	between	ADP
cblr-7219	401	41	the	the	DET
cblr-7219	401	42	clearinghouse	clearinghouse	NOUN
cblr-7219	401	43	’s	’s	PART
cblr-7219	401	44	skin	skin	NOUN
cblr-7219	401	45	-	-	PUNCT
cblr-7219	401	46	in	in	ADP
cblr-7219	401	47	-	-	PUNCT
cblr-7219	401	48	thegame	thegame	NOUN
cblr-7219	401	49	and	and	CCONJ
cblr-7219	401	50	the	the	DET
cblr-7219	401	51	guaranty	guaranty	NOUN
cblr-7219	401	52	fund	fund	NOUN
cblr-7219	401	53	.	.	PUNCT
cblr-7219	402	1	122	122	NUM
cblr-7219	402	2	clearinghouses	clearinghouse	NOUN
cblr-7219	402	3	collect	collect	VERB
cblr-7219	402	4	margin	margin	NOUN
cblr-7219	402	5	and	and	CCONJ
cblr-7219	402	6	guaranty	guaranty	NOUN
cblr-7219	402	7	fund	fund	NOUN
cblr-7219	402	8	contributions	contribution	NOUN
cblr-7219	402	9	in	in	ADP
cblr-7219	402	10	prosperous	prosperous	ADJ
cblr-7219	402	11	times	time	NOUN
cblr-7219	402	12	,	,	PUNCT
cblr-7219	402	13	so	so	SCONJ
cblr-7219	402	14	that	that	SCONJ
cblr-7219	402	15	they	they	PRON
cblr-7219	402	16	are	be	AUX
cblr-7219	402	17	readily	readily	ADV
cblr-7219	402	18	available	available	ADJ
cblr-7219	402	19	during	during	ADP
cblr-7219	402	20	times	time	NOUN
cblr-7219	402	21	of	of	ADP
cblr-7219	402	22	distress	distress	NOUN
cblr-7219	402	23	,	,	PUNCT
cblr-7219	402	24	characterized	characterize	VERB
cblr-7219	402	25	by	by	ADP
cblr-7219	402	26	scarce	scarce	ADJ
cblr-7219	402	27	and	and	CCONJ
cblr-7219	402	28	more	more	ADV
cblr-7219	402	29	expensive	expensive	ADJ
cblr-7219	402	30	capital	capital	NOUN
cblr-7219	402	31	.	.	PUNCT
cblr-7219	403	1	from	from	ADP
cblr-7219	403	2	a	a	DET
cblr-7219	403	3	theoretical	theoretical	ADJ
cblr-7219	403	4	perspective	perspective	NOUN
cblr-7219	403	5	,	,	PUNCT
cblr-7219	403	6	countercyclical	countercyclical	ADJ
cblr-7219	403	7	financial	financial	ADJ
cblr-7219	403	8	resources	resource	NOUN
cblr-7219	403	9	aim	aim	VERB
cblr-7219	403	10	at	at	ADP
cblr-7219	403	11	anticipating	anticipate	VERB
cblr-7219	403	12	macrofinancial	macrofinancial	ADJ
cblr-7219	403	13	shocks	shock	NOUN
cblr-7219	403	14	.	.	PUNCT
cblr-7219	404	1	that	that	PRON
cblr-7219	404	2	is	be	AUX
cblr-7219	404	3	,	,	PUNCT
cblr-7219	404	4	firms	firm	NOUN
cblr-7219	404	5	collect	collect	VERB
cblr-7219	404	6	—	—	PUNCT
cblr-7219	404	7	or	or	CCONJ
cblr-7219	404	8	perhaps	perhaps	ADV
cblr-7219	404	9	are	be	AUX
cblr-7219	404	10	required	require	VERB
cblr-7219	404	11	to	to	PART
cblr-7219	404	12	collect	collect	VERB
cblr-7219	404	13	—	—	PUNCT
cblr-7219	404	14	countercyclical	countercyclical	ADJ
cblr-7219	404	15	resources	resource	NOUN
cblr-7219	404	16	during	during	ADP
cblr-7219	404	17	periods	period	NOUN
cblr-7219	404	18	of	of	ADP
cblr-7219	404	19	“	"	PUNCT
cblr-7219	404	20	excess	excess	ADJ
cblr-7219	404	21	aggregate	aggregate	ADJ
cblr-7219	404	22	credit	credit	NOUN
cblr-7219	404	23	growth	growth	NOUN
cblr-7219	404	24	,	,	PUNCT
cblr-7219	404	25	”	"	PUNCT
cblr-7219	404	26	when	when	SCONJ
cblr-7219	404	27	risk	risk	NOUN
cblr-7219	404	28	is	be	AUX
cblr-7219	404	29	potentially	potentially	ADV
cblr-7219	404	30	building	build	VERB
cblr-7219	404	31	up	up	ADP
cblr-7219	404	32	in	in	ADP
cblr-7219	404	33	the	the	DET
cblr-7219	404	34	financial	financial	ADJ
cblr-7219	404	35	system	system	NOUN
cblr-7219	404	36	,	,	PUNCT
cblr-7219	404	37	so	so	SCONJ
cblr-7219	404	38	that	that	SCONJ
cblr-7219	404	39	the	the	DET
cblr-7219	404	40	firm	firm	NOUN
cblr-7219	404	41	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	404	42	(	(	PUNCT
cblr-7219	404	43	do	do	AUX
cblr-7219	404	44	not	not	PART
cblr-7219	404	45	delete	delete	VERB
cblr-7219	404	46	)	)	PUNCT
cblr-7219	404	47	10/21/2020	10/21/2020	NUM
cblr-7219	404	48	11:22	11:22	NUM
cblr-7219	404	49	am	am	NOUN
cblr-7219	404	50	no	no	NOUN
cblr-7219	404	51	.	.	PUNCT
cblr-7219	404	52	2:449	2:449	NUM
cblr-7219	404	53	]	]	X
cblr-7219	404	54	unfinished	unfinished	ADJ
cblr-7219	404	55	business	business	NOUN
cblr-7219	404	56	479	479	NUM
cblr-7219	404	57	macroprudential	macroprudential	ADJ
cblr-7219	404	58	function	function	NOUN
cblr-7219	404	59	in	in	ADP
cblr-7219	404	60	mitigating	mitigate	VERB
cblr-7219	404	61	systemic	systemic	ADJ
cblr-7219	404	62	risk	risk	NOUN
cblr-7219	404	63	.	.	PUNCT
cblr-7219	405	1	in	in	ADP
cblr-7219	405	2	other	other	ADJ
cblr-7219	405	3	words	word	NOUN
cblr-7219	405	4	,	,	PUNCT
cblr-7219	405	5	the	the	DET
cblr-7219	405	6	pre	pre	ADJ
cblr-7219	405	7	-	-	ADJ
cblr-7219	405	8	funded	funded	ADJ
cblr-7219	405	9	and	and	CCONJ
cblr-7219	405	10	countercyclical	countercyclical	ADJ
cblr-7219	405	11	nature	nature	NOUN
cblr-7219	405	12	of	of	ADP
cblr-7219	405	13	the	the	DET
cblr-7219	405	14	fund	fund	NOUN
cblr-7219	405	15	increases	increase	VERB
cblr-7219	405	16	the	the	DET
cblr-7219	405	17	capacity	capacity	NOUN
cblr-7219	405	18	of	of	ADP
cblr-7219	405	19	the	the	DET
cblr-7219	405	20	clearinghouse	clearinghouse	NOUN
cblr-7219	405	21	to	to	PART
cblr-7219	405	22	absorb	absorb	VERB
cblr-7219	405	23	systemic	systemic	ADJ
cblr-7219	405	24	shocks	shock	NOUN
cblr-7219	405	25	,	,	PUNCT
cblr-7219	405	26	reduces	reduce	VERB
cblr-7219	405	27	the	the	DET
cblr-7219	405	28	likelihood	likelihood	NOUN
cblr-7219	405	29	of	of	ADP
cblr-7219	405	30	contagion	contagion	NOUN
cblr-7219	405	31	,	,	PUNCT
cblr-7219	405	32	and	and	CCONJ
cblr-7219	405	33	strengthens	strengthen	VERB
cblr-7219	405	34	contractual	contractual	ADJ
cblr-7219	405	35	links	link	NOUN
cblr-7219	405	36	among	among	ADP
cblr-7219	405	37	derivatives	derivative	NOUN
cblr-7219	405	38	counterparties	counterpartie	NOUN
cblr-7219	405	39	even	even	ADV
cblr-7219	405	40	during	during	ADP
cblr-7219	405	41	times	time	NOUN
cblr-7219	405	42	of	of	ADP
cblr-7219	405	43	systemic	systemic	ADJ
cblr-7219	405	44	financial	financial	ADJ
cblr-7219	405	45	distress	distress	NOUN
cblr-7219	405	46	.	.	PUNCT
cblr-7219	406	1	finally	finally	ADV
cblr-7219	406	2	,	,	PUNCT
cblr-7219	406	3	as	as	SCONJ
cblr-7219	406	4	the	the	DET
cblr-7219	406	5	next	next	ADJ
cblr-7219	406	6	section	section	NOUN
cblr-7219	406	7	discusses	discuss	VERB
cblr-7219	406	8	more	more	ADJ
cblr-7219	406	9	in	in	ADP
cblr-7219	406	10	detail	detail	NOUN
cblr-7219	406	11	,	,	PUNCT
cblr-7219	406	12	a	a	DET
cblr-7219	406	13	clearinghouse	clearinghouse	NOUN
cblr-7219	406	14	’s	’s	PART
cblr-7219	406	15	internal	internal	ADJ
cblr-7219	406	16	corporate	corporate	ADJ
cblr-7219	406	17	governance	governance	NOUN
cblr-7219	406	18	structure	structure	NOUN
cblr-7219	406	19	plays	play	VERB
cblr-7219	406	20	a	a	DET
cblr-7219	406	21	role	role	NOUN
cblr-7219	406	22	in	in	ADP
cblr-7219	406	23	the	the	DET
cblr-7219	406	24	overall	overall	ADJ
cblr-7219	406	25	risk	risk	NOUN
cblr-7219	406	26	management	management	NOUN
cblr-7219	406	27	function	function	NOUN
cblr-7219	406	28	of	of	ADP
cblr-7219	406	29	the	the	DET
cblr-7219	406	30	firm	firm	NOUN
cblr-7219	406	31	.	.	PUNCT
cblr-7219	407	1	the	the	DET
cblr-7219	407	2	board	board	NOUN
cblr-7219	407	3	of	of	ADP
cblr-7219	407	4	directors	director	NOUN
cblr-7219	407	5	,	,	PUNCT
cblr-7219	407	6	the	the	DET
cblr-7219	407	7	risk	risk	NOUN
cblr-7219	407	8	committee	committee	NOUN
cblr-7219	407	9	,	,	PUNCT
cblr-7219	407	10	and	and	CCONJ
cblr-7219	407	11	the	the	DET
cblr-7219	407	12	oversight	oversight	NOUN
cblr-7219	407	13	committee	committee	NOUN
cblr-7219	407	14	in	in	ADP
cblr-7219	407	15	particular	particular	ADJ
cblr-7219	407	16	are	be	AUX
cblr-7219	407	17	the	the	DET
cblr-7219	407	18	key	key	ADJ
cblr-7219	407	19	players	player	NOUN
cblr-7219	407	20	in	in	ADP
cblr-7219	407	21	setting	set	VERB
cblr-7219	407	22	,	,	PUNCT
cblr-7219	407	23	monitoring	monitoring	NOUN
cblr-7219	407	24	,	,	PUNCT
cblr-7219	407	25	and	and	CCONJ
cblr-7219	407	26	fine	fine	ADV
cblr-7219	407	27	-	-	PUNCT
cblr-7219	407	28	tuning	tune	VERB
cblr-7219	407	29	the	the	DET
cblr-7219	407	30	risk	risk	NOUN
cblr-7219	407	31	profile	profile	NOUN
cblr-7219	407	32	of	of	ADP
cblr-7219	407	33	the	the	DET
cblr-7219	407	34	firm	firm	NOUN
cblr-7219	407	35	and	and	CCONJ
cblr-7219	407	36	in	in	ADP
cblr-7219	407	37	creating	create	VERB
cblr-7219	407	38	a	a	DET
cblr-7219	407	39	safe	safe	ADJ
cblr-7219	407	40	and	and	CCONJ
cblr-7219	407	41	sound	sound	ADJ
cblr-7219	407	42	business	business	NOUN
cblr-7219	407	43	model.123	model.123	PROPN
cblr-7219	407	44	b.	b.	PROPN
cblr-7219	408	1	the	the	DET
cblr-7219	408	2	organization	organization	NOUN
cblr-7219	408	3	of	of	ADP
cblr-7219	408	4	clearinghouses	clearinghouse	NOUN
cblr-7219	408	5	:	:	PUNCT
cblr-7219	408	6	markets	market	NOUN
cblr-7219	408	7	,	,	PUNCT
cblr-7219	408	8	ownership	ownership	NOUN
cblr-7219	408	9	,	,	PUNCT
cblr-7219	408	10	and	and	CCONJ
cblr-7219	408	11	governance	governance	NOUN
cblr-7219	408	12	structure	structure	NOUN
cblr-7219	408	13	clearinghouses	clearinghouse	NOUN
cblr-7219	408	14	have	have	AUX
cblr-7219	408	15	been	be	AUX
cblr-7219	408	16	stitched	stitch	VERB
cblr-7219	408	17	into	into	ADP
cblr-7219	408	18	the	the	DET
cblr-7219	408	19	weaves	weave	NOUN
cblr-7219	408	20	of	of	ADP
cblr-7219	408	21	financial	financial	ADJ
cblr-7219	408	22	markets	market	NOUN
cblr-7219	408	23	for	for	ADP
cblr-7219	408	24	the	the	DET
cblr-7219	408	25	last	last	ADJ
cblr-7219	408	26	two	two	NUM
cblr-7219	408	27	centuries.124	centuries.124	NOUN
cblr-7219	408	28	securities	security	NOUN
cblr-7219	408	29	,	,	PUNCT
cblr-7219	408	30	derivatives	derivative	NOUN
cblr-7219	408	31	,	,	PUNCT
cblr-7219	408	32	and	and	CCONJ
cblr-7219	408	33	payment	payment	NOUN
cblr-7219	408	34	markets	market	NOUN
cblr-7219	408	35	substantially	substantially	ADV
cblr-7219	408	36	rely	rely	VERB
cblr-7219	408	37	on	on	ADP
cblr-7219	408	38	clearinghouses	clearinghouse	NOUN
cblr-7219	408	39	as	as	ADP
cblr-7219	408	40	primary	primary	ADJ
cblr-7219	408	41	enhancers	enhancer	NOUN
cblr-7219	408	42	of	of	ADP
cblr-7219	408	43	their	their	PRON
cblr-7219	408	44	efficiency	efficiency	NOUN
cblr-7219	408	45	and	and	CCONJ
cblr-7219	408	46	stability.125	stability.125	NOUN
cblr-7219	408	47	has	have	VERB
cblr-7219	408	48	sufficient	sufficient	ADJ
cblr-7219	408	49	financial	financial	ADJ
cblr-7219	408	50	resources	resource	NOUN
cblr-7219	408	51	to	to	PART
cblr-7219	408	52	absorb	absorb	VERB
cblr-7219	408	53	losses	loss	NOUN
cblr-7219	408	54	during	during	ADP
cblr-7219	408	55	a	a	DET
cblr-7219	408	56	recession	recession	NOUN
cblr-7219	408	57	or	or	CCONJ
cblr-7219	408	58	if	if	SCONJ
cblr-7219	408	59	financial	financial	ADJ
cblr-7219	408	60	markets	market	NOUN
cblr-7219	408	61	experience	experience	VERB
cblr-7219	408	62	distress	distress	NOUN
cblr-7219	408	63	and	and	CCONJ
cblr-7219	408	64	defaults	default	NOUN
cblr-7219	408	65	of	of	ADP
cblr-7219	408	66	banks	bank	NOUN
cblr-7219	408	67	.	.	PUNCT
cblr-7219	409	1	see	see	VERB
cblr-7219	409	2	,	,	PUNCT
cblr-7219	409	3	e.g.	e.g.	ADV
cblr-7219	409	4	,	,	PUNCT
cblr-7219	409	5	basel	basel	PROPN
cblr-7219	409	6	comm	comm	NOUN
cblr-7219	409	7	.	.	PUNCT
cblr-7219	410	1	on	on	ADP
cblr-7219	410	2	banking	banking	NOUN
cblr-7219	410	3	supervision	supervision	NOUN
cblr-7219	410	4	,	,	PUNCT
cblr-7219	410	5	frequently	frequently	ADV
cblr-7219	410	6	asked	ask	VERB
cblr-7219	410	7	questions	question	NOUN
cblr-7219	410	8	on	on	ADP
cblr-7219	410	9	the	the	DET
cblr-7219	410	10	basel	basel	PROPN
cblr-7219	410	11	iii	iii	PROPN
cblr-7219	410	12	countercyclical	countercyclical	ADJ
cblr-7219	410	13	capital	capital	NOUN
cblr-7219	410	14	buffer	buffer	NOUN
cblr-7219	410	15	1	1	NUM
cblr-7219	410	16	(	(	PUNCT
cblr-7219	410	17	2015	2015	NUM
cblr-7219	410	18	)	)	PUNCT
cblr-7219	410	19	.	.	PUNCT
cblr-7219	411	1	see	see	VERB
cblr-7219	411	2	also	also	ADV
cblr-7219	411	3	countercyclical	countercyclical	ADJ
cblr-7219	411	4	capital	capital	NOUN
cblr-7219	411	5	buffer	buffer	NOUN
cblr-7219	411	6	(	(	PUNCT
cblr-7219	411	7	ccyb	ccyb	NOUN
cblr-7219	411	8	)	)	PUNCT
cblr-7219	411	9	,	,	PUNCT
cblr-7219	411	10	bank	bank	NOUN
cblr-7219	411	11	for	for	ADP
cblr-7219	411	12	int’l	int’l	NUM
cblr-7219	411	13	settlements	settlement	NOUN
cblr-7219	411	14	(	(	PUNCT
cblr-7219	411	15	may	may	PROPN
cblr-7219	411	16	13	13	NUM
cblr-7219	411	17	,	,	PUNCT
cblr-7219	411	18	2020	2020	NUM
cblr-7219	411	19	)	)	PUNCT
cblr-7219	411	20	,	,	PUNCT
cblr-7219	411	21	https://www.bis.org/bcbs/ccyb/	https://www.bis.org/bcbs/ccyb/	NOUN
cblr-7219	412	1	[	[	X
cblr-7219	412	2	https://perma.cc/94qj-zryz	https://perma.cc/94qj-zryz	X
cblr-7219	412	3	]	]	X
cblr-7219	412	4	;	;	PUNCT
cblr-7219	412	5	randal	randal	PROPN
cblr-7219	412	6	k.	k.	PROPN
cblr-7219	412	7	quarles	quarles	PROPN
cblr-7219	412	8	,	,	PUNCT
cblr-7219	412	9	vice	vice	NOUN
cblr-7219	412	10	chair	chair	NOUN
cblr-7219	412	11	for	for	ADP
cblr-7219	412	12	supervision	supervision	NOUN
cblr-7219	412	13	,	,	PUNCT
cblr-7219	412	14	fed	fed	PROPN
cblr-7219	412	15	.	.	PUNCT
cblr-7219	412	16	reserve	reserve	PROPN
cblr-7219	412	17	sys	sys	PROPN
cblr-7219	412	18	.	.	PROPN
cblr-7219	412	19	,	,	PUNCT
cblr-7219	412	20	speech	speech	NOUN
cblr-7219	412	21	at	at	ADP
cblr-7219	412	22	the	the	DET
cblr-7219	412	23	meeting	meeting	NOUN
cblr-7219	412	24	of	of	ADP
cblr-7219	412	25	the	the	DET
cblr-7219	412	26	manhattan	manhattan	PROPN
cblr-7219	412	27	institute	institute	PROPN
cblr-7219	412	28	’s	’s	PART
cblr-7219	412	29	shadow	shadow	PROPN
cblr-7219	412	30	open	open	ADJ
cblr-7219	412	31	market	market	NOUN
cblr-7219	412	32	committee	committee	NOUN
cblr-7219	412	33	:	:	PUNCT
cblr-7219	412	34	frameworks	framework	NOUN
cblr-7219	412	35	for	for	ADP
cblr-7219	412	36	the	the	DET
cblr-7219	412	37	countercyclical	countercyclical	ADJ
cblr-7219	412	38	capital	capital	NOUN
cblr-7219	412	39	buffer	buffer	NOUN
cblr-7219	412	40	3	3	NUM
cblr-7219	412	41	(	(	PUNCT
cblr-7219	412	42	mar	mar	PROPN
cblr-7219	412	43	.	.	PROPN
cblr-7219	412	44	29	29	NUM
cblr-7219	412	45	,	,	PUNCT
cblr-7219	412	46	2019	2019	NUM
cblr-7219	412	47	)	)	PUNCT
cblr-7219	412	48	,	,	PUNCT
cblr-7219	412	49	https://www.federalreserve.gov/newsevents/speech/quarles20190329a.htm	https://www.federalreserve.gov/newsevents/speech/quarles20190329a.htm	PROPN
cblr-7219	413	1	[	[	AUX
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cblr-7219	413	3	]	]	PUNCT
cblr-7219	413	4	.	.	PUNCT
cblr-7219	413	5	123	123	NUM
cblr-7219	413	6	see	see	VERB
cblr-7219	413	7	infra	infra	NOUN
cblr-7219	413	8	notes	note	VERB
cblr-7219	413	9	166–68	166–68	NOUN
cblr-7219	413	10	and	and	CCONJ
cblr-7219	413	11	accompanying	accompany	VERB
cblr-7219	413	12	text	text	NOUN
cblr-7219	413	13	.	.	PUNCT
cblr-7219	414	1	see	see	VERB
cblr-7219	414	2	also	also	ADV
cblr-7219	414	3	part	part	NOUN
cblr-7219	414	4	v	v	NOUN
cblr-7219	414	5	(	(	PUNCT
cblr-7219	414	6	discussing	discuss	VERB
cblr-7219	414	7	policy	policy	NOUN
cblr-7219	414	8	solutions	solution	NOUN
cblr-7219	414	9	on	on	ADP
cblr-7219	414	10	how	how	SCONJ
cblr-7219	414	11	to	to	PART
cblr-7219	414	12	strengthen	strengthen	VERB
cblr-7219	414	13	clearinghouses	clearinghouse	NOUN
cblr-7219	414	14	governance	governance	NOUN
cblr-7219	414	15	and	and	CCONJ
cblr-7219	414	16	resilience	resilience	NOUN
cblr-7219	414	17	)	)	PUNCT
cblr-7219	414	18	.	.	PUNCT
cblr-7219	415	1	124	124	NUM
cblr-7219	415	2	see	see	VERB
cblr-7219	415	3	yadav	yadav	PROPN
cblr-7219	415	4	,	,	PUNCT
cblr-7219	415	5	supra	supra	PROPN
cblr-7219	415	6	note	note	NOUN
cblr-7219	415	7	9	9	NUM
cblr-7219	415	8	,	,	PUNCT
cblr-7219	415	9	at	at	ADP
cblr-7219	415	10	389	389	NUM
cblr-7219	415	11	,	,	PUNCT
cblr-7219	415	12	406	406	NUM
cblr-7219	415	13	.	.	X
cblr-7219	416	1	125	125	NUM
cblr-7219	416	2	see	see	NOUN
cblr-7219	416	3	norman	norman	PROPN
cblr-7219	416	4	,	,	PUNCT
cblr-7219	416	5	supra	supra	PROPN
cblr-7219	416	6	note	note	PROPN
cblr-7219	416	7	15	15	NUM
cblr-7219	416	8	,	,	PUNCT
cblr-7219	416	9	at	at	ADP
cblr-7219	416	10	3–6	3–6	NUM
cblr-7219	416	11	;	;	PUNCT
cblr-7219	416	12	randall	randall	PROPN
cblr-7219	416	13	s.	s.	PROPN
cblr-7219	416	14	kroszner	kroszner	PROPN
cblr-7219	416	15	,	,	PUNCT
cblr-7219	416	16	can	can	AUX
cblr-7219	416	17	the	the	DET
cblr-7219	416	18	financial	financial	ADJ
cblr-7219	416	19	markets	market	NOUN
cblr-7219	416	20	privately	privately	ADV
cblr-7219	416	21	regulate	regulate	VERB
cblr-7219	416	22	risk	risk	NOUN
cblr-7219	416	23	?	?	PUNCT
cblr-7219	417	1	the	the	DET
cblr-7219	417	2	development	development	NOUN
cblr-7219	417	3	of	of	ADP
cblr-7219	417	4	derivatives	derivative	NOUN
cblr-7219	417	5	clearinghouses	clearinghouse	NOUN
cblr-7219	417	6	and	and	CCONJ
cblr-7219	417	7	recent	recent	ADJ
cblr-7219	417	8	over	over	ADP
cblr-7219	417	9	-	-	PUNCT
cblr-7219	417	10	the	the	DET
cblr-7219	417	11	-	-	PUNCT
cblr-7219	417	12	counter	counter	NOUN
cblr-7219	417	13	innovations	innovation	NOUN
cblr-7219	417	14	,	,	PUNCT
cblr-7219	417	15	31	31	NUM
cblr-7219	417	16	j.	j.	PROPN
cblr-7219	417	17	money	money	PROPN
cblr-7219	417	18	,	,	PUNCT
cblr-7219	417	19	credit	credit	NOUN
cblr-7219	417	20	&	&	CCONJ
cblr-7219	417	21	banking	banking	NOUN
cblr-7219	417	22	596	596	NUM
cblr-7219	417	23	,	,	PUNCT
cblr-7219	417	24	598–604	598–604	NUM
cblr-7219	417	25	(	(	PUNCT
cblr-7219	417	26	1999	1999	NUM
cblr-7219	417	27	)	)	PUNCT
cblr-7219	417	28	.	.	PUNCT
cblr-7219	418	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	418	2	(	(	PUNCT
cblr-7219	418	3	do	do	AUX
cblr-7219	418	4	not	not	PART
cblr-7219	418	5	delte	delte	VERB
cblr-7219	418	6	)	)	PUNCT
cblr-7219	418	7	10/21/2020	10/21/2020	NUM
cblr-7219	418	8	11:22	11:22	NUM
cblr-7219	418	9	am	am	NOUN
cblr-7219	418	10	480	480	NUM
cblr-7219	418	11	columbia	columbia	PROPN
cblr-7219	418	12	business	business	NOUN
cblr-7219	418	13	law	law	PROPN
cblr-7219	418	14	review	review	NOUN
cblr-7219	419	1	[	[	X
cblr-7219	419	2	vol	vol	NOUN
cblr-7219	419	3	.	.	PUNCT
cblr-7219	419	4	2020	2020	NUM
cblr-7219	419	5	born	bear	VERB
cblr-7219	419	6	from	from	ADP
cblr-7219	419	7	the	the	DET
cblr-7219	419	8	private	private	ADJ
cblr-7219	419	9	initiative	initiative	NOUN
cblr-7219	419	10	of	of	ADP
cblr-7219	419	11	market	market	NOUN
cblr-7219	419	12	participants	participant	NOUN
cblr-7219	419	13	to	to	PART
cblr-7219	419	14	reduce	reduce	VERB
cblr-7219	419	15	transaction	transaction	NOUN
cblr-7219	419	16	costs	cost	NOUN
cblr-7219	419	17	in	in	ADP
cblr-7219	419	18	the	the	DET
cblr-7219	419	19	post	post	ADJ
cblr-7219	419	20	-	-	ADJ
cblr-7219	419	21	trading	trading	ADJ
cblr-7219	419	22	ecosystem	ecosystem	NOUN
cblr-7219	419	23	,	,	PUNCT
cblr-7219	419	24	clearinghouses	clearinghouse	NOUN
cblr-7219	419	25	historically	historically	ADV
cblr-7219	419	26	developed	develop	VERB
cblr-7219	419	27	as	as	ADP
cblr-7219	419	28	mutual	mutual	ADJ
cblr-7219	419	29	firms.126	firms.126	NOUN
cblr-7219	419	30	they	they	PRON
cblr-7219	419	31	were	be	AUX
cblr-7219	419	32	traditionally	traditionally	ADV
cblr-7219	419	33	set	set	VERB
cblr-7219	419	34	up	up	ADP
cblr-7219	419	35	by	by	ADP
cblr-7219	419	36	a	a	DET
cblr-7219	419	37	small	small	ADJ
cblr-7219	419	38	number	number	NOUN
cblr-7219	419	39	of	of	ADP
cblr-7219	419	40	financial	financial	ADJ
cblr-7219	419	41	institutions	institution	NOUN
cblr-7219	419	42	dealing	deal	VERB
cblr-7219	419	43	in	in	ADP
cblr-7219	419	44	mutual	mutual	ADJ
cblr-7219	419	45	trades,127	trades,127	NOUN
cblr-7219	419	46	and	and	CCONJ
cblr-7219	419	47	they	they	PRON
cblr-7219	419	48	were	be	AUX
cblr-7219	419	49	originally	originally	ADV
cblr-7219	419	50	126	126	NUM
cblr-7219	419	51	see	see	NOUN
cblr-7219	419	52	,	,	PUNCT
cblr-7219	419	53	e.g.	e.g.	ADV
cblr-7219	419	54	,	,	PUNCT
cblr-7219	419	55	reena	reena	PROPN
cblr-7219	419	56	aggarwal	aggarwal	PROPN
cblr-7219	419	57	,	,	PUNCT
cblr-7219	419	58	demutualization	demutualization	NOUN
cblr-7219	419	59	and	and	CCONJ
cblr-7219	419	60	corporate	corporate	ADJ
cblr-7219	419	61	governance	governance	NOUN
cblr-7219	419	62	of	of	ADP
cblr-7219	419	63	stock	stock	NOUN
cblr-7219	419	64	exchanges	exchange	NOUN
cblr-7219	419	65	,	,	PUNCT
cblr-7219	420	1	15	15	NUM
cblr-7219	420	2	j.	j.	PROPN
cblr-7219	420	3	applied	applied	PROPN
cblr-7219	420	4	corp	corp	PROPN
cblr-7219	420	5	.	.	PROPN
cblr-7219	420	6	fin	fin	PROPN
cblr-7219	420	7	.	.	PUNCT
cblr-7219	421	1	105	105	NUM
cblr-7219	421	2	(	(	PUNCT
cblr-7219	421	3	2002	2002	NUM
cblr-7219	421	4	)	)	PUNCT
cblr-7219	422	1	;	;	PUNCT
cblr-7219	422	2	andreas	andreas	PROPN
cblr-7219	422	3	m.	m.	PROPN
cblr-7219	422	4	fleckner	fleckner	PROPN
cblr-7219	422	5	,	,	PUNCT
cblr-7219	422	6	stock	stock	NOUN
cblr-7219	422	7	exchanges	exchange	NOUN
cblr-7219	422	8	at	at	ADP
cblr-7219	422	9	the	the	DET
cblr-7219	422	10	crossroads	crossroad	NOUN
cblr-7219	422	11	,	,	PUNCT
cblr-7219	422	12	74	74	NUM
cblr-7219	422	13	fordham	fordham	PROPN
cblr-7219	422	14	l.	l.	PROPN
cblr-7219	422	15	rev	rev	PROPN
cblr-7219	422	16	.	.	PROPN
cblr-7219	422	17	2541	2541	NUM
cblr-7219	422	18	(	(	PUNCT
cblr-7219	422	19	2006	2006	NUM
cblr-7219	422	20	)	)	PUNCT
cblr-7219	422	21	;	;	PUNCT
cblr-7219	422	22	oliver	oliver	PROPN
cblr-7219	422	23	hart	hart	PROPN
cblr-7219	422	24	&	&	CCONJ
cblr-7219	422	25	john	john	PROPN
cblr-7219	422	26	moore	moore	PROPN
cblr-7219	422	27	,	,	PUNCT
cblr-7219	422	28	the	the	DET
cblr-7219	422	29	governance	governance	NOUN
cblr-7219	422	30	of	of	ADP
cblr-7219	422	31	exchanges	exchange	NOUN
cblr-7219	422	32	:	:	PUNCT
cblr-7219	422	33	members	member	NOUN
cblr-7219	422	34	'	'	PART
cblr-7219	422	35	cooperatives	cooperative	NOUN
cblr-7219	422	36	versus	versus	ADP
cblr-7219	422	37	outside	outside	ADP
cblr-7219	422	38	ownership	ownership	NOUN
cblr-7219	422	39	,	,	PUNCT
cblr-7219	422	40	12	12	NUM
cblr-7219	422	41	oxford	oxford	PROPN
cblr-7219	422	42	rev	rev	PROPN
cblr-7219	422	43	.	.	PROPN
cblr-7219	422	44	econ	econ	PROPN
cblr-7219	422	45	.	.	PUNCT
cblr-7219	423	1	pol’y	pol’y	NOUN
cblr-7219	423	2	53	53	NUM
cblr-7219	423	3	(	(	PUNCT
cblr-7219	423	4	1996	1996	NUM
cblr-7219	423	5	)	)	PUNCT
cblr-7219	423	6	;	;	PUNCT
cblr-7219	423	7	roberta	roberta	PROPN
cblr-7219	423	8	s.	s.	PROPN
cblr-7219	423	9	karmel	karmel	PROPN
cblr-7219	423	10	,	,	PUNCT
cblr-7219	423	11	turning	turn	VERB
cblr-7219	423	12	seats	seat	NOUN
cblr-7219	423	13	into	into	ADP
cblr-7219	423	14	shares	share	NOUN
cblr-7219	423	15	:	:	PUNCT
cblr-7219	423	16	causes	cause	NOUN
cblr-7219	423	17	and	and	CCONJ
cblr-7219	423	18	implications	implication	NOUN
cblr-7219	423	19	of	of	ADP
cblr-7219	423	20	demutualization	demutualization	NOUN
cblr-7219	423	21	of	of	ADP
cblr-7219	423	22	stock	stock	NOUN
cblr-7219	423	23	and	and	CCONJ
cblr-7219	423	24	futures	future	NOUN
cblr-7219	423	25	exchanges	exchange	NOUN
cblr-7219	423	26	,	,	PUNCT
cblr-7219	423	27	53	53	NUM
cblr-7219	423	28	hastings	hastings	PROPN
cblr-7219	423	29	l.j	l.j	PROPN
cblr-7219	423	30	.	.	PROPN
cblr-7219	423	31	367	367	NUM
cblr-7219	423	32	(	(	PUNCT
cblr-7219	423	33	2002	2002	NUM
cblr-7219	423	34	)	)	PUNCT
cblr-7219	423	35	.	.	PUNCT
cblr-7219	424	1	the	the	DET
cblr-7219	424	2	emergence	emergence	NOUN
cblr-7219	424	3	of	of	ADP
cblr-7219	424	4	clearinghouses	clearinghouse	NOUN
cblr-7219	424	5	as	as	ADP
cblr-7219	424	6	firms	firm	NOUN
cblr-7219	424	7	in	in	ADP
cblr-7219	424	8	both	both	CCONJ
cblr-7219	424	9	the	the	DET
cblr-7219	424	10	securities	security	NOUN
cblr-7219	424	11	and	and	CCONJ
cblr-7219	424	12	futures	future	NOUN
cblr-7219	424	13	markets	market	NOUN
cblr-7219	424	14	represents	represent	VERB
cblr-7219	424	15	a	a	DET
cblr-7219	424	16	fascinating	fascinating	ADJ
cblr-7219	424	17	practical	practical	ADJ
cblr-7219	424	18	application	application	NOUN
cblr-7219	424	19	of	of	ADP
cblr-7219	424	20	the	the	DET
cblr-7219	424	21	coasean	coasean	ADJ
cblr-7219	424	22	view	view	NOUN
cblr-7219	424	23	of	of	ADP
cblr-7219	424	24	the	the	DET
cblr-7219	424	25	firm	firm	NOUN
cblr-7219	424	26	.	.	PUNCT
cblr-7219	425	1	in	in	ADP
cblr-7219	425	2	one	one	NUM
cblr-7219	425	3	of	of	ADP
cblr-7219	425	4	his	his	PRON
cblr-7219	425	5	seminal	seminal	ADJ
cblr-7219	425	6	works	work	NOUN
cblr-7219	425	7	,	,	PUNCT
cblr-7219	425	8	ronald	ronald	PROPN
cblr-7219	425	9	h.	h.	PROPN
cblr-7219	425	10	coase	coase	PROPN
cblr-7219	425	11	investigated	investigate	VERB
cblr-7219	425	12	why	why	SCONJ
cblr-7219	425	13	firms	firm	NOUN
cblr-7219	425	14	emerge	emerge	VERB
cblr-7219	425	15	in	in	ADP
cblr-7219	425	16	specialized	specialized	ADJ
cblr-7219	425	17	exchange	exchange	NOUN
cblr-7219	425	18	economies	economy	NOUN
cblr-7219	425	19	with	with	ADP
cblr-7219	425	20	a	a	DET
cblr-7219	425	21	functioning	function	VERB
cblr-7219	425	22	price	price	NOUN
cblr-7219	425	23	mechanism	mechanism	NOUN
cblr-7219	425	24	(	(	PUNCT
cblr-7219	425	25	i.e.	i.e.	X
cblr-7219	425	26	,	,	PUNCT
cblr-7219	425	27	markets	market	NOUN
cblr-7219	425	28	)	)	PUNCT
cblr-7219	425	29	.	.	PUNCT
cblr-7219	426	1	in	in	ADP
cblr-7219	426	2	that	that	DET
cblr-7219	426	3	piece	piece	NOUN
cblr-7219	426	4	coase	coase	NOUN
cblr-7219	426	5	argued	argue	VERB
cblr-7219	426	6	that	that	SCONJ
cblr-7219	426	7	economic	economic	ADJ
cblr-7219	426	8	activities	activity	NOUN
cblr-7219	426	9	are	be	AUX
cblr-7219	426	10	organized	organize	VERB
cblr-7219	426	11	within	within	ADP
cblr-7219	426	12	the	the	DET
cblr-7219	426	13	firm	firm	NOUN
cblr-7219	426	14	and	and	CCONJ
cblr-7219	426	15	thus	thus	ADV
cblr-7219	426	16	firms	firm	NOUN
cblr-7219	426	17	are	be	AUX
cblr-7219	426	18	established	establish	VERB
cblr-7219	426	19	and	and	CCONJ
cblr-7219	426	20	supersede	supersede	VERB
cblr-7219	426	21	markets	market	NOUN
cblr-7219	426	22	when	when	SCONJ
cblr-7219	426	23	transaction	transaction	NOUN
cblr-7219	426	24	costs	cost	NOUN
cblr-7219	426	25	are	be	AUX
cblr-7219	426	26	higher	high	ADJ
cblr-7219	426	27	than	than	ADP
cblr-7219	426	28	organization	organization	NOUN
cblr-7219	426	29	costs	cost	NOUN
cblr-7219	426	30	.	.	PUNCT
cblr-7219	427	1	see	see	VERB
cblr-7219	427	2	r.h	r.h	PROPN
cblr-7219	427	3	.	.	PROPN
cblr-7219	427	4	coase	coase	PROPN
cblr-7219	427	5	,	,	PUNCT
cblr-7219	427	6	the	the	DET
cblr-7219	427	7	nature	nature	NOUN
cblr-7219	427	8	of	of	ADP
cblr-7219	427	9	the	the	DET
cblr-7219	427	10	firm	firm	NOUN
cblr-7219	427	11	,	,	PUNCT
cblr-7219	427	12	4	4	NUM
cblr-7219	427	13	economica	economica	PROPN
cblr-7219	427	14	386	386	NUM
cblr-7219	427	15	(	(	PUNCT
cblr-7219	427	16	1937	1937	NUM
cblr-7219	427	17	)	)	PUNCT
cblr-7219	427	18	.	.	PUNCT
cblr-7219	428	1	coase	coase	PROPN
cblr-7219	428	2	in	in	ADP
cblr-7219	428	3	the	the	DET
cblr-7219	428	4	nature	nature	NOUN
cblr-7219	428	5	of	of	ADP
cblr-7219	428	6	the	the	DET
cblr-7219	428	7	firm	firm	NOUN
cblr-7219	428	8	never	never	ADV
cblr-7219	428	9	used	use	VERB
cblr-7219	428	10	the	the	DET
cblr-7219	428	11	term	term	NOUN
cblr-7219	428	12	“	"	PUNCT
cblr-7219	428	13	transaction	transaction	NOUN
cblr-7219	428	14	costs”—however	costs”—however	PUNCT
cblr-7219	429	1	he	he	PRON
cblr-7219	429	2	did	do	AUX
cblr-7219	429	3	talk	talk	VERB
cblr-7219	429	4	about	about	ADP
cblr-7219	429	5	the	the	DET
cblr-7219	429	6	costs	cost	NOUN
cblr-7219	429	7	associated	associate	VERB
cblr-7219	429	8	with	with	ADP
cblr-7219	429	9	operating	operating	NOUN
cblr-7219	429	10	markets	market	NOUN
cblr-7219	429	11	and	and	CCONJ
cblr-7219	429	12	of	of	ADP
cblr-7219	429	13	using	use	VERB
cblr-7219	429	14	the	the	DET
cblr-7219	429	15	price	price	NOUN
cblr-7219	429	16	mechanism	mechanism	NOUN
cblr-7219	429	17	.	.	PUNCT
cblr-7219	430	1	see	see	VERB
cblr-7219	430	2	i	i	PRON
cblr-7219	430	3	d.	d.	PROPN
cblr-7219	430	4	at	at	ADP
cblr-7219	430	5	392	392	NUM
cblr-7219	430	6	,	,	PUNCT
cblr-7219	430	7	395	395	NUM
cblr-7219	430	8	.	.	PUNCT
cblr-7219	431	1	nevertheless	nevertheless	ADV
cblr-7219	431	2	,	,	PUNCT
cblr-7219	431	3	this	this	DET
cblr-7219	431	4	piece	piece	NOUN
cblr-7219	431	5	has	have	AUX
cblr-7219	431	6	been	be	AUX
cblr-7219	431	7	considered	consider	VERB
cblr-7219	431	8	the	the	DET
cblr-7219	431	9	first	first	ADJ
cblr-7219	431	10	contribution	contribution	NOUN
cblr-7219	431	11	to	to	ADP
cblr-7219	431	12	the	the	DET
cblr-7219	431	13	“	"	PUNCT
cblr-7219	431	14	new	new	ADJ
cblr-7219	431	15	institutional	institutional	ADJ
cblr-7219	431	16	economic	economic	ADJ
cblr-7219	431	17	”	"	PUNCT
cblr-7219	431	18	approach	approach	NOUN
cblr-7219	431	19	to	to	ADP
cblr-7219	431	20	economic	economic	ADJ
cblr-7219	431	21	analysis	analysis	NOUN
cblr-7219	431	22	.	.	PUNCT
cblr-7219	432	1	in	in	ADP
cblr-7219	432	2	the	the	DET
cblr-7219	432	3	post	post	ADJ
cblr-7219	432	4	-	-	ADJ
cblr-7219	432	5	trading	trading	ADJ
cblr-7219	432	6	environment	environment	NOUN
cblr-7219	432	7	,	,	PUNCT
cblr-7219	432	8	the	the	DET
cblr-7219	432	9	costs	cost	NOUN
cblr-7219	432	10	for	for	ADP
cblr-7219	432	11	market	market	NOUN
cblr-7219	432	12	participants	participant	NOUN
cblr-7219	432	13	to	to	PART
cblr-7219	432	14	deal	deal	VERB
cblr-7219	432	15	bilaterally	bilaterally	ADV
cblr-7219	432	16	in	in	ADP
cblr-7219	432	17	handling	handle	VERB
cblr-7219	432	18	executed	execute	VERB
cblr-7219	432	19	transactions	transaction	NOUN
cblr-7219	432	20	was	be	AUX
cblr-7219	432	21	higher	high	ADJ
cblr-7219	432	22	than	than	ADP
cblr-7219	432	23	the	the	DET
cblr-7219	432	24	costs	cost	NOUN
cblr-7219	432	25	of	of	ADP
cblr-7219	432	26	creating	create	VERB
cblr-7219	432	27	a	a	DET
cblr-7219	432	28	specialized	specialized	ADJ
cblr-7219	432	29	firm	firm	NOUN
cblr-7219	432	30	tasked	task	VERB
cblr-7219	432	31	with	with	ADP
cblr-7219	432	32	the	the	DET
cblr-7219	432	33	specific	specific	ADJ
cblr-7219	432	34	risk	risk	NOUN
cblr-7219	432	35	management	management	NOUN
cblr-7219	432	36	and	and	CCONJ
cblr-7219	432	37	trade	trade	NOUN
cblr-7219	432	38	clearance	clearance	NOUN
cblr-7219	432	39	functions	function	NOUN
cblr-7219	432	40	.	.	PUNCT
cblr-7219	433	1	127	127	NUM
cblr-7219	433	2	the	the	DET
cblr-7219	433	3	historical	historical	ADJ
cblr-7219	433	4	evolution	evolution	NOUN
cblr-7219	433	5	of	of	ADP
cblr-7219	433	6	clearinghouses	clearinghouse	NOUN
cblr-7219	433	7	parallels	parallel	VERB
cblr-7219	433	8	the	the	DET
cblr-7219	433	9	development	development	NOUN
cblr-7219	433	10	of	of	ADP
cblr-7219	433	11	the	the	DET
cblr-7219	433	12	early	early	ADJ
cblr-7219	433	13	stock	stock	NOUN
cblr-7219	433	14	and	and	CCONJ
cblr-7219	433	15	futures	future	NOUN
cblr-7219	433	16	exchanges	exchange	NOUN
cblr-7219	433	17	.	.	PUNCT
cblr-7219	434	1	the	the	DET
cblr-7219	434	2	establishment	establishment	NOUN
cblr-7219	434	3	of	of	ADP
cblr-7219	434	4	a	a	DET
cblr-7219	434	5	clearinghouse	clearinghouse	NOUN
cblr-7219	434	6	—	—	PUNCT
cblr-7219	434	7	either	either	CCONJ
cblr-7219	434	8	upon	upon	SCONJ
cblr-7219	434	9	the	the	DET
cblr-7219	434	10	initiative	initiative	NOUN
cblr-7219	434	11	of	of	ADP
cblr-7219	434	12	the	the	DET
cblr-7219	434	13	exchange	exchange	NOUN
cblr-7219	434	14	itself	itself	PRON
cblr-7219	434	15	,	,	PUNCT
cblr-7219	434	16	or	or	CCONJ
cblr-7219	434	17	by	by	ADP
cblr-7219	434	18	some	some	PRON
cblr-7219	434	19	of	of	ADP
cblr-7219	434	20	its	its	PRON
cblr-7219	434	21	members	member	NOUN
cblr-7219	434	22	—	—	PUNCT
cblr-7219	434	23	generally	generally	ADV
cblr-7219	434	24	follows	follow	VERB
cblr-7219	434	25	the	the	DET
cblr-7219	434	26	establishment	establishment	NOUN
cblr-7219	434	27	of	of	ADP
cblr-7219	434	28	trading	trading	NOUN
cblr-7219	434	29	platforms	platform	NOUN
cblr-7219	434	30	.	.	PUNCT
cblr-7219	435	1	see	see	VERB
cblr-7219	435	2	randall	randall	PROPN
cblr-7219	435	3	s.	s.	PROPN
cblr-7219	435	4	kroszner	kroszner	PROPN
cblr-7219	435	5	,	,	PUNCT
cblr-7219	435	6	central	central	ADJ
cblr-7219	435	7	counterparty	counterparty	NOUN
cblr-7219	435	8	clearing	clearing	NOUN
cblr-7219	435	9	:	:	PUNCT
cblr-7219	435	10	history	history	NOUN
cblr-7219	435	11	,	,	PUNCT
cblr-7219	435	12	innovation	innovation	NOUN
cblr-7219	435	13	,	,	PUNCT
cblr-7219	435	14	and	and	CCONJ
cblr-7219	435	15	regulation	regulation	NOUN
cblr-7219	435	16	,	,	PUNCT
cblr-7219	435	17	30	30	NUM
cblr-7219	435	18	econ	econ	NOUN
cblr-7219	435	19	.	.	PUNCT
cblr-7219	436	1	persp	persp	PROPN
cblr-7219	436	2	.	.	PUNCT
cblr-7219	437	1	37	37	NUM
cblr-7219	437	2	,	,	PUNCT
cblr-7219	437	3	37–39	37–39	NUM
cblr-7219	437	4	(	(	PUNCT
cblr-7219	437	5	2006	2006	NUM
cblr-7219	437	6	)	)	PUNCT
cblr-7219	437	7	.	.	PUNCT
cblr-7219	438	1	that	that	PRON
cblr-7219	438	2	is	be	AUX
cblr-7219	438	3	,	,	PUNCT
cblr-7219	438	4	once	once	ADV
cblr-7219	438	5	after	after	ADP
cblr-7219	438	6	-	-	PUNCT
cblr-7219	438	7	market	market	NOUN
cblr-7219	438	8	participants	participant	NOUN
cblr-7219	438	9	decided	decide	VERB
cblr-7219	438	10	to	to	PART
cblr-7219	438	11	move	move	VERB
cblr-7219	438	12	from	from	ADP
cblr-7219	438	13	pure	pure	ADJ
cblr-7219	438	14	bilateral	bilateral	ADJ
cblr-7219	438	15	transactions	transaction	NOUN
cblr-7219	438	16	to	to	ADP
cblr-7219	438	17	a	a	DET
cblr-7219	438	18	centralized	centralized	ADJ
cblr-7219	438	19	and	and	CCONJ
cblr-7219	438	20	multilateral	multilateral	ADJ
cblr-7219	438	21	trading	trading	NOUN
cblr-7219	438	22	environment	environment	NOUN
cblr-7219	438	23	,	,	PUNCT
cblr-7219	438	24	they	they	PRON
cblr-7219	438	25	established	establish	VERB
cblr-7219	438	26	the	the	DET
cblr-7219	438	27	first	first	ADJ
cblr-7219	438	28	exchanges	exchange	NOUN
cblr-7219	438	29	for	for	ADP
cblr-7219	438	30	financial	financial	ADJ
cblr-7219	438	31	instruments	instrument	NOUN
cblr-7219	438	32	.	.	PUNCT
cblr-7219	439	1	see	see	VERB
cblr-7219	439	2	i	i	PRON
cblr-7219	439	3	d	d	PROPN
cblr-7219	439	4	at	at	ADP
cblr-7219	439	5	38	38	NUM
cblr-7219	439	6	.	.	PUNCT
cblr-7219	440	1	by	by	ADP
cblr-7219	440	2	moving	move	VERB
cblr-7219	440	3	from	from	ADP
cblr-7219	440	4	bilateral	bilateral	ADJ
cblr-7219	440	5	markets	market	NOUN
cblr-7219	440	6	to	to	ADP
cblr-7219	440	7	centralized	centralized	ADJ
cblr-7219	440	8	venues	venue	NOUN
cblr-7219	440	9	,	,	PUNCT
cblr-7219	440	10	market	market	NOUN
cblr-7219	440	11	participants	participant	NOUN
cblr-7219	440	12	were	be	AUX
cblr-7219	440	13	able	able	ADJ
cblr-7219	440	14	to	to	PART
cblr-7219	440	15	(	(	PUNCT
cblr-7219	440	16	1	1	X
cblr-7219	440	17	)	)	PUNCT
cblr-7219	440	18	reduce	reduce	VERB
cblr-7219	440	19	transaction	transaction	NOUN
cblr-7219	440	20	costs	cost	NOUN
cblr-7219	440	21	and	and	CCONJ
cblr-7219	440	22	information	information	NOUN
cblr-7219	440	23	asymmetries	asymmetry	NOUN
cblr-7219	440	24	and	and	CCONJ
cblr-7219	440	25	(	(	PUNCT
cblr-7219	440	26	2	2	X
cblr-7219	440	27	)	)	PUNCT
cblr-7219	440	28	increase	increase	VERB
cblr-7219	440	29	market	market	NOUN
cblr-7219	440	30	liquidity	liquidity	NOUN
cblr-7219	440	31	and	and	CCONJ
cblr-7219	440	32	price	price	NOUN
cblr-7219	440	33	accuracy	accuracy	NOUN
cblr-7219	440	34	.	.	PUNCT
cblr-7219	441	1	however	however	ADV
cblr-7219	441	2	,	,	PUNCT
cblr-7219	441	3	the	the	DET
cblr-7219	441	4	increase	increase	NOUN
cblr-7219	441	5	in	in	ADP
cblr-7219	441	6	volume	volume	NOUN
cblr-7219	441	7	of	of	ADP
cblr-7219	441	8	executed	execute	VERB
cblr-7219	441	9	transactions	transaction	NOUN
cblr-7219	441	10	also	also	ADV
cblr-7219	441	11	increased	increase	VERB
cblr-7219	441	12	the	the	DET
cblr-7219	441	13	need	need	NOUN
cblr-7219	441	14	for	for	ADP
cblr-7219	441	15	resilient	resilient	ADJ
cblr-7219	441	16	back	back	ADJ
cblr-7219	441	17	-	-	PUNCT
cblr-7219	441	18	office	office	NOUN
cblr-7219	441	19	services	service	NOUN
cblr-7219	441	20	.	.	PUNCT
cblr-7219	442	1	see	see	VERB
cblr-7219	442	2	i	i	PRON
cblr-7219	442	3	d	d	PROPN
cblr-7219	442	4	at	at	ADP
cblr-7219	442	5	39	39	NUM
cblr-7219	442	6	.	.	PUNCT
cblr-7219	443	1	while	while	SCONJ
cblr-7219	443	2	trades	trade	NOUN
cblr-7219	443	3	were	be	AUX
cblr-7219	443	4	executed	execute	VERB
cblr-7219	443	5	in	in	ADP
cblr-7219	443	6	a	a	DET
cblr-7219	443	7	centralized	centralized	ADJ
cblr-7219	443	8	and	and	CCONJ
cblr-7219	443	9	multilateral	multilateral	ADJ
cblr-7219	443	10	environment	environment	NOUN
cblr-7219	443	11	,	,	PUNCT
cblr-7219	443	12	post	post	ADJ
cblr-7219	443	13	-	-	ADJ
cblr-7219	443	14	trading	trading	NOUN
cblr-7219	443	15	was	be	AUX
cblr-7219	443	16	still	still	ADV
cblr-7219	443	17	handled	handle	VERB
cblr-7219	443	18	bilaterally	bilaterally	ADV
cblr-7219	443	19	.	.	PUNCT
cblr-7219	444	1	consequently	consequently	ADV
cblr-7219	444	2	,	,	PUNCT
cblr-7219	444	3	trading	trading	NOUN
cblr-7219	444	4	members	member	NOUN
cblr-7219	444	5	started	start	VERB
cblr-7219	444	6	to	to	PART
cblr-7219	444	7	face	face	VERB
cblr-7219	444	8	the	the	DET
cblr-7219	444	9	growing	grow	VERB
cblr-7219	444	10	costs	cost	NOUN
cblr-7219	444	11	of	of	ADP
cblr-7219	444	12	processing	process	VERB
cblr-7219	444	13	executed	execute	VERB
cblr-7219	444	14	trades	trade	NOUN
cblr-7219	444	15	.	.	PUNCT
cblr-7219	445	1	see	see	VERB
cblr-7219	445	2	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	445	3	(	(	PUNCT
cblr-7219	445	4	do	do	AUX
cblr-7219	445	5	not	not	PART
cblr-7219	445	6	delete	delete	VERB
cblr-7219	445	7	)	)	PUNCT
cblr-7219	445	8	10/21/2020	10/21/2020	NUM
cblr-7219	445	9	11:22	11:22	NUM
cblr-7219	445	10	am	am	NOUN
cblr-7219	445	11	no	no	NOUN
cblr-7219	445	12	.	.	PUNCT
cblr-7219	446	1	2:449	2:449	NUM
cblr-7219	446	2	]	]	X
cblr-7219	446	3	unfinished	unfinished	ADJ
cblr-7219	446	4	business	business	NOUN
cblr-7219	446	5	481	481	NUM
cblr-7219	446	6	organized	organize	VERB
cblr-7219	446	7	as	as	ADP
cblr-7219	446	8	member	member	NOUN
cblr-7219	446	9	-	-	PUNCT
cblr-7219	446	10	owned	own	VERB
cblr-7219	446	11	enterprises	enterprise	NOUN
cblr-7219	446	12	,	,	PUNCT
cblr-7219	446	13	either	either	CCONJ
cblr-7219	446	14	owned	own	VERB
cblr-7219	446	15	directly	directly	ADV
cblr-7219	446	16	by	by	ADP
cblr-7219	446	17	the	the	DET
cblr-7219	446	18	clearing	clearing	NOUN
cblr-7219	446	19	members	member	NOUN
cblr-7219	446	20	or	or	CCONJ
cblr-7219	446	21	structured	structure	VERB
cblr-7219	446	22	as	as	ADP
cblr-7219	446	23	wholly	wholly	ADV
cblr-7219	446	24	-	-	PUNCT
cblr-7219	446	25	owned	own	VERB
cblr-7219	446	26	subsidiaries	subsidiary	NOUN
cblr-7219	446	27	or	or	CCONJ
cblr-7219	446	28	business	business	NOUN
cblr-7219	446	29	units	unit	NOUN
cblr-7219	446	30	of	of	ADP
cblr-7219	446	31	an	an	DET
cblr-7219	446	32	exchange,128	exchange,128	NOUN
cblr-7219	446	33	which	which	PRON
cblr-7219	446	34	was	be	AUX
cblr-7219	446	35	in	in	ADP
cblr-7219	446	36	turn	turn	NOUN
cblr-7219	446	37	mutually	mutually	ADV
cblr-7219	446	38	owned	own	VERB
cblr-7219	446	39	by	by	ADP
cblr-7219	446	40	the	the	DET
cblr-7219	446	41	very	very	ADV
cblr-7219	446	42	same	same	ADJ
cblr-7219	446	43	trading	trading	NOUN
cblr-7219	446	44	and	and	CCONJ
cblr-7219	446	45	clearing	clear	VERB
cblr-7219	446	46	members.129	members.129	NOUN
cblr-7219	446	47	historically	historically	ADV
cblr-7219	446	48	,	,	PUNCT
cblr-7219	446	49	being	be	AUX
cblr-7219	446	50	a	a	DET
cblr-7219	446	51	clearing	clearing	NOUN
cblr-7219	446	52	member	member	NOUN
cblr-7219	446	53	was	be	AUX
cblr-7219	446	54	linked	link	VERB
cblr-7219	446	55	to	to	ADP
cblr-7219	446	56	being	be	AUX
cblr-7219	446	57	an	an	DET
cblr-7219	446	58	owner	owner	NOUN
cblr-7219	446	59	(	(	PUNCT
cblr-7219	446	60	either	either	CCONJ
cblr-7219	446	61	shareholder	shareholder	NOUN
cblr-7219	446	62	or	or	CCONJ
cblr-7219	446	63	partner	partner	NOUN
cblr-7219	446	64	)	)	PUNCT
cblr-7219	446	65	of	of	ADP
cblr-7219	446	66	the	the	DET
cblr-7219	446	67	clearing	clearing	NOUN
cblr-7219	446	68	firm	firm	NOUN
cblr-7219	446	69	,	,	PUNCT
cblr-7219	446	70	and	and	CCONJ
cblr-7219	446	71	the	the	DET
cblr-7219	446	72	two	two	NUM
cblr-7219	446	73	qualities	quality	NOUN
cblr-7219	446	74	could	could	AUX
cblr-7219	446	75	not	not	PART
cblr-7219	446	76	be	be	AUX
cblr-7219	446	77	decoupled.130	decoupled.130	ADJ
cblr-7219	446	78	clearinghouses	clearinghouse	NOUN
cblr-7219	446	79	—	—	PUNCT
cblr-7219	446	80	as	as	ADV
cblr-7219	446	81	well	well	ADV
cblr-7219	446	82	as	as	ADP
cblr-7219	446	83	securities	security	NOUN
cblr-7219	446	84	and	and	CCONJ
cblr-7219	446	85	derivatives	derivative	NOUN
cblr-7219	446	86	exchanges	exchange	NOUN
cblr-7219	446	87	—	—	PUNCT
cblr-7219	446	88	were	be	AUX
cblr-7219	446	89	operated	operate	VERB
cblr-7219	446	90	as	as	ADP
cblr-7219	446	91	cooperatives	cooperative	NOUN
cblr-7219	446	92	responsible	responsible	ADJ
cblr-7219	446	93	for	for	ADP
cblr-7219	446	94	managing	manage	VERB
cblr-7219	446	95	the	the	DET
cblr-7219	446	96	financial	financial	ADJ
cblr-7219	446	97	risk	risk	NOUN
cblr-7219	446	98	of	of	ADP
cblr-7219	446	99	their	their	PRON
cblr-7219	446	100	members	member	NOUN
cblr-7219	446	101	,	,	PUNCT
cblr-7219	446	102	reducing	reduce	VERB
cblr-7219	446	103	the	the	DET
cblr-7219	446	104	overall	overall	ADJ
cblr-7219	446	105	exposure	exposure	NOUN
cblr-7219	446	106	and	and	CCONJ
cblr-7219	446	107	risk	risk	NOUN
cblr-7219	446	108	of	of	ADP
cblr-7219	446	109	those	those	DET
cblr-7219	446	110	members	member	NOUN
cblr-7219	446	111	,	,	PUNCT
cblr-7219	446	112	and	and	CCONJ
cblr-7219	446	113	providing	provide	VERB
cblr-7219	446	114	a	a	DET
cblr-7219	446	115	clear	clear	ADJ
cblr-7219	446	116	mechanism	mechanism	NOUN
cblr-7219	446	117	for	for	ADP
cblr-7219	446	118	the	the	DET
cblr-7219	446	119	orderly	orderly	ADJ
cblr-7219	446	120	management	management	NOUN
cblr-7219	446	121	of	of	ADP
cblr-7219	446	122	those	those	DET
cblr-7219	446	123	members	member	NOUN
cblr-7219	446	124	’	'	PUNCT
cblr-7219	446	125	eventual	eventual	ADJ
cblr-7219	446	126	default.131	default.131	NOUN
cblr-7219	446	127	traditionally	traditionally	ADV
cblr-7219	446	128	,	,	PUNCT
cblr-7219	446	129	clearinghouse	clearinghouse	NOUN
cblr-7219	446	130	members	member	NOUN
cblr-7219	446	131	ex	ex	NOUN
cblr-7219	446	132	ante	ante	PROPN
cblr-7219	446	133	agreed	agree	VERB
cblr-7219	446	134	to	to	PART
cblr-7219	446	135	internalize	internalize	VERB
cblr-7219	446	136	and	and	CCONJ
cblr-7219	446	137	share	share	VERB
cblr-7219	446	138	any	any	DET
cblr-7219	446	139	costs	cost	NOUN
cblr-7219	446	140	associated	associate	VERB
cblr-7219	446	141	with	with	ADP
cblr-7219	446	142	the	the	DET
cblr-7219	446	143	eventual	eventual	ADJ
cblr-7219	446	144	default	default	NOUN
cblr-7219	446	145	of	of	ADP
cblr-7219	446	146	any	any	DET
cblr-7219	446	147	other	other	ADJ
cblr-7219	446	148	member	member	NOUN
cblr-7219	446	149	,	,	PUNCT
cblr-7219	446	150	and	and	CCONJ
cblr-7219	446	151	all	all	PRON
cblr-7219	446	152	participated	participate	VERB
cblr-7219	446	153	i	i	NOUN
cblr-7219	446	154	d	d	PROPN
cblr-7219	446	155	at	at	ADP
cblr-7219	446	156	39	39	NUM
cblr-7219	446	157	.	.	PUNCT
cblr-7219	447	1	support	support	NOUN
cblr-7219	447	2	of	of	ADP
cblr-7219	447	3	the	the	DET
cblr-7219	447	4	performance	performance	NOUN
cblr-7219	447	5	and	and	CCONJ
cblr-7219	447	6	settlement	settlement	NOUN
cblr-7219	447	7	of	of	ADP
cblr-7219	447	8	executed	execute	VERB
cblr-7219	447	9	transactions	transaction	NOUN
cblr-7219	447	10	was	be	AUX
cblr-7219	447	11	addressed	address	VERB
cblr-7219	447	12	with	with	ADP
cblr-7219	447	13	the	the	DET
cblr-7219	447	14	creation	creation	NOUN
cblr-7219	447	15	of	of	ADP
cblr-7219	447	16	specialized	specialized	ADJ
cblr-7219	447	17	post	post	ADJ
cblr-7219	447	18	-	-	ADJ
cblr-7219	447	19	trading	trading	ADJ
cblr-7219	447	20	and	and	CCONJ
cblr-7219	447	21	risk	risk	NOUN
cblr-7219	447	22	management	management	NOUN
cblr-7219	447	23	firms	firm	NOUN
cblr-7219	447	24	:	:	PUNCT
cblr-7219	447	25	clearinghouses	clearinghouse	NOUN
cblr-7219	447	26	.	.	PUNCT
cblr-7219	448	1	academic	academic	ADJ
cblr-7219	448	2	scholarship	scholarship	NOUN
cblr-7219	448	3	has	have	AUX
cblr-7219	448	4	substantially	substantially	ADV
cblr-7219	448	5	overlooked	overlook	VERB
cblr-7219	448	6	the	the	DET
cblr-7219	448	7	organization	organization	NOUN
cblr-7219	448	8	of	of	ADP
cblr-7219	448	9	post	post	ADJ
cblr-7219	448	10	-	-	ADJ
cblr-7219	448	11	trading	trading	ADJ
cblr-7219	448	12	firms	firm	NOUN
cblr-7219	448	13	,	,	PUNCT
cblr-7219	448	14	because	because	SCONJ
cblr-7219	448	15	of	of	ADP
cblr-7219	448	16	both	both	CCONJ
cblr-7219	448	17	the	the	DET
cblr-7219	448	18	more	more	ADV
cblr-7219	448	19	obscure	obscure	ADJ
cblr-7219	448	20	and	and	CCONJ
cblr-7219	448	21	structural	structural	ADJ
cblr-7219	448	22	function	function	NOUN
cblr-7219	448	23	of	of	ADP
cblr-7219	448	24	back	back	ADJ
cblr-7219	448	25	-	-	PUNCT
cblr-7219	448	26	office	office	NOUN
cblr-7219	448	27	firms	firm	NOUN
cblr-7219	448	28	and	and	CCONJ
cblr-7219	448	29	the	the	DET
cblr-7219	448	30	fact	fact	NOUN
cblr-7219	448	31	that	that	SCONJ
cblr-7219	448	32	posttrading	posttrading	NOUN
cblr-7219	448	33	firms	firm	NOUN
cblr-7219	448	34	rarely	rarely	ADV
cblr-7219	448	35	interact	interact	VERB
cblr-7219	448	36	with	with	ADP
cblr-7219	448	37	investors	investor	NOUN
cblr-7219	448	38	.	.	PUNCT
cblr-7219	449	1	128	128	NUM
cblr-7219	449	2	law	law	NOUN
cblr-7219	449	3	and	and	CCONJ
cblr-7219	449	4	economics	economic	NOUN
cblr-7219	449	5	scholarship	scholarship	NOUN
cblr-7219	449	6	has	have	AUX
cblr-7219	449	7	looked	look	VERB
cblr-7219	449	8	into	into	ADP
cblr-7219	449	9	the	the	DET
cblr-7219	449	10	economic	economic	ADJ
cblr-7219	449	11	incentives	incentive	NOUN
cblr-7219	449	12	that	that	PRON
cblr-7219	449	13	justify	justify	VERB
cblr-7219	449	14	the	the	DET
cblr-7219	449	15	different	different	ADJ
cblr-7219	449	16	organizational	organizational	ADJ
cblr-7219	449	17	structures	structure	NOUN
cblr-7219	449	18	that	that	PRON
cblr-7219	449	19	firms	firm	NOUN
cblr-7219	449	20	may	may	AUX
cblr-7219	449	21	adopt	adopt	VERB
cblr-7219	449	22	.	.	PUNCT
cblr-7219	450	1	in	in	ADP
cblr-7219	450	2	particular	particular	ADJ
cblr-7219	450	3	,	,	PUNCT
cblr-7219	450	4	henry	henry	PROPN
cblr-7219	450	5	hansmann	hansmann	PROPN
cblr-7219	450	6	’s	’s	PART
cblr-7219	450	7	seminal	seminal	ADJ
cblr-7219	450	8	work	work	NOUN
cblr-7219	450	9	on	on	ADP
cblr-7219	450	10	the	the	DET
cblr-7219	450	11	ownership	ownership	NOUN
cblr-7219	450	12	of	of	ADP
cblr-7219	450	13	enterprise	enterprise	NOUN
cblr-7219	450	14	focuses	focus	VERB
cblr-7219	450	15	on	on	ADP
cblr-7219	450	16	why	why	SCONJ
cblr-7219	450	17	some	some	DET
cblr-7219	450	18	firms	firm	NOUN
cblr-7219	450	19	are	be	AUX
cblr-7219	450	20	owned	own	VERB
cblr-7219	450	21	by	by	ADP
cblr-7219	450	22	investors	investor	NOUN
cblr-7219	450	23	or	or	CCONJ
cblr-7219	450	24	capital	capital	NOUN
cblr-7219	450	25	providers	provider	NOUN
cblr-7219	450	26	,	,	PUNCT
cblr-7219	450	27	while	while	SCONJ
cblr-7219	450	28	other	other	ADJ
cblr-7219	450	29	firms	firm	NOUN
cblr-7219	450	30	are	be	AUX
cblr-7219	450	31	owned	own	VERB
cblr-7219	450	32	by	by	ADP
cblr-7219	450	33	other	other	ADJ
cblr-7219	450	34	stakeholders	stakeholder	NOUN
cblr-7219	450	35	like	like	ADP
cblr-7219	450	36	employees	employee	NOUN
cblr-7219	450	37	,	,	PUNCT
cblr-7219	450	38	customers	customer	NOUN
cblr-7219	450	39	,	,	PUNCT
cblr-7219	450	40	members	member	NOUN
cblr-7219	450	41	,	,	PUNCT
cblr-7219	450	42	suppliers	supplier	NOUN
cblr-7219	450	43	,	,	PUNCT
cblr-7219	450	44	or	or	CCONJ
cblr-7219	450	45	a	a	DET
cblr-7219	450	46	combination	combination	NOUN
cblr-7219	450	47	thereof	thereof	ADV
cblr-7219	450	48	.	.	PUNCT
cblr-7219	451	1	see	see	VERB
cblr-7219	451	2	henry	henry	PROPN
cblr-7219	451	3	hansmann	hansmann	PROPN
cblr-7219	451	4	,	,	PUNCT
cblr-7219	451	5	the	the	DET
cblr-7219	451	6	ownership	ownership	NOUN
cblr-7219	451	7	of	of	ADP
cblr-7219	451	8	enterprise	enterprise	NOUN
cblr-7219	451	9	(	(	PUNCT
cblr-7219	451	10	1996	1996	NUM
cblr-7219	451	11	)	)	PUNCT
cblr-7219	451	12	.	.	PUNCT
cblr-7219	452	1	his	his	PRON
cblr-7219	452	2	work	work	NOUN
cblr-7219	452	3	offers	offer	VERB
cblr-7219	452	4	some	some	DET
cblr-7219	452	5	very	very	ADV
cblr-7219	452	6	insightful	insightful	ADJ
cblr-7219	452	7	perspectives	perspective	NOUN
cblr-7219	452	8	as	as	ADP
cblr-7219	452	9	to	to	ADP
cblr-7219	452	10	why	why	SCONJ
cblr-7219	452	11	the	the	DET
cblr-7219	452	12	first	first	ADJ
cblr-7219	452	13	stock	stock	NOUN
cblr-7219	452	14	and	and	CCONJ
cblr-7219	452	15	derivatives	derivative	NOUN
cblr-7219	452	16	exchanges	exchange	NOUN
cblr-7219	452	17	were	be	AUX
cblr-7219	452	18	organized	organize	VERB
cblr-7219	452	19	as	as	ADP
cblr-7219	452	20	mutual	mutual	ADJ
cblr-7219	452	21	firms	firm	NOUN
cblr-7219	452	22	.	.	PUNCT
cblr-7219	453	1	additionally	additionally	ADV
cblr-7219	453	2	,	,	PUNCT
cblr-7219	453	3	hansmann	hansmann	PROPN
cblr-7219	453	4	’s	’s	PART
cblr-7219	453	5	scholarship	scholarship	NOUN
cblr-7219	453	6	furthers	further	VERB
cblr-7219	453	7	the	the	DET
cblr-7219	453	8	understanding	understanding	NOUN
cblr-7219	453	9	as	as	ADP
cblr-7219	453	10	to	to	ADP
cblr-7219	453	11	why	why	SCONJ
cblr-7219	453	12	in	in	ADP
cblr-7219	453	13	the	the	DET
cblr-7219	453	14	early	early	ADJ
cblr-7219	453	15	2000s	2000s	NUM
cblr-7219	453	16	many	many	ADJ
cblr-7219	453	17	stock	stock	NOUN
cblr-7219	453	18	and	and	CCONJ
cblr-7219	453	19	futures	future	NOUN
cblr-7219	453	20	exchanges	exchange	NOUN
cblr-7219	453	21	demutualized	demutualize	VERB
cblr-7219	453	22	their	their	PRON
cblr-7219	453	23	ownership	ownership	NOUN
cblr-7219	453	24	structure	structure	NOUN
cblr-7219	453	25	.	.	PUNCT
cblr-7219	454	1	however	however	ADV
cblr-7219	454	2	,	,	PUNCT
cblr-7219	454	3	hansmann	hansmann	PROPN
cblr-7219	454	4	’s	’s	PART
cblr-7219	454	5	theories	theory	NOUN
cblr-7219	454	6	do	do	AUX
cblr-7219	454	7	not	not	PART
cblr-7219	454	8	explain	explain	VERB
cblr-7219	454	9	the	the	DET
cblr-7219	454	10	current	current	ADJ
cblr-7219	454	11	organization	organization	NOUN
cblr-7219	454	12	of	of	ADP
cblr-7219	454	13	modern	modern	ADJ
cblr-7219	454	14	derivatives	derivative	NOUN
cblr-7219	454	15	clearinghouses	clearinghouse	NOUN
cblr-7219	454	16	,	,	PUNCT
cblr-7219	454	17	leaving	leave	VERB
cblr-7219	454	18	the	the	DET
cblr-7219	454	19	question	question	NOUN
cblr-7219	454	20	open	open	ADJ
cblr-7219	454	21	on	on	ADP
cblr-7219	454	22	why	why	SCONJ
cblr-7219	454	23	financial	financial	ADJ
cblr-7219	454	24	institutions	institution	NOUN
cblr-7219	454	25	acting	act	VERB
cblr-7219	454	26	as	as	SCONJ
cblr-7219	454	27	clearing	clear	VERB
cblr-7219	454	28	members	member	NOUN
cblr-7219	454	29	agreed	agree	VERB
cblr-7219	454	30	to	to	PART
cblr-7219	454	31	demutualize	demutualize	VERB
cblr-7219	454	32	and	and	CCONJ
cblr-7219	454	33	give	give	VERB
cblr-7219	454	34	up	up	ADP
cblr-7219	454	35	their	their	PRON
cblr-7219	454	36	ownership	ownership	NOUN
cblr-7219	454	37	of	of	ADP
cblr-7219	454	38	clearinghouses	clearinghouse	NOUN
cblr-7219	454	39	while	while	SCONJ
cblr-7219	454	40	at	at	ADP
cblr-7219	454	41	the	the	DET
cblr-7219	454	42	same	same	ADJ
cblr-7219	454	43	time	time	NOUN
cblr-7219	454	44	agreeing	agree	VERB
cblr-7219	454	45	to	to	PART
cblr-7219	454	46	maintain	maintain	VERB
cblr-7219	454	47	the	the	DET
cblr-7219	454	48	loss	loss	NOUN
cblr-7219	454	49	mutualization	mutualization	NOUN
cblr-7219	454	50	mechanism	mechanism	NOUN
cblr-7219	454	51	.	.	PUNCT
cblr-7219	455	1	129	129	NUM
cblr-7219	455	2	for	for	ADP
cblr-7219	455	3	a	a	DET
cblr-7219	455	4	more	more	ADV
cblr-7219	455	5	comprehensive	comprehensive	ADJ
cblr-7219	455	6	account	account	NOUN
cblr-7219	455	7	of	of	ADP
cblr-7219	455	8	the	the	DET
cblr-7219	455	9	historical	historical	ADJ
cblr-7219	455	10	evolution	evolution	NOUN
cblr-7219	455	11	of	of	ADP
cblr-7219	455	12	the	the	DET
cblr-7219	455	13	clearing	clearing	NOUN
cblr-7219	455	14	industry	industry	NOUN
cblr-7219	455	15	,	,	PUNCT
cblr-7219	455	16	see	see	VERB
cblr-7219	455	17	saguato	saguato	NOUN
cblr-7219	455	18	,	,	PUNCT
cblr-7219	455	19	the	the	DET
cblr-7219	455	20	ownership	ownership	NOUN
cblr-7219	455	21	of	of	ADP
cblr-7219	455	22	clearinghouses	clearinghouse	NOUN
cblr-7219	455	23	,	,	PUNCT
cblr-7219	455	24	supra	supra	PROPN
cblr-7219	455	25	note	note	NOUN
cblr-7219	455	26	8	8	NUM
cblr-7219	455	27	,	,	PUNCT
cblr-7219	455	28	at	at	ADP
cblr-7219	455	29	623–30	623–30	NUM
cblr-7219	455	30	.	.	PUNCT
cblr-7219	456	1	130	130	NUM
cblr-7219	456	2	see	see	VERB
cblr-7219	456	3	,	,	PUNCT
cblr-7219	456	4	e.g.	e.g.	ADV
cblr-7219	456	5	,	,	PUNCT
cblr-7219	456	6	lee	lee	PROPN
cblr-7219	456	7	,	,	PUNCT
cblr-7219	456	8	supra	supra	PROPN
cblr-7219	456	9	note	note	PROPN
cblr-7219	456	10	15	15	NUM
cblr-7219	456	11	,	,	PUNCT
cblr-7219	456	12	at	at	ADP
cblr-7219	456	13	145–46	145–46	NUM
cblr-7219	456	14	.	.	PUNCT
cblr-7219	457	1	131	131	NUM
cblr-7219	457	2	see	see	NOUN
cblr-7219	457	3	kroszner	kroszner	NOUN
cblr-7219	457	4	,	,	PUNCT
cblr-7219	457	5	supra	supra	PROPN
cblr-7219	457	6	note	note	NOUN
cblr-7219	457	7	127	127	NUM
cblr-7219	457	8	,	,	PUNCT
cblr-7219	457	9	at	at	ADP
cblr-7219	457	10	37–40	37–40	NUM
cblr-7219	457	11	.	.	PUNCT
cblr-7219	458	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	458	2	(	(	PUNCT
cblr-7219	458	3	do	do	AUX
cblr-7219	458	4	not	not	PART
cblr-7219	458	5	delte	delte	VERB
cblr-7219	458	6	)	)	PUNCT
cblr-7219	458	7	10/21/2020	10/21/2020	NUM
cblr-7219	458	8	11:22	11:22	NUM
cblr-7219	458	9	am	am	NOUN
cblr-7219	458	10	482	482	NUM
cblr-7219	458	11	columbia	columbia	PROPN
cblr-7219	458	12	business	business	NOUN
cblr-7219	458	13	law	law	PROPN
cblr-7219	458	14	review	review	NOUN
cblr-7219	458	15	[	[	X
cblr-7219	458	16	vol	vol	NOUN
cblr-7219	458	17	.	.	PUNCT
cblr-7219	458	18	2020	2020	NUM
cblr-7219	458	19	in	in	ADP
cblr-7219	458	20	the	the	DET
cblr-7219	458	21	governance	governance	NOUN
cblr-7219	458	22	of	of	ADP
cblr-7219	458	23	the	the	DET
cblr-7219	458	24	firm.132	firm.132	NOUN
cblr-7219	458	25	simply	simply	ADV
cblr-7219	458	26	put	put	VERB
cblr-7219	458	27	,	,	PUNCT
cblr-7219	458	28	the	the	DET
cblr-7219	458	29	stakeholders	stakeholder	NOUN
cblr-7219	458	30	with	with	ADP
cblr-7219	458	31	full	full	ADJ
cblr-7219	458	32	“	"	PUNCT
cblr-7219	458	33	skin	skin	NOUN
cblr-7219	458	34	-	-	PUNCT
cblr-7219	458	35	in	in	ADP
cblr-7219	458	36	-	-	PUNCT
cblr-7219	458	37	the	the	DET
cblr-7219	458	38	-	-	PUNCT
cblr-7219	458	39	game	game	NOUN
cblr-7219	458	40	”	"	PUNCT
cblr-7219	458	41	were	be	AUX
cblr-7219	458	42	those	those	PRON
cblr-7219	458	43	that	that	PRON
cblr-7219	458	44	managed	manage	VERB
cblr-7219	458	45	the	the	DET
cblr-7219	458	46	risk	risk	NOUN
cblr-7219	458	47	of	of	ADP
cblr-7219	458	48	the	the	DET
cblr-7219	458	49	firm	firm	NOUN
cblr-7219	458	50	and	and	CCONJ
cblr-7219	458	51	were	be	AUX
cblr-7219	458	52	completely	completely	ADV
cblr-7219	458	53	accountable	accountable	ADJ
cblr-7219	458	54	for	for	ADP
cblr-7219	458	55	its	its	PRON
cblr-7219	458	56	operations	operation	NOUN
cblr-7219	458	57	.	.	PUNCT
cblr-7219	459	1	the	the	DET
cblr-7219	459	2	current	current	ADJ
cblr-7219	459	3	post	post	ADJ
cblr-7219	459	4	-	-	ADJ
cblr-7219	459	5	trading	trading	ADJ
cblr-7219	459	6	environment	environment	NOUN
cblr-7219	459	7	,	,	PUNCT
cblr-7219	459	8	however	however	ADV
cblr-7219	459	9	,	,	PUNCT
cblr-7219	459	10	is	be	AUX
cblr-7219	459	11	different	different	ADJ
cblr-7219	459	12	from	from	ADP
cblr-7219	459	13	what	what	PRON
cblr-7219	459	14	it	it	PRON
cblr-7219	459	15	once	once	ADV
cblr-7219	459	16	was	be	AUX
cblr-7219	459	17	.	.	PUNCT
cblr-7219	460	1	in	in	ADP
cblr-7219	460	2	the	the	DET
cblr-7219	460	3	1970s	1970	NOUN
cblr-7219	460	4	,	,	PUNCT
cblr-7219	460	5	securities	security	NOUN
cblr-7219	460	6	and	and	CCONJ
cblr-7219	460	7	derivatives	derivative	NOUN
cblr-7219	460	8	markets	market	NOUN
cblr-7219	460	9	adopted	adopt	VERB
cblr-7219	460	10	different	different	ADJ
cblr-7219	460	11	market	market	NOUN
cblr-7219	460	12	structures	structure	NOUN
cblr-7219	460	13	,	,	PUNCT
cblr-7219	460	14	with	with	ADP
cblr-7219	460	15	securities	security	NOUN
cblr-7219	460	16	markets	market	NOUN
cblr-7219	460	17	embracing	embrace	VERB
cblr-7219	460	18	a	a	DET
cblr-7219	460	19	horizontal	horizontal	ADJ
cblr-7219	460	20	model	model	NOUN
cblr-7219	460	21	of	of	ADP
cblr-7219	460	22	specialized	specialized	ADJ
cblr-7219	460	23	,	,	PUNCT
cblr-7219	460	24	stand	stand	VERB
cblr-7219	460	25	-	-	PUNCT
cblr-7219	460	26	alone	alone	ADV
cblr-7219	460	27	post	post	ADJ
cblr-7219	460	28	-	-	ADJ
cblr-7219	460	29	trading	trading	ADJ
cblr-7219	460	30	mutual	mutual	ADJ
cblr-7219	460	31	firms	firm	NOUN
cblr-7219	460	32	,	,	PUNCT
cblr-7219	460	33	and	and	CCONJ
cblr-7219	460	34	derivatives	derivative	NOUN
cblr-7219	460	35	markets	market	NOUN
cblr-7219	460	36	maintaining	maintain	VERB
cblr-7219	460	37	the	the	DET
cblr-7219	460	38	vertically	vertically	ADV
cblr-7219	460	39	integrated	integrate	VERB
cblr-7219	460	40	silo	silo	NOUN
cblr-7219	460	41	structure.133	structure.133	PROPN
cblr-7219	460	42	in	in	ADP
cblr-7219	460	43	addition	addition	NOUN
cblr-7219	460	44	,	,	PUNCT
cblr-7219	460	45	starting	start	VERB
cblr-7219	460	46	in	in	ADP
cblr-7219	460	47	the	the	DET
cblr-7219	460	48	2000s	2000s	NUM
cblr-7219	460	49	,	,	PUNCT
cblr-7219	460	50	derivatives	derivative	NOUN
cblr-7219	460	51	market	market	NOUN
cblr-7219	460	52	infrastructures	infrastructure	NOUN
cblr-7219	460	53	and	and	CCONJ
cblr-7219	460	54	stock	stock	NOUN
cblr-7219	460	55	exchanges	exchange	NOUN
cblr-7219	460	56	further	far	ADV
cblr-7219	460	57	diverged	diverge	VERB
cblr-7219	460	58	from	from	ADP
cblr-7219	460	59	the	the	DET
cblr-7219	460	60	traditional	traditional	ADJ
cblr-7219	460	61	mutual	mutual	ADJ
cblr-7219	460	62	structure	structure	NOUN
cblr-7219	460	63	of	of	ADP
cblr-7219	460	64	trading	trading	NOUN
cblr-7219	460	65	and	and	CCONJ
cblr-7219	460	66	post	post	ADJ
cblr-7219	460	67	-	-	ADJ
cblr-7219	460	68	trading	trading	ADJ
cblr-7219	460	69	firms	firm	NOUN
cblr-7219	460	70	,	,	PUNCT
cblr-7219	460	71	and	and	CCONJ
cblr-7219	460	72	opened	open	VERB
cblr-7219	460	73	their	their	PRON
cblr-7219	460	74	capital	capital	NOUN
cblr-7219	460	75	to	to	ADP
cblr-7219	460	76	external	external	ADJ
cblr-7219	460	77	equity	equity	NOUN
cblr-7219	460	78	investors,134	investors,134	PROPN
cblr-7219	460	79	demutualizing	demutualize	VERB
cblr-7219	460	80	their	their	PRON
cblr-7219	460	81	ownership,135	ownership,135	PROPN
cblr-7219	460	82	and	and	CCONJ
cblr-7219	460	83	starting	start	VERB
cblr-7219	460	84	a	a	DET
cblr-7219	460	85	season	season	NOUN
cblr-7219	460	86	of	of	ADP
cblr-7219	460	87	consolidation	consolidation	NOUN
cblr-7219	460	88	of	of	ADP
cblr-7219	460	89	market	market	NOUN
cblr-7219	460	90	infrastructures.136	infrastructures.136	NOUN
cblr-7219	460	91	however	however	ADV
cblr-7219	460	92	,	,	PUNCT
cblr-7219	460	93	an	an	DET
cblr-7219	460	94	interesting	interesting	ADJ
cblr-7219	460	95	and	and	CCONJ
cblr-7219	460	96	underappreciated	underappreciated	ADJ
cblr-7219	460	97	aspect	aspect	NOUN
cblr-7219	460	98	of	of	ADP
cblr-7219	460	99	the	the	DET
cblr-7219	460	100	demutualization	demutualization	NOUN
cblr-7219	460	101	of	of	ADP
cblr-7219	460	102	derivatives	derivative	NOUN
cblr-7219	460	103	exchanges	exchange	NOUN
cblr-7219	460	104	was	be	AUX
cblr-7219	460	105	the	the	DET
cblr-7219	460	106	fact	fact	NOUN
cblr-7219	460	107	that	that	SCONJ
cblr-7219	460	108	,	,	PUNCT
cblr-7219	460	109	while	while	SCONJ
cblr-7219	460	110	the	the	DET
cblr-7219	460	111	demutualization	demutualization	NOUN
cblr-7219	460	112	happened	happen	VERB
cblr-7219	460	113	at	at	ADP
cblr-7219	460	114	the	the	DET
cblr-7219	460	115	ownership	ownership	NOUN
cblr-7219	460	116	level	level	NOUN
cblr-7219	460	117	,	,	PUNCT
cblr-7219	460	118	the	the	DET
cblr-7219	460	119	clearinghouses	clearinghouse	NOUN
cblr-7219	460	120	of	of	ADP
cblr-7219	460	121	the	the	DET
cblr-7219	460	122	group	group	NOUN
cblr-7219	460	123	maintained	maintain	VERB
cblr-7219	460	124	the	the	DET
cblr-7219	460	125	mutualized	mutualize	VERB
cblr-7219	460	126	loss	loss	NOUN
cblr-7219	460	127	-	-	PUNCT
cblr-7219	460	128	sharing	share	VERB
cblr-7219	460	129	mechanism	mechanism	NOUN
cblr-7219	460	130	of	of	ADP
cblr-7219	460	131	the	the	DET
cblr-7219	460	132	default	default	NOUN
cblr-7219	460	133	guaranty	guaranty	NOUN
cblr-7219	460	134	fund.137	fund.137	NOUN
cblr-7219	460	135	therefore	therefore	ADV
cblr-7219	460	136	,	,	PUNCT
cblr-7219	460	137	clearinghouses	clearinghouse	NOUN
cblr-7219	460	138	demutualized	demutualize	VERB
cblr-7219	460	139	their	their	PRON
cblr-7219	460	140	ownership	ownership	NOUN
cblr-7219	460	141	to	to	ADP
cblr-7219	460	142	external	external	ADJ
cblr-7219	460	143	shareholders	shareholder	NOUN
cblr-7219	460	144	,	,	PUNCT
cblr-7219	460	145	but	but	CCONJ
cblr-7219	460	146	still	still	ADV
cblr-7219	460	147	mutualized	mutualize	VERB
cblr-7219	460	148	their	their	PRON
cblr-7219	460	149	risks	risk	NOUN
cblr-7219	460	150	and	and	CCONJ
cblr-7219	460	151	losses	loss	NOUN
cblr-7219	460	152	on	on	ADP
cblr-7219	460	153	their	their	PRON
cblr-7219	460	154	members.138	members.138	PROPN
cblr-7219	460	155	member	member	NOUN
cblr-7219	460	156	-	-	PUNCT
cblr-7219	460	157	owned	own	VERB
cblr-7219	460	158	clearinghouses	clearinghouse	NOUN
cblr-7219	460	159	still	still	ADV
cblr-7219	460	160	exist	exist	VERB
cblr-7219	460	161	and	and	CCONJ
cblr-7219	460	162	are	be	AUX
cblr-7219	460	163	pillars	pillar	NOUN
cblr-7219	460	164	in	in	ADP
cblr-7219	460	165	the	the	DET
cblr-7219	460	166	securities	security	NOUN
cblr-7219	460	167	markets	market	NOUN
cblr-7219	460	168	.	.	PUNCT
cblr-7219	461	1	for	for	ADP
cblr-7219	461	2	one	one	NUM
cblr-7219	461	3	example	example	NOUN
cblr-7219	461	4	,	,	PUNCT
cblr-7219	461	5	the	the	DET
cblr-7219	461	6	depository	depository	NOUN
cblr-7219	461	7	trust	trust	NOUN
cblr-7219	461	8	132	132	NUM
cblr-7219	461	9	see	see	VERB
cblr-7219	461	10	i	i	PROPN
cblr-7219	461	11	d.	d.	PROPN
cblr-7219	461	12	133	133	NUM
cblr-7219	461	13	see	see	VERB
cblr-7219	461	14	saguato	saguato	NOUN
cblr-7219	461	15	,	,	PUNCT
cblr-7219	461	16	the	the	DET
cblr-7219	461	17	ownership	ownership	NOUN
cblr-7219	461	18	of	of	ADP
cblr-7219	461	19	clearinghouses	clearinghouse	NOUN
cblr-7219	461	20	,	,	PUNCT
cblr-7219	461	21	supra	supra	PROPN
cblr-7219	461	22	note	note	NOUN
cblr-7219	461	23	8	8	NUM
cblr-7219	461	24	,	,	PUNCT
cblr-7219	461	25	at	at	ADP
cblr-7219	461	26	623–25	623–25	NUM
cblr-7219	461	27	.	.	PUNCT
cblr-7219	462	1	134	134	NUM
cblr-7219	462	2	see	see	VERB
cblr-7219	462	3	i	i	PRON
cblr-7219	462	4	d.	d.	PROPN
cblr-7219	462	5	at	at	ADP
cblr-7219	462	6	626	626	NUM
cblr-7219	462	7	.	.	PUNCT
cblr-7219	463	1	135	135	NUM
cblr-7219	463	2	see	see	VERB
cblr-7219	463	3	i	i	PRON
cblr-7219	463	4	d.	d.	PROPN
cblr-7219	463	5	at	at	ADP
cblr-7219	463	6	626–30	626–30	NUM
cblr-7219	463	7	.	.	PUNCT
cblr-7219	464	1	136	136	NUM
cblr-7219	464	2	see	see	VERB
cblr-7219	464	3	ferrarini	ferrarini	PROPN
cblr-7219	464	4	&	&	CCONJ
cblr-7219	464	5	saguato	saguato	PROPN
cblr-7219	464	6	,	,	PUNCT
cblr-7219	464	7	supra	supra	PROPN
cblr-7219	464	8	note	note	PROPN
cblr-7219	464	9	16	16	NUM
cblr-7219	464	10	(	(	PUNCT
cblr-7219	464	11	providing	provide	VERB
cblr-7219	464	12	the	the	DET
cblr-7219	464	13	first	first	ADJ
cblr-7219	464	14	account	account	NOUN
cblr-7219	464	15	of	of	ADP
cblr-7219	464	16	financial	financial	ADJ
cblr-7219	464	17	market	market	NOUN
cblr-7219	464	18	infrastructure	infrastructure	NOUN
cblr-7219	464	19	(	(	PUNCT
cblr-7219	464	20	“	"	PUNCT
cblr-7219	464	21	fmi	fmi	PROPN
cblr-7219	464	22	”	"	PUNCT
cblr-7219	464	23	)	)	PUNCT
cblr-7219	464	24	organizations	organization	NOUN
cblr-7219	464	25	as	as	ADP
cblr-7219	464	26	the	the	DET
cblr-7219	464	27	dominant	dominant	ADJ
cblr-7219	464	28	players	player	NOUN
cblr-7219	464	29	in	in	ADP
cblr-7219	464	30	the	the	DET
cblr-7219	464	31	securities	security	NOUN
cblr-7219	464	32	and	and	CCONJ
cblr-7219	464	33	derivatives	derivative	NOUN
cblr-7219	464	34	markets	market	NOUN
cblr-7219	464	35	)	)	PUNCT
cblr-7219	464	36	.	.	PUNCT
cblr-7219	465	1	137	137	NUM
cblr-7219	465	2	see	see	VERB
cblr-7219	465	3	generally	generally	ADV
cblr-7219	465	4	saguato	saguato	NOUN
cblr-7219	465	5	,	,	PUNCT
cblr-7219	465	6	the	the	DET
cblr-7219	465	7	ownership	ownership	NOUN
cblr-7219	465	8	of	of	ADP
cblr-7219	465	9	clearinghouses	clearinghouse	NOUN
cblr-7219	465	10	,	,	PUNCT
cblr-7219	465	11	supra	supra	PROPN
cblr-7219	465	12	note	note	NOUN
cblr-7219	465	13	8	8	NUM
cblr-7219	465	14	,	,	PUNCT
cblr-7219	465	15	at	at	ADP
cblr-7219	465	16	640–52	640–52	NUM
cblr-7219	465	17	.	.	PUNCT
cblr-7219	466	1	the	the	DET
cblr-7219	466	2	separation	separation	NOUN
cblr-7219	466	3	of	of	ADP
cblr-7219	466	4	ownership	ownership	NOUN
cblr-7219	466	5	from	from	ADP
cblr-7219	466	6	clearing	clear	VERB
cblr-7219	466	7	participation	participation	NOUN
cblr-7219	466	8	and	and	CCONJ
cblr-7219	466	9	loss	loss	NOUN
cblr-7219	466	10	mutualization	mutualization	NOUN
cblr-7219	466	11	was	be	AUX
cblr-7219	466	12	first	first	ADV
cblr-7219	466	13	described	describe	VERB
cblr-7219	466	14	by	by	ADP
cblr-7219	466	15	robert	robert	PROPN
cblr-7219	466	16	cox	cox	PROPN
cblr-7219	466	17	and	and	CCONJ
cblr-7219	466	18	robert	robert	PROPN
cblr-7219	466	19	steigerwald	steigerwald	PROPN
cblr-7219	466	20	as	as	ADP
cblr-7219	466	21	“	"	PUNCT
cblr-7219	466	22	incomplete	incomplete	ADJ
cblr-7219	466	23	demutualization	demutualization	NOUN
cblr-7219	466	24	.	.	PUNCT
cblr-7219	466	25	”	"	PUNCT
cblr-7219	467	1	see	see	VERB
cblr-7219	467	2	robert	robert	PROPN
cblr-7219	467	3	t.	t.	PROPN
cblr-7219	467	4	cox	cox	PROPN
cblr-7219	467	5	&	&	CCONJ
cblr-7219	467	6	robert	robert	PROPN
cblr-7219	467	7	s.	s.	PROPN
cblr-7219	467	8	steigerwald	steigerwald	PROPN
cblr-7219	467	9	,	,	PUNCT
cblr-7219	467	10	“	"	PUNCT
cblr-7219	467	11	incomplete	incomplete	ADJ
cblr-7219	467	12	demutualization	demutualization	NOUN
cblr-7219	467	13	”	"	PUNCT
cblr-7219	467	14	and	and	CCONJ
cblr-7219	467	15	financial	financial	ADJ
cblr-7219	467	16	market	market	NOUN
cblr-7219	467	17	infrastructure	infrastructure	NOUN
cblr-7219	467	18	:	:	PUNCT
cblr-7219	467	19	central	central	ADJ
cblr-7219	467	20	counterparty	counterparty	NOUN
cblr-7219	467	21	ownership	ownership	NOUN
cblr-7219	467	22	and	and	CCONJ
cblr-7219	467	23	governance	governance	NOUN
cblr-7219	467	24	after	after	ADP
cblr-7219	467	25	the	the	DET
cblr-7219	467	26	crisis	crisis	NOUN
cblr-7219	467	27	of	of	ADP
cblr-7219	467	28	2008–9	2008–9	NUM
cblr-7219	467	29	,	,	PUNCT
cblr-7219	467	30	4	4	NUM
cblr-7219	467	31	j.	j.	PROPN
cblr-7219	467	32	fin	fin	PROPN
cblr-7219	467	33	.	.	PUNCT
cblr-7219	468	1	mkt	mkt	PROPN
cblr-7219	468	2	.	.	PUNCT
cblr-7219	469	1	infrastructures	infrastructure	NOUN
cblr-7219	469	2	25	25	NUM
cblr-7219	469	3	(	(	PUNCT
cblr-7219	469	4	2016	2016	NUM
cblr-7219	469	5	)	)	PUNCT
cblr-7219	469	6	.	.	PUNCT
cblr-7219	470	1	138	138	NUM
cblr-7219	470	2	see	see	VERB
cblr-7219	470	3	cox	cox	PROPN
cblr-7219	470	4	&	&	CCONJ
cblr-7219	470	5	steigerwald	steigerwald	PROPN
cblr-7219	470	6	,	,	PUNCT
cblr-7219	470	7	supra	supra	PROPN
cblr-7219	470	8	note	note	NOUN
cblr-7219	470	9	137	137	NUM
cblr-7219	470	10	,	,	PUNCT
cblr-7219	470	11	at	at	ADP
cblr-7219	470	12	31–32	31–32	NUM
cblr-7219	470	13	.	.	PUNCT
cblr-7219	471	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	471	2	(	(	PUNCT
cblr-7219	471	3	do	do	AUX
cblr-7219	471	4	not	not	PART
cblr-7219	471	5	delete	delete	VERB
cblr-7219	471	6	)	)	PUNCT
cblr-7219	471	7	10/21/2020	10/21/2020	NUM
cblr-7219	471	8	11:22	11:22	NUM
cblr-7219	471	9	am	am	NOUN
cblr-7219	471	10	no	no	NOUN
cblr-7219	471	11	.	.	PUNCT
cblr-7219	472	1	2:449	2:449	NUM
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cblr-7219	472	3	unfinished	unfinished	ADJ
cblr-7219	472	4	business	business	NOUN
cblr-7219	472	5	483	483	NUM
cblr-7219	472	6	and	and	CCONJ
cblr-7219	472	7	clearing	clear	VERB
cblr-7219	472	8	corporation	corporation	NOUN
cblr-7219	472	9	(	(	PUNCT
cblr-7219	472	10	“	"	PUNCT
cblr-7219	472	11	the	the	DET
cblr-7219	472	12	dtcc	dtcc	NOUN
cblr-7219	472	13	”	"	PUNCT
cblr-7219	472	14	)	)	PUNCT
cblr-7219	472	15	is	be	AUX
cblr-7219	472	16	the	the	DET
cblr-7219	472	17	member	member	NOUN
cblr-7219	472	18	-	-	PUNCT
cblr-7219	472	19	owner	owner	NOUN
cblr-7219	472	20	market	market	NOUN
cblr-7219	472	21	utility	utility	NOUN
cblr-7219	472	22	that	that	PRON
cblr-7219	472	23	provides	provide	VERB
cblr-7219	472	24	post	post	ADJ
cblr-7219	472	25	-	-	ADJ
cblr-7219	472	26	trading	trading	ADJ
cblr-7219	472	27	services	service	NOUN
cblr-7219	472	28	to	to	ADP
cblr-7219	472	29	securities	security	NOUN
cblr-7219	472	30	market	market	NOUN
cblr-7219	472	31	participants	participant	NOUN
cblr-7219	472	32	through	through	ADP
cblr-7219	472	33	its	its	PRON
cblr-7219	472	34	subsidiaries.139	subsidiaries.139	NOUN
cblr-7219	472	35	however	however	ADV
cblr-7219	472	36	,	,	PUNCT
cblr-7219	472	37	the	the	DET
cblr-7219	472	38	two	two	NUM
cblr-7219	472	39	major	major	ADJ
cblr-7219	472	40	players	player	NOUN
cblr-7219	472	41	in	in	ADP
cblr-7219	472	42	the	the	DET
cblr-7219	472	43	derivatives	derivative	NOUN
cblr-7219	472	44	clearing	clearing	NOUN
cblr-7219	472	45	markets	market	NOUN
cblr-7219	472	46	are	be	AUX
cblr-7219	472	47	investor	investor	NOUN
cblr-7219	472	48	-	-	PUNCT
cblr-7219	472	49	owned	own	VERB
cblr-7219	472	50	enterprises	enterprise	NOUN
cblr-7219	472	51	:	:	PUNCT
cblr-7219	472	52	the	the	DET
cblr-7219	472	53	chicago	chicago	PROPN
cblr-7219	472	54	mercantile	mercantile	PROPN
cblr-7219	472	55	exchange	exchange	PROPN
cblr-7219	472	56	group	group	PROPN
cblr-7219	472	57	(	(	PUNCT
cblr-7219	472	58	“	"	PUNCT
cblr-7219	472	59	the	the	DET
cblr-7219	472	60	cme	cme	PROPN
cblr-7219	472	61	group	group	NOUN
cblr-7219	472	62	”	"	PUNCT
cblr-7219	472	63	)	)	PUNCT
cblr-7219	472	64	and	and	CCONJ
cblr-7219	472	65	its	its	PRON
cblr-7219	472	66	clearing	clearing	NOUN
cblr-7219	472	67	division,140	division,140	NOUN
cblr-7219	472	68	along	along	ADP
cblr-7219	472	69	with	with	ADP
cblr-7219	472	70	ice	ice	NOUN
cblr-7219	472	71	clear	clear	ADJ
cblr-7219	472	72	credit	credit	NOUN
cblr-7219	472	73	,	,	PUNCT
cblr-7219	472	74	which	which	PRON
cblr-7219	472	75	is	be	AUX
cblr-7219	472	76	part	part	NOUN
cblr-7219	472	77	of	of	ADP
cblr-7219	472	78	the	the	DET
cblr-7219	472	79	intercontinental	intercontinental	PROPN
cblr-7219	472	80	exchange	exchange	PROPN
cblr-7219	472	81	group	group	NOUN
cblr-7219	472	82	(	(	PUNCT
cblr-7219	472	83	“	"	PUNCT
cblr-7219	472	84	ice”).141	ice”).141	NOUN
cblr-7219	472	85	derivatives	derivative	NOUN
cblr-7219	472	86	clearinghouses	clearinghouse	NOUN
cblr-7219	472	87	are	be	AUX
cblr-7219	472	88	subsidiaries	subsidiary	NOUN
cblr-7219	472	89	or	or	CCONJ
cblr-7219	472	90	business	business	NOUN
cblr-7219	472	91	units	unit	NOUN
cblr-7219	472	92	of	of	ADP
cblr-7219	472	93	large	large	ADJ
cblr-7219	472	94	,	,	PUNCT
cblr-7219	472	95	vertically	vertically	ADV
cblr-7219	472	96	integrated	integrate	VERB
cblr-7219	472	97	,	,	PUNCT
cblr-7219	472	98	for	for	ADP
cblr-7219	472	99	-	-	PUNCT
cblr-7219	472	100	profit	profit	NOUN
cblr-7219	472	101	public	public	ADJ
cblr-7219	472	102	corporations	corporation	NOUN
cblr-7219	472	103	,	,	PUNCT
cblr-7219	472	104	which	which	PRON
cblr-7219	472	105	are	be	AUX
cblr-7219	472	106	listed	list	VERB
cblr-7219	472	107	on	on	ADP
cblr-7219	472	108	stock	stock	NOUN
cblr-7219	472	109	exchanges.142	exchanges.142	PROPN
cblr-7219	472	110	in	in	ADP
cblr-7219	472	111	between	between	ADP
cblr-7219	472	112	member	member	NOUN
cblr-7219	472	113	-	-	PUNCT
cblr-7219	472	114	owned	own	VERB
cblr-7219	472	115	and	and	CCONJ
cblr-7219	472	116	investor	investor	NOUN
cblr-7219	472	117	-	-	PUNCT
cblr-7219	472	118	owned	own	VERB
cblr-7219	472	119	clearinghouses	clearinghouse	NOUN
cblr-7219	472	120	stands	stand	VERB
cblr-7219	472	121	the	the	DET
cblr-7219	472	122	option	option	NOUN
cblr-7219	472	123	clearing	clearing	NOUN
cblr-7219	472	124	corporation	corporation	NOUN
cblr-7219	472	125	(	(	PUNCT
cblr-7219	472	126	“	"	PUNCT
cblr-7219	472	127	the	the	DET
cblr-7219	472	128	occ	occ	NOUN
cblr-7219	472	129	”	"	PUNCT
cblr-7219	472	130	)	)	PUNCT
cblr-7219	472	131	,	,	PUNCT
cblr-7219	472	132	an	an	DET
cblr-7219	472	133	exchange	exchange	NOUN
cblr-7219	472	134	-	-	PUNCT
cblr-7219	472	135	owned	own	VERB
cblr-7219	472	136	clearinghouse	clearinghouse	NOUN
cblr-7219	472	137	for	for	ADP
cblr-7219	472	138	options.143	options.143	NOUN
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cblr-7219	472	140	1	1	NUM
cblr-7219	472	141	summarizes	summarize	NOUN
cblr-7219	472	142	the	the	DET
cblr-7219	472	143	current	current	ADJ
cblr-7219	472	144	landscape	landscape	NOUN
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cblr-7219	472	150	in	in	ADP
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cblr-7219	472	153	financial	financial	ADJ
cblr-7219	472	154	markets	market	NOUN
cblr-7219	472	155	,	,	PUNCT
cblr-7219	472	156	identifying	identify	VERB
cblr-7219	472	157	the	the	DET
cblr-7219	472	158	ownership	ownership	NOUN
cblr-7219	472	159	models	model	NOUN
cblr-7219	472	160	adopted	adopt	VERB
cblr-7219	472	161	by	by	ADP
cblr-7219	472	162	clearing	clear	VERB
cblr-7219	472	163	firms	firm	NOUN
cblr-7219	472	164	,	,	PUNCT
cblr-7219	472	165	the	the	DET
cblr-7219	472	166	markets	market	NOUN
cblr-7219	472	167	in	in	ADP
cblr-7219	472	168	which	which	PRON
cblr-7219	472	169	they	they	PRON
cblr-7219	472	170	operate	operate	VERB
cblr-7219	472	171	,	,	PUNCT
cblr-7219	472	172	and	and	CCONJ
cblr-7219	472	173	their	their	PRON
cblr-7219	472	174	market	market	NOUN
cblr-7219	472	175	structure	structure	NOUN
cblr-7219	472	176	.	.	PUNCT
cblr-7219	473	1	139	139	NUM
cblr-7219	473	2	see	see	VERB
cblr-7219	473	3	katie	katie	PROPN
cblr-7219	473	4	kolchin	kolchin	PROPN
cblr-7219	473	5	,	,	PUNCT
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cblr-7219	473	7	:	:	PUNCT
cblr-7219	473	8	dtcc	dtcc	PROPN
cblr-7219	473	9	’s	’s	PART
cblr-7219	473	10	important	important	ADJ
cblr-7219	473	11	role	role	NOUN
cblr-7219	473	12	in	in	ADP
cblr-7219	473	13	us	us	PROPN
cblr-7219	473	14	capital	capital	NOUN
cblr-7219	473	15	markets	market	NOUN
cblr-7219	473	16	2–3	2–3	NUM
cblr-7219	473	17	(	(	PUNCT
cblr-7219	473	18	2019	2019	NUM
cblr-7219	473	19	)	)	PUNCT
cblr-7219	473	20	,	,	PUNCT
cblr-7219	473	21	https://www.sifma.org/resources/research/sifmainsights-spotlight-dtcc/	https://www.sifma.org/resources/research/sifmainsights-spotlight-dtcc/	PROPN
cblr-7219	474	1	[	[	X
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cblr-7219	474	4	.	.	PUNCT
cblr-7219	475	1	140	140	NUM
cblr-7219	475	2	see	see	VERB
cblr-7219	475	3	cme	cme	PROPN
cblr-7219	475	4	group	group	NOUN
cblr-7219	475	5	overview	overview	NOUN
cblr-7219	475	6	,	,	PUNCT
cblr-7219	475	7	cme	cme	PROPN
cblr-7219	475	8	group	group	NOUN
cblr-7219	475	9	,	,	PUNCT
cblr-7219	475	10	https://www.cmegroup.com/company/history/	https://www.cmegroup.com/company/history/	PROPN
cblr-7219	475	11	[	[	X
cblr-7219	475	12	https://perma.cc/d5ca-vu3f	https://perma.cc/d5ca-vu3f	X
cblr-7219	475	13	]	]	X
cblr-7219	475	14	(	(	PUNCT
cblr-7219	475	15	last	last	ADJ
cblr-7219	475	16	visited	visit	VERB
cblr-7219	475	17	may	may	PROPN
cblr-7219	475	18	11	11	NUM
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cblr-7219	493	130	-	-	PUNCT
cblr-7219	493	131	backed	back	VERB
cblr-7219	493	132	securities	security	NOUN
cblr-7219	493	133	memberowned	memberowne	VERB
cblr-7219	493	134	subsidiary	subsidiary	NOUN
cblr-7219	493	135	of	of	ADP
cblr-7219	493	136	dtcc	dtcc	PROPN
cblr-7219	493	137	horizontal	horizontal	ADJ
cblr-7219	493	138	structure	structure	NOUN
cblr-7219	493	139	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	493	140	(	(	PUNCT
cblr-7219	493	141	do	do	AUX
cblr-7219	493	142	not	not	PART
cblr-7219	493	143	delete	delete	VERB
cblr-7219	493	144	)	)	PUNCT
cblr-7219	493	145	10/21/2020	10/21/2020	NUM
cblr-7219	493	146	11:22	11:22	NUM
cblr-7219	493	147	am	am	NOUN
cblr-7219	493	148	no	no	NOUN
cblr-7219	493	149	.	.	PUNCT
cblr-7219	494	1	2:449	2:449	NUM
cblr-7219	494	2	]	]	X
cblr-7219	494	3	unfinished	unfinished	ADJ
cblr-7219	494	4	business	business	NOUN
cblr-7219	494	5	485	485	NUM
cblr-7219	494	6	global	global	ADJ
cblr-7219	494	7	)	)	PUNCT
cblr-7219	494	8	financial	financial	ADJ
cblr-7219	494	9	markets	market	NOUN
cblr-7219	494	10	due	due	ADJ
cblr-7219	494	11	to	to	ADP
cblr-7219	494	12	the	the	DET
cblr-7219	494	13	implementation	implementation	NOUN
cblr-7219	494	14	of	of	ADP
cblr-7219	494	15	postcrisis	postcrisis	NOUN
cblr-7219	494	16	reforms	reform	NOUN
cblr-7219	494	17	that	that	PRON
cblr-7219	494	18	channeled	channel	VERB
cblr-7219	494	19	trillions	trillion	NOUN
cblr-7219	494	20	of	of	ADP
cblr-7219	494	21	dollars	dollar	NOUN
cblr-7219	494	22	’	'	PUNCT
cblr-7219	494	23	worth	worth	NOUN
cblr-7219	494	24	of	of	ADP
cblr-7219	494	25	transactions	transaction	NOUN
cblr-7219	494	26	through	through	ADP
cblr-7219	494	27	clearinghouses	clearinghouse	NOUN
cblr-7219	494	28	by	by	ADP
cblr-7219	494	29	mandating	mandate	VERB
cblr-7219	494	30	their	their	PRON
cblr-7219	494	31	use	use	NOUN
cblr-7219	494	32	to	to	PART
cblr-7219	494	33	mitigate	mitigate	VERB
cblr-7219	494	34	and	and	CCONJ
cblr-7219	494	35	manage	manage	VERB
cblr-7219	494	36	systemic	systemic	ADJ
cblr-7219	494	37	risk	risk	NOUN
cblr-7219	494	38	in	in	ADP
cblr-7219	494	39	the	the	DET
cblr-7219	494	40	derivatives	derivative	NOUN
cblr-7219	494	41	markets.148	markets.148	NOUN
cblr-7219	494	42	furthermore	furthermore	ADV
cblr-7219	494	43	,	,	PUNCT
cblr-7219	494	44	because	because	SCONJ
cblr-7219	494	45	of	of	ADP
cblr-7219	494	46	clearinghouses	clearinghouse	NOUN
cblr-7219	494	47	’	'	PUNCT
cblr-7219	494	48	systemic	systemic	ADJ
cblr-7219	494	49	importance	importance	NOUN
cblr-7219	494	50	,	,	PUNCT
cblr-7219	494	51	policymakers	policymaker	NOUN
cblr-7219	494	52	have	have	AUX
cblr-7219	494	53	become	become	VERB
cblr-7219	494	54	particularly	particularly	ADV
cblr-7219	494	55	interested	interested	ADJ
cblr-7219	494	56	in	in	ADP
cblr-7219	494	57	ensuring	ensure	VERB
cblr-7219	494	58	their	their	PRON
cblr-7219	494	59	sound	sound	ADJ
cblr-7219	494	60	management	management	NOUN
cblr-7219	494	61	and	and	CCONJ
cblr-7219	494	62	systemic	systemic	ADJ
cblr-7219	494	63	resilience.149	resilience.149	NOUN
cblr-7219	494	64	however	however	ADV
cblr-7219	494	65	,	,	PUNCT
cblr-7219	494	66	a	a	DET
cblr-7219	494	67	challenge	challenge	NOUN
cblr-7219	494	68	that	that	PRON
cblr-7219	494	69	policymakers	policymaker	NOUN
cblr-7219	494	70	have	have	AUX
cblr-7219	494	71	so	so	ADV
cblr-7219	494	72	far	far	ADV
cblr-7219	494	73	overlooked	overlook	VERB
cblr-7219	494	74	—	—	PUNCT
cblr-7219	494	75	and	and	CCONJ
cblr-7219	494	76	therefore	therefore	ADV
cblr-7219	494	77	have	have	AUX
cblr-7219	494	78	not	not	PART
cblr-7219	494	79	addressed	address	VERB
cblr-7219	494	80	—	—	PUNCT
cblr-7219	494	81	is	be	AUX
cblr-7219	494	82	the	the	DET
cblr-7219	494	83	unique	unique	ADJ
cblr-7219	494	84	agency	agency	NOUN
cblr-7219	494	85	costs	cost	NOUN
cblr-7219	494	86	,	,	PUNCT
cblr-7219	494	87	and	and	CCONJ
cblr-7219	494	88	potentially	potentially	ADV
cblr-7219	494	89	conflicting	conflicting	ADJ
cblr-7219	494	90	interests	interest	NOUN
cblr-7219	494	91	,	,	PUNCT
cblr-7219	494	92	that	that	SCONJ
cblr-7219	494	93	investor	investor	NOUN
cblr-7219	494	94	-	-	PUNCT
cblr-7219	494	95	owned	own	VERB
cblr-7219	494	96	clearinghouses	clearinghouse	NOUN
cblr-7219	494	97	pose	pose	VERB
cblr-7219	494	98	.	.	PUNCT
cblr-7219	495	1	as	as	ADP
cblr-7219	495	2	wholly	wholly	ADV
cblr-7219	495	3	-	-	PUNCT
cblr-7219	495	4	owned	own	VERB
cblr-7219	495	5	subsidiaries	subsidiary	NOUN
cblr-7219	495	6	of	of	ADP
cblr-7219	495	7	a	a	DET
cblr-7219	495	8	listed	list	VERB
cblr-7219	495	9	corporation	corporation	NOUN
cblr-7219	495	10	,	,	PUNCT
cblr-7219	495	11	or	or	CCONJ
cblr-7219	495	12	as	as	ADP
cblr-7219	495	13	one	one	NUM
cblr-7219	495	14	of	of	ADP
cblr-7219	495	15	its	its	PRON
cblr-7219	495	16	internal	internal	ADJ
cblr-7219	495	17	divisions	division	NOUN
cblr-7219	495	18	,	,	PUNCT
cblr-7219	495	19	a	a	DET
cblr-7219	495	20	clearinghouse	clearinghouse	NOUN
cblr-7219	495	21	’s	’s	PART
cblr-7219	495	22	directors	director	NOUN
cblr-7219	495	23	are	be	AUX
cblr-7219	495	24	either	either	CCONJ
cblr-7219	495	25	the	the	DET
cblr-7219	495	26	directors	director	NOUN
cblr-7219	495	27	sitting	sit	VERB
cblr-7219	495	28	on	on	ADP
cblr-7219	495	29	the	the	DET
cblr-7219	495	30	board	board	NOUN
cblr-7219	495	31	of	of	ADP
cblr-7219	495	32	the	the	DET
cblr-7219	495	33	controlling	control	VERB
cblr-7219	495	34	firm	firm	NOUN
cblr-7219	495	35	or	or	CCONJ
cblr-7219	495	36	are	be	AUX
cblr-7219	495	37	appointed	appoint	VERB
cblr-7219	495	38	by	by	ADP
cblr-7219	495	39	the	the	DET
cblr-7219	495	40	board	board	NOUN
cblr-7219	495	41	of	of	ADP
cblr-7219	495	42	the	the	DET
cblr-7219	495	43	controlling	control	VERB
cblr-7219	495	44	firm.150	firm.150	NOUN
cblr-7219	495	45	the	the	DET
cblr-7219	495	46	managers	manager	NOUN
cblr-7219	495	47	of	of	ADP
cblr-7219	495	48	the	the	DET
cblr-7219	495	49	clearinghouse	clearinghouse	NOUN
cblr-7219	495	50	—	—	PUNCT
cblr-7219	495	51	as	as	ADP
cblr-7219	495	52	agents	agent	NOUN
cblr-7219	495	53	of	of	ADP
cblr-7219	495	54	the	the	DET
cblr-7219	495	55	corporation	corporation	NOUN
cblr-7219	495	56	and	and	CCONJ
cblr-7219	495	57	its	its	PRON
cblr-7219	495	58	shareholders	shareholder	NOUN
cblr-7219	495	59	—	—	PUNCT
cblr-7219	495	60	have	have	VERB
cblr-7219	495	61	a	a	DET
cblr-7219	495	62	duty	duty	NOUN
cblr-7219	495	63	to	to	PART
cblr-7219	495	64	maximize	maximize	VERB
cblr-7219	495	65	shareholders	shareholder	NOUN
cblr-7219	495	66	’	'	PUNCT
cblr-7219	495	67	value.151	value.151	ADJ
cblr-7219	495	68	shareholders	shareholder	NOUN
cblr-7219	495	69	,	,	PUNCT
cblr-7219	495	70	as	as	ADP
cblr-7219	495	71	residual	residual	ADJ
cblr-7219	495	72	claimants	claimant	NOUN
cblr-7219	495	73	of	of	ADP
cblr-7219	495	74	the	the	DET
cblr-7219	495	75	corporation	corporation	NOUN
cblr-7219	495	76	,	,	PUNCT
cblr-7219	495	77	are	be	AUX
cblr-7219	495	78	entitled	entitle	VERB
cblr-7219	495	79	to	to	PART
cblr-7219	495	80	receive	receive	VERB
cblr-7219	495	81	its	its	PRON
cblr-7219	495	82	revenues	revenue	NOUN
cblr-7219	495	83	and	and	CCONJ
cblr-7219	495	84	should	should	AUX
cblr-7219	495	85	bear	bear	VERB
cblr-7219	495	86	the	the	DET
cblr-7219	495	87	tail	tail	NOUN
cblr-7219	495	88	risk	risk	NOUN
cblr-7219	495	89	of	of	ADP
cblr-7219	495	90	the	the	DET
cblr-7219	495	91	business	business	NOUN
cblr-7219	495	92	—	—	PUNCT
cblr-7219	495	93	at	at	ADP
cblr-7219	495	94	least	least	ADJ
cblr-7219	495	95	up	up	ADP
cblr-7219	495	96	to	to	ADP
cblr-7219	495	97	the	the	DET
cblr-7219	495	98	amount	amount	NOUN
cblr-7219	495	99	of	of	ADP
cblr-7219	495	100	their	their	PRON
cblr-7219	495	101	148	148	NUM
cblr-7219	495	102	see	see	NOUN
cblr-7219	495	103	peirce	peirce	NOUN
cblr-7219	495	104	,	,	PUNCT
cblr-7219	495	105	supra	supra	PROPN
cblr-7219	495	106	note	note	NOUN
cblr-7219	495	107	9	9	NUM
cblr-7219	495	108	,	,	PUNCT
cblr-7219	495	109	at	at	ADP
cblr-7219	495	110	594	594	NUM
cblr-7219	495	111	.	.	NOUN
cblr-7219	495	112	149	149	NUM
cblr-7219	495	113	see	see	VERB
cblr-7219	495	114	e.g.	e.g.	ADV
cblr-7219	495	115	j.	j.	PROPN
cblr-7219	495	116	christopher	christopher	PROPN
cblr-7219	495	117	giancarlo	giancarlo	PROPN
cblr-7219	495	118	,	,	PUNCT
cblr-7219	495	119	chairman	chairman	NOUN
cblr-7219	495	120	,	,	PUNCT
cblr-7219	495	121	commodity	commodity	NOUN
cblr-7219	495	122	futures	future	NOUN
cblr-7219	495	123	trading	trading	NOUN
cblr-7219	495	124	comm’n	comm’n	NOUN
cblr-7219	495	125	,	,	PUNCT
cblr-7219	495	126	the	the	DET
cblr-7219	495	127	tao	tao	PROPN
cblr-7219	495	128	of	of	ADP
cblr-7219	495	129	derivatives	derivative	NOUN
cblr-7219	495	130	clearing	clearing	NOUN
cblr-7219	495	131	:	:	PUNCT
cblr-7219	495	132	clearinghouse	clearinghouse	NOUN
cblr-7219	495	133	resiliency	resiliency	NOUN
cblr-7219	495	134	,	,	PUNCT
cblr-7219	495	135	recovery	recovery	NOUN
cblr-7219	495	136	and	and	CCONJ
cblr-7219	495	137	resolution	resolution	NOUN
cblr-7219	495	138	(	(	PUNCT
cblr-7219	495	139	may	may	PROPN
cblr-7219	495	140	10	10	NUM
cblr-7219	495	141	,	,	PUNCT
cblr-7219	495	142	2019	2019	NUM
cblr-7219	495	143	)	)	PUNCT
cblr-7219	495	144	,	,	PUNCT
cblr-7219	495	145	https://www.cftc.gov/pressroom/speechestestimony/opagiancarlo72	https://www.cftc.gov/pressroom/speechestestimony/opagiancarlo72	PROPN
cblr-7219	496	1	[	[	X
cblr-7219	496	2	https://perma.cc/3kmn-9p3j	https://perma.cc/3kmn-9p3j	X
cblr-7219	496	3	]	]	X
cblr-7219	496	4	.	.	PUNCT
cblr-7219	497	1	150	150	NUM
cblr-7219	497	2	see	see	NOUN
cblr-7219	497	3	infra	infra	NOUN
cblr-7219	497	4	section	section	NOUN
cblr-7219	497	5	iv.b	iv.b	PROPN
cblr-7219	497	6	.	.	PROPN
cblr-7219	498	1	151	151	NUM
cblr-7219	498	2	it	it	PRON
cblr-7219	498	3	is	be	AUX
cblr-7219	498	4	outside	outside	ADP
cblr-7219	498	5	the	the	DET
cblr-7219	498	6	scope	scope	NOUN
cblr-7219	498	7	of	of	ADP
cblr-7219	498	8	this	this	DET
cblr-7219	498	9	article	article	NOUN
cblr-7219	498	10	to	to	PART
cblr-7219	498	11	discuss	discuss	VERB
cblr-7219	498	12	the	the	DET
cblr-7219	498	13	complex	complex	ADJ
cblr-7219	498	14	issue	issue	NOUN
cblr-7219	498	15	of	of	ADP
cblr-7219	498	16	the	the	DET
cblr-7219	498	17	corporate	corporate	ADJ
cblr-7219	498	18	purpose	purpose	NOUN
cblr-7219	498	19	.	.	PUNCT
cblr-7219	499	1	for	for	ADP
cblr-7219	499	2	completeness	completeness	NOUN
cblr-7219	499	3	,	,	PUNCT
cblr-7219	499	4	the	the	DET
cblr-7219	499	5	corporate	corporate	ADJ
cblr-7219	499	6	purpose	purpose	NOUN
cblr-7219	499	7	theory	theory	NOUN
cblr-7219	499	8	of	of	ADP
cblr-7219	499	9	“	"	PUNCT
cblr-7219	499	10	shareholder	shareholder	NOUN
cblr-7219	499	11	primacy	primacy	NOUN
cblr-7219	499	12	”	"	PUNCT
cblr-7219	499	13	claims	claim	VERB
cblr-7219	499	14	that	that	SCONJ
cblr-7219	499	15	the	the	DET
cblr-7219	499	16	duty	duty	NOUN
cblr-7219	499	17	of	of	ADP
cblr-7219	499	18	management	management	NOUN
cblr-7219	499	19	is	be	AUX
cblr-7219	499	20	to	to	PART
cblr-7219	499	21	maximize	maximize	VERB
cblr-7219	499	22	shareholders	shareholder	NOUN
cblr-7219	499	23	’	'	PUNCT
cblr-7219	499	24	value	value	NOUN
cblr-7219	499	25	.	.	PUNCT
cblr-7219	500	1	see	see	VERB
cblr-7219	500	2	dodge	dodge	PROPN
cblr-7219	500	3	v.	v.	ADP
cblr-7219	500	4	ford	ford	PROPN
cblr-7219	500	5	motor	motor	PROPN
cblr-7219	500	6	co.	co.	PROPN
cblr-7219	500	7	,	,	PUNCT
cblr-7219	500	8	170	170	NUM
cblr-7219	500	9	n.w	n.w	NOUN
cblr-7219	500	10	.	.	PROPN
cblr-7219	500	11	668	668	NUM
cblr-7219	500	12	,	,	PUNCT
cblr-7219	500	13	668	668	NUM
cblr-7219	500	14	(	(	PUNCT
cblr-7219	500	15	mich	mich	NOUN
cblr-7219	500	16	.	.	PROPN
cblr-7219	500	17	1919	1919	NUM
cblr-7219	500	18	)	)	PUNCT
cblr-7219	501	1	(	(	PUNCT
cblr-7219	501	2	one	one	NUM
cblr-7219	501	3	of	of	ADP
cblr-7219	501	4	the	the	DET
cblr-7219	501	5	most	most	ADV
cblr-7219	501	6	famous	famous	ADJ
cblr-7219	501	7	corporate	corporate	ADJ
cblr-7219	501	8	law	law	NOUN
cblr-7219	501	9	judicial	judicial	ADJ
cblr-7219	501	10	decisions	decision	NOUN
cblr-7219	501	11	,	,	PUNCT
cblr-7219	501	12	stating	state	VERB
cblr-7219	501	13	that	that	SCONJ
cblr-7219	501	14	“	"	PUNCT
cblr-7219	501	15	[	[	X
cblr-7219	501	16	a	a	X
cblr-7219	501	17	]	]	X
cblr-7219	501	18	business	business	NOUN
cblr-7219	501	19	corporation	corporation	NOUN
cblr-7219	501	20	is	be	AUX
cblr-7219	501	21	organized	organize	VERB
cblr-7219	501	22	primarily	primarily	ADV
cblr-7219	501	23	for	for	ADP
cblr-7219	501	24	the	the	DET
cblr-7219	501	25	profit	profit	NOUN
cblr-7219	501	26	of	of	ADP
cblr-7219	501	27	the	the	DET
cblr-7219	501	28	stockholders	stockholder	NOUN
cblr-7219	501	29	”	"	PUNCT
cblr-7219	501	30	)	)	PUNCT
cblr-7219	501	31	.	.	PUNCT
cblr-7219	502	1	see	see	VERB
cblr-7219	502	2	also	also	ADV
cblr-7219	502	3	henry	henry	PROPN
cblr-7219	502	4	hansmann	hansmann	PROPN
cblr-7219	502	5	&	&	CCONJ
cblr-7219	502	6	reinier	reinier	PROPN
cblr-7219	502	7	kraakman	kraakman	PROPN
cblr-7219	502	8	,	,	PUNCT
cblr-7219	502	9	the	the	DET
cblr-7219	502	10	end	end	NOUN
cblr-7219	502	11	of	of	ADP
cblr-7219	502	12	history	history	NOUN
cblr-7219	502	13	for	for	ADP
cblr-7219	502	14	corporate	corporate	ADJ
cblr-7219	502	15	law	law	NOUN
cblr-7219	502	16	,	,	PUNCT
cblr-7219	502	17	89	89	NUM
cblr-7219	502	18	geo	geo	PROPN
cblr-7219	502	19	.	.	PUNCT
cblr-7219	502	20	l.j	l.j	PROPN
cblr-7219	502	21	.	.	PROPN
cblr-7219	502	22	439	439	NUM
cblr-7219	502	23	(	(	PUNCT
cblr-7219	502	24	2001	2001	NUM
cblr-7219	502	25	)	)	PUNCT
cblr-7219	502	26	;	;	PUNCT
cblr-7219	502	27	william	william	PROPN
cblr-7219	502	28	w.	w.	PROPN
cblr-7219	502	29	bratton	bratton	PROPN
cblr-7219	502	30	&	&	CCONJ
cblr-7219	502	31	michael	michael	PROPN
cblr-7219	502	32	l.	l.	PROPN
cblr-7219	502	33	wachter	wachter	PROPN
cblr-7219	502	34	,	,	PUNCT
cblr-7219	502	35	shareholder	shareholder	NOUN
cblr-7219	502	36	primacy	primacy	NOUN
cblr-7219	502	37	’s	’s	PART
cblr-7219	502	38	corporatist	corporatist	NOUN
cblr-7219	502	39	origins	origin	NOUN
cblr-7219	502	40	:	:	PUNCT
cblr-7219	502	41	adolf	adolf	PROPN
cblr-7219	502	42	berle	berle	PROPN
cblr-7219	502	43	and	and	CCONJ
cblr-7219	502	44	the	the	DET
cblr-7219	502	45	modern	modern	ADJ
cblr-7219	502	46	corporation	corporation	NOUN
cblr-7219	502	47	,	,	PUNCT
cblr-7219	502	48	34	34	NUM
cblr-7219	502	49	j.	j.	PROPN
cblr-7219	502	50	corp	corp	PROPN
cblr-7219	502	51	.	.	PROPN
cblr-7219	502	52	l.	l.	PROPN
cblr-7219	502	53	99	99	NUM
cblr-7219	502	54	(	(	PUNCT
cblr-7219	502	55	2008	2008	NUM
cblr-7219	502	56	)	)	PUNCT
cblr-7219	502	57	.	.	PUNCT
cblr-7219	503	1	even	even	ADV
cblr-7219	503	2	critics	critic	NOUN
cblr-7219	503	3	of	of	ADP
cblr-7219	503	4	the	the	DET
cblr-7219	503	5	strict	strict	ADJ
cblr-7219	503	6	application	application	NOUN
cblr-7219	503	7	of	of	ADP
cblr-7219	503	8	this	this	DET
cblr-7219	503	9	theory	theory	NOUN
cblr-7219	503	10	agree	agree	VERB
cblr-7219	503	11	that	that	SCONJ
cblr-7219	503	12	it	it	PRON
cblr-7219	503	13	accurately	accurately	ADV
cblr-7219	503	14	describes	describe	VERB
cblr-7219	503	15	the	the	DET
cblr-7219	503	16	primary	primary	ADJ
cblr-7219	503	17	,	,	PUNCT
cblr-7219	503	18	general	general	ADJ
cblr-7219	503	19	purpose	purpose	NOUN
cblr-7219	503	20	of	of	ADP
cblr-7219	503	21	most	most	ADJ
cblr-7219	503	22	corporate	corporate	ADJ
cblr-7219	503	23	actions	action	NOUN
cblr-7219	503	24	.	.	PUNCT
cblr-7219	504	1	see	see	VERB
cblr-7219	504	2	lynn	lynn	PROPN
cblr-7219	504	3	a.	a.	PROPN
cblr-7219	504	4	stout	stout	PROPN
cblr-7219	504	5	,	,	PUNCT
cblr-7219	504	6	bad	bad	ADJ
cblr-7219	504	7	and	and	CCONJ
cblr-7219	504	8	not	not	PART
cblr-7219	504	9	-	-	PUNCT
cblr-7219	504	10	so	so	ADV
cblr-7219	504	11	-	-	PUNCT
cblr-7219	504	12	bad	bad	ADJ
cblr-7219	504	13	arguments	argument	NOUN
cblr-7219	504	14	for	for	ADP
cblr-7219	504	15	shareholder	shareholder	NOUN
cblr-7219	504	16	primacy	primacy	NOUN
cblr-7219	504	17	,	,	PUNCT
cblr-7219	504	18	75	75	NUM
cblr-7219	504	19	s.	s.	PROPN
cblr-7219	504	20	cal	cal	PROPN
cblr-7219	504	21	.	.	PUNCT
cblr-7219	505	1	l.	l.	PROPN
cblr-7219	505	2	rev	rev	PROPN
cblr-7219	505	3	.	.	PROPN
cblr-7219	505	4	1189	1189	NUM
cblr-7219	505	5	(	(	PUNCT
cblr-7219	505	6	2002	2002	NUM
cblr-7219	505	7	)	)	PUNCT
cblr-7219	505	8	.	.	PUNCT
cblr-7219	506	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	506	2	(	(	PUNCT
cblr-7219	506	3	do	do	AUX
cblr-7219	506	4	not	not	PART
cblr-7219	506	5	delte	delte	VERB
cblr-7219	506	6	)	)	PUNCT
cblr-7219	506	7	10/21/2020	10/21/2020	NUM
cblr-7219	506	8	11:22	11:22	NUM
cblr-7219	506	9	am	be	AUX
cblr-7219	506	10	486	486	NUM
cblr-7219	506	11	columbia	columbia	PROPN
cblr-7219	506	12	business	business	NOUN
cblr-7219	506	13	law	law	PROPN
cblr-7219	506	14	review	review	NOUN
cblr-7219	506	15	[	[	X
cblr-7219	506	16	vol	vol	NOUN
cblr-7219	506	17	.	.	PUNCT
cblr-7219	506	18	2020	2020	NUM
cblr-7219	507	1	capital	capital	NOUN
cblr-7219	507	2	investment.152	investment.152	PROPN
cblr-7219	507	3	however	however	ADV
cblr-7219	507	4	,	,	PUNCT
cblr-7219	507	5	because	because	SCONJ
cblr-7219	507	6	of	of	ADP
cblr-7219	507	7	their	their	PRON
cblr-7219	507	8	unique	unique	ADJ
cblr-7219	507	9	economic	economic	ADJ
cblr-7219	507	10	structure	structure	NOUN
cblr-7219	507	11	,	,	PUNCT
cblr-7219	507	12	clearinghouses	clearinghouse	NOUN
cblr-7219	507	13	are	be	AUX
cblr-7219	507	14	unconventional	unconventional	ADJ
cblr-7219	507	15	corporations	corporation	NOUN
cblr-7219	507	16	.	.	PUNCT
cblr-7219	508	1	all	all	DET
cblr-7219	508	2	systemically	systemically	ADV
cblr-7219	508	3	important	important	ADJ
cblr-7219	508	4	derivatives	derivative	NOUN
cblr-7219	508	5	clearinghouses	clearinghouse	NOUN
cblr-7219	508	6	operate	operate	VERB
cblr-7219	508	7	with	with	ADP
cblr-7219	508	8	a	a	DET
cblr-7219	508	9	“	"	PUNCT
cblr-7219	508	10	double	double	ADJ
cblr-7219	508	11	layered	layered	ADJ
cblr-7219	508	12	capital	capital	NOUN
cblr-7219	508	13	”	"	PUNCT
cblr-7219	508	14	:	:	PUNCT
cblr-7219	508	15	the	the	DET
cblr-7219	508	16	equity	equity	NOUN
cblr-7219	508	17	capital	capital	NOUN
cblr-7219	508	18	provided	provide	VERB
cblr-7219	508	19	by	by	ADP
cblr-7219	508	20	the	the	DET
cblr-7219	508	21	firm	firm	NOUN
cblr-7219	508	22	’s	’s	PART
cblr-7219	508	23	shareholders	shareholder	NOUN
cblr-7219	508	24	is	be	AUX
cblr-7219	508	25	substantially	substantially	ADV
cblr-7219	508	26	shielded	shield	VERB
cblr-7219	508	27	from	from	ADP
cblr-7219	508	28	losses	loss	NOUN
cblr-7219	508	29	by	by	ADP
cblr-7219	508	30	the	the	DET
cblr-7219	508	31	guaranty	guaranty	NOUN
cblr-7219	508	32	fund	fund	NOUN
cblr-7219	508	33	,	,	PUNCT
cblr-7219	508	34	which	which	PRON
cblr-7219	508	35	is	be	AUX
cblr-7219	508	36	fully	fully	ADV
cblr-7219	508	37	contributed	contribute	VERB
cblr-7219	508	38	to	to	ADP
cblr-7219	508	39	by	by	ADP
cblr-7219	508	40	clearing	clear	VERB
cblr-7219	508	41	members.153	members.153	VERB
cblr-7219	508	42	derivatives	derivative	NOUN
cblr-7219	508	43	clearinghouses	clearinghouse	NOUN
cblr-7219	508	44	and	and	CCONJ
cblr-7219	508	45	their	their	PRON
cblr-7219	508	46	shareholders	shareholder	NOUN
cblr-7219	508	47	wholly	wholly	ADV
cblr-7219	508	48	rely	rely	VERB
cblr-7219	508	49	on	on	ADP
cblr-7219	508	50	their	their	PRON
cblr-7219	508	51	clearing	clearing	NOUN
cblr-7219	508	52	members	member	NOUN
cblr-7219	508	53	not	not	PART
cblr-7219	508	54	just	just	ADV
cblr-7219	508	55	for	for	ADP
cblr-7219	508	56	their	their	PRON
cblr-7219	508	57	business	business	NOUN
cblr-7219	508	58	—	—	PUNCT
cblr-7219	508	59	and	and	CCONJ
cblr-7219	508	60	the	the	DET
cblr-7219	508	61	revenues	revenue	NOUN
cblr-7219	508	62	that	that	PRON
cblr-7219	508	63	they	they	PRON
cblr-7219	508	64	extract	extract	VERB
cblr-7219	508	65	from	from	ADP
cblr-7219	508	66	them	they	PRON
cblr-7219	508	67	—	—	PUNCT
cblr-7219	508	68	but	but	CCONJ
cblr-7219	508	69	also	also	ADV
cblr-7219	508	70	,	,	PUNCT
cblr-7219	508	71	critically	critically	ADV
cblr-7219	508	72	,	,	PUNCT
cblr-7219	508	73	to	to	PART
cblr-7219	508	74	financially	financially	ADV
cblr-7219	508	75	support	support	VERB
cblr-7219	508	76	clearing	clear	VERB
cblr-7219	508	77	operations.154	operations.154	NOUN
cblr-7219	508	78	however	however	ADV
cblr-7219	508	79	,	,	PUNCT
cblr-7219	508	80	as	as	SCONJ
cblr-7219	508	81	next	next	ADJ
cblr-7219	508	82	section	section	NOUN
cblr-7219	508	83	analyzes	analyze	VERB
cblr-7219	508	84	in	in	ADP
cblr-7219	508	85	more	more	ADJ
cblr-7219	508	86	detail	detail	NOUN
cblr-7219	508	87	,	,	PUNCT
cblr-7219	508	88	the	the	DET
cblr-7219	508	89	unique	unique	ADJ
cblr-7219	508	90	economic	economic	ADJ
cblr-7219	508	91	structure	structure	NOUN
cblr-7219	508	92	of	of	ADP
cblr-7219	508	93	clearinghouses	clearinghouse	NOUN
cblr-7219	508	94	does	do	AUX
cblr-7219	508	95	not	not	PART
cblr-7219	508	96	reflect	reflect	VERB
cblr-7219	508	97	a	a	DET
cblr-7219	508	98	unique	unique	ADJ
cblr-7219	508	99	organizational	organizational	ADJ
cblr-7219	508	100	or	or	CCONJ
cblr-7219	508	101	governance	governance	NOUN
cblr-7219	508	102	structure	structure	NOUN
cblr-7219	508	103	.	.	PUNCT
cblr-7219	509	1	clearinghouses	clearinghouse	NOUN
cblr-7219	509	2	’	’	PART
cblr-7219	509	3	corporate	corporate	ADJ
cblr-7219	509	4	governance	governance	NOUN
cblr-7219	509	5	does	do	AUX
cblr-7219	509	6	not	not	PART
cblr-7219	509	7	differ	differ	VERB
cblr-7219	509	8	from	from	ADP
cblr-7219	509	9	that	that	PRON
cblr-7219	509	10	of	of	ADP
cblr-7219	509	11	any	any	DET
cblr-7219	509	12	other	other	ADJ
cblr-7219	509	13	corporation.155	corporation.155	NOUN
cblr-7219	509	14	a	a	DET
cblr-7219	509	15	clearinghouse	clearinghouse	NOUN
cblr-7219	509	16	’s	’s	PART
cblr-7219	509	17	shareholders	shareholder	NOUN
cblr-7219	509	18	—	—	PUNCT
cblr-7219	509	19	its	its	PRON
cblr-7219	509	20	holding	hold	VERB
cblr-7219	509	21	company	company	NOUN
cblr-7219	509	22	,	,	PUNCT
cblr-7219	509	23	and	and	CCONJ
cblr-7219	509	24	,	,	PUNCT
cblr-7219	509	25	indirectly	indirectly	ADV
cblr-7219	509	26	,	,	PUNCT
cblr-7219	509	27	its	its	PRON
cblr-7219	509	28	holding	hold	VERB
cblr-7219	509	29	company	company	NOUN
cblr-7219	509	30	’s	’s	PART
cblr-7219	509	31	shareholders	shareholder	NOUN
cblr-7219	509	32	—	—	PUNCT
cblr-7219	509	33	have	have	VERB
cblr-7219	509	34	full	full	ADJ
cblr-7219	509	35	control	control	NOUN
cblr-7219	509	36	rights	right	NOUN
cblr-7219	509	37	.	.	PUNCT
cblr-7219	510	1	they	they	PRON
cblr-7219	510	2	appoint	appoint	VERB
cblr-7219	510	3	the	the	DET
cblr-7219	510	4	directors	director	NOUN
cblr-7219	510	5	who	who	PRON
cblr-7219	510	6	sit	sit	VERB
cblr-7219	510	7	on	on	ADP
cblr-7219	510	8	its	its	PRON
cblr-7219	510	9	board,156	board,156	NOUN
cblr-7219	510	10	and	and	CCONJ
cblr-7219	510	11	the	the	DET
cblr-7219	510	12	board	board	NOUN
cblr-7219	510	13	appoints	appoint	VERB
cblr-7219	510	14	the	the	DET
cblr-7219	510	15	officers	officer	NOUN
cblr-7219	510	16	of	of	ADP
cblr-7219	510	17	the	the	DET
cblr-7219	510	18	corporation	corporation	NOUN
cblr-7219	510	19	.	.	PUNCT
cblr-7219	511	1	members	member	NOUN
cblr-7219	511	2	,	,	PUNCT
cblr-7219	511	3	as	as	ADP
cblr-7219	511	4	such	such	ADJ
cblr-7219	511	5	,	,	PUNCT
cblr-7219	511	6	are	be	AUX
cblr-7219	511	7	not	not	PART
cblr-7219	511	8	given	give	VERB
cblr-7219	511	9	any	any	DET
cblr-7219	511	10	formal	formal	ADJ
cblr-7219	511	11	governance	governance	NOUN
cblr-7219	511	12	or	or	CCONJ
cblr-7219	511	13	control	control	NOUN
cblr-7219	511	14	rights	right	NOUN
cblr-7219	511	15	in	in	ADP
cblr-7219	511	16	the	the	DET
cblr-7219	511	17	clearinghouse	clearinghouse	NOUN
cblr-7219	511	18	in	in	ADP
cblr-7219	511	19	152	152	NUM
cblr-7219	511	20	the	the	DET
cblr-7219	511	21	notion	notion	NOUN
cblr-7219	511	22	and	and	CCONJ
cblr-7219	511	23	regime	regime	NOUN
cblr-7219	511	24	of	of	ADP
cblr-7219	511	25	shareholders	shareholder	NOUN
cblr-7219	511	26	as	as	ADP
cblr-7219	511	27	residual	residual	ADJ
cblr-7219	511	28	claimants	claimant	NOUN
cblr-7219	511	29	of	of	ADP
cblr-7219	511	30	the	the	DET
cblr-7219	511	31	corporation	corporation	NOUN
cblr-7219	511	32	has	have	VERB
cblr-7219	511	33	its	its	PRON
cblr-7219	511	34	foundation	foundation	NOUN
cblr-7219	511	35	in	in	ADP
cblr-7219	511	36	the	the	DET
cblr-7219	511	37	principle	principle	NOUN
cblr-7219	511	38	of	of	ADP
cblr-7219	511	39	limited	limited	ADJ
cblr-7219	511	40	liability	liability	NOUN
cblr-7219	511	41	.	.	PUNCT
cblr-7219	512	1	see	see	VERB
cblr-7219	512	2	henry	henry	PROPN
cblr-7219	512	3	hansmann	hansmann	PROPN
cblr-7219	512	4	&	&	CCONJ
cblr-7219	512	5	kraakman	kraakman	PROPN
cblr-7219	512	6	,	,	PUNCT
cblr-7219	512	7	supra	supra	PROPN
cblr-7219	512	8	note	note	PROPN
cblr-7219	512	9	37	37	NUM
cblr-7219	512	10	,	,	PUNCT
cblr-7219	512	11	at	at	ADP
cblr-7219	512	12	390	390	NUM
cblr-7219	512	13	,	,	PUNCT
cblr-7219	512	14	393–94	393–94	NUM
cblr-7219	512	15	(	(	PUNCT
cblr-7219	512	16	defining	define	VERB
cblr-7219	512	17	asset	asset	NOUN
cblr-7219	512	18	partitioning	partitioning	NOUN
cblr-7219	512	19	)	)	PUNCT
cblr-7219	512	20	;	;	PUNCT
cblr-7219	512	21	henry	henry	PROPN
cblr-7219	512	22	hansmann	hansmann	PROPN
cblr-7219	512	23	et	et	PROPN
cblr-7219	512	24	al	al	PROPN
cblr-7219	512	25	.	.	PROPN
cblr-7219	512	26	,	,	PUNCT
cblr-7219	512	27	law	law	NOUN
cblr-7219	512	28	and	and	CCONJ
cblr-7219	512	29	the	the	DET
cblr-7219	512	30	rise	rise	NOUN
cblr-7219	512	31	of	of	ADP
cblr-7219	512	32	the	the	DET
cblr-7219	512	33	firm	firm	NOUN
cblr-7219	512	34	,	,	PUNCT
cblr-7219	512	35	119	119	NUM
cblr-7219	512	36	harv	harv	NOUN
cblr-7219	512	37	.	.	PUNCT
cblr-7219	513	1	l.	l.	PROPN
cblr-7219	513	2	rev	rev	PROPN
cblr-7219	513	3	.	.	PROPN
cblr-7219	513	4	1333	1333	NUM
cblr-7219	513	5	,	,	PUNCT
cblr-7219	513	6	1337	1337	NUM
cblr-7219	513	7	,	,	PUNCT
cblr-7219	513	8	1339–40	1339–40	NUM
cblr-7219	513	9	(	(	PUNCT
cblr-7219	513	10	2006	2006	NUM
cblr-7219	513	11	)	)	PUNCT
cblr-7219	513	12	(	(	PUNCT
cblr-7219	513	13	defining	define	VERB
cblr-7219	513	14	owner	owner	NOUN
cblr-7219	513	15	shielding	shielding	NOUN
cblr-7219	513	16	)	)	PUNCT
cblr-7219	513	17	;	;	PUNCT
cblr-7219	513	18	henry	henry	PROPN
cblr-7219	513	19	hansmann	hansmann	PROPN
cblr-7219	513	20	&	&	CCONJ
cblr-7219	513	21	richard	richard	PROPN
cblr-7219	513	22	squire	squire	PROPN
cblr-7219	513	23	,	,	PUNCT
cblr-7219	513	24	external	external	ADJ
cblr-7219	513	25	and	and	CCONJ
cblr-7219	513	26	internal	internal	ADJ
cblr-7219	513	27	asset	asset	NOUN
cblr-7219	513	28	partitioning	partitioning	NOUN
cblr-7219	513	29	:	:	PUNCT
cblr-7219	513	30	corporations	corporation	NOUN
cblr-7219	513	31	and	and	CCONJ
cblr-7219	513	32	their	their	PRON
cblr-7219	513	33	subsidiaries	subsidiary	NOUN
cblr-7219	513	34	,	,	PUNCT
cblr-7219	513	35	in	in	ADP
cblr-7219	513	36	the	the	DET
cblr-7219	513	37	oxford	oxford	PROPN
cblr-7219	513	38	handbook	handbook	NOUN
cblr-7219	513	39	of	of	ADP
cblr-7219	513	40	corporate	corporate	ADJ
cblr-7219	513	41	law	law	NOUN
cblr-7219	513	42	and	and	CCONJ
cblr-7219	513	43	governance	governance	NOUN
cblr-7219	513	44	251	251	NUM
cblr-7219	513	45	,	,	PUNCT
cblr-7219	513	46	253–66	253–66	NUM
cblr-7219	513	47	(	(	PUNCT
cblr-7219	513	48	jeffrey	jeffrey	PROPN
cblr-7219	513	49	n.	n.	PROPN
cblr-7219	513	50	gordon	gordon	PROPN
cblr-7219	513	51	&	&	CCONJ
cblr-7219	513	52	wolf	wolf	NOUN
cblr-7219	513	53	-	-	PUNCT
cblr-7219	513	54	georg	georg	NOUN
cblr-7219	513	55	ringe	ringe	NOUN
cblr-7219	513	56	eds	ed	NOUN
cblr-7219	513	57	.	.	PROPN
cblr-7219	513	58	,	,	PUNCT
cblr-7219	513	59	2018	2018	NUM
cblr-7219	513	60	)	)	PUNCT
cblr-7219	513	61	(	(	PUNCT
cblr-7219	513	62	expanding	expand	VERB
cblr-7219	513	63	on	on	ADP
cblr-7219	513	64	the	the	DET
cblr-7219	513	65	effect	effect	NOUN
cblr-7219	513	66	of	of	ADP
cblr-7219	513	67	external	external	ADJ
cblr-7219	513	68	and	and	CCONJ
cblr-7219	513	69	internal	internal	ADJ
cblr-7219	513	70	corporate	corporate	ADJ
cblr-7219	513	71	partitioning	partitioning	NOUN
cblr-7219	513	72	on	on	ADP
cblr-7219	513	73	corporate	corporate	ADJ
cblr-7219	513	74	groups	group	NOUN
cblr-7219	513	75	)	)	PUNCT
cblr-7219	513	76	.	.	PUNCT
cblr-7219	514	1	153	153	NUM
cblr-7219	514	2	see	see	VERB
cblr-7219	514	3	saguato	saguato	NOUN
cblr-7219	514	4	,	,	PUNCT
cblr-7219	514	5	the	the	DET
cblr-7219	514	6	ownership	ownership	NOUN
cblr-7219	514	7	of	of	ADP
cblr-7219	514	8	clearinghouses	clearinghouse	NOUN
cblr-7219	514	9	,	,	PUNCT
cblr-7219	514	10	supra	supra	PROPN
cblr-7219	514	11	note	note	NOUN
cblr-7219	514	12	8	8	NUM
cblr-7219	514	13	,	,	PUNCT
cblr-7219	514	14	at	at	ADP
cblr-7219	514	15	633–34	633–34	NUM
cblr-7219	514	16	.	.	PUNCT
cblr-7219	515	1	154	154	NUM
cblr-7219	515	2	see	see	VERB
cblr-7219	515	3	i	i	PRON
cblr-7219	515	4	d.	d.	PROPN
cblr-7219	515	5	at	at	ADP
cblr-7219	515	6	633	633	NUM
cblr-7219	515	7	.	.	PUNCT
cblr-7219	515	8	155	155	NUM
cblr-7219	515	9	or	or	CCONJ
cblr-7219	515	10	,	,	PUNCT
cblr-7219	515	11	like	like	ADP
cblr-7219	515	12	in	in	ADP
cblr-7219	515	13	the	the	DET
cblr-7219	515	14	case	case	NOUN
cblr-7219	515	15	of	of	ADP
cblr-7219	515	16	ice	ice	NOUN
cblr-7219	515	17	clear	clear	ADJ
cblr-7219	515	18	credit	credit	NOUN
cblr-7219	515	19	,	,	PUNCT
cblr-7219	515	20	any	any	DET
cblr-7219	515	21	limited	limited	ADJ
cblr-7219	515	22	liability	liability	NOUN
cblr-7219	515	23	company	company	NOUN
cblr-7219	515	24	.	.	PUNCT
cblr-7219	516	1	156	156	NUM
cblr-7219	516	2	the	the	DET
cblr-7219	516	3	directors	director	NOUN
cblr-7219	516	4	of	of	ADP
cblr-7219	516	5	clearinghouses	clearinghouse	NOUN
cblr-7219	516	6	are	be	AUX
cblr-7219	516	7	either	either	CCONJ
cblr-7219	516	8	directors	director	NOUN
cblr-7219	516	9	of	of	ADP
cblr-7219	516	10	the	the	DET
cblr-7219	516	11	holding	hold	VERB
cblr-7219	516	12	company	company	NOUN
cblr-7219	516	13	itself	itself	PRON
cblr-7219	516	14	–	–	PUNCT
cblr-7219	516	15	like	like	ADP
cblr-7219	516	16	in	in	ADP
cblr-7219	516	17	the	the	DET
cblr-7219	516	18	cme	cme	PROPN
cblr-7219	516	19	inc	inc	PROPN
cblr-7219	516	20	.	.	PROPN
cblr-7219	516	21	case	case	NOUN
cblr-7219	516	22	–	–	PUNCT
cblr-7219	516	23	or	or	CCONJ
cblr-7219	516	24	they	they	PRON
cblr-7219	516	25	are	be	AUX
cblr-7219	516	26	appointed	appoint	VERB
cblr-7219	516	27	by	by	ADP
cblr-7219	516	28	the	the	DET
cblr-7219	516	29	board	board	NOUN
cblr-7219	516	30	of	of	ADP
cblr-7219	516	31	directors	director	NOUN
cblr-7219	516	32	of	of	ADP
cblr-7219	516	33	the	the	DET
cblr-7219	516	34	holding	hold	VERB
cblr-7219	516	35	company	company	NOUN
cblr-7219	516	36	–	–	PUNCT
cblr-7219	516	37	like	like	ADP
cblr-7219	516	38	in	in	ADP
cblr-7219	516	39	the	the	DET
cblr-7219	516	40	ice	ice	NOUN
cblr-7219	516	41	clear	clear	ADJ
cblr-7219	516	42	credit	credit	NOUN
cblr-7219	516	43	case	case	NOUN
cblr-7219	516	44	.	.	PUNCT
cblr-7219	517	1	see	see	VERB
cblr-7219	517	2	infra	infra	NOUN
cblr-7219	517	3	section	section	NOUN
cblr-7219	517	4	iv.b	iv.b	PROPN
cblr-7219	517	5	.	.	PROPN
cblr-7219	518	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	518	2	(	(	PUNCT
cblr-7219	518	3	do	do	AUX
cblr-7219	518	4	not	not	PART
cblr-7219	518	5	delete	delete	VERB
cblr-7219	518	6	)	)	PUNCT
cblr-7219	518	7	10/21/2020	10/21/2020	NUM
cblr-7219	518	8	11:22	11:22	NUM
cblr-7219	518	9	am	am	NOUN
cblr-7219	518	10	no	no	NOUN
cblr-7219	518	11	.	.	PUNCT
cblr-7219	519	1	2:449	2:449	NUM
cblr-7219	519	2	]	]	X
cblr-7219	519	3	unfinished	unfinished	ADJ
cblr-7219	519	4	business	business	NOUN
cblr-7219	519	5	487	487	NUM
cblr-7219	519	6	return	return	NOUN
cblr-7219	519	7	for	for	ADP
cblr-7219	519	8	their	their	PRON
cblr-7219	519	9	contributions	contribution	NOUN
cblr-7219	519	10	to	to	ADP
cblr-7219	519	11	the	the	DET
cblr-7219	519	12	guaranty	guaranty	NOUN
cblr-7219	519	13	fund	fund	NOUN
cblr-7219	519	14	and	and	CCONJ
cblr-7219	519	15	for	for	ADP
cblr-7219	519	16	being	be	AUX
cblr-7219	519	17	required	require	VERB
cblr-7219	519	18	to	to	PART
cblr-7219	519	19	internalize	internalize	VERB
cblr-7219	519	20	the	the	DET
cblr-7219	519	21	risk	risk	NOUN
cblr-7219	519	22	mutualization	mutualization	NOUN
cblr-7219	519	23	costs.157	costs.157	NOUN
cblr-7219	519	24	because	because	SCONJ
cblr-7219	519	25	of	of	ADP
cblr-7219	519	26	their	their	PRON
cblr-7219	519	27	responsibility	responsibility	NOUN
cblr-7219	519	28	as	as	ADP
cblr-7219	519	29	systemic	systemic	ADJ
cblr-7219	519	30	risk	risk	NOUN
cblr-7219	519	31	managers	manager	NOUN
cblr-7219	519	32	,	,	PUNCT
cblr-7219	519	33	a	a	DET
cblr-7219	519	34	critical	critical	ADJ
cblr-7219	519	35	role	role	NOUN
cblr-7219	519	36	in	in	ADP
cblr-7219	519	37	the	the	DET
cblr-7219	519	38	governance	governance	NOUN
cblr-7219	519	39	of	of	ADP
cblr-7219	519	40	a	a	DET
cblr-7219	519	41	clearinghouse	clearinghouse	NOUN
cblr-7219	519	42	is	be	AUX
cblr-7219	519	43	(	(	PUNCT
cblr-7219	519	44	or	or	CCONJ
cblr-7219	519	45	should	should	AUX
cblr-7219	519	46	be	be	AUX
cblr-7219	519	47	)	)	PUNCT
cblr-7219	519	48	played	play	VERB
cblr-7219	519	49	by	by	ADP
cblr-7219	519	50	the	the	DET
cblr-7219	519	51	risk	risk	NOUN
cblr-7219	519	52	committee	committee	NOUN
cblr-7219	519	53	of	of	ADP
cblr-7219	519	54	its	its	PRON
cblr-7219	519	55	board	board	NOUN
cblr-7219	519	56	of	of	ADP
cblr-7219	519	57	directors.158	directors.158	PROPN
cblr-7219	519	58	a	a	DET
cblr-7219	519	59	clearinghouse	clearinghouse	NOUN
cblr-7219	519	60	’s	’s	PART
cblr-7219	519	61	risk	risk	NOUN
cblr-7219	519	62	committee	committee	NOUN
cblr-7219	519	63	is	be	AUX
cblr-7219	519	64	responsible	responsible	ADJ
cblr-7219	519	65	for	for	ADP
cblr-7219	519	66	overseeing	oversee	VERB
cblr-7219	519	67	the	the	DET
cblr-7219	519	68	risks	risk	NOUN
cblr-7219	519	69	that	that	PRON
cblr-7219	519	70	the	the	DET
cblr-7219	519	71	firm	firm	NOUN
cblr-7219	519	72	faces	face	VERB
cblr-7219	519	73	and	and	CCONJ
cblr-7219	519	74	advising	advise	VERB
cblr-7219	519	75	the	the	DET
cblr-7219	519	76	board	board	NOUN
cblr-7219	519	77	on	on	ADP
cblr-7219	519	78	any	any	DET
cblr-7219	519	79	risk	risk	NOUN
cblr-7219	519	80	-	-	PUNCT
cblr-7219	519	81	related	relate	VERB
cblr-7219	519	82	issues.159	issues.159	NOUN
cblr-7219	519	83	the	the	DET
cblr-7219	519	84	risk	risk	NOUN
cblr-7219	519	85	committee	committee	NOUN
cblr-7219	519	86	generally	generally	ADV
cblr-7219	519	87	reviews	review	VERB
cblr-7219	519	88	and	and	CCONJ
cblr-7219	519	89	assesses	assess	VERB
cblr-7219	519	90	the	the	DET
cblr-7219	519	91	risk	risk	NOUN
cblr-7219	519	92	management	management	NOUN
cblr-7219	519	93	practices	practice	NOUN
cblr-7219	519	94	of	of	ADP
cblr-7219	519	95	the	the	DET
cblr-7219	519	96	firm	firm	NOUN
cblr-7219	519	97	(	(	PUNCT
cblr-7219	519	98	i.e.	i.e.	X
cblr-7219	519	99	,	,	PUNCT
cblr-7219	519	100	membership	membership	NOUN
cblr-7219	519	101	requirements	requirement	NOUN
cblr-7219	519	102	,	,	PUNCT
cblr-7219	519	103	margin	margin	NOUN
cblr-7219	519	104	calculations	calculation	NOUN
cblr-7219	519	105	,	,	PUNCT
cblr-7219	519	106	determinations	determination	NOUN
cblr-7219	519	107	of	of	ADP
cblr-7219	519	108	guaranty	guaranty	NOUN
cblr-7219	519	109	fund	fund	NOUN
cblr-7219	519	110	contributions	contribution	NOUN
cblr-7219	519	111	,	,	PUNCT
cblr-7219	519	112	etc	etc	X
cblr-7219	519	113	.	.	X
cblr-7219	519	114	)	)	PUNCT
cblr-7219	519	115	,	,	PUNCT
cblr-7219	519	116	advises	advise	VERB
cblr-7219	519	117	the	the	DET
cblr-7219	519	118	board	board	NOUN
cblr-7219	519	119	as	as	ADP
cblr-7219	519	120	to	to	ADP
cblr-7219	519	121	the	the	DET
cblr-7219	519	122	effectiveness	effectiveness	NOUN
cblr-7219	519	123	of	of	ADP
cblr-7219	519	124	its	its	PRON
cblr-7219	519	125	compliance	compliance	NOUN
cblr-7219	519	126	policies	policy	NOUN
cblr-7219	519	127	and	and	CCONJ
cblr-7219	519	128	practices	practice	NOUN
cblr-7219	519	129	and	and	CCONJ
cblr-7219	519	130	assists	assist	VERB
cblr-7219	519	131	the	the	DET
cblr-7219	519	132	board	board	NOUN
cblr-7219	519	133	in	in	ADP
cblr-7219	519	134	its	its	PRON
cblr-7219	519	135	members	member	NOUN
cblr-7219	519	136	’	’	PART
cblr-7219	519	137	admissions	admission	NOUN
cblr-7219	519	138	processes	process	NOUN
cblr-7219	519	139	and	and	CCONJ
cblr-7219	519	140	in	in	ADP
cblr-7219	519	141	the	the	DET
cblr-7219	519	142	financial	financial	ADJ
cblr-7219	519	143	oversight	oversight	NOUN
cblr-7219	519	144	of	of	ADP
cblr-7219	519	145	the	the	DET
cblr-7219	519	146	business.160	business.160	NOUN
cblr-7219	519	147	while	while	SCONJ
cblr-7219	519	148	traditionally	traditionally	ADV
cblr-7219	519	149	comprised	comprise	VERB
cblr-7219	519	150	of	of	ADP
cblr-7219	519	151	clearinghouses	clearinghouse	NOUN
cblr-7219	519	152	’	’	PART
cblr-7219	519	153	officers	officer	NOUN
cblr-7219	519	154	and	and	CCONJ
cblr-7219	519	155	external	external	ADJ
cblr-7219	519	156	experts	expert	NOUN
cblr-7219	519	157	,	,	PUNCT
cblr-7219	519	158	the	the	DET
cblr-7219	519	159	majority	majority	NOUN
cblr-7219	519	160	of	of	ADP
cblr-7219	519	161	risk	risk	NOUN
cblr-7219	519	162	committees	committee	NOUN
cblr-7219	519	163	now	now	ADV
cblr-7219	519	164	have	have	VERB
cblr-7219	519	165	a	a	DET
cblr-7219	519	166	strong	strong	ADJ
cblr-7219	519	167	representation	representation	NOUN
cblr-7219	519	168	of	of	ADP
cblr-7219	519	169	clearing	clear	VERB
cblr-7219	519	170	members.161	members.161	PROPN
cblr-7219	519	171	in	in	ADP
cblr-7219	519	172	changing	change	VERB
cblr-7219	519	173	the	the	DET
cblr-7219	519	174	composition	composition	NOUN
cblr-7219	519	175	of	of	ADP
cblr-7219	519	176	risk	risk	NOUN
cblr-7219	519	177	committees	committee	NOUN
cblr-7219	519	178	in	in	ADP
cblr-7219	519	179	this	this	DET
cblr-7219	519	180	way	way	NOUN
cblr-7219	519	181	,	,	PUNCT
cblr-7219	519	182	clearinghouses	clearinghouse	NOUN
cblr-7219	519	183	have	have	AUX
cblr-7219	519	184	tried	try	VERB
cblr-7219	519	185	to	to	PART
cblr-7219	519	186	rebalance	rebalance	VERB
cblr-7219	519	187	the	the	DET
cblr-7219	519	188	unstable	unstable	ADJ
cblr-7219	519	189	structure	structure	NOUN
cblr-7219	519	190	of	of	ADP
cblr-7219	519	191	their	their	PRON
cblr-7219	519	192	incomplete	incomplete	ADJ
cblr-7219	519	193	demutualization	demutualization	NOUN
cblr-7219	519	194	by	by	ADP
cblr-7219	519	195	offering	offer	VERB
cblr-7219	519	196	the	the	DET
cblr-7219	519	197	final	final	ADJ
cblr-7219	519	198	risk	risk	NOUN
cblr-7219	519	199	bearers	bearer	NOUN
cblr-7219	519	200	of	of	ADP
cblr-7219	519	201	their	their	PRON
cblr-7219	519	202	business	business	NOUN
cblr-7219	519	203	a	a	DET
cblr-7219	519	204	say	say	NOUN
cblr-7219	519	205	—	—	PUNCT
cblr-7219	519	206	albeit	albeit	SCONJ
cblr-7219	519	207	only	only	ADV
cblr-7219	519	208	an	an	DET
cblr-7219	519	209	advisory	advisory	ADJ
cblr-7219	519	210	one	one	NUM
cblr-7219	519	211	—	—	PUNCT
cblr-7219	519	212	in	in	ADP
cblr-7219	519	213	risk	risk	NOUN
cblr-7219	519	214	-	-	PUNCT
cblr-7219	519	215	related	relate	VERB
cblr-7219	519	216	matters	matter	NOUN
cblr-7219	519	217	.	.	PUNCT
cblr-7219	520	1	the	the	DET
cblr-7219	520	2	effectiveness	effectiveness	NOUN
cblr-7219	520	3	and	and	CCONJ
cblr-7219	520	4	actual	actual	ADJ
cblr-7219	520	5	influence	influence	NOUN
cblr-7219	520	6	of	of	ADP
cblr-7219	520	7	risk	risk	NOUN
cblr-7219	520	8	committees	committee	NOUN
cblr-7219	520	9	is	be	AUX
cblr-7219	520	10	not	not	PART
cblr-7219	520	11	easy	easy	ADJ
cblr-7219	520	12	to	to	PART
cblr-7219	520	13	assess	assess	VERB
cblr-7219	520	14	.	.	PUNCT
cblr-7219	521	1	on	on	ADP
cblr-7219	521	2	the	the	DET
cblr-7219	521	3	one	one	NUM
cblr-7219	521	4	hand	hand	NOUN
cblr-7219	521	5	,	,	PUNCT
cblr-7219	521	6	the	the	DET
cblr-7219	521	7	legal	legal	ADJ
cblr-7219	521	8	framework	framework	NOUN
cblr-7219	521	9	does	do	AUX
cblr-7219	521	10	not	not	PART
cblr-7219	521	11	provide	provide	VERB
cblr-7219	521	12	any	any	DET
cblr-7219	521	13	actual	actual	ADJ
cblr-7219	521	14	authority	authority	NOUN
cblr-7219	521	15	or	or	CCONJ
cblr-7219	521	16	binding	bind	VERB
cblr-7219	521	17	power	power	NOUN
cblr-7219	521	18	to	to	PART
cblr-7219	521	19	risk	risk	VERB
cblr-7219	521	20	committees	committee	NOUN
cblr-7219	521	21	or	or	CCONJ
cblr-7219	521	22	their	their	PRON
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cblr-7219	521	24	,	,	PUNCT
cblr-7219	521	25	and	and	CCONJ
cblr-7219	521	26	it	it	PRON
cblr-7219	521	27	does	do	AUX
cblr-7219	521	28	not	not	PART
cblr-7219	521	29	envision	envision	VERB
cblr-7219	521	30	any	any	DET
cblr-7219	521	31	special	special	ADJ
cblr-7219	521	32	procedure	procedure	NOUN
cblr-7219	521	33	that	that	PRON
cblr-7219	521	34	a	a	DET
cblr-7219	521	35	board	board	NOUN
cblr-7219	521	36	of	of	ADP
cblr-7219	521	37	directors	director	NOUN
cblr-7219	521	38	needs	need	VERB
cblr-7219	521	39	to	to	PART
cblr-7219	521	40	follow	follow	VERB
cblr-7219	521	41	if	if	SCONJ
cblr-7219	521	42	it	it	PRON
cblr-7219	521	43	intends	intend	VERB
cblr-7219	521	44	to	to	PART
cblr-7219	521	45	disregard	disregard	VERB
cblr-7219	521	46	a	a	DET
cblr-7219	521	47	risk	risk	NOUN
cblr-7219	521	48	committee	committee	NOUN
cblr-7219	521	49	’s	’s	PART
cblr-7219	521	50	recommendations	recommendation	NOUN
cblr-7219	521	51	—	—	PUNCT
cblr-7219	521	52	157	157	NUM
cblr-7219	521	53	see	see	VERB
cblr-7219	521	54	i	i	PROPN
cblr-7219	521	55	d.	d.	PROPN
cblr-7219	521	56	158	158	NUM
cblr-7219	521	57	see	see	VERB
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cblr-7219	521	59	.	.	PUNCT
cblr-7219	522	1	mercantile	mercantile	PROPN
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cblr-7219	522	8	house	house	PROPN
cblr-7219	522	9	risk	risk	NOUN
cblr-7219	522	10	committee	committee	NOUN
cblr-7219	522	11	charter	charter	NOUN
cblr-7219	522	12	1	1	NUM
cblr-7219	522	13	(	(	PUNCT
cblr-7219	522	14	2019	2019	NUM
cblr-7219	522	15	)	)	PUNCT
cblr-7219	522	16	;	;	PUNCT
cblr-7219	522	17	ice	ice	NOUN
cblr-7219	522	18	clear	clear	ADJ
cblr-7219	522	19	credit	credit	NOUN
cblr-7219	522	20	,	,	PUNCT
cblr-7219	522	21	ice	ice	NOUN
cblr-7219	522	22	clear	clear	ADJ
cblr-7219	522	23	credit	credit	NOUN
cblr-7219	522	24	regulation	regulation	NOUN
cblr-7219	522	25	and	and	CCONJ
cblr-7219	522	26	governance	governance	NOUN
cblr-7219	522	27	3–4	3–4	NUM
cblr-7219	522	28	(	(	PUNCT
cblr-7219	522	29	2019	2019	NUM
cblr-7219	522	30	)	)	PUNCT
cblr-7219	522	31	,	,	PUNCT
cblr-7219	522	32	https://www.theice.com/publicdocs/clear_credit/ice_clear_credit_regulation_and_governance.pdf	https://www.theice.com/publicdocs/clear_credit/ice_clear_credit_regulation_and_governance.pdf	PROPN
cblr-7219	522	33	[	[	X
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cblr-7219	522	35	]	]	X
cblr-7219	522	36	.	.	PUNCT
cblr-7219	523	1	159	159	NUM
cblr-7219	523	2	see	see	VERB
cblr-7219	523	3	chi	chi	PROPN
cblr-7219	523	4	.	.	PUNCT
cblr-7219	524	1	mercantile	mercantile	PROPN
cblr-7219	524	2	exch	exch	PROPN
cblr-7219	524	3	.	.	PROPN
cblr-7219	525	1	inc	inc	PROPN
cblr-7219	525	2	.	.	PROPN
cblr-7219	525	3	,	,	PUNCT
cblr-7219	525	4	supra	supra	PROPN
cblr-7219	525	5	note	note	VERB
cblr-7219	525	6	158	158	NUM
cblr-7219	525	7	,	,	PUNCT
cblr-7219	525	8	at	at	ADP
cblr-7219	525	9	2–3	2–3	NUM
cblr-7219	525	10	;	;	PUNCT
cblr-7219	525	11	ice	ice	NOUN
cblr-7219	525	12	clear	clear	ADJ
cblr-7219	525	13	credit	credit	NOUN
cblr-7219	525	14	,	,	PUNCT
cblr-7219	525	15	supra	supra	PROPN
cblr-7219	525	16	note	note	NOUN
cblr-7219	525	17	158	158	NUM
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cblr-7219	525	19	at	at	ADP
cblr-7219	525	20	3–4	3–4	NUM
cblr-7219	525	21	.	.	NOUN
cblr-7219	525	22	160	160	NUM
cblr-7219	525	23	see	see	VERB
cblr-7219	525	24	chi	chi	PROPN
cblr-7219	525	25	.	.	PUNCT
cblr-7219	526	1	mercantile	mercantile	PROPN
cblr-7219	526	2	exch	exch	PROPN
cblr-7219	526	3	.	.	PROPN
cblr-7219	527	1	inc	inc	PROPN
cblr-7219	527	2	.	.	PROPN
cblr-7219	527	3	,	,	PUNCT
cblr-7219	527	4	supra	supra	PROPN
cblr-7219	527	5	note	note	VERB
cblr-7219	527	6	158	158	NUM
cblr-7219	527	7	,	,	PUNCT
cblr-7219	527	8	at	at	ADP
cblr-7219	527	9	2–3	2–3	NUM
cblr-7219	527	10	;	;	PUNCT
cblr-7219	527	11	ice	ice	NOUN
cblr-7219	527	12	clear	clear	ADJ
cblr-7219	527	13	credit	credit	NOUN
cblr-7219	527	14	,	,	PUNCT
cblr-7219	527	15	supra	supra	PROPN
cblr-7219	527	16	note	note	NOUN
cblr-7219	527	17	158	158	NUM
cblr-7219	527	18	,	,	PUNCT
cblr-7219	527	19	at	at	ADP
cblr-7219	527	20	3–4	3–4	NUM
cblr-7219	527	21	.	.	NOUN
cblr-7219	527	22	161	161	NUM
cblr-7219	527	23	see	see	VERB
cblr-7219	527	24	chi	chi	PROPN
cblr-7219	527	25	.	.	PUNCT
cblr-7219	528	1	mercantile	mercantile	PROPN
cblr-7219	528	2	exch	exch	PROPN
cblr-7219	528	3	.	.	PROPN
cblr-7219	529	1	inc	inc	PROPN
cblr-7219	529	2	.	.	PROPN
cblr-7219	529	3	,	,	PUNCT
cblr-7219	529	4	supra	supra	PROPN
cblr-7219	529	5	note	note	VERB
cblr-7219	529	6	158	158	NUM
cblr-7219	529	7	,	,	PUNCT
cblr-7219	529	8	at	at	ADP
cblr-7219	529	9	1–2	1–2	NUM
cblr-7219	529	10	;	;	PUNCT
cblr-7219	529	11	ice	ice	NOUN
cblr-7219	529	12	clear	clear	ADJ
cblr-7219	529	13	credit	credit	NOUN
cblr-7219	529	14	,	,	PUNCT
cblr-7219	529	15	supra	supra	PROPN
cblr-7219	529	16	note	note	NOUN
cblr-7219	529	17	158	158	NUM
cblr-7219	529	18	,	,	PUNCT
cblr-7219	529	19	at	at	ADP
cblr-7219	529	20	3	3	NUM
cblr-7219	529	21	.	.	NOUN
cblr-7219	529	22	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	529	23	(	(	PUNCT
cblr-7219	529	24	do	do	AUX
cblr-7219	529	25	not	not	PART
cblr-7219	529	26	delte	delte	VERB
cblr-7219	529	27	)	)	PUNCT
cblr-7219	529	28	10/21/2020	10/21/2020	NUM
cblr-7219	529	29	11:22	11:22	NUM
cblr-7219	529	30	am	be	AUX
cblr-7219	529	31	488	488	NUM
cblr-7219	529	32	columbia	columbia	PROPN
cblr-7219	529	33	business	business	NOUN
cblr-7219	529	34	law	law	PROPN
cblr-7219	529	35	review	review	NOUN
cblr-7219	530	1	[	[	X
cblr-7219	530	2	vol	vol	NOUN
cblr-7219	530	3	.	.	PUNCT
cblr-7219	530	4	2020	2020	NUM
cblr-7219	531	1	the	the	DET
cblr-7219	531	2	board	board	NOUN
cblr-7219	531	3	of	of	ADP
cblr-7219	531	4	directors	director	NOUN
cblr-7219	531	5	retains	retain	VERB
cblr-7219	531	6	the	the	DET
cblr-7219	531	7	ultimate	ultimate	ADJ
cblr-7219	531	8	decision	decision	NOUN
cblr-7219	531	9	-	-	PUNCT
cblr-7219	531	10	making	make	VERB
cblr-7219	531	11	authority	authority	NOUN
cblr-7219	531	12	over	over	ADP
cblr-7219	531	13	the	the	DET
cblr-7219	531	14	clearing	clearing	NOUN
cblr-7219	531	15	business.162	business.162	NOUN
cblr-7219	531	16	on	on	ADP
cblr-7219	531	17	the	the	DET
cblr-7219	531	18	other	other	ADJ
cblr-7219	531	19	hand	hand	NOUN
cblr-7219	531	20	,	,	PUNCT
cblr-7219	531	21	clearing	clear	VERB
cblr-7219	531	22	industry	industry	NOUN
cblr-7219	531	23	participants	participant	NOUN
cblr-7219	531	24	,	,	PUNCT
cblr-7219	531	25	while	while	SCONJ
cblr-7219	531	26	acknowledging	acknowledge	VERB
cblr-7219	531	27	the	the	DET
cblr-7219	531	28	lack	lack	NOUN
cblr-7219	531	29	of	of	ADP
cblr-7219	531	30	specific	specific	ADJ
cblr-7219	531	31	rules	rule	NOUN
cblr-7219	531	32	on	on	ADP
cblr-7219	531	33	governance	governance	NOUN
cblr-7219	531	34	arrangements	arrangement	NOUN
cblr-7219	531	35	and	and	CCONJ
cblr-7219	531	36	risk	risk	NOUN
cblr-7219	531	37	management	management	NOUN
cblr-7219	531	38	,	,	PUNCT
cblr-7219	531	39	recognize	recognize	VERB
cblr-7219	531	40	the	the	DET
cblr-7219	531	41	existence	existence	NOUN
cblr-7219	531	42	of	of	ADP
cblr-7219	531	43	a	a	DET
cblr-7219	531	44	strong	strong	ADJ
cblr-7219	531	45	risk	risk	NOUN
cblr-7219	531	46	management	management	NOUN
cblr-7219	531	47	culture	culture	NOUN
cblr-7219	531	48	at	at	ADP
cblr-7219	531	49	clearinghouses	clearinghouse	NOUN
cblr-7219	531	50	and	and	CCONJ
cblr-7219	531	51	admit	admit	VERB
cblr-7219	531	52	the	the	DET
cblr-7219	531	53	practical	practical	ADJ
cblr-7219	531	54	influence	influence	NOUN
cblr-7219	531	55	of	of	ADP
cblr-7219	531	56	clearing	clear	VERB
cblr-7219	531	57	members	member	NOUN
cblr-7219	531	58	in	in	ADP
cblr-7219	531	59	the	the	DET
cblr-7219	531	60	risk	risk	NOUN
cblr-7219	531	61	management	management	NOUN
cblr-7219	531	62	of	of	ADP
cblr-7219	531	63	firms.163	firms.163	NOUN
cblr-7219	531	64	they	they	PRON
cblr-7219	531	65	also	also	ADV
cblr-7219	531	66	acknowledge	acknowledge	VERB
cblr-7219	531	67	the	the	DET
cblr-7219	531	68	real	real	ADJ
cblr-7219	531	69	deference	deference	NOUN
cblr-7219	531	70	of	of	ADP
cblr-7219	531	71	boards	board	NOUN
cblr-7219	531	72	to	to	ADP
cblr-7219	531	73	their	their	PRON
cblr-7219	531	74	risk	risk	NOUN
cblr-7219	531	75	committee	committee	NOUN
cblr-7219	531	76	on	on	ADP
cblr-7219	531	77	risk	risk	NOUN
cblr-7219	531	78	-	-	PUNCT
cblr-7219	531	79	related	relate	VERB
cblr-7219	531	80	issues	issue	NOUN
cblr-7219	531	81	,	,	PUNCT
cblr-7219	531	82	under	under	ADP
cblr-7219	531	83	the	the	DET
cblr-7219	531	84	threat	threat	NOUN
cblr-7219	531	85	of	of	ADP
cblr-7219	531	86	exposure	exposure	NOUN
cblr-7219	531	87	to	to	ADP
cblr-7219	531	88	liability	liability	NOUN
cblr-7219	531	89	for	for	ADP
cblr-7219	531	90	breach	breach	NOUN
cblr-7219	531	91	of	of	ADP
cblr-7219	531	92	fiduciary	fiduciary	ADJ
cblr-7219	531	93	duties	duty	NOUN
cblr-7219	531	94	on	on	ADP
cblr-7219	531	95	the	the	DET
cblr-7219	531	96	part	part	NOUN
cblr-7219	531	97	of	of	ADP
cblr-7219	531	98	the	the	DET
cblr-7219	531	99	directors.164	directors.164	NOUN
cblr-7219	531	100	tables	table	NOUN
cblr-7219	531	101	2–5	2–5	NOUN
cblr-7219	531	102	look	look	VERB
cblr-7219	531	103	at	at	ADP
cblr-7219	531	104	the	the	DET
cblr-7219	531	105	skin	skin	NOUN
cblr-7219	531	106	-	-	PUNCT
cblr-7219	531	107	in	in	ADP
cblr-7219	531	108	-	-	PUNCT
cblr-7219	531	109	the	the	DET
cblr-7219	531	110	-	-	PUNCT
cblr-7219	531	111	game	game	NOUN
cblr-7219	531	112	contributions	contribution	NOUN
cblr-7219	531	113	of	of	ADP
cblr-7219	531	114	the	the	DET
cblr-7219	531	115	major	major	ADJ
cblr-7219	531	116	u.s	u.s	PROPN
cblr-7219	531	117	.	.	PROPN
cblr-7219	531	118	derivatives	derivative	NOUN
cblr-7219	531	119	clearinghouses	clearinghouse	NOUN
cblr-7219	531	120	and	and	CCONJ
cblr-7219	531	121	compares	compare	VERB
cblr-7219	531	122	them	they	PRON
cblr-7219	531	123	to	to	ADP
cblr-7219	531	124	other	other	ADJ
cblr-7219	531	125	relevant	relevant	ADJ
cblr-7219	531	126	capital	capital	NOUN
cblr-7219	531	127	variables	variable	NOUN
cblr-7219	531	128	.	.	PUNCT
cblr-7219	532	1	tables	table	NOUN
cblr-7219	532	2	2–5	2–5	PROPN
cblr-7219	532	3	reflect	reflect	VERB
cblr-7219	532	4	the	the	DET
cblr-7219	532	5	significant	significant	ADJ
cblr-7219	532	6	imbalance	imbalance	NOUN
cblr-7219	532	7	of	of	ADP
cblr-7219	532	8	the	the	DET
cblr-7219	532	9	economic	economic	ADJ
cblr-7219	532	10	exposure	exposure	NOUN
cblr-7219	532	11	of	of	ADP
cblr-7219	532	12	clearing	clear	VERB
cblr-7219	532	13	members	member	NOUN
cblr-7219	532	14	vis	vis	X
cblr-7219	532	15	-	-	PUNCT
cblr-7219	532	16	à	à	X
cblr-7219	532	17	-	-	PUNCT
cblr-7219	532	18	vis	vis	X
cblr-7219	532	19	clearinghouses	clearinghouse	NOUN
cblr-7219	532	20	and	and	CCONJ
cblr-7219	532	21	their	their	PRON
cblr-7219	532	22	holding	hold	VERB
cblr-7219	532	23	groups	group	NOUN
cblr-7219	532	24	.	.	PUNCT
cblr-7219	533	1	this	this	DET
cblr-7219	533	2	imbalance	imbalance	NOUN
cblr-7219	533	3	,	,	PUNCT
cblr-7219	533	4	as	as	SCONJ
cblr-7219	533	5	is	be	AUX
cblr-7219	533	6	discussed	discuss	VERB
cblr-7219	533	7	in	in	ADP
cblr-7219	533	8	more	more	ADJ
cblr-7219	533	9	detail	detail	NOUN
cblr-7219	533	10	in	in	ADP
cblr-7219	533	11	the	the	DET
cblr-7219	533	12	next	next	ADJ
cblr-7219	533	13	section	section	NOUN
cblr-7219	533	14	,	,	PUNCT
cblr-7219	533	15	results	result	NOUN
cblr-7219	533	16	in	in	ADP
cblr-7219	533	17	the	the	DET
cblr-7219	533	18	misaligned	misaligned	ADJ
cblr-7219	533	19	incentives	incentive	NOUN
cblr-7219	533	20	of	of	ADP
cblr-7219	533	21	members	member	NOUN
cblr-7219	533	22	and	and	CCONJ
cblr-7219	533	23	shareholders	shareholder	NOUN
cblr-7219	533	24	,	,	PUNCT
cblr-7219	533	25	which	which	PRON
cblr-7219	533	26	creates	create	VERB
cblr-7219	533	27	agency	agency	NOUN
cblr-7219	533	28	costs	cost	NOUN
cblr-7219	533	29	between	between	ADP
cblr-7219	533	30	the	the	DET
cblr-7219	533	31	firms	firm	NOUN
cblr-7219	533	32	’	’	PART
cblr-7219	533	33	primary	primary	ADJ
cblr-7219	533	34	stakeholders	stakeholder	NOUN
cblr-7219	533	35	that	that	PRON
cblr-7219	533	36	threaten	threaten	VERB
cblr-7219	533	37	clearinghouses	clearinghouse	NOUN
cblr-7219	533	38	’	'	PUNCT
cblr-7219	533	39	systemic	systemic	ADJ
cblr-7219	533	40	resilience	resilience	NOUN
cblr-7219	533	41	.	.	PUNCT
cblr-7219	534	1	the	the	DET
cblr-7219	534	2	first	first	ADJ
cblr-7219	534	3	column	column	NOUN
cblr-7219	534	4	of	of	ADP
cblr-7219	534	5	each	each	DET
cblr-7219	534	6	table	table	NOUN
cblr-7219	534	7	notes	note	VERB
cblr-7219	534	8	the	the	DET
cblr-7219	534	9	amount	amount	NOUN
cblr-7219	534	10	of	of	ADP
cblr-7219	534	11	each	each	DET
cblr-7219	534	12	clearinghouse	clearinghouse	NOUN
cblr-7219	534	13	’s	’s	PART
cblr-7219	534	14	skin	skin	NOUN
cblr-7219	534	15	-	-	PUNCT
cblr-7219	534	16	in	in	ADP
cblr-7219	534	17	-	-	PUNCT
cblr-7219	534	18	the	the	DET
cblr-7219	534	19	-	-	PUNCT
cblr-7219	534	20	game	game	NOUN
cblr-7219	534	21	in	in	ADP
cblr-7219	534	22	its	its	PRON
cblr-7219	534	23	own	own	ADJ
cblr-7219	534	24	default	default	NOUN
cblr-7219	534	25	waterfall	waterfall	NOUN
cblr-7219	534	26	.	.	PUNCT
cblr-7219	535	1	table	table	NOUN
cblr-7219	535	2	2	2	NUM
cblr-7219	535	3	shows	show	VERB
cblr-7219	535	4	the	the	DET
cblr-7219	535	5	ratio	ratio	NOUN
cblr-7219	535	6	of	of	ADP
cblr-7219	535	7	the	the	DET
cblr-7219	535	8	firm	firm	NOUN
cblr-7219	535	9	’s	’s	PART
cblr-7219	535	10	skin	skin	NOUN
cblr-7219	535	11	-	-	PUNCT
cblr-7219	535	12	in	in	ADP
cblr-7219	535	13	-	-	PUNCT
cblr-7219	535	14	the	the	DET
cblr-7219	535	15	-	-	PUNCT
cblr-7219	535	16	game	game	NOUN
cblr-7219	535	17	contribution	contribution	NOUN
cblr-7219	535	18	to	to	ADP
cblr-7219	535	19	the	the	DET
cblr-7219	535	20	total	total	ADJ
cblr-7219	535	21	amount	amount	NOUN
cblr-7219	535	22	of	of	ADP
cblr-7219	535	23	the	the	DET
cblr-7219	535	24	guaranty	guaranty	NOUN
cblr-7219	535	25	fund	fund	NOUN
cblr-7219	535	26	provided	provide	VERB
cblr-7219	535	27	by	by	ADP
cblr-7219	535	28	the	the	DET
cblr-7219	535	29	members	member	NOUN
cblr-7219	535	30	.	.	PUNCT
cblr-7219	536	1	table	table	NOUN
cblr-7219	536	2	3	3	NUM
cblr-7219	536	3	describes	describe	VERB
cblr-7219	536	4	the	the	DET
cblr-7219	536	5	proportion	proportion	NOUN
cblr-7219	536	6	of	of	ADP
cblr-7219	536	7	firms	firm	NOUN
cblr-7219	536	8	’	'	PUNCT
cblr-7219	536	9	capital	capital	NOUN
cblr-7219	536	10	allocated	allocate	VERB
cblr-7219	536	11	to	to	PART
cblr-7219	536	12	absorb	absorb	VERB
cblr-7219	536	13	the	the	DET
cblr-7219	536	14	default	default	NOUN
cblr-7219	536	15	of	of	ADP
cblr-7219	536	16	clearing	clearing	NOUN
cblr-7219	536	17	members	member	NOUN
cblr-7219	536	18	,	,	PUNCT
cblr-7219	536	19	with	with	ADP
cblr-7219	536	20	the	the	DET
cblr-7219	536	21	overall	overall	ADJ
cblr-7219	536	22	equity	equity	NOUN
cblr-7219	536	23	capital	capital	NOUN
cblr-7219	536	24	of	of	ADP
cblr-7219	536	25	the	the	DET
cblr-7219	536	26	holding	hold	VERB
cblr-7219	536	27	company	company	NOUN
cblr-7219	536	28	controlling	control	VERB
cblr-7219	536	29	the	the	DET
cblr-7219	536	30	clearinghouse	clearinghouse	NOUN
cblr-7219	536	31	.	.	PUNCT
cblr-7219	537	1	table	table	NOUN
cblr-7219	537	2	4	4	NUM
cblr-7219	537	3	looks	look	VERB
cblr-7219	537	4	at	at	ADP
cblr-7219	537	5	the	the	DET
cblr-7219	537	6	ratio	ratio	NOUN
cblr-7219	537	7	of	of	ADP
cblr-7219	537	8	clearinghouses	clearinghouse	NOUN
cblr-7219	537	9	’	’	PART
cblr-7219	537	10	skin	skin	NOUN
cblr-7219	537	11	-	-	PUNCT
cblr-7219	537	12	in	in	ADP
cblr-7219	537	13	-	-	PUNCT
cblr-7219	537	14	the	the	DET
cblr-7219	537	15	-	-	PUNCT
cblr-7219	537	16	game	game	NOUN
cblr-7219	537	17	and	and	CCONJ
cblr-7219	537	18	their	their	PRON
cblr-7219	537	19	equity	equity	NOUN
cblr-7219	537	20	capital	capital	NOUN
cblr-7219	537	21	—	—	PUNCT
cblr-7219	537	22	the	the	DET
cblr-7219	537	23	ultimate	ultimate	ADJ
cblr-7219	537	24	financial	financial	ADJ
cblr-7219	537	25	resource	resource	NOUN
cblr-7219	537	26	available	available	ADJ
cblr-7219	537	27	to	to	PART
cblr-7219	537	28	absorb	absorb	VERB
cblr-7219	537	29	non	non	ADJ
cblr-7219	537	30	-	-	ADJ
cblr-7219	537	31	default	default	ADJ
cblr-7219	537	32	operational	operational	ADJ
cblr-7219	537	33	losses	loss	NOUN
cblr-7219	537	34	.	.	PUNCT
cblr-7219	538	1	and	and	CCONJ
cblr-7219	538	2	finally	finally	ADV
cblr-7219	538	3	,	,	PUNCT
cblr-7219	538	4	table	table	NOUN
cblr-7219	538	5	5	5	NUM
cblr-7219	538	6	compares	compare	NOUN
cblr-7219	538	7	clearinghouses	clearinghouse	NOUN
cblr-7219	538	8	’	'	PUNCT
cblr-7219	538	9	skin	skin	NOUN
cblr-7219	538	10	-	-	PUNCT
cblr-7219	538	11	in	in	ADP
cblr-7219	538	12	162	162	NUM
cblr-7219	538	13	see	see	NOUN
cblr-7219	538	14	infra	infra	NOUN
cblr-7219	538	15	section	section	NOUN
cblr-7219	538	16	iv.b	iv.b	PROPN
cblr-7219	538	17	(	(	PUNCT
cblr-7219	538	18	describing	describe	VERB
cblr-7219	538	19	the	the	DET
cblr-7219	538	20	governance	governance	NOUN
cblr-7219	538	21	practices	practice	NOUN
cblr-7219	538	22	and	and	CCONJ
cblr-7219	538	23	policies	policy	NOUN
cblr-7219	538	24	of	of	ADP
cblr-7219	538	25	the	the	DET
cblr-7219	538	26	major	major	ADJ
cblr-7219	538	27	u.s	u.s	PROPN
cblr-7219	538	28	.	.	PROPN
cblr-7219	538	29	clearinghouses	clearinghouse	NOUN
cblr-7219	538	30	)	)	PUNCT
cblr-7219	538	31	.	.	PUNCT
cblr-7219	539	1	163	163	NUM
cblr-7219	539	2	this	this	DET
cblr-7219	539	3	statement	statement	NOUN
cblr-7219	539	4	is	be	AUX
cblr-7219	539	5	supported	support	VERB
cblr-7219	539	6	by	by	ADP
cblr-7219	539	7	“	"	PUNCT
cblr-7219	539	8	deep	deep	ADJ
cblr-7219	539	9	background	background	NOUN
cblr-7219	539	10	”	"	PUNCT
cblr-7219	539	11	conversations	conversation	NOUN
cblr-7219	539	12	the	the	DET
cblr-7219	539	13	author	author	NOUN
cblr-7219	539	14	has	have	AUX
cblr-7219	539	15	had	have	VERB
cblr-7219	539	16	with	with	ADP
cblr-7219	539	17	multiple	multiple	ADJ
cblr-7219	539	18	clearing	clearing	NOUN
cblr-7219	539	19	industry	industry	NOUN
cblr-7219	539	20	sources	source	NOUN
cblr-7219	539	21	from	from	ADP
cblr-7219	539	22	january	january	PROPN
cblr-7219	539	23	2016	2016	NUM
cblr-7219	539	24	to	to	ADP
cblr-7219	539	25	july	july	PROPN
cblr-7219	539	26	2020	2020	NUM
cblr-7219	539	27	.	.	PUNCT
cblr-7219	540	1	164	164	NUM
cblr-7219	540	2	this	this	DET
cblr-7219	540	3	statement	statement	NOUN
cblr-7219	540	4	is	be	AUX
cblr-7219	540	5	supported	support	VERB
cblr-7219	540	6	by	by	ADP
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cblr-7219	540	10	”	"	PUNCT
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cblr-7219	540	15	had	have	VERB
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cblr-7219	540	17	multiple	multiple	ADJ
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cblr-7219	540	20	sources	source	NOUN
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cblr-7219	540	24	to	to	ADP
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cblr-7219	540	27	.	.	PUNCT
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cblr-7219	541	2	(	(	PUNCT
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cblr-7219	541	4	not	not	PART
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cblr-7219	541	6	)	)	PUNCT
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cblr-7219	541	8	11:22	11:22	NUM
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cblr-7219	542	3	unfinished	unfinished	ADJ
cblr-7219	542	4	business	business	NOUN
cblr-7219	542	5	489	489	NUM
cblr-7219	542	6	the	the	DET
cblr-7219	542	7	-	-	PUNCT
cblr-7219	542	8	game	game	NOUN
cblr-7219	542	9	to	to	ADP
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cblr-7219	542	13	.	.	PUNCT
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cblr-7219	543	4	numbers	number	NOUN
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cblr-7219	543	22	companies	company	NOUN
cblr-7219	543	23	externalize	externalize	VERB
cblr-7219	543	24	onto	onto	ADP
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cblr-7219	543	30	.	.	PUNCT
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cblr-7219	544	2	(	(	PUNCT
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cblr-7219	544	4	not	not	PART
cblr-7219	544	5	delte	delte	VERB
cblr-7219	544	6	)	)	PUNCT
cblr-7219	544	7	10/21/2020	10/21/2020	NUM
cblr-7219	544	8	11:22	11:22	NUM
cblr-7219	544	9	am	be	AUX
cblr-7219	544	10	490	490	NUM
cblr-7219	544	11	columbia	columbia	PROPN
cblr-7219	544	12	business	business	NOUN
cblr-7219	544	13	law	law	PROPN
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cblr-7219	544	15	[	[	X
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cblr-7219	544	17	.	.	PUNCT
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cblr-7219	544	20	2	2	NUM
cblr-7219	544	21	:	:	PUNCT
cblr-7219	544	22	clearinghouses	clearinghouse	NOUN
cblr-7219	544	23	’	’	PART
cblr-7219	544	24	skin	skin	NOUN
cblr-7219	544	25	-	-	PUNCT
cblr-7219	544	26	in	in	ADP
cblr-7219	544	27	-	-	PUNCT
cblr-7219	544	28	the	the	DET
cblr-7219	544	29	-	-	PUNCT
cblr-7219	544	30	game	game	NOUN
cblr-7219	544	31	and	and	CCONJ
cblr-7219	544	32	guaranty	guaranty	NOUN
cblr-7219	544	33	fund165	fund165	PROPN
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cblr-7219	544	35	3	3	NUM
cblr-7219	544	36	:	:	PUNCT
cblr-7219	544	37	clearinghouses	clearinghouse	NOUN
cblr-7219	544	38	’	'	PUNCT
cblr-7219	544	39	skin	skin	NOUN
cblr-7219	544	40	-	-	PUNCT
cblr-7219	544	41	in	in	ADP
cblr-7219	544	42	-	-	PUNCT
cblr-7219	544	43	the	the	DET
cblr-7219	544	44	-	-	PUNCT
cblr-7219	544	45	game	game	NOUN
cblr-7219	544	46	and	and	CCONJ
cblr-7219	544	47	fmi	fmi	PROPN
cblr-7219	544	48	equity	equity	PROPN
cblr-7219	544	49	165	165	NUM
cblr-7219	544	50	cme	cme	PROPN
cblr-7219	544	51	irs	irs	PROPN
cblr-7219	544	52	includes	include	VERB
cblr-7219	544	53	irs	irs	PROPN
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cblr-7219	544	55	.	.	PUNCT
cblr-7219	545	1	see	see	VERB
cblr-7219	545	2	cme	cme	PROPN
cblr-7219	545	3	risk	risk	NOUN
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cblr-7219	545	5	,	,	PUNCT
cblr-7219	545	6	supra	supra	PROPN
cblr-7219	545	7	note	note	NOUN
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cblr-7219	545	9	.	.	PUNCT
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cblr-7219	546	6	-	-	PUNCT
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cblr-7219	546	13	.	.	PUNCT
cblr-7219	547	1	see	see	VERB
cblr-7219	547	2	ice	ice	NOUN
cblr-7219	547	3	clear	clear	ADJ
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cblr-7219	547	5	,	,	PUNCT
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cblr-7219	547	18	,	,	PUNCT
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cblr-7219	547	21	.	.	PUNCT
cblr-7219	548	1	166	166	NUM
cblr-7219	548	2	see	see	VERB
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cblr-7219	549	13	ice	ice	NOUN
cblr-7219	549	14	clear	clear	ADJ
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cblr-7219	549	16	:	:	PUNCT
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cblr-7219	549	19	,	,	PUNCT
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cblr-7219	551	10	(	(	PUNCT
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cblr-7219	551	13	-	-	PUNCT
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cblr-7219	551	17	(	(	PUNCT
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cblr-7219	551	26	exchange	exchange	NOUN
cblr-7219	551	27	,	,	PUNCT
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cblr-7219	551	30	(	(	PUNCT
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cblr-7219	551	33	-	-	PUNCT
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cblr-7219	551	37	(	(	PUNCT
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cblr-7219	552	5	(	(	PUNCT
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cblr-7219	552	7	)	)	PUNCT
cblr-7219	552	8	(	(	PUNCT
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cblr-7219	552	10	)	)	PUNCT
cblr-7219	552	11	guaranty	guaranty	NOUN
cblr-7219	552	12	fund	fund	NOUN
cblr-7219	552	13	(	(	PUNCT
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cblr-7219	552	15	)	)	PUNCT
cblr-7219	552	16	sig	sig	NOUN
cblr-7219	552	17	/	/	SYM
cblr-7219	552	18	guaranty	guaranty	NOUN
cblr-7219	552	19	fund	fund	PROPN
cblr-7219	552	20	cme	cme	PROPN
cblr-7219	552	21	inc	inc	PROPN
cblr-7219	552	22	.	.	PROPN
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cblr-7219	552	24	100	100	NUM
cblr-7219	552	25	m	m	NUM
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cblr-7219	552	28	%	%	NOUN
cblr-7219	552	29	cme	cme	PROPN
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cblr-7219	553	1	(	(	PUNCT
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cblr-7219	553	3	)	)	PUNCT
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cblr-7219	553	8	%	%	NOUN
cblr-7219	553	9	ice	ice	NOUN
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cblr-7219	553	19	in	in	ADP
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cblr-7219	553	21	(	(	PUNCT
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cblr-7219	553	23	)	)	PUNCT
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cblr-7219	553	29	fmi167	fmi167	NOUN
cblr-7219	553	30	sig/	sig/	NOUN
cblr-7219	553	31	equity	equity	NOUN
cblr-7219	553	32	fmi	fmi	PROPN
cblr-7219	553	33	cme	cme	PROPN
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cblr-7219	554	1	(	(	PUNCT
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cblr-7219	554	3	)	)	PUNCT
cblr-7219	554	4	100	100	NUM
cblr-7219	554	5	m	m	NOUN
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cblr-7219	554	8	%	%	NOUN
cblr-7219	554	9	cme	cme	PROPN
cblr-7219	554	10	inc	inc	PROPN
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cblr-7219	555	1	(	(	PUNCT
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cblr-7219	555	3	)	)	PUNCT
cblr-7219	555	4	150	150	NUM
cblr-7219	555	5	m	m	NOUN
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cblr-7219	555	8	%	%	NOUN
cblr-7219	555	9	ice	ice	NOUN
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cblr-7219	555	11	credit	credit	NOUN
cblr-7219	555	12	50	50	NUM
cblr-7219	555	13	m	m	NOUN
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cblr-7219	555	15	0.29	0.29	NUM
cblr-7219	555	16	%	%	NOUN
cblr-7219	555	17	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	555	18	(	(	PUNCT
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cblr-7219	555	22	)	)	PUNCT
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cblr-7219	555	24	11:22	11:22	NUM
cblr-7219	555	25	am	am	NOUN
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cblr-7219	555	27	.	.	PUNCT
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cblr-7219	555	30	unfinished	unfinished	ADJ
cblr-7219	555	31	business	business	NOUN
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cblr-7219	555	34	4	4	NUM
cblr-7219	555	35	:	:	PUNCT
cblr-7219	555	36	clearinghouses	clearinghouse	NOUN
cblr-7219	555	37	’	'	PUNCT
cblr-7219	555	38	skin	skin	NOUN
cblr-7219	555	39	-	-	PUNCT
cblr-7219	555	40	in	in	ADP
cblr-7219	555	41	-	-	PUNCT
cblr-7219	555	42	the	the	DET
cblr-7219	555	43	-	-	PUNCT
cblr-7219	555	44	game	game	NOUN
cblr-7219	555	45	and	and	CCONJ
cblr-7219	555	46	clearinghouse	clearinghouse	NOUN
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cblr-7219	555	48	table	table	NOUN
cblr-7219	555	49	5	5	NUM
cblr-7219	555	50	:	:	PUNCT
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cblr-7219	555	52	’	’	PART
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cblr-7219	555	54	-	-	PUNCT
cblr-7219	555	55	in	in	ADP
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cblr-7219	555	58	-	-	PUNCT
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cblr-7219	555	82	in	in	ADP
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cblr-7219	555	84	,	,	PUNCT
cblr-7219	555	85	the	the	DET
cblr-7219	555	86	next	next	ADJ
cblr-7219	555	87	section	section	NOUN
cblr-7219	555	88	offers	offer	VERB
cblr-7219	555	89	a	a	DET
cblr-7219	555	90	theoretical	theoretical	ADJ
cblr-7219	555	91	framework	framework	NOUN
cblr-7219	555	92	through	through	ADP
cblr-7219	555	93	which	which	PRON
cblr-7219	555	94	to	to	PART
cblr-7219	555	95	understand	understand	VERB
cblr-7219	555	96	the	the	DET
cblr-7219	555	97	existing	exist	VERB
cblr-7219	555	98	,	,	PUNCT
cblr-7219	555	99	unaddressed	unaddresse	VERB
cblr-7219	555	100	imbalance	imbalance	NOUN
cblr-7219	555	101	between	between	ADP
cblr-7219	555	102	members	member	NOUN
cblr-7219	555	103	and	and	CCONJ
cblr-7219	555	104	shareholders	shareholder	NOUN
cblr-7219	555	105	in	in	ADP
cblr-7219	555	106	the	the	DET
cblr-7219	555	107	capital	capital	NOUN
cblr-7219	555	108	structure	structure	NOUN
cblr-7219	555	109	and	and	CCONJ
cblr-7219	555	110	governance	governance	NOUN
cblr-7219	555	111	of	of	ADP
cblr-7219	555	112	investor	investor	NOUN
cblr-7219	555	113	-	-	PUNCT
cblr-7219	555	114	owned	own	VERB
cblr-7219	555	115	clearinghouses	clearinghouse	NOUN
cblr-7219	555	116	.	.	PUNCT
cblr-7219	556	1	168	168	NUM
cblr-7219	556	2	the	the	DET
cblr-7219	556	3	equity	equity	NOUN
cblr-7219	556	4	referred	refer	VERB
cblr-7219	556	5	to	to	ADP
cblr-7219	556	6	in	in	ADP
cblr-7219	556	7	this	this	DET
cblr-7219	556	8	column	column	NOUN
cblr-7219	556	9	is	be	AUX
cblr-7219	556	10	the	the	DET
cblr-7219	556	11	equity	equity	NOUN
cblr-7219	556	12	capital	capital	NOUN
cblr-7219	556	13	of	of	ADP
cblr-7219	556	14	the	the	DET
cblr-7219	556	15	subsidiary	subsidiary	NOUN
cblr-7219	556	16	that	that	PRON
cblr-7219	556	17	provides	provide	VERB
cblr-7219	556	18	clearing	clearing	NOUN
cblr-7219	556	19	services	service	NOUN
cblr-7219	556	20	,	,	PUNCT
cblr-7219	556	21	not	not	PART
cblr-7219	556	22	the	the	DET
cblr-7219	556	23	equity	equity	NOUN
cblr-7219	556	24	capital	capital	NOUN
cblr-7219	556	25	of	of	ADP
cblr-7219	556	26	the	the	DET
cblr-7219	556	27	consolidated	consolidated	ADJ
cblr-7219	556	28	group	group	NOUN
cblr-7219	556	29	holding	hold	VERB
cblr-7219	556	30	company	company	NOUN
cblr-7219	556	31	.	.	PUNCT
cblr-7219	557	1	169	169	NUM
cblr-7219	557	2	see	see	VERB
cblr-7219	557	3	chi	chi	PROPN
cblr-7219	557	4	.	.	PUNCT
cblr-7219	558	1	mercantile	mercantile	PROPN
cblr-7219	558	2	exch	exch	PROPN
cblr-7219	558	3	.	.	PROPN
cblr-7219	559	1	inc	inc	PROPN
cblr-7219	559	2	.	.	PROPN
cblr-7219	559	3	,	,	PUNCT
cblr-7219	559	4	financial	financial	ADJ
cblr-7219	559	5	statements	statement	NOUN
cblr-7219	559	6	3	3	NUM
cblr-7219	559	7	(	(	PUNCT
cblr-7219	559	8	2019	2019	NUM
cblr-7219	559	9	)	)	PUNCT
cblr-7219	559	10	,	,	PUNCT
cblr-7219	559	11	http://investor.cmegroup.com/static-files/586f1c03-0dc8-4af4-b7ce849bda7f4205	http://investor.cmegroup.com/static-files/586f1c03-0dc8-4af4-b7ce849bda7f4205	PUNCT
cblr-7219	560	1	[	[	X
cblr-7219	560	2	https://perma.cc/j7qx-n6xl	https://perma.cc/j7qx-n6xl	PROPN
cblr-7219	560	3	]	]	X
cblr-7219	560	4	;	;	PUNCT
cblr-7219	560	5	ice	ice	NOUN
cblr-7219	560	6	clear	clear	ADJ
cblr-7219	560	7	credit	credit	PROPN
cblr-7219	560	8	llc	llc	PROPN
cblr-7219	560	9	,	,	PUNCT
cblr-7219	560	10	financial	financial	ADJ
cblr-7219	560	11	statements	statement	NOUN
cblr-7219	560	12	2	2	NUM
cblr-7219	560	13	(	(	PUNCT
cblr-7219	560	14	2020	2020	NUM
cblr-7219	560	15	)	)	PUNCT
cblr-7219	560	16	,	,	PUNCT
cblr-7219	560	17	https://www.theice.com/publicdocs/regulatory_filings/ice_clear_credit_financial_statements_2018_2019.pdf	https://www.theice.com/publicdocs/regulatory_filings/ice_clear_credit_financial_statements_2018_2019.pdf	PROPN
cblr-7219	560	18	[	[	X
cblr-7219	560	19	https://perma.cc/cl5p-uql5	https://perma.cc/cl5p-uql5	NOUN
cblr-7219	560	20	]	]	PUNCT
cblr-7219	560	21	.	.	PUNCT
cblr-7219	561	1	firm	firm	ADJ
cblr-7219	561	2	skin	skin	NOUN
cblr-7219	561	3	in	in	ADP
cblr-7219	561	4	the	the	DET
cblr-7219	561	5	(	(	PUNCT
cblr-7219	561	6	sig	sig	NOUN
cblr-7219	561	7	)	)	PUNCT
cblr-7219	561	8	(	(	PUNCT
cblr-7219	561	9	$	$	SYM
cblr-7219	561	10	)	)	PUNCT
cblr-7219	561	11	clearinghouse	clearinghouse	NOUN
cblr-7219	561	12	equity	equity	NOUN
cblr-7219	561	13	(	(	PUNCT
cblr-7219	561	14	$	$	SYM
cblr-7219	561	15	)	)	SYM
cblr-7219	561	16	168	168	NUM
cblr-7219	561	17	sig	sig	NOUN
cblr-7219	561	18	/	/	SYM
cblr-7219	561	19	clearinghouse	clearinghouse	PROPN
cblr-7219	561	20	equity	equity	PROPN
cblr-7219	561	21	cme	cme	PROPN
cblr-7219	561	22	inc	inc	PROPN
cblr-7219	561	23	.	.	PROPN
cblr-7219	562	1	(	(	PUNCT
cblr-7219	562	2	base	base	NOUN
cblr-7219	562	3	)	)	PUNCT
cblr-7219	562	4	100	100	NUM
cblr-7219	562	5	m	m	NUM
cblr-7219	562	6	1.01b	1.01b	NUM
cblr-7219	562	7	9.1	9.1	NUM
cblr-7219	562	8	%	%	NOUN
cblr-7219	562	9	cme	cme	PROPN
cblr-7219	562	10	inc	inc	PROPN
cblr-7219	562	11	.	.	PROPN
cblr-7219	563	1	(	(	PUNCT
cblr-7219	563	2	irs	irs	PROPN
cblr-7219	563	3	)	)	PUNCT
cblr-7219	563	4	150	150	NUM
cblr-7219	563	5	m	m	NUM
cblr-7219	563	6	1.01b	1.01b	NUM
cblr-7219	563	7	13.65	13.65	NUM
cblr-7219	563	8	%	%	NOUN
cblr-7219	563	9	ice	ice	NOUN
cblr-7219	563	10	clear	clear	ADJ
cblr-7219	563	11	credit	credit	NOUN
cblr-7219	563	12	50	50	NUM
cblr-7219	563	13	m	m	NOUN
cblr-7219	563	14	208	208	NUM
cblr-7219	563	15	m	m	NUM
cblr-7219	563	16	24	24	NUM
cblr-7219	563	17	%	%	NOUN
cblr-7219	563	18	firm	firm	ADJ
cblr-7219	563	19	skin	skin	NOUN
cblr-7219	563	20	in	in	ADP
cblr-7219	563	21	the	the	DET
cblr-7219	563	22	(	(	PUNCT
cblr-7219	563	23	sig	sig	NOUN
cblr-7219	563	24	)	)	PUNCT
cblr-7219	563	25	(	(	PUNCT
cblr-7219	563	26	$	$	SYM
cblr-7219	563	27	)	)	PUNCT
cblr-7219	563	28	total	total	ADJ
cblr-7219	563	29	assets169	assets169	PROPN
cblr-7219	563	30	sig	sig	NOUN
cblr-7219	563	31	/	/	SYM
cblr-7219	563	32	total	total	ADJ
cblr-7219	563	33	asset	asset	PROPN
cblr-7219	563	34	cme	cme	PROPN
cblr-7219	563	35	inc	inc	PROPN
cblr-7219	563	36	.	.	PROPN
cblr-7219	564	1	(	(	PUNCT
cblr-7219	564	2	base	base	NOUN
cblr-7219	564	3	)	)	PUNCT
cblr-7219	564	4	100	100	NUM
cblr-7219	564	5	m	m	NUM
cblr-7219	564	6	38.89b	38.89b	NUM
cblr-7219	564	7	0.26	0.26	NUM
cblr-7219	564	8	%	%	NOUN
cblr-7219	564	9	cme	cme	PROPN
cblr-7219	564	10	inc	inc	PROPN
cblr-7219	564	11	.	.	PROPN
cblr-7219	565	1	(	(	PUNCT
cblr-7219	565	2	irs	irs	PROPN
cblr-7219	565	3	)	)	PUNCT
cblr-7219	565	4	150	150	NUM
cblr-7219	565	5	m	m	NOUN
cblr-7219	565	6	38.89b	38.89b	NUM
cblr-7219	565	7	0.36	0.36	NUM
cblr-7219	565	8	%	%	NOUN
cblr-7219	565	9	ice	ice	NOUN
cblr-7219	565	10	clear	clear	ADJ
cblr-7219	565	11	credit	credit	NOUN
cblr-7219	566	1	50	50	NUM
cblr-7219	566	2	m	m	NOUN
cblr-7219	566	3	24.66b	24.66b	NUM
cblr-7219	566	4	0.20	0.20	NUM
cblr-7219	566	5	%	%	NOUN
cblr-7219	566	6	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	566	7	(	(	PUNCT
cblr-7219	566	8	do	do	AUX
cblr-7219	566	9	not	not	PART
cblr-7219	566	10	delte	delte	VERB
cblr-7219	566	11	)	)	PUNCT
cblr-7219	566	12	10/21/2020	10/21/2020	NUM
cblr-7219	566	13	11:22	11:22	NUM
cblr-7219	566	14	am	be	AUX
cblr-7219	566	15	492	492	NUM
cblr-7219	566	16	columbia	columbia	PROPN
cblr-7219	566	17	business	business	NOUN
cblr-7219	566	18	law	law	PROPN
cblr-7219	566	19	review	review	NOUN
cblr-7219	567	1	[	[	X
cblr-7219	567	2	vol	vol	NOUN
cblr-7219	567	3	.	.	PUNCT
cblr-7219	567	4	2020	2020	NUM
cblr-7219	567	5	iii	iii	X
cblr-7219	567	6	.	.	PUNCT
cblr-7219	568	1	the	the	DET
cblr-7219	568	2	agency	agency	NOUN
cblr-7219	568	3	costs	cost	NOUN
cblr-7219	568	4	of	of	ADP
cblr-7219	568	5	the	the	DET
cblr-7219	568	6	membershareholder	membershareholder	NOUN
cblr-7219	568	7	divide	divide	NOUN
cblr-7219	568	8	as	as	SCONJ
cblr-7219	568	9	previously	previously	ADV
cblr-7219	568	10	mentioned	mention	VERB
cblr-7219	568	11	,	,	PUNCT
cblr-7219	568	12	clearinghouses	clearinghouse	NOUN
cblr-7219	568	13	are	be	AUX
cblr-7219	568	14	for	for	ADP
cblr-7219	568	15	-	-	PUNCT
cblr-7219	568	16	profit	profit	NOUN
cblr-7219	568	17	corporations	corporation	NOUN
cblr-7219	568	18	owned	own	VERB
cblr-7219	568	19	by	by	ADP
cblr-7219	568	20	a	a	DET
cblr-7219	568	21	publicly	publicly	ADV
cblr-7219	568	22	listed	list	VERB
cblr-7219	568	23	company	company	NOUN
cblr-7219	568	24	,	,	PUNCT
cblr-7219	568	25	but	but	CCONJ
cblr-7219	568	26	they	they	PRON
cblr-7219	568	27	operate	operate	VERB
cblr-7219	568	28	with	with	ADP
cblr-7219	568	29	a	a	DET
cblr-7219	568	30	capital	capital	NOUN
cblr-7219	568	31	structure	structure	NOUN
cblr-7219	568	32	that	that	PRON
cblr-7219	568	33	mutualizes	mutualize	VERB
cblr-7219	568	34	risks	risk	NOUN
cblr-7219	568	35	among	among	ADP
cblr-7219	568	36	users	user	NOUN
cblr-7219	568	37	and	and	CCONJ
cblr-7219	568	38	allocates	allocate	VERB
cblr-7219	568	39	the	the	DET
cblr-7219	568	40	ultimate	ultimate	ADJ
cblr-7219	568	41	costs	cost	NOUN
cblr-7219	568	42	of	of	ADP
cblr-7219	568	43	losses	loss	NOUN
cblr-7219	568	44	onto	onto	ADP
cblr-7219	568	45	their	their	PRON
cblr-7219	568	46	members	member	NOUN
cblr-7219	568	47	—	—	PUNCT
cblr-7219	568	48	that	that	ADV
cblr-7219	568	49	is	is	ADV
cblr-7219	568	50	,	,	PUNCT
cblr-7219	568	51	the	the	DET
cblr-7219	568	52	providers	provider	NOUN
cblr-7219	568	53	of	of	ADP
cblr-7219	568	54	the	the	DET
cblr-7219	568	55	guaranty	guaranty	NOUN
cblr-7219	568	56	fund	fund	NOUN
cblr-7219	568	57	—	—	PUNCT
cblr-7219	568	58	and	and	CCONJ
cblr-7219	568	59	not	not	PART
cblr-7219	568	60	onto	onto	ADP
cblr-7219	568	61	shareholders	shareholder	NOUN
cblr-7219	568	62	.	.	PUNCT
cblr-7219	569	1	control	control	NOUN
cblr-7219	569	2	rights	right	NOUN
cblr-7219	569	3	over	over	ADP
cblr-7219	569	4	clearing	clearing	NOUN
cblr-7219	569	5	firms	firm	NOUN
cblr-7219	569	6	,	,	PUNCT
cblr-7219	569	7	as	as	ADV
cblr-7219	569	8	well	well	ADV
cblr-7219	569	9	as	as	ADP
cblr-7219	569	10	election	election	NOUN
cblr-7219	569	11	rights	right	NOUN
cblr-7219	569	12	for	for	ADP
cblr-7219	569	13	their	their	PRON
cblr-7219	569	14	boards	board	NOUN
cblr-7219	569	15	of	of	ADP
cblr-7219	569	16	directors	director	NOUN
cblr-7219	569	17	,	,	PUNCT
cblr-7219	569	18	are	be	AUX
cblr-7219	569	19	retained	retain	VERB
cblr-7219	569	20	by	by	ADP
cblr-7219	569	21	firms	firm	NOUN
cblr-7219	569	22	’	'	PUNCT
cblr-7219	569	23	shareholders.170	shareholders.170	VERB
cblr-7219	569	24	the	the	DET
cblr-7219	569	25	economic	economic	ADJ
cblr-7219	569	26	rights	right	NOUN
cblr-7219	569	27	of	of	ADP
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cblr-7219	569	29	in	in	ADP
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cblr-7219	569	31	profits	profit	NOUN
cblr-7219	569	32	of	of	ADP
cblr-7219	569	33	the	the	DET
cblr-7219	569	34	clearing	clearing	NOUN
cblr-7219	569	35	business	business	NOUN
cblr-7219	569	36	are	be	AUX
cblr-7219	569	37	also	also	ADV
cblr-7219	569	38	held	hold	VERB
cblr-7219	569	39	by	by	ADP
cblr-7219	569	40	shareholders	shareholder	NOUN
cblr-7219	569	41	;	;	PUNCT
cblr-7219	569	42	171	171	NUM
cblr-7219	569	43	however	however	ADV
cblr-7219	569	44	,	,	PUNCT
cblr-7219	569	45	the	the	DET
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cblr-7219	569	47	risks	risk	NOUN
cblr-7219	569	48	of	of	ADP
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cblr-7219	569	50	business	business	NOUN
cblr-7219	569	51	are	be	AUX
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cblr-7219	569	53	allocated	allocate	VERB
cblr-7219	569	54	to	to	ADP
cblr-7219	569	55	clearing	clear	VERB
cblr-7219	569	56	members	member	NOUN
cblr-7219	569	57	.	.	PUNCT
cblr-7219	570	1	thus	thus	ADV
cblr-7219	570	2	,	,	PUNCT
cblr-7219	570	3	the	the	DET
cblr-7219	570	4	stakeholders	stakeholder	NOUN
cblr-7219	570	5	with	with	ADP
cblr-7219	570	6	actual	actual	ADJ
cblr-7219	570	7	skinin	skinin	ADJ
cblr-7219	570	8	-	-	PUNCT
cblr-7219	570	9	the	the	DET
cblr-7219	570	10	-	-	PUNCT
cblr-7219	570	11	game	game	NOUN
cblr-7219	570	12	in	in	ADP
cblr-7219	570	13	the	the	DET
cblr-7219	570	14	business	business	NOUN
cblr-7219	570	15	and	and	CCONJ
cblr-7219	570	16	a	a	DET
cblr-7219	570	17	direct	direct	ADJ
cblr-7219	570	18	interest	interest	NOUN
cblr-7219	570	19	in	in	ADP
cblr-7219	570	20	establishing	establish	VERB
cblr-7219	570	21	robust	robust	ADJ
cblr-7219	570	22	risk	risk	NOUN
cblr-7219	570	23	management	management	NOUN
cblr-7219	570	24	policies	policy	NOUN
cblr-7219	570	25	and	and	CCONJ
cblr-7219	570	26	practices	practice	NOUN
cblr-7219	570	27	,	,	PUNCT
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cblr-7219	570	34	representation	representation	NOUN
cblr-7219	570	35	on	on	ADP
cblr-7219	570	36	clearinghouses	clearinghouse	NOUN
cblr-7219	570	37	’	'	PUNCT
cblr-7219	570	38	boards	board	NOUN
cblr-7219	570	39	of	of	ADP
cblr-7219	570	40	directors	director	NOUN
cblr-7219	570	41	,	,	PUNCT
cblr-7219	570	42	nor	nor	CCONJ
cblr-7219	570	43	any	any	DET
cblr-7219	570	44	formal	formal	ADJ
cblr-7219	570	45	or	or	CCONJ
cblr-7219	570	46	binding	binding	ADJ
cblr-7219	570	47	say	say	VERB
cblr-7219	570	48	in	in	ADP
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cblr-7219	572	7	from	from	ADP
cblr-7219	572	8	control	control	NOUN
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cblr-7219	572	26	in	in	ADP
cblr-7219	572	27	which	which	PRON
cblr-7219	572	28	shareholders	shareholder	NOUN
cblr-7219	572	29	are	be	AUX
cblr-7219	572	30	considered	consider	VERB
cblr-7219	572	31	the	the	DET
cblr-7219	572	32	residual	residual	ADJ
cblr-7219	572	33	claimants	claimant	NOUN
cblr-7219	572	34	and	and	CCONJ
cblr-7219	572	35	the	the	DET
cblr-7219	572	36	final	final	ADJ
cblr-7219	572	37	bearers	bearer	NOUN
cblr-7219	572	38	of	of	ADP
cblr-7219	572	39	any	any	DET
cblr-7219	572	40	business	business	NOUN
cblr-7219	572	41	risk	risk	NOUN
cblr-7219	572	42	,	,	PUNCT
cblr-7219	572	43	and	and	CCONJ
cblr-7219	572	44	are	be	AUX
cblr-7219	572	45	therefore	therefore	ADV
cblr-7219	572	46	given	give	VERB
cblr-7219	572	47	control	control	NOUN
cblr-7219	572	48	rights	right	NOUN
cblr-7219	572	49	over	over	ADP
cblr-7219	572	50	the	the	DET
cblr-7219	572	51	firm.173	firm.173	NOUN
cblr-7219	572	52	here	here	ADV
cblr-7219	572	53	,	,	PUNCT
cblr-7219	572	54	shareholders	shareholder	NOUN
cblr-7219	572	55	shift	shift	VERB
cblr-7219	572	56	the	the	DET
cblr-7219	572	57	costs	cost	NOUN
cblr-7219	572	58	of	of	ADP
cblr-7219	572	59	running	run	VERB
cblr-7219	572	60	the	the	DET
cblr-7219	572	61	business	business	NOUN
cblr-7219	572	62	onto	onto	ADP
cblr-7219	572	63	firms	firm	NOUN
cblr-7219	572	64	’	’	PART
cblr-7219	572	65	users	user	NOUN
cblr-7219	572	66	.	.	PUNCT
cblr-7219	573	1	the	the	DET
cblr-7219	573	2	structure	structure	NOUN
cblr-7219	573	3	of	of	ADP
cblr-7219	573	4	the	the	DET
cblr-7219	573	5	default	default	NOUN
cblr-7219	573	6	waterfall	waterfall	NOUN
cblr-7219	573	7	,	,	PUNCT
cblr-7219	573	8	with	with	ADP
cblr-7219	573	9	the	the	DET
cblr-7219	573	10	guaranty	guaranty	NOUN
cblr-7219	573	11	fund	fund	NOUN
cblr-7219	573	12	provided	provide	VERB
cblr-7219	573	13	by	by	ADP
cblr-7219	573	14	the	the	DET
cblr-7219	573	15	members	member	NOUN
cblr-7219	573	16	and	and	CCONJ
cblr-7219	573	17	the	the	DET
cblr-7219	573	18	right	right	NOUN
cblr-7219	573	19	of	of	ADP
cblr-7219	573	20	the	the	DET
cblr-7219	573	21	clearinghouse	clearinghouse	NOUN
cblr-7219	573	22	to	to	PART
cblr-7219	573	23	call	call	VERB
cblr-7219	573	24	on	on	ADP
cblr-7219	573	25	additional	additional	ADJ
cblr-7219	573	26	financial	financial	ADJ
cblr-7219	573	27	contributions	contribution	NOUN
cblr-7219	573	28	(	(	PUNCT
cblr-7219	573	29	i.e.	i.e.	X
cblr-7219	573	30	,	,	PUNCT
cblr-7219	573	31	assessment	assessment	NOUN
cblr-7219	573	32	rights	right	NOUN
cblr-7219	573	33	)	)	PUNCT
cblr-7219	573	34	,	,	PUNCT
cblr-7219	573	35	perpetuates	perpetuate	VERB
cblr-7219	573	36	this	this	DET
cblr-7219	573	37	externalization	externalization	NOUN
cblr-7219	573	38	of	of	ADP
cblr-7219	573	39	costs	cost	NOUN
cblr-7219	573	40	onto	onto	ADP
cblr-7219	573	41	clearinghouses	clearinghouse	NOUN
cblr-7219	573	42	’	’	PART
cblr-7219	573	43	main	main	ADJ
cblr-7219	573	44	stakeholders	stakeholder	NOUN
cblr-7219	573	45	.	.	PUNCT
cblr-7219	574	1	this	this	PRON
cblr-7219	574	2	creates	create	VERB
cblr-7219	574	3	a	a	DET
cblr-7219	574	4	new	new	ADJ
cblr-7219	574	5	type	type	NOUN
cblr-7219	574	6	of	of	ADP
cblr-7219	574	7	delicate	delicate	ADJ
cblr-7219	574	8	and	and	CCONJ
cblr-7219	574	9	risky	risky	ADJ
cblr-7219	574	10	agency	agency	NOUN
cblr-7219	574	11	cost	cost	NOUN
cblr-7219	574	12	between	between	ADP
cblr-7219	574	13	clearinghouses	clearinghouse	NOUN
cblr-7219	574	14	(	(	PUNCT
cblr-7219	574	15	and	and	CCONJ
cblr-7219	574	16	their	their	PRON
cblr-7219	574	17	shareholders	shareholder	NOUN
cblr-7219	574	18	,	,	PUNCT
cblr-7219	574	19	the	the	DET
cblr-7219	574	20	agents	agent	NOUN
cblr-7219	574	21	)	)	PUNCT
cblr-7219	574	22	170	170	NUM
cblr-7219	574	23	see	see	VERB
cblr-7219	574	24	infra	infra	NOUN
cblr-7219	574	25	section	section	NOUN
cblr-7219	574	26	iv.b	iv.b	PROPN
cblr-7219	574	27	.	.	PROPN
cblr-7219	575	1	171	171	NUM
cblr-7219	575	2	see	see	VERB
cblr-7219	575	3	saguato	saguato	NOUN
cblr-7219	575	4	,	,	PUNCT
cblr-7219	575	5	the	the	DET
cblr-7219	575	6	ownership	ownership	NOUN
cblr-7219	575	7	of	of	ADP
cblr-7219	575	8	clearinghouses	clearinghouse	NOUN
cblr-7219	575	9	,	,	PUNCT
cblr-7219	575	10	supra	supra	PROPN
cblr-7219	575	11	note	note	NOUN
cblr-7219	575	12	8	8	NUM
cblr-7219	575	13	,	,	PUNCT
cblr-7219	575	14	at	at	ADP
cblr-7219	575	15	632–33	632–33	NUM
cblr-7219	575	16	.	.	PUNCT
cblr-7219	576	1	172	172	NUM
cblr-7219	576	2	the	the	DET
cblr-7219	576	3	use	use	NOUN
cblr-7219	576	4	of	of	ADP
cblr-7219	576	5	“	"	PUNCT
cblr-7219	576	6	formal	formal	ADJ
cblr-7219	576	7	”	"	PUNCT
cblr-7219	576	8	here	here	ADV
cblr-7219	576	9	means	mean	VERB
cblr-7219	576	10	as	as	SCONJ
cblr-7219	576	11	required	require	VERB
cblr-7219	576	12	by	by	ADP
cblr-7219	576	13	laws	law	NOUN
cblr-7219	576	14	or	or	CCONJ
cblr-7219	576	15	regulations	regulation	NOUN
cblr-7219	576	16	.	.	PUNCT
cblr-7219	577	1	173	173	NUM
cblr-7219	577	2	see	see	VERB
cblr-7219	577	3	griffith	griffith	PROPN
cblr-7219	577	4	,	,	PUNCT
cblr-7219	577	5	supra	supra	PROPN
cblr-7219	577	6	note	note	NOUN
cblr-7219	577	7	9	9	NUM
cblr-7219	577	8	,	,	PUNCT
cblr-7219	577	9	at	at	ADP
cblr-7219	577	10	1219	1219	NUM
cblr-7219	577	11	.	.	PUNCT
cblr-7219	578	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	578	2	(	(	PUNCT
cblr-7219	578	3	do	do	AUX
cblr-7219	578	4	not	not	PART
cblr-7219	578	5	delete	delete	VERB
cblr-7219	578	6	)	)	PUNCT
cblr-7219	578	7	10/21/2020	10/21/2020	NUM
cblr-7219	578	8	11:22	11:22	NUM
cblr-7219	578	9	am	am	NOUN
cblr-7219	578	10	no	no	NOUN
cblr-7219	578	11	.	.	PUNCT
cblr-7219	579	1	2:449	2:449	NUM
cblr-7219	579	2	]	]	X
cblr-7219	579	3	unfinished	unfinished	ADJ
cblr-7219	579	4	business	business	NOUN
cblr-7219	579	5	493	493	NUM
cblr-7219	579	6	and	and	CCONJ
cblr-7219	579	7	their	their	PRON
cblr-7219	579	8	members	member	NOUN
cblr-7219	579	9	(	(	PUNCT
cblr-7219	579	10	the	the	DET
cblr-7219	579	11	principals).174	principals).174	NOUN
cblr-7219	579	12	this	this	DET
cblr-7219	579	13	new	new	ADJ
cblr-7219	579	14	agency	agency	NOUN
cblr-7219	579	15	cost	cost	NOUN
cblr-7219	579	16	,	,	PUNCT
cblr-7219	579	17	which	which	PRON
cblr-7219	579	18	stems	stem	VERB
cblr-7219	579	19	from	from	ADP
cblr-7219	579	20	the	the	DET
cblr-7219	579	21	“	"	PUNCT
cblr-7219	579	22	member	member	NOUN
cblr-7219	579	23	-	-	PUNCT
cblr-7219	579	24	shareholder	shareholder	NOUN
cblr-7219	579	25	divide,”175	divide,”175	NOUN
cblr-7219	579	26	manifests	manifest	NOUN
cblr-7219	579	27	in	in	ADP
cblr-7219	579	28	misaligned	misaligned	ADJ
cblr-7219	579	29	incentives	incentive	NOUN
cblr-7219	579	30	between	between	ADP
cblr-7219	579	31	clearing	clear	VERB
cblr-7219	579	32	members	member	NOUN
cblr-7219	579	33	and	and	CCONJ
cblr-7219	579	34	clearinghouses	clearinghouse	NOUN
cblr-7219	579	35	(	(	PUNCT
cblr-7219	579	36	and	and	CCONJ
cblr-7219	579	37	their	their	PRON
cblr-7219	579	38	shareholders).176	shareholders).176	NOUN
cblr-7219	579	39	this	this	PRON
cblr-7219	579	40	could	could	AUX
cblr-7219	579	41	potentially	potentially	ADV
cblr-7219	579	42	create	create	VERB
cblr-7219	579	43	moral	moral	ADJ
cblr-7219	579	44	hazard	hazard	NOUN
cblr-7219	579	45	and	and	CCONJ
cblr-7219	579	46	ultimately	ultimately	ADV
cblr-7219	579	47	undermine	undermine	VERB
cblr-7219	579	48	clearinghouses	clearinghouse	NOUN
cblr-7219	579	49	’	'	PUNCT
cblr-7219	579	50	systemic	systemic	ADJ
cblr-7219	579	51	resilience.177	resilience.177	PROPN
cblr-7219	579	52	clearinghouses	clearinghouse	NOUN
cblr-7219	579	53	face	face	VERB
cblr-7219	579	54	serious	serious	ADJ
cblr-7219	579	55	governance	governance	NOUN
cblr-7219	579	56	issues.178	issues.178	ADV
cblr-7219	579	57	corporate	corporate	ADJ
cblr-7219	579	58	governance	governance	NOUN
cblr-7219	579	59	has	have	AUX
cblr-7219	579	60	traditionally	traditionally	ADV
cblr-7219	579	61	been	be	AUX
cblr-7219	579	62	the	the	DET
cblr-7219	579	63	primary	primary	ADJ
cblr-7219	579	64	mechanism	mechanism	NOUN
cblr-7219	579	65	to	to	PART
cblr-7219	579	66	reduce	reduce	VERB
cblr-7219	579	67	agency	agency	NOUN
cblr-7219	579	68	costs.179	costs.179	PROPN
cblr-7219	579	69	in	in	ADP
cblr-7219	579	70	public	public	ADJ
cblr-7219	579	71	corporations	corporation	NOUN
cblr-7219	579	72	,	,	PUNCT
cblr-7219	579	73	independent	independent	ADJ
cblr-7219	579	74	directors	director	NOUN
cblr-7219	579	75	play	play	VERB
cblr-7219	579	76	an	an	DET
cblr-7219	579	77	important	important	ADJ
cblr-7219	579	78	role	role	NOUN
cblr-7219	579	79	in	in	ADP
cblr-7219	579	80	monitoring	monitor	VERB
cblr-7219	579	81	managers	manager	NOUN
cblr-7219	579	82	;	;	PUNCT
cblr-7219	579	83	in	in	ADP
cblr-7219	579	84	addition	addition	NOUN
cblr-7219	579	85	,	,	PUNCT
cblr-7219	579	86	particularly	particularly	ADV
cblr-7219	579	87	in	in	ADP
cblr-7219	579	88	financial	financial	ADJ
cblr-7219	579	89	firms	firm	NOUN
cblr-7219	579	90	,	,	PUNCT
cblr-7219	579	91	the	the	DET
cblr-7219	579	92	risk	risk	NOUN
cblr-7219	579	93	committee	committee	NOUN
cblr-7219	579	94	is	be	AUX
cblr-7219	579	95	a	a	DET
cblr-7219	579	96	vital	vital	ADJ
cblr-7219	579	97	source	source	NOUN
cblr-7219	579	98	of	of	ADP
cblr-7219	579	99	support	support	NOUN
cblr-7219	579	100	for	for	ADP
cblr-7219	579	101	the	the	DET
cblr-7219	579	102	board.180	board.180	NOUN
cblr-7219	579	103	as	as	ADP
cblr-7219	579	104	subsidiaries	subsidiary	NOUN
cblr-7219	579	105	of	of	ADP
cblr-7219	579	106	public	public	ADJ
cblr-7219	579	107	corporations	corporation	NOUN
cblr-7219	579	108	,	,	PUNCT
cblr-7219	579	109	clearinghouses	clearinghouse	NOUN
cblr-7219	579	110	indirectly	indirectly	ADV
cblr-7219	579	111	face	face	VERB
cblr-7219	579	112	the	the	DET
cblr-7219	579	113	same	same	ADJ
cblr-7219	579	114	agency	agency	NOUN
cblr-7219	579	115	costs	cost	NOUN
cblr-7219	579	116	that	that	PRON
cblr-7219	579	117	derive	derive	VERB
cblr-7219	579	118	from	from	ADP
cblr-7219	579	119	the	the	DET
cblr-7219	579	120	separation	separation	NOUN
cblr-7219	579	121	of	of	ADP
cblr-7219	579	122	ownership	ownership	NOUN
cblr-7219	579	123	and	and	CCONJ
cblr-7219	579	124	control	control	NOUN
cblr-7219	579	125	.	.	PUNCT
cblr-7219	580	1	directors	director	NOUN
cblr-7219	580	2	and	and	CCONJ
cblr-7219	580	3	officers	officer	NOUN
cblr-7219	580	4	of	of	ADP
cblr-7219	580	5	the	the	DET
cblr-7219	580	6	firm	firm	NOUN
cblr-7219	580	7	(	(	PUNCT
cblr-7219	580	8	i.e.	i.e.	X
cblr-7219	580	9	,	,	PUNCT
cblr-7219	580	10	agents	agent	NOUN
cblr-7219	580	11	)	)	PUNCT
cblr-7219	580	12	,	,	PUNCT
cblr-7219	580	13	while	while	SCONJ
cblr-7219	580	14	pursuing	pursue	VERB
cblr-7219	580	15	the	the	DET
cblr-7219	580	16	maximization	maximization	NOUN
cblr-7219	580	17	of	of	ADP
cblr-7219	580	18	the	the	DET
cblr-7219	580	19	firm	firm	NOUN
cblr-7219	580	20	’s	’s	PART
cblr-7219	580	21	value	value	NOUN
cblr-7219	580	22	(	(	PUNCT
cblr-7219	580	23	i.e.	i.e.	X
cblr-7219	580	24	,	,	PUNCT
cblr-7219	580	25	shareholders	shareholder	NOUN
cblr-7219	580	26	’	'	PUNCT
cblr-7219	580	27	value	value	NOUN
cblr-7219	580	28	)	)	PUNCT
cblr-7219	580	29	,	,	PUNCT
cblr-7219	580	30	are	be	AUX
cblr-7219	580	31	bound	bind	VERB
cblr-7219	580	32	to	to	PART
cblr-7219	580	33	contractual	contractual	VERB
cblr-7219	580	34	174	174	NUM
cblr-7219	580	35	see	see	NOUN
cblr-7219	580	36	saguato	saguato	NOUN
cblr-7219	580	37	,	,	PUNCT
cblr-7219	580	38	the	the	DET
cblr-7219	580	39	hidden	hidden	ADJ
cblr-7219	580	40	costs	cost	NOUN
cblr-7219	580	41	of	of	ADP
cblr-7219	580	42	clearinghouses	clearinghouse	NOUN
cblr-7219	580	43	,	,	PUNCT
cblr-7219	580	44	supra	supra	PROPN
cblr-7219	580	45	note	note	NOUN
cblr-7219	580	46	8	8	NUM
cblr-7219	580	47	(	(	PUNCT
cblr-7219	580	48	manuscript	manuscript	NOUN
cblr-7219	580	49	at	at	ADP
cblr-7219	580	50	25–28	25–28	NUM
cblr-7219	580	51	)	)	PUNCT
cblr-7219	580	52	.	.	PUNCT
cblr-7219	581	1	175	175	NUM
cblr-7219	581	2	see	see	VERB
cblr-7219	581	3	saguato	saguato	NOUN
cblr-7219	581	4	,	,	PUNCT
cblr-7219	581	5	the	the	DET
cblr-7219	581	6	ownership	ownership	NOUN
cblr-7219	581	7	of	of	ADP
cblr-7219	581	8	clearinghouses	clearinghouse	NOUN
cblr-7219	581	9	,	,	PUNCT
cblr-7219	581	10	supra	supra	PROPN
cblr-7219	581	11	note	note	NOUN
cblr-7219	581	12	8	8	NUM
cblr-7219	581	13	,	,	PUNCT
cblr-7219	581	14	at	at	ADP
cblr-7219	581	15	606–07	606–07	NUM
cblr-7219	581	16	(	(	PUNCT
cblr-7219	581	17	defining	define	VERB
cblr-7219	581	18	this	this	DET
cblr-7219	581	19	unique	unique	ADJ
cblr-7219	581	20	feature	feature	NOUN
cblr-7219	581	21	of	of	ADP
cblr-7219	581	22	the	the	DET
cblr-7219	581	23	ownership	ownership	NOUN
cblr-7219	581	24	structure	structure	NOUN
cblr-7219	581	25	of	of	ADP
cblr-7219	581	26	modern	modern	ADJ
cblr-7219	581	27	clearinghouses	clearinghouse	NOUN
cblr-7219	581	28	)	)	PUNCT
cblr-7219	581	29	.	.	PUNCT
cblr-7219	582	1	176	176	NUM
cblr-7219	582	2	see	see	VERB
cblr-7219	582	3	wenqian	wenqian	PROPN
cblr-7219	582	4	huang	huang	PROPN
cblr-7219	582	5	,	,	PUNCT
cblr-7219	582	6	central	central	ADJ
cblr-7219	582	7	counterparty	counterparty	NOUN
cblr-7219	582	8	capitalization	capitalization	NOUN
cblr-7219	582	9	and	and	CCONJ
cblr-7219	582	10	misaligned	misaligned	ADJ
cblr-7219	582	11	incentives	incentive	NOUN
cblr-7219	582	12	4	4	NUM
cblr-7219	582	13	(	(	PUNCT
cblr-7219	582	14	bank	bank	NOUN
cblr-7219	582	15	for	for	ADP
cblr-7219	582	16	int’l	int’l	NUM
cblr-7219	582	17	settlements	settlement	NOUN
cblr-7219	582	18	,	,	PUNCT
cblr-7219	582	19	working	work	VERB
cblr-7219	582	20	paper	paper	NOUN
cblr-7219	582	21	no	no	INTJ
cblr-7219	582	22	.	.	PROPN
cblr-7219	582	23	767	767	NUM
cblr-7219	582	24	,	,	PUNCT
cblr-7219	582	25	2019	2019	NUM
cblr-7219	582	26	)	)	PUNCT
cblr-7219	582	27	,	,	PUNCT
cblr-7219	582	28	https://www.bis.org/publ/work767.htm	https://www.bis.org/publ/work767.htm	X
cblr-7219	583	1	[	[	X
cblr-7219	583	2	https://perma.cc/2k9uw5pe	https://perma.cc/2k9uw5pe	X
cblr-7219	583	3	]	]	PUNCT
cblr-7219	583	4	.	.	PUNCT
cblr-7219	584	1	177	177	NUM
cblr-7219	584	2	see	see	VERB
cblr-7219	584	3	i	i	PRON
cblr-7219	584	4	d.	d.	PROPN
cblr-7219	584	5	at	at	ADP
cblr-7219	584	6	5	5	NUM
cblr-7219	584	7	.	.	PUNCT
cblr-7219	585	1	huang	huang	PROPN
cblr-7219	585	2	’s	’s	PART
cblr-7219	585	3	interesting	interesting	ADJ
cblr-7219	585	4	theoretical	theoretical	ADJ
cblr-7219	585	5	piece	piece	NOUN
cblr-7219	585	6	asserts	assert	VERB
cblr-7219	585	7	that	that	SCONJ
cblr-7219	585	8	forprofit	forprofit	VERB
cblr-7219	585	9	clearinghouses	clearinghouse	NOUN
cblr-7219	585	10	with	with	ADP
cblr-7219	585	11	limited	limited	ADJ
cblr-7219	585	12	liability	liability	NOUN
cblr-7219	585	13	have	have	VERB
cblr-7219	585	14	incentives	incentive	NOUN
cblr-7219	585	15	that	that	PRON
cblr-7219	585	16	are	be	AUX
cblr-7219	585	17	misaligned	misalign	VERB
cblr-7219	585	18	with	with	ADP
cblr-7219	585	19	the	the	DET
cblr-7219	585	20	financial	financial	ADJ
cblr-7219	585	21	stability	stability	NOUN
cblr-7219	585	22	function	function	NOUN
cblr-7219	585	23	they	they	PRON
cblr-7219	585	24	perform	perform	VERB
cblr-7219	585	25	in	in	ADP
cblr-7219	585	26	the	the	DET
cblr-7219	585	27	market	market	NOUN
cblr-7219	585	28	.	.	PUNCT
cblr-7219	586	1	see	see	VERB
cblr-7219	586	2	i	i	PRON
cblr-7219	586	3	d.	d.	PROPN
cblr-7219	586	4	at	at	ADP
cblr-7219	586	5	4	4	NUM
cblr-7219	586	6	.	.	NOUN
cblr-7219	586	7	178	178	NUM
cblr-7219	586	8	see	see	VERB
cblr-7219	586	9	robert	robert	PROPN
cblr-7219	586	10	steigerwald	steigerwald	PROPN
cblr-7219	586	11	,	,	PUNCT
cblr-7219	586	12	senior	senior	ADJ
cblr-7219	586	13	policy	policy	NOUN
cblr-7219	586	14	advisor	advisor	NOUN
cblr-7219	586	15	,	,	PUNCT
cblr-7219	586	16	fed	fed	PROPN
cblr-7219	586	17	.	.	PUNCT
cblr-7219	586	18	reserve	reserve	PROPN
cblr-7219	586	19	bank	bank	PROPN
cblr-7219	586	20	of	of	ADP
cblr-7219	586	21	chi	chi	PROPN
cblr-7219	586	22	.	.	PUNCT
cblr-7219	586	23	,	,	PUNCT
cblr-7219	586	24	clearinghouse	clearinghouse	VERB
cblr-7219	586	25	risk	risk	NOUN
cblr-7219	586	26	management	management	NOUN
cblr-7219	586	27	and	and	CCONJ
cblr-7219	586	28	governance	governance	NOUN
cblr-7219	586	29	today	today	NOUN
cblr-7219	586	30	62–63	62–63	NUM
cblr-7219	586	31	,	,	PUNCT
cblr-7219	586	32	135–38	135–38	NUM
cblr-7219	586	33	(	(	PUNCT
cblr-7219	586	34	dec	dec	PROPN
cblr-7219	586	35	.	.	PROPN
cblr-7219	586	36	4	4	NUM
cblr-7219	586	37	,	,	PUNCT
cblr-7219	586	38	2018	2018	NUM
cblr-7219	586	39	)	)	PUNCT
cblr-7219	586	40	,	,	PUNCT
cblr-7219	586	41	https://www.cftc.gov/sites/default/files/2019/07/1563562184/mrac_120418_transcript.pdf	https://www.cftc.gov/sites/default/files/2019/07/1563562184/mrac_120418_transcript.pdf	PROPN
cblr-7219	586	42	[	[	X
cblr-7219	586	43	https://perma.cc/r9tl-3jaz	https://perma.cc/r9tl-3jaz	X
cblr-7219	586	44	]	]	X
cblr-7219	586	45	(	(	PUNCT
cblr-7219	586	46	discussing	discuss	VERB
cblr-7219	586	47	the	the	DET
cblr-7219	586	48	misaligned	misaligned	ADJ
cblr-7219	586	49	incentives	incentive	NOUN
cblr-7219	586	50	between	between	ADP
cblr-7219	586	51	clearinghouses	clearinghouse	NOUN
cblr-7219	586	52	and	and	CCONJ
cblr-7219	586	53	their	their	PRON
cblr-7219	586	54	shareholders	shareholder	NOUN
cblr-7219	586	55	and	and	CCONJ
cblr-7219	586	56	clearing	clear	VERB
cblr-7219	586	57	members	member	NOUN
cblr-7219	586	58	due	due	ADJ
cblr-7219	586	59	to	to	ADP
cblr-7219	586	60	the	the	DET
cblr-7219	586	61	capital	capital	NOUN
cblr-7219	586	62	structure	structure	NOUN
cblr-7219	586	63	of	of	ADP
cblr-7219	586	64	clearinghouses	clearinghouse	NOUN
cblr-7219	586	65	)	)	PUNCT
cblr-7219	586	66	.	.	PUNCT
cblr-7219	587	1	179	179	NUM
cblr-7219	587	2	see	see	VERB
cblr-7219	587	3	e.g.	e.g.	ADV
cblr-7219	587	4	,	,	PUNCT
cblr-7219	587	5	daniel	daniel	PROPN
cblr-7219	587	6	r.	r.	PROPN
cblr-7219	587	7	fischel	fischel	PROPN
cblr-7219	587	8	,	,	PUNCT
cblr-7219	587	9	the	the	DET
cblr-7219	587	10	corporate	corporate	ADJ
cblr-7219	587	11	governance	governance	NOUN
cblr-7219	587	12	movement	movement	NOUN
cblr-7219	587	13	,	,	PUNCT
cblr-7219	587	14	35	35	NUM
cblr-7219	587	15	vand	vand	NOUN
cblr-7219	587	16	.	.	PUNCT
cblr-7219	588	1	l.	l.	PROPN
cblr-7219	588	2	rev	rev	PROPN
cblr-7219	588	3	.	.	PROPN
cblr-7219	588	4	1259	1259	NUM
cblr-7219	588	5	,	,	PUNCT
cblr-7219	588	6	1262–65	1262–65	NUM
cblr-7219	588	7	(	(	PUNCT
cblr-7219	588	8	1982	1982	NUM
cblr-7219	588	9	)	)	PUNCT
cblr-7219	588	10	.	.	PUNCT
cblr-7219	589	1	180	180	NUM
cblr-7219	589	2	see	see	VERB
cblr-7219	589	3	paolo	paolo	PROPN
cblr-7219	589	4	saguato	saguato	NOUN
cblr-7219	589	5	,	,	PUNCT
cblr-7219	589	6	financial	financial	ADJ
cblr-7219	589	7	market	market	NOUN
cblr-7219	589	8	infrastructures	infrastructure	NOUN
cblr-7219	589	9	:	:	PUNCT
cblr-7219	589	10	the	the	DET
cblr-7219	589	11	essential	essential	ADJ
cblr-7219	589	12	role	role	NOUN
cblr-7219	589	13	of	of	ADP
cblr-7219	589	14	risk	risk	NOUN
cblr-7219	589	15	management	management	NOUN
cblr-7219	589	16	,	,	PUNCT
cblr-7219	589	17	in	in	ADP
cblr-7219	589	18	governance	governance	NOUN
cblr-7219	589	19	of	of	ADP
cblr-7219	589	20	financial	financial	ADJ
cblr-7219	589	21	institutions	institution	NOUN
cblr-7219	589	22	228	228	NUM
cblr-7219	589	23	,	,	PUNCT
cblr-7219	589	24	240–41	240–41	NUM
cblr-7219	589	25	(	(	PUNCT
cblr-7219	589	26	danny	danny	PROPN
cblr-7219	589	27	busch	busch	PROPN
cblr-7219	589	28	et	et	PROPN
cblr-7219	589	29	al	al	PROPN
cblr-7219	589	30	.	.	PUNCT
cblr-7219	589	31	eds	eds	PROPN
cblr-7219	589	32	.	.	PROPN
cblr-7219	589	33	,	,	PUNCT
cblr-7219	589	34	2019	2019	NUM
cblr-7219	589	35	)	)	PUNCT
cblr-7219	589	36	.	.	PUNCT
cblr-7219	590	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	590	2	(	(	PUNCT
cblr-7219	590	3	do	do	AUX
cblr-7219	590	4	not	not	PART
cblr-7219	590	5	delte	delte	VERB
cblr-7219	590	6	)	)	PUNCT
cblr-7219	590	7	10/21/2020	10/21/2020	NUM
cblr-7219	590	8	11:22	11:22	NUM
cblr-7219	590	9	am	be	AUX
cblr-7219	590	10	494	494	NUM
cblr-7219	590	11	columbia	columbia	PROPN
cblr-7219	590	12	business	business	NOUN
cblr-7219	590	13	law	law	PROPN
cblr-7219	590	14	review	review	NOUN
cblr-7219	591	1	[	[	X
cblr-7219	591	2	vol	vol	NOUN
cblr-7219	591	3	.	.	PUNCT
cblr-7219	591	4	2020	2020	NUM
cblr-7219	591	5	arrangements	arrangement	NOUN
cblr-7219	591	6	and	and	CCONJ
cblr-7219	591	7	subject	subject	NOUN
cblr-7219	591	8	to	to	ADP
cblr-7219	591	9	fiduciary	fiduciary	ADJ
cblr-7219	591	10	duties	duty	NOUN
cblr-7219	591	11	owed	owe	VERB
cblr-7219	591	12	to	to	ADP
cblr-7219	591	13	shareholders	shareholder	NOUN
cblr-7219	591	14	and	and	CCONJ
cblr-7219	591	15	to	to	ADP
cblr-7219	591	16	the	the	DET
cblr-7219	591	17	corporation	corporation	NOUN
cblr-7219	591	18	in	in	ADP
cblr-7219	591	19	order	order	NOUN
cblr-7219	591	20	to	to	PART
cblr-7219	591	21	keep	keep	VERB
cblr-7219	591	22	their	their	PRON
cblr-7219	591	23	incentives	incentive	NOUN
cblr-7219	591	24	aligned	align	VERB
cblr-7219	591	25	with	with	ADP
cblr-7219	591	26	those	those	PRON
cblr-7219	591	27	of	of	ADP
cblr-7219	591	28	their	their	PRON
cblr-7219	591	29	principal	principal	NOUN
cblr-7219	591	30	,	,	PUNCT
cblr-7219	591	31	the	the	DET
cblr-7219	591	32	corporation	corporation	NOUN
cblr-7219	591	33	(	(	PUNCT
cblr-7219	591	34	and	and	CCONJ
cblr-7219	591	35	,	,	PUNCT
cblr-7219	591	36	indirectly	indirectly	ADV
cblr-7219	591	37	,	,	PUNCT
cblr-7219	591	38	its	its	PRON
cblr-7219	591	39	shareholders	shareholder	NOUN
cblr-7219	591	40	)	)	PUNCT
cblr-7219	591	41	.	.	PUNCT
cblr-7219	592	1	the	the	DET
cblr-7219	592	2	governance	governance	NOUN
cblr-7219	592	3	framework	framework	NOUN
cblr-7219	592	4	is	be	AUX
cblr-7219	592	5	potentially	potentially	ADV
cblr-7219	592	6	complicated	complicate	VERB
cblr-7219	592	7	by	by	ADP
cblr-7219	592	8	the	the	DET
cblr-7219	592	9	double	double	ADJ
cblr-7219	592	10	-	-	PUNCT
cblr-7219	592	11	layered	layered	ADJ
cblr-7219	592	12	capital	capital	NOUN
cblr-7219	592	13	structure	structure	NOUN
cblr-7219	592	14	of	of	ADP
cblr-7219	592	15	clearinghouses	clearinghouse	NOUN
cblr-7219	592	16	and	and	CCONJ
cblr-7219	592	17	the	the	DET
cblr-7219	592	18	fact	fact	NOUN
cblr-7219	592	19	that	that	SCONJ
cblr-7219	592	20	the	the	DET
cblr-7219	592	21	allocation	allocation	NOUN
cblr-7219	592	22	of	of	ADP
cblr-7219	592	23	risk	risk	NOUN
cblr-7219	592	24	-	-	PUNCT
cblr-7219	592	25	bearing	bear	VERB
cblr-7219	592	26	costs	cost	NOUN
cblr-7219	592	27	should	should	AUX
cblr-7219	592	28	result	result	VERB
cblr-7219	592	29	in	in	ADP
cblr-7219	592	30	the	the	DET
cblr-7219	592	31	allocation	allocation	NOUN
cblr-7219	592	32	of	of	ADP
cblr-7219	592	33	control	control	NOUN
cblr-7219	592	34	rights.181	rights.181	PROPN
cblr-7219	592	35	the	the	DET
cblr-7219	592	36	directors	director	NOUN
cblr-7219	592	37	of	of	ADP
cblr-7219	592	38	a	a	DET
cblr-7219	592	39	clearinghouse	clearinghouse	NOUN
cblr-7219	592	40	do	do	AUX
cblr-7219	592	41	not	not	PART
cblr-7219	592	42	owe	owe	VERB
cblr-7219	592	43	fiduciary	fiduciary	ADJ
cblr-7219	592	44	duties	duty	NOUN
cblr-7219	592	45	to	to	ADP
cblr-7219	592	46	clearing	clear	VERB
cblr-7219	592	47	members;182	members;182	NOUN
cblr-7219	592	48	while	while	SCONJ
cblr-7219	592	49	it	it	PRON
cblr-7219	592	50	is	be	AUX
cblr-7219	592	51	recommended	recommend	VERB
cblr-7219	592	52	that	that	SCONJ
cblr-7219	592	53	they	they	PRON
cblr-7219	592	54	engage	engage	VERB
cblr-7219	592	55	with	with	ADP
cblr-7219	592	56	members	member	NOUN
cblr-7219	592	57	and	and	CCONJ
cblr-7219	592	58	customers	customer	NOUN
cblr-7219	592	59	on	on	ADP
cblr-7219	592	60	any	any	DET
cblr-7219	592	61	matters	matter	NOUN
cblr-7219	592	62	related	relate	VERB
cblr-7219	592	63	to	to	ADP
cblr-7219	592	64	risk	risk	NOUN
cblr-7219	592	65	management	management	NOUN
cblr-7219	592	66	,	,	PUNCT
cblr-7219	592	67	there	there	PRON
cblr-7219	592	68	are	be	VERB
cblr-7219	592	69	no	no	DET
cblr-7219	592	70	mechanisms	mechanism	NOUN
cblr-7219	592	71	to	to	PART
cblr-7219	592	72	make	make	VERB
cblr-7219	592	73	the	the	DET
cblr-7219	592	74	clearing	clearing	NOUN
cblr-7219	592	75	members	member	NOUN
cblr-7219	592	76	’	'	PUNCT
cblr-7219	592	77	voice	voice	NOUN
cblr-7219	592	78	binding	bind	VERB
cblr-7219	592	79	for	for	ADP
cblr-7219	592	80	the	the	DET
cblr-7219	592	81	directors	director	NOUN
cblr-7219	592	82	,	,	PUNCT
cblr-7219	592	83	nor	nor	CCONJ
cblr-7219	592	84	do	do	AUX
cblr-7219	592	85	members	member	NOUN
cblr-7219	592	86	have	have	VERB
cblr-7219	592	87	any	any	DET
cblr-7219	592	88	mechanism	mechanism	NOUN
cblr-7219	592	89	to	to	PART
cblr-7219	592	90	disavow	disavow	VERB
cblr-7219	592	91	a	a	DET
cblr-7219	592	92	board	board	NOUN
cblr-7219	592	93	’s	’s	PART
cblr-7219	592	94	decision	decision	NOUN
cblr-7219	592	95	on	on	ADP
cblr-7219	592	96	matters	matter	NOUN
cblr-7219	592	97	related	relate	VERB
cblr-7219	592	98	to	to	ADP
cblr-7219	592	99	the	the	DET
cblr-7219	592	100	risk	risk	NOUN
cblr-7219	592	101	management	management	NOUN
cblr-7219	592	102	of	of	ADP
cblr-7219	592	103	the	the	DET
cblr-7219	592	104	firm	firm	NOUN
cblr-7219	592	105	.	.	PUNCT
cblr-7219	593	1	the	the	DET
cblr-7219	593	2	current	current	ADJ
cblr-7219	593	3	allocation	allocation	NOUN
cblr-7219	593	4	of	of	ADP
cblr-7219	593	5	control	control	NOUN
cblr-7219	593	6	rights	right	NOUN
cblr-7219	593	7	and	and	CCONJ
cblr-7219	593	8	final	final	ADJ
cblr-7219	593	9	risk	risk	NOUN
cblr-7219	593	10	-	-	PUNCT
cblr-7219	593	11	bearing	bear	VERB
cblr-7219	593	12	costs	cost	NOUN
cblr-7219	593	13	creates	create	VERB
cblr-7219	593	14	a	a	DET
cblr-7219	593	15	serious	serious	ADJ
cblr-7219	593	16	imbalance	imbalance	NOUN
cblr-7219	593	17	in	in	ADP
cblr-7219	593	18	the	the	DET
cblr-7219	593	19	governance	governance	NOUN
cblr-7219	593	20	structure	structure	NOUN
cblr-7219	593	21	of	of	ADP
cblr-7219	593	22	clearinghouses	clearinghouse	NOUN
cblr-7219	593	23	.	.	PUNCT
cblr-7219	594	1	the	the	DET
cblr-7219	594	2	stakeholders	stakeholder	NOUN
cblr-7219	594	3	who	who	PRON
cblr-7219	594	4	set	set	VERB
cblr-7219	594	5	the	the	DET
cblr-7219	594	6	risk	risk	NOUN
cblr-7219	594	7	profile	profile	NOUN
cblr-7219	594	8	and	and	CCONJ
cblr-7219	594	9	appetite	appetite	NOUN
cblr-7219	594	10	of	of	ADP
cblr-7219	594	11	the	the	DET
cblr-7219	594	12	firm	firm	NOUN
cblr-7219	594	13	and	and	CCONJ
cblr-7219	594	14	who	who	PRON
cblr-7219	594	15	have	have	VERB
cblr-7219	594	16	a	a	DET
cblr-7219	594	17	formal	formal	ADJ
cblr-7219	594	18	say	say	NOUN
cblr-7219	594	19	in	in	ADP
cblr-7219	594	20	its	its	PRON
cblr-7219	594	21	risk	risk	NOUN
cblr-7219	594	22	management	management	NOUN
cblr-7219	594	23	are	be	AUX
cblr-7219	594	24	not	not	PART
cblr-7219	594	25	the	the	DET
cblr-7219	594	26	ones	one	NOUN
cblr-7219	594	27	who	who	PRON
cblr-7219	594	28	would	would	AUX
cblr-7219	594	29	bear	bear	VERB
cblr-7219	594	30	the	the	DET
cblr-7219	594	31	actual	actual	ADJ
cblr-7219	594	32	,	,	PUNCT
cblr-7219	594	33	ultimate	ultimate	ADJ
cblr-7219	594	34	risk	risk	NOUN
cblr-7219	594	35	if	if	SCONJ
cblr-7219	594	36	things	thing	NOUN
cblr-7219	594	37	were	be	AUX
cblr-7219	594	38	to	to	PART
cblr-7219	594	39	go	go	VERB
cblr-7219	594	40	south	south	ADV
cblr-7219	594	41	.	.	PUNCT
cblr-7219	595	1	this	this	DET
cblr-7219	595	2	situation	situation	NOUN
cblr-7219	595	3	exacerbates	exacerbate	VERB
cblr-7219	595	4	the	the	DET
cblr-7219	595	5	moral	moral	ADJ
cblr-7219	595	6	hazard	hazard	NOUN
cblr-7219	595	7	of	of	ADP
cblr-7219	595	8	the	the	DET
cblr-7219	595	9	clearinghouse	clearinghouse	NOUN
cblr-7219	595	10	:	:	PUNCT
cblr-7219	595	11	by	by	ADP
cblr-7219	595	12	not	not	PART
cblr-7219	595	13	bearing	bear	VERB
cblr-7219	595	14	the	the	DET
cblr-7219	595	15	costs	cost	NOUN
cblr-7219	595	16	of	of	ADP
cblr-7219	595	17	the	the	DET
cblr-7219	595	18	business	business	NOUN
cblr-7219	595	19	and	and	CCONJ
cblr-7219	595	20	only	only	ADV
cblr-7219	595	21	participating	participate	VERB
cblr-7219	595	22	in	in	ADP
cblr-7219	595	23	the	the	DET
cblr-7219	595	24	profit	profit	NOUN
cblr-7219	595	25	of	of	ADP
cblr-7219	595	26	the	the	DET
cblr-7219	595	27	venture,183	venture,183	PROPN
cblr-7219	595	28	clearinghouses	clearinghouse	NOUN
cblr-7219	595	29	might	might	AUX
cblr-7219	595	30	be	be	AUX
cblr-7219	595	31	induced	induce	VERB
cblr-7219	595	32	to	to	PART
cblr-7219	595	33	water	water	VERB
cblr-7219	595	34	down	down	ADP
cblr-7219	595	35	their	their	PRON
cblr-7219	595	36	risk	risk	NOUN
cblr-7219	595	37	management	management	NOUN
cblr-7219	595	38	standards	standard	NOUN
cblr-7219	595	39	in	in	ADP
cblr-7219	595	40	order	order	NOUN
cblr-7219	595	41	to	to	PART
cblr-7219	595	42	attract	attract	VERB
cblr-7219	595	43	more	more	ADJ
cblr-7219	595	44	clearing	clearing	NOUN
cblr-7219	595	45	volume	volume	NOUN
cblr-7219	595	46	,	,	PUNCT
cblr-7219	595	47	thereby	thereby	ADV
cblr-7219	595	48	generating	generate	VERB
cblr-7219	595	49	more	more	ADJ
cblr-7219	595	50	fees	fee	NOUN
cblr-7219	595	51	and	and	CCONJ
cblr-7219	595	52	profit	profit	NOUN
cblr-7219	595	53	to	to	PART
cblr-7219	595	54	eventually	eventually	ADV
cblr-7219	595	55	distribute	distribute	VERB
cblr-7219	595	56	to	to	ADP
cblr-7219	595	57	the	the	DET
cblr-7219	595	58	holding	hold	VERB
cblr-7219	595	59	firm.184	firm.184	NOUN
cblr-7219	595	60	in	in	ADP
cblr-7219	595	61	other	other	ADJ
cblr-7219	595	62	regulated	regulated	ADJ
cblr-7219	595	63	industries	industry	NOUN
cblr-7219	595	64	where	where	SCONJ
cblr-7219	595	65	firms	firm	NOUN
cblr-7219	595	66	impose	impose	VERB
cblr-7219	595	67	externalities	externality	NOUN
cblr-7219	595	68	on	on	ADP
cblr-7219	595	69	their	their	PRON
cblr-7219	595	70	stakeholders	stakeholder	NOUN
cblr-7219	595	71	or	or	CCONJ
cblr-7219	595	72	on	on	ADP
cblr-7219	595	73	society	society	NOUN
cblr-7219	595	74	as	as	ADP
cblr-7219	595	75	a	a	DET
cblr-7219	595	76	whole	whole	NOUN
cblr-7219	595	77	,	,	PUNCT
cblr-7219	595	78	regulators	regulator	NOUN
cblr-7219	595	79	181	181	NUM
cblr-7219	595	80	see	see	VERB
cblr-7219	595	81	saguato	saguato	NOUN
cblr-7219	595	82	,	,	PUNCT
cblr-7219	595	83	the	the	DET
cblr-7219	595	84	ownership	ownership	NOUN
cblr-7219	595	85	of	of	ADP
cblr-7219	595	86	clearinghouses	clearinghouse	NOUN
cblr-7219	595	87	,	,	PUNCT
cblr-7219	595	88	supra	supra	PROPN
cblr-7219	595	89	note	note	NOUN
cblr-7219	595	90	8	8	NUM
cblr-7219	595	91	,	,	PUNCT
cblr-7219	595	92	at	at	ADP
cblr-7219	595	93	632–33	632–33	NUM
cblr-7219	595	94	,	,	PUNCT
cblr-7219	595	95	647–48	647–48	NUM
cblr-7219	595	96	.	.	PUNCT
cblr-7219	596	1	182	182	NUM
cblr-7219	596	2	see	see	VERB
cblr-7219	596	3	i	i	PRON
cblr-7219	596	4	d.	d.	PROPN
cblr-7219	596	5	at	at	ADP
cblr-7219	596	6	637	637	NUM
cblr-7219	596	7	n.125	n.125	NUM
cblr-7219	596	8	.	.	PUNCT
cblr-7219	597	1	183	183	NUM
cblr-7219	597	2	formally	formally	ADV
cblr-7219	597	3	,	,	PUNCT
cblr-7219	597	4	shareholders	shareholder	NOUN
cblr-7219	597	5	participate	participate	VERB
cblr-7219	597	6	in	in	ADP
cblr-7219	597	7	the	the	DET
cblr-7219	597	8	default	default	NOUN
cblr-7219	597	9	waterfall	waterfall	NOUN
cblr-7219	597	10	with	with	ADP
cblr-7219	597	11	their	their	PRON
cblr-7219	597	12	skin	skin	NOUN
cblr-7219	597	13	-	-	PUNCT
cblr-7219	597	14	in	in	ADP
cblr-7219	597	15	-	-	PUNCT
cblr-7219	597	16	the	the	DET
cblr-7219	597	17	-	-	PUNCT
cblr-7219	597	18	game	game	NOUN
cblr-7219	597	19	contributions	contribution	NOUN
cblr-7219	597	20	before	before	SCONJ
cblr-7219	597	21	contributions	contribution	NOUN
cblr-7219	597	22	of	of	ADP
cblr-7219	597	23	the	the	DET
cblr-7219	597	24	non	non	ADJ
cblr-7219	597	25	-	-	ADJ
cblr-7219	597	26	defaulted	defaulted	ADJ
cblr-7219	597	27	members	member	NOUN
cblr-7219	597	28	are	be	AUX
cblr-7219	597	29	used	use	VERB
cblr-7219	597	30	.	.	PUNCT
cblr-7219	598	1	in	in	ADP
cblr-7219	598	2	addition	addition	NOUN
cblr-7219	598	3	,	,	PUNCT
cblr-7219	598	4	the	the	DET
cblr-7219	598	5	amount	amount	NOUN
cblr-7219	598	6	of	of	ADP
cblr-7219	598	7	skin	skin	NOUN
cblr-7219	598	8	-	-	PUNCT
cblr-7219	598	9	in	in	ADP
cblr-7219	598	10	-	-	PUNCT
cblr-7219	598	11	the	the	DET
cblr-7219	598	12	-	-	PUNCT
cblr-7219	598	13	game	game	NOUN
cblr-7219	598	14	contributed	contribute	VERB
cblr-7219	598	15	is	be	AUX
cblr-7219	598	16	minimal	minimal	ADJ
cblr-7219	598	17	compared	compare	VERB
cblr-7219	598	18	to	to	ADP
cblr-7219	598	19	the	the	DET
cblr-7219	598	20	size	size	NOUN
cblr-7219	598	21	of	of	ADP
cblr-7219	598	22	the	the	DET
cblr-7219	598	23	guaranty	guaranty	NOUN
cblr-7219	598	24	fund	fund	NOUN
cblr-7219	598	25	or	or	CCONJ
cblr-7219	598	26	the	the	DET
cblr-7219	598	27	market	market	NOUN
cblr-7219	598	28	capitalization	capitalization	NOUN
cblr-7219	598	29	of	of	ADP
cblr-7219	598	30	the	the	DET
cblr-7219	598	31	whole	whole	ADJ
cblr-7219	598	32	infrastructural	infrastructural	ADJ
cblr-7219	598	33	group	group	NOUN
cblr-7219	598	34	.	.	PUNCT
cblr-7219	599	1	see	see	VERB
cblr-7219	599	2	infra	infra	NOUN
cblr-7219	599	3	tables	table	NOUN
cblr-7219	599	4	2–5	2–5	NOUN
cblr-7219	599	5	.	.	PROPN
cblr-7219	600	1	184	184	NUM
cblr-7219	600	2	examples	example	NOUN
cblr-7219	600	3	of	of	ADP
cblr-7219	600	4	degradations	degradation	NOUN
cblr-7219	600	5	in	in	ADP
cblr-7219	600	6	risk	risk	NOUN
cblr-7219	600	7	management	management	NOUN
cblr-7219	600	8	are	be	AUX
cblr-7219	600	9	:	:	PUNCT
cblr-7219	600	10	the	the	DET
cblr-7219	600	11	lowering	lowering	NOUN
cblr-7219	600	12	of	of	ADP
cblr-7219	600	13	membership	membership	NOUN
cblr-7219	600	14	requirements	requirement	NOUN
cblr-7219	600	15	,	,	PUNCT
cblr-7219	600	16	the	the	DET
cblr-7219	600	17	acceptance	acceptance	NOUN
cblr-7219	600	18	of	of	ADP
cblr-7219	600	19	highly	highly	ADV
cblr-7219	600	20	volatile	volatile	ADJ
cblr-7219	600	21	and	and	CCONJ
cblr-7219	600	22	risky	risky	ADJ
cblr-7219	600	23	products	product	NOUN
cblr-7219	600	24	for	for	ADP
cblr-7219	600	25	clearing	clearing	NOUN
cblr-7219	600	26	,	,	PUNCT
cblr-7219	600	27	broadening	broaden	VERB
cblr-7219	600	28	the	the	DET
cblr-7219	600	29	types	type	NOUN
cblr-7219	600	30	of	of	ADP
cblr-7219	600	31	assets	asset	NOUN
cblr-7219	600	32	deemed	deem	VERB
cblr-7219	600	33	acceptable	acceptable	ADJ
cblr-7219	600	34	as	as	ADP
cblr-7219	600	35	collateral	collateral	NOUN
cblr-7219	600	36	,	,	PUNCT
cblr-7219	600	37	and	and	CCONJ
cblr-7219	600	38	the	the	DET
cblr-7219	600	39	re	re	NOUN
cblr-7219	600	40	-	-	NOUN
cblr-7219	600	41	use	use	NOUN
cblr-7219	600	42	of	of	ADP
cblr-7219	600	43	pledged	pledge	VERB
cblr-7219	600	44	collateral	collateral	NOUN
cblr-7219	600	45	in	in	ADP
cblr-7219	600	46	leveraged	leverage	VERB
cblr-7219	600	47	transactions	transaction	NOUN
cblr-7219	600	48	.	.	PUNCT
cblr-7219	601	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	601	2	(	(	PUNCT
cblr-7219	601	3	do	do	AUX
cblr-7219	601	4	not	not	PART
cblr-7219	601	5	delete	delete	VERB
cblr-7219	601	6	)	)	PUNCT
cblr-7219	601	7	10/21/2020	10/21/2020	NUM
cblr-7219	601	8	11:22	11:22	NUM
cblr-7219	601	9	am	am	NOUN
cblr-7219	601	10	no	no	NOUN
cblr-7219	601	11	.	.	PUNCT
cblr-7219	602	1	2:449	2:449	NUM
cblr-7219	602	2	]	]	X
cblr-7219	602	3	unfinished	unfinished	ADJ
cblr-7219	602	4	business	business	NOUN
cblr-7219	602	5	495	495	NUM
cblr-7219	602	6	often	often	ADV
cblr-7219	602	7	counterbalance	counterbalance	VERB
cblr-7219	602	8	the	the	DET
cblr-7219	602	9	(	(	PUNCT
cblr-7219	602	10	negative	negative	ADJ
cblr-7219	602	11	)	)	PUNCT
cblr-7219	602	12	effects	effect	NOUN
cblr-7219	602	13	of	of	ADP
cblr-7219	602	14	the	the	DET
cblr-7219	602	15	limited	limited	ADJ
cblr-7219	602	16	liability	liability	NOUN
cblr-7219	602	17	of	of	ADP
cblr-7219	602	18	the	the	DET
cblr-7219	602	19	business	business	NOUN
cblr-7219	602	20	entities	entity	NOUN
cblr-7219	602	21	and	and	CCONJ
cblr-7219	602	22	their	their	PRON
cblr-7219	602	23	shareholders	shareholder	NOUN
cblr-7219	602	24	by	by	ADP
cblr-7219	602	25	imposing	impose	VERB
cblr-7219	602	26	either	either	CCONJ
cblr-7219	602	27	capital	capital	NOUN
cblr-7219	602	28	requirements	requirement	NOUN
cblr-7219	602	29	—	—	PUNCT
cblr-7219	602	30	as	as	SCONJ
cblr-7219	602	31	is	be	AUX
cblr-7219	602	32	particularly	particularly	ADV
cblr-7219	602	33	the	the	DET
cblr-7219	602	34	case	case	NOUN
cblr-7219	602	35	in	in	ADP
cblr-7219	602	36	the	the	DET
cblr-7219	602	37	financial	financial	ADJ
cblr-7219	602	38	sector185	sector185	PROPN
cblr-7219	602	39	—	—	PUNCT
cblr-7219	602	40	or	or	CCONJ
cblr-7219	602	41	by	by	ADP
cblr-7219	602	42	requiring	require	VERB
cblr-7219	602	43	firms	firm	NOUN
cblr-7219	602	44	to	to	PART
cblr-7219	602	45	carry	carry	VERB
cblr-7219	602	46	insurance	insurance	NOUN
cblr-7219	602	47	to	to	PART
cblr-7219	602	48	cover	cover	VERB
cblr-7219	602	49	the	the	DET
cblr-7219	602	50	costs	cost	NOUN
cblr-7219	602	51	that	that	PRON
cblr-7219	602	52	are	be	AUX
cblr-7219	602	53	passed	pass	VERB
cblr-7219	602	54	down	down	ADP
cblr-7219	602	55	to	to	ADP
cblr-7219	602	56	society	society	NOUN
cblr-7219	602	57	.	.	PUNCT
cblr-7219	603	1	both	both	DET
cblr-7219	603	2	mechanisms	mechanism	NOUN
cblr-7219	603	3	are	be	AUX
cblr-7219	603	4	intended	intend	VERB
cblr-7219	603	5	to	to	PART
cblr-7219	603	6	force	force	VERB
cblr-7219	603	7	firms	firm	NOUN
cblr-7219	603	8	to	to	PART
cblr-7219	603	9	internalize	internalize	VERB
cblr-7219	603	10	the	the	DET
cblr-7219	603	11	costs	cost	NOUN
cblr-7219	603	12	they	they	PRON
cblr-7219	603	13	impose	impose	VERB
cblr-7219	603	14	on	on	ADP
cblr-7219	603	15	the	the	DET
cblr-7219	603	16	economy	economy	NOUN
cblr-7219	603	17	and	and	CCONJ
cblr-7219	603	18	to	to	PART
cblr-7219	603	19	mitigate	mitigate	VERB
cblr-7219	603	20	firms	firm	NOUN
cblr-7219	603	21	’	’	PART
cblr-7219	603	22	risk	risk	NOUN
cblr-7219	603	23	appetite	appetite	NOUN
cblr-7219	603	24	,	,	PUNCT
cblr-7219	603	25	in	in	ADP
cblr-7219	603	26	the	the	DET
cblr-7219	603	27	former	former	ADJ
cblr-7219	603	28	way	way	NOUN
cblr-7219	603	29	by	by	ADP
cblr-7219	603	30	increasing	increase	VERB
cblr-7219	603	31	firms	firm	NOUN
cblr-7219	603	32	’	'	PUNCT
cblr-7219	603	33	skin	skin	NOUN
cblr-7219	603	34	-	-	PUNCT
cblr-7219	603	35	in	in	ADP
cblr-7219	603	36	-	-	PUNCT
cblr-7219	603	37	thegame	thegame	NOUN
cblr-7219	603	38	,	,	PUNCT
cblr-7219	603	39	and	and	CCONJ
cblr-7219	603	40	in	in	ADP
cblr-7219	603	41	the	the	DET
cblr-7219	603	42	latter	latter	ADJ
cblr-7219	603	43	by	by	ADP
cblr-7219	603	44	having	have	VERB
cblr-7219	603	45	the	the	DET
cblr-7219	603	46	market	market	NOUN
cblr-7219	603	47	price	price	VERB
cblr-7219	603	48	the	the	DET
cblr-7219	603	49	risk	risk	NOUN
cblr-7219	603	50	.	.	PUNCT
cblr-7219	604	1	in	in	ADP
cblr-7219	604	2	the	the	DET
cblr-7219	604	3	clearinghouse	clearinghouse	NOUN
cblr-7219	604	4	context	context	NOUN
cblr-7219	604	5	,	,	PUNCT
cblr-7219	604	6	however	however	ADV
cblr-7219	604	7	,	,	PUNCT
cblr-7219	604	8	the	the	DET
cblr-7219	604	9	existing	exist	VERB
cblr-7219	604	10	regulation	regulation	NOUN
cblr-7219	604	11	does	do	AUX
cblr-7219	604	12	not	not	PART
cblr-7219	604	13	set	set	VERB
cblr-7219	604	14	minimum	minimum	ADJ
cblr-7219	604	15	capital	capital	NOUN
cblr-7219	604	16	requirements	requirement	NOUN
cblr-7219	604	17	for	for	ADP
cblr-7219	604	18	clearinghouses	clearinghouse	NOUN
cblr-7219	604	19	,	,	PUNCT
cblr-7219	604	20	nor	nor	CCONJ
cblr-7219	604	21	does	do	AUX
cblr-7219	604	22	it	it	PRON
cblr-7219	604	23	set	set	VERB
cblr-7219	604	24	criteria	criterion	NOUN
cblr-7219	604	25	to	to	PART
cblr-7219	604	26	calibrate	calibrate	VERB
cblr-7219	604	27	the	the	DET
cblr-7219	604	28	amount	amount	NOUN
cblr-7219	604	29	of	of	ADP
cblr-7219	604	30	skinin	skinin	NOUN
cblr-7219	604	31	-	-	PUNCT
cblr-7219	604	32	the	the	DET
cblr-7219	604	33	-	-	PUNCT
cblr-7219	604	34	game	game	NOUN
cblr-7219	604	35	clearinghouses	clearinghouse	NOUN
cblr-7219	604	36	must	must	AUX
cblr-7219	604	37	contribute	contribute	VERB
cblr-7219	604	38	in	in	ADP
cblr-7219	604	39	the	the	DET
cblr-7219	604	40	default	default	NOUN
cblr-7219	604	41	waterfall	waterfall	NOUN
cblr-7219	604	42	.	.	PUNCT
cblr-7219	605	1	an	an	DET
cblr-7219	605	2	analysis	analysis	NOUN
cblr-7219	605	3	of	of	ADP
cblr-7219	605	4	market	market	NOUN
cblr-7219	605	5	data	datum	NOUN
cblr-7219	605	6	reveals	reveal	VERB
cblr-7219	605	7	that	that	SCONJ
cblr-7219	605	8	clearinghouses	clearinghouse	NOUN
cblr-7219	605	9	only	only	ADV
cblr-7219	605	10	contribute	contribute	VERB
cblr-7219	605	11	a	a	DET
cblr-7219	605	12	thin	thin	ADJ
cblr-7219	605	13	capital	capital	NOUN
cblr-7219	605	14	contribution	contribution	NOUN
cblr-7219	605	15	to	to	ADP
cblr-7219	605	16	the	the	DET
cblr-7219	605	17	default	default	NOUN
cblr-7219	605	18	waterfall	waterfall	NOUN
cblr-7219	605	19	compared	compare	VERB
cblr-7219	605	20	to	to	ADP
cblr-7219	605	21	the	the	DET
cblr-7219	605	22	skin	skin	NOUN
cblr-7219	605	23	-	-	PUNCT
cblr-7219	605	24	in	in	ADP
cblr-7219	605	25	-	-	PUNCT
cblr-7219	605	26	the	the	DET
cblr-7219	605	27	-	-	PUNCT
cblr-7219	605	28	game	game	NOUN
cblr-7219	605	29	contributed	contribute	VERB
cblr-7219	605	30	by	by	ADP
cblr-7219	605	31	clearing	clear	VERB
cblr-7219	605	32	members.186	members.186	ADJ
cblr-7219	605	33	for	for	ADP
cblr-7219	605	34	this	this	DET
cblr-7219	605	35	reason	reason	NOUN
cblr-7219	605	36	,	,	PUNCT
cblr-7219	605	37	the	the	DET
cblr-7219	605	38	effectiveness	effectiveness	NOUN
cblr-7219	605	39	of	of	ADP
cblr-7219	605	40	skin	skin	NOUN
cblr-7219	605	41	-	-	PUNCT
cblr-7219	605	42	in	in	ADP
cblr-7219	605	43	-	-	PUNCT
cblr-7219	605	44	the	the	DET
cblr-7219	605	45	-	-	PUNCT
cblr-7219	605	46	game	game	NOUN
cblr-7219	605	47	contributions	contribution	NOUN
cblr-7219	605	48	as	as	ADP
cblr-7219	605	49	a	a	DET
cblr-7219	605	50	mechanism	mechanism	NOUN
cblr-7219	605	51	to	to	PART
cblr-7219	605	52	internalize	internalize	VERB
cblr-7219	605	53	the	the	DET
cblr-7219	605	54	costs	cost	NOUN
cblr-7219	605	55	of	of	ADP
cblr-7219	605	56	the	the	DET
cblr-7219	605	57	potential	potential	ADJ
cblr-7219	605	58	externalities	externality	NOUN
cblr-7219	605	59	of	of	ADP
cblr-7219	605	60	the	the	DET
cblr-7219	605	61	clearing	clearing	NOUN
cblr-7219	605	62	business	business	NOUN
cblr-7219	605	63	is	be	AUX
cblr-7219	605	64	very	very	ADV
cblr-7219	605	65	limited	limited	ADJ
cblr-7219	605	66	.	.	PUNCT
cblr-7219	606	1	the	the	DET
cblr-7219	606	2	existing	exist	VERB
cblr-7219	606	3	loss	loss	NOUN
cblr-7219	606	4	allocation	allocation	NOUN
cblr-7219	606	5	scheme	scheme	NOUN
cblr-7219	606	6	creates	create	VERB
cblr-7219	606	7	a	a	DET
cblr-7219	606	8	very	very	ADV
cblr-7219	606	9	unstable	unstable	ADJ
cblr-7219	606	10	capital	capital	NOUN
cblr-7219	606	11	structure	structure	NOUN
cblr-7219	606	12	that	that	PRON
cblr-7219	606	13	exacerbates	exacerbate	VERB
cblr-7219	606	14	the	the	DET
cblr-7219	606	15	exposure	exposure	NOUN
cblr-7219	606	16	of	of	ADP
cblr-7219	606	17	clearinghouses	clearinghouse	NOUN
cblr-7219	606	18	to	to	PART
cblr-7219	606	19	moral	moral	ADJ
cblr-7219	606	20	hazard	hazard	NOUN
cblr-7219	606	21	and	and	CCONJ
cblr-7219	606	22	might	might	AUX
cblr-7219	606	23	intensify	intensify	VERB
cblr-7219	606	24	clearinghouses	clearinghouse	NOUN
cblr-7219	606	25	’	’	PART
cblr-7219	606	26	risk	risk	NOUN
cblr-7219	606	27	-	-	PUNCT
cblr-7219	606	28	taking	take	VERB
cblr-7219	606	29	incentives	incentive	NOUN
cblr-7219	606	30	.	.	PUNCT
cblr-7219	607	1	the	the	DET
cblr-7219	607	2	moral	moral	ADJ
cblr-7219	607	3	hazard	hazard	NOUN
cblr-7219	607	4	that	that	PRON
cblr-7219	607	5	results	result	VERB
cblr-7219	607	6	from	from	ADP
cblr-7219	607	7	the	the	DET
cblr-7219	607	8	separation	separation	NOUN
cblr-7219	607	9	of	of	ADP
cblr-7219	607	10	risk	risk	NOUN
cblr-7219	607	11	and	and	CCONJ
cblr-7219	607	12	control	control	NOUN
cblr-7219	607	13	is	be	AUX
cblr-7219	607	14	further	far	ADV
cblr-7219	607	15	exacerbated	exacerbate	VERB
cblr-7219	607	16	by	by	ADP
cblr-7219	607	17	the	the	DET
cblr-7219	607	18	too	too	ADV
cblr-7219	607	19	-	-	PUNCT
cblr-7219	607	20	big	big	ADJ
cblr-7219	607	21	-	-	PUNCT
cblr-7219	607	22	to	to	ADP
cblr-7219	607	23	-	-	PUNCT
cblr-7219	607	24	fail	fail	VERB
cblr-7219	607	25	role	role	NOUN
cblr-7219	607	26	that	that	PRON
cblr-7219	607	27	clearinghouses	clearinghouse	NOUN
cblr-7219	607	28	have	have	VERB
cblr-7219	607	29	in	in	ADP
cblr-7219	607	30	post	post	ADJ
cblr-7219	607	31	-	-	ADJ
cblr-7219	607	32	crisis	crisis	ADJ
cblr-7219	607	33	financial	financial	ADJ
cblr-7219	607	34	markets.187	markets.187	NOUN
cblr-7219	607	35	clearinghouses	clearinghouse	NOUN
cblr-7219	607	36	are	be	AUX
cblr-7219	607	37	part	part	NOUN
cblr-7219	607	38	of	of	ADP
cblr-7219	607	39	large	large	ADJ
cblr-7219	607	40	,	,	PUNCT
cblr-7219	607	41	for	for	ADP
cblr-7219	607	42	-	-	PUNCT
cblr-7219	607	43	profit	profit	NOUN
cblr-7219	607	44	financial	financial	ADJ
cblr-7219	607	45	conglomerates	conglomerate	NOUN
cblr-7219	607	46	and	and	CCONJ
cblr-7219	607	47	have	have	AUX
cblr-7219	607	48	been	be	AUX
cblr-7219	607	49	entrusted	entrust	VERB
cblr-7219	607	50	with	with	ADP
cblr-7219	607	51	the	the	DET
cblr-7219	607	52	specific	specific	ADJ
cblr-7219	607	53	public	public	ADJ
cblr-7219	607	54	policy	policy	NOUN
cblr-7219	607	55	function	function	NOUN
cblr-7219	607	56	of	of	ADP
cblr-7219	607	57	maintaining	maintain	VERB
cblr-7219	607	58	financial	financial	ADJ
cblr-7219	607	59	stability	stability	NOUN
cblr-7219	607	60	in	in	ADP
cblr-7219	607	61	the	the	DET
cblr-7219	607	62	derivatives	derivative	NOUN
cblr-7219	607	63	markets.188	markets.188	NOUN
cblr-7219	607	64	this	this	DET
cblr-7219	607	65	double	double	ADJ
cblr-7219	607	66	purpose	purpose	NOUN
cblr-7219	607	67	might	might	AUX
cblr-7219	607	68	cause	cause	VERB
cblr-7219	607	69	clearinghouses	clearinghouse	NOUN
cblr-7219	607	70	(	(	PUNCT
cblr-7219	607	71	and	and	CCONJ
cblr-7219	607	72	their	their	PRON
cblr-7219	607	73	holding	hold	VERB
cblr-7219	607	74	companies	company	NOUN
cblr-7219	607	75	)	)	PUNCT
cblr-7219	607	76	to	to	PART
cblr-7219	607	77	leverage	leverage	VERB
cblr-7219	607	78	their	their	PRON
cblr-7219	607	79	current	current	ADJ
cblr-7219	607	80	tooimportant	tooimportant	NOUN
cblr-7219	607	81	-	-	PUNCT
cblr-7219	607	82	to	to	ADP
cblr-7219	607	83	-	-	PUNCT
cblr-7219	607	84	fail	fail	VERB
cblr-7219	607	85	role	role	NOUN
cblr-7219	607	86	by	by	ADP
cblr-7219	607	87	taking	take	VERB
cblr-7219	607	88	on	on	ADP
cblr-7219	607	89	excessive	excessive	ADJ
cblr-7219	607	90	risk	risk	NOUN
cblr-7219	607	91	in	in	ADP
cblr-7219	607	92	the	the	DET
cblr-7219	607	93	clearing	clearing	NOUN
cblr-7219	607	94	business	business	NOUN
cblr-7219	607	95	or	or	CCONJ
cblr-7219	607	96	embarking	embark	VERB
cblr-7219	607	97	on	on	ADP
cblr-7219	607	98	risky	risky	ADJ
cblr-7219	607	99	corporate	corporate	ADJ
cblr-7219	607	100	acquisitions	acquisition	NOUN
cblr-7219	607	101	or	or	CCONJ
cblr-7219	607	102	185	185	NUM
cblr-7219	607	103	see	see	NOUN
cblr-7219	607	104	generally	generally	ADV
cblr-7219	607	105	david	david	PROPN
cblr-7219	607	106	andrew	andrew	PROPN
cblr-7219	607	107	singer	singer	PROPN
cblr-7219	607	108	,	,	PUNCT
cblr-7219	607	109	regulating	regulate	VERB
cblr-7219	607	110	capital	capital	NOUN
cblr-7219	607	111	:	:	PUNCT
cblr-7219	607	112	setting	set	VERB
cblr-7219	607	113	standards	standard	NOUN
cblr-7219	607	114	for	for	ADP
cblr-7219	607	115	the	the	DET
cblr-7219	607	116	international	international	ADJ
cblr-7219	607	117	financial	financial	ADJ
cblr-7219	607	118	system	system	NOUN
cblr-7219	607	119	(	(	PUNCT
cblr-7219	607	120	2007	2007	NUM
cblr-7219	607	121	)	)	PUNCT
cblr-7219	607	122	.	.	PUNCT
cblr-7219	608	1	186	186	NUM
cblr-7219	608	2	see	see	VERB
cblr-7219	608	3	supra	supra	PROPN
cblr-7219	608	4	tables	tables	PROPN
cblr-7219	608	5	2–5	2–5	PROPN
cblr-7219	608	6	.	.	PROPN
cblr-7219	608	7	187	187	NUM
cblr-7219	608	8	see	see	NOUN
cblr-7219	608	9	saguato	saguato	NOUN
cblr-7219	608	10	,	,	PUNCT
cblr-7219	608	11	the	the	DET
cblr-7219	608	12	hidden	hidden	ADJ
cblr-7219	608	13	costs	cost	NOUN
cblr-7219	608	14	of	of	ADP
cblr-7219	608	15	clearinghouses	clearinghouse	NOUN
cblr-7219	608	16	,	,	PUNCT
cblr-7219	608	17	supra	supra	PROPN
cblr-7219	608	18	note	note	NOUN
cblr-7219	608	19	8	8	NUM
cblr-7219	608	20	(	(	PUNCT
cblr-7219	608	21	manuscript	manuscript	NOUN
cblr-7219	608	22	at	at	ADP
cblr-7219	608	23	9–13	9–13	PROPN
cblr-7219	608	24	)	)	PUNCT
cblr-7219	608	25	.	.	PUNCT
cblr-7219	609	1	188	188	NUM
cblr-7219	609	2	see	see	VERB
cblr-7219	609	3	infra	infra	NOUN
cblr-7219	609	4	notes	note	VERB
cblr-7219	609	5	210–66	210–66	NUM
cblr-7219	609	6	and	and	CCONJ
cblr-7219	609	7	accompanying	accompany	VERB
cblr-7219	609	8	text	text	NOUN
cblr-7219	609	9	.	.	PUNCT
cblr-7219	610	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	610	2	(	(	PUNCT
cblr-7219	610	3	do	do	AUX
cblr-7219	610	4	not	not	PART
cblr-7219	610	5	delte	delte	VERB
cblr-7219	610	6	)	)	PUNCT
cblr-7219	610	7	10/21/2020	10/21/2020	NUM
cblr-7219	610	8	11:22	11:22	NUM
cblr-7219	610	9	am	be	AUX
cblr-7219	610	10	496	496	NUM
cblr-7219	610	11	columbia	columbia	PROPN
cblr-7219	610	12	business	business	NOUN
cblr-7219	610	13	law	law	PROPN
cblr-7219	610	14	review	review	NOUN
cblr-7219	610	15	[	[	X
cblr-7219	610	16	vol	vol	NOUN
cblr-7219	610	17	.	.	PUNCT
cblr-7219	610	18	2020	2020	NUM
cblr-7219	611	1	new	new	ADJ
cblr-7219	611	2	lines	line	NOUN
cblr-7219	611	3	of	of	ADP
cblr-7219	611	4	business	business	NOUN
cblr-7219	611	5	at	at	ADP
cblr-7219	611	6	the	the	DET
cblr-7219	611	7	group	group	NOUN
cblr-7219	611	8	level	level	NOUN
cblr-7219	611	9	and	and	CCONJ
cblr-7219	611	10	assuming	assume	VERB
cblr-7219	611	11	the	the	DET
cblr-7219	611	12	presence	presence	NOUN
cblr-7219	611	13	of	of	ADP
cblr-7219	611	14	an	an	DET
cblr-7219	611	15	implied	imply	VERB
cblr-7219	611	16	public	public	ADJ
cblr-7219	611	17	safety	safety	NOUN
cblr-7219	611	18	net	net	NOUN
cblr-7219	611	19	and	and	CCONJ
cblr-7219	611	20	public	public	ADJ
cblr-7219	611	21	backstop.189	backstop.189	NOUN
cblr-7219	611	22	yet	yet	ADV
cblr-7219	611	23	,	,	PUNCT
cblr-7219	611	24	do	do	VERB
cblr-7219	611	25	the	the	DET
cblr-7219	611	26	dodd	dodd	PROPN
cblr-7219	611	27	-	-	PUNCT
cblr-7219	611	28	frank	frank	PROPN
cblr-7219	611	29	act	act	PROPN
cblr-7219	611	30	and	and	CCONJ
cblr-7219	611	31	its	its	PRON
cblr-7219	611	32	implemented	implement	VERB
cblr-7219	611	33	regulations	regulation	NOUN
cblr-7219	611	34	take	take	VERB
cblr-7219	611	35	into	into	ADP
cblr-7219	611	36	account	account	NOUN
cblr-7219	611	37	this	this	DET
cblr-7219	611	38	new	new	ADJ
cblr-7219	611	39	form	form	NOUN
cblr-7219	611	40	of	of	ADP
cblr-7219	611	41	agency	agency	NOUN
cblr-7219	611	42	costs	cost	NOUN
cblr-7219	611	43	?	?	PUNCT
cblr-7219	612	1	do	do	AUX
cblr-7219	612	2	they	they	PRON
cblr-7219	612	3	address	address	VERB
cblr-7219	612	4	the	the	DET
cblr-7219	612	5	misaligned	misaligned	ADJ
cblr-7219	612	6	incentives	incentive	NOUN
cblr-7219	612	7	between	between	ADP
cblr-7219	612	8	clearinghouses	clearinghouse	NOUN
cblr-7219	612	9	and	and	CCONJ
cblr-7219	612	10	their	their	PRON
cblr-7219	612	11	shareholders	shareholder	NOUN
cblr-7219	612	12	?	?	PUNCT
cblr-7219	613	1	do	do	AUX
cblr-7219	613	2	clearinghouses	clearinghouse	NOUN
cblr-7219	613	3	,	,	PUNCT
cblr-7219	613	4	within	within	ADP
cblr-7219	613	5	their	their	PRON
cblr-7219	613	6	authority	authority	NOUN
cblr-7219	613	7	to	to	AUX
cblr-7219	613	8	self	self	NOUN
cblr-7219	613	9	-	-	PUNCT
cblr-7219	613	10	regulate	regulate	VERB
cblr-7219	613	11	their	their	PRON
cblr-7219	613	12	internal	internal	ADJ
cblr-7219	613	13	governance	governance	NOUN
cblr-7219	613	14	and	and	CCONJ
cblr-7219	613	15	capital	capital	NOUN
cblr-7219	613	16	structure	structure	NOUN
cblr-7219	613	17	,	,	PUNCT
cblr-7219	613	18	acknowledge	acknowledge	VERB
cblr-7219	613	19	and	and	CCONJ
cblr-7219	613	20	tackle	tackle	VERB
cblr-7219	613	21	this	this	DET
cblr-7219	613	22	misalignment	misalignment	NOUN
cblr-7219	613	23	of	of	ADP
cblr-7219	613	24	incentives	incentive	NOUN
cblr-7219	613	25	?	?	PUNCT
cblr-7219	614	1	the	the	DET
cblr-7219	614	2	next	next	ADJ
cblr-7219	614	3	part	part	NOUN
cblr-7219	614	4	of	of	ADP
cblr-7219	614	5	this	this	DET
cblr-7219	614	6	article	article	NOUN
cblr-7219	614	7	analyzes	analyze	VERB
cblr-7219	614	8	the	the	DET
cblr-7219	614	9	existing	exist	VERB
cblr-7219	614	10	regulatory	regulatory	ADJ
cblr-7219	614	11	framework	framework	NOUN
cblr-7219	614	12	for	for	ADP
cblr-7219	614	13	derivatives	derivative	NOUN
cblr-7219	614	14	clearinghouses	clearinghouse	NOUN
cblr-7219	614	15	and	and	CCONJ
cblr-7219	614	16	their	their	PRON
cblr-7219	614	17	internal	internal	ADJ
cblr-7219	614	18	arrangements	arrangement	NOUN
cblr-7219	614	19	in	in	ADP
cblr-7219	614	20	order	order	NOUN
cblr-7219	614	21	to	to	PART
cblr-7219	614	22	assess	assess	VERB
cblr-7219	614	23	if	if	SCONJ
cblr-7219	614	24	and	and	CCONJ
cblr-7219	614	25	how	how	SCONJ
cblr-7219	614	26	they	they	PRON
cblr-7219	614	27	address	address	VERB
cblr-7219	614	28	the	the	DET
cblr-7219	614	29	agency	agency	NOUN
cblr-7219	614	30	costs	cost	NOUN
cblr-7219	614	31	that	that	PRON
cblr-7219	614	32	stem	stem	VERB
cblr-7219	614	33	from	from	ADP
cblr-7219	614	34	the	the	DET
cblr-7219	614	35	member	member	NOUN
cblr-7219	614	36	-	-	PUNCT
cblr-7219	614	37	shareholder	shareholder	NOUN
cblr-7219	614	38	divide	divide	NOUN
cblr-7219	614	39	.	.	PUNCT
cblr-7219	615	1	the	the	DET
cblr-7219	615	2	dodd	dodd	PROPN
cblr-7219	615	3	-	-	PUNCT
cblr-7219	615	4	frank	frank	PROPN
cblr-7219	615	5	act	act	NOUN
cblr-7219	615	6	does	do	AUX
cblr-7219	615	7	not	not	PART
cblr-7219	615	8	address	address	VERB
cblr-7219	615	9	the	the	DET
cblr-7219	615	10	misaligned	misalign	VERB
cblr-7219	615	11	incentives	incentive	NOUN
cblr-7219	615	12	between	between	ADP
cblr-7219	615	13	members	member	NOUN
cblr-7219	615	14	and	and	CCONJ
cblr-7219	615	15	shareholders	shareholder	NOUN
cblr-7219	615	16	of	of	ADP
cblr-7219	615	17	clearinghouses	clearinghouse	NOUN
cblr-7219	615	18	.	.	PUNCT
cblr-7219	616	1	in	in	ADP
cblr-7219	616	2	fact	fact	NOUN
cblr-7219	616	3	,	,	PUNCT
cblr-7219	616	4	some	some	DET
cblr-7219	616	5	provisions	provision	NOUN
cblr-7219	616	6	might	might	AUX
cblr-7219	616	7	even	even	ADV
cblr-7219	616	8	exacerbate	exacerbate	VERB
cblr-7219	616	9	these	these	DET
cblr-7219	616	10	agency	agency	NOUN
cblr-7219	616	11	costs	cost	NOUN
cblr-7219	616	12	,	,	PUNCT
cblr-7219	616	13	and	and	CCONJ
cblr-7219	616	14	the	the	DET
cblr-7219	616	15	internal	internal	ADJ
cblr-7219	616	16	governance	governance	NOUN
cblr-7219	616	17	arrangements	arrangement	NOUN
cblr-7219	616	18	created	create	VERB
cblr-7219	616	19	by	by	ADP
cblr-7219	616	20	clearinghouses	clearinghouse	NOUN
cblr-7219	616	21	might	might	AUX
cblr-7219	616	22	be	be	AUX
cblr-7219	616	23	more	more	ADV
cblr-7219	616	24	aesthetic	aesthetic	ADJ
cblr-7219	616	25	rather	rather	ADV
cblr-7219	616	26	than	than	ADP
cblr-7219	616	27	structural	structural	ADJ
cblr-7219	616	28	.	.	PUNCT
cblr-7219	617	1	iv	iv	X
cblr-7219	617	2	.	.	PUNCT
cblr-7219	618	1	the	the	DET
cblr-7219	618	2	current	current	ADJ
cblr-7219	618	3	regulatory	regulatory	ADJ
cblr-7219	618	4	framework	framework	NOUN
cblr-7219	618	5	and	and	CCONJ
cblr-7219	618	6	governance	governance	NOUN
cblr-7219	618	7	policies	policy	NOUN
cblr-7219	618	8	for	for	ADP
cblr-7219	618	9	clearinghouses	clearinghouse	NOUN
cblr-7219	618	10	after	after	ADP
cblr-7219	618	11	having	having	AUX
cblr-7219	618	12	analyzed	analyze	VERB
cblr-7219	618	13	the	the	DET
cblr-7219	618	14	critical	critical	ADJ
cblr-7219	618	15	functions	function	NOUN
cblr-7219	618	16	that	that	PRON
cblr-7219	618	17	clearinghouses	clearinghouse	NOUN
cblr-7219	618	18	provide	provide	VERB
cblr-7219	618	19	to	to	ADP
cblr-7219	618	20	the	the	DET
cblr-7219	618	21	financial	financial	ADJ
cblr-7219	618	22	system	system	NOUN
cblr-7219	618	23	,	,	PUNCT
cblr-7219	618	24	as	as	ADV
cblr-7219	618	25	well	well	ADV
cblr-7219	618	26	as	as	ADP
cblr-7219	618	27	the	the	DET
cblr-7219	618	28	unique	unique	ADJ
cblr-7219	618	29	agency	agency	NOUN
cblr-7219	618	30	costs	cost	NOUN
cblr-7219	618	31	that	that	SCONJ
cblr-7219	618	32	these	these	DET
cblr-7219	618	33	firms	firm	NOUN
cblr-7219	618	34	face	face	VERB
cblr-7219	618	35	,	,	PUNCT
cblr-7219	618	36	this	this	DET
cblr-7219	618	37	part	part	NOUN
cblr-7219	618	38	investigates	investigate	VERB
cblr-7219	618	39	the	the	DET
cblr-7219	618	40	regulatory	regulatory	ADJ
cblr-7219	618	41	framework	framework	NOUN
cblr-7219	618	42	governing	govern	VERB
cblr-7219	618	43	clearinghouses	clearinghouse	NOUN
cblr-7219	618	44	and	and	CCONJ
cblr-7219	618	45	the	the	DET
cblr-7219	618	46	ways	way	NOUN
cblr-7219	618	47	in	in	ADP
cblr-7219	618	48	which	which	PRON
cblr-7219	618	49	clearinghouses	clearinghouse	NOUN
cblr-7219	618	50	have	have	AUX
cblr-7219	618	51	internalized	internalize	VERB
cblr-7219	618	52	it	it	PRON
cblr-7219	618	53	.	.	PUNCT
cblr-7219	619	1	after	after	ADP
cblr-7219	619	2	identifying	identify	VERB
cblr-7219	619	3	the	the	DET
cblr-7219	619	4	foundations	foundation	NOUN
cblr-7219	619	5	of	of	ADP
cblr-7219	619	6	the	the	DET
cblr-7219	619	7	existing	exist	VERB
cblr-7219	619	8	regime	regime	NOUN
cblr-7219	619	9	,	,	PUNCT
cblr-7219	619	10	section	section	NOUN
cblr-7219	619	11	iv.a	iv.a	PROPN
cblr-7219	619	12	discusses	discuss	VERB
cblr-7219	619	13	the	the	DET
cblr-7219	619	14	current	current	ADJ
cblr-7219	619	15	regulatory	regulatory	ADJ
cblr-7219	619	16	framework	framework	NOUN
cblr-7219	619	17	for	for	ADP
cblr-7219	619	18	clearinghouses	clearinghouse	NOUN
cblr-7219	619	19	created	create	VERB
cblr-7219	619	20	by	by	ADP
cblr-7219	619	21	titles	title	NOUN
cblr-7219	619	22	vii	vii	PROPN
cblr-7219	619	23	and	and	CCONJ
cblr-7219	619	24	viii	viii	NOUN
cblr-7219	619	25	of	of	ADP
cblr-7219	619	26	the	the	DET
cblr-7219	619	27	dodd	dodd	PROPN
cblr-7219	619	28	-	-	PUNCT
cblr-7219	619	29	frank	frank	PROPN
cblr-7219	619	30	act	act	PROPN
cblr-7219	619	31	.	.	PUNCT
cblr-7219	620	1	section	section	PROPN
cblr-7219	620	2	iv.b	iv.b	PROPN
cblr-7219	620	3	then	then	ADV
cblr-7219	620	4	completes	complete	VERB
cblr-7219	620	5	the	the	DET
cblr-7219	620	6	discussion	discussion	NOUN
cblr-7219	620	7	by	by	ADP
cblr-7219	620	8	looking	look	VERB
cblr-7219	620	9	at	at	ADP
cblr-7219	620	10	how	how	SCONJ
cblr-7219	620	11	clearinghouses	clearinghouse	NOUN
cblr-7219	620	12	,	,	PUNCT
cblr-7219	620	13	as	as	ADP
cblr-7219	620	14	self	self	NOUN
cblr-7219	620	15	-	-	PUNCT
cblr-7219	620	16	regulatory	regulatory	ADJ
cblr-7219	620	17	organizations	organization	NOUN
cblr-7219	620	18	,	,	PUNCT
cblr-7219	620	19	have	have	AUX
cblr-7219	620	20	regulated	regulate	VERB
cblr-7219	620	21	their	their	PRON
cblr-7219	620	22	internal	internal	ADJ
cblr-7219	620	23	governance	governance	NOUN
cblr-7219	620	24	.	.	PUNCT
cblr-7219	621	1	189	189	NUM
cblr-7219	621	2	see	see	VERB
cblr-7219	621	3	paul	paul	PROPN
cblr-7219	621	4	tucker	tucker	PROPN
cblr-7219	621	5	,	,	PUNCT
cblr-7219	621	6	speech	speech	NOUN
cblr-7219	621	7	at	at	ADP
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cblr-7219	621	9	over	over	ADP
cblr-7219	621	10	-	-	PUNCT
cblr-7219	621	11	the	the	DET
cblr-7219	621	12	-	-	PUNCT
cblr-7219	621	13	counter	counter	NOUN
cblr-7219	621	14	derivatives	derivative	NOUN
cblr-7219	621	15	symposium	symposium	NOUN
cblr-7219	621	16	:	:	PUNCT
cblr-7219	621	17	are	be	AUX
cblr-7219	621	18	clearing	clear	VERB
cblr-7219	621	19	houses	house	NOUN
cblr-7219	621	20	the	the	DET
cblr-7219	621	21	new	new	ADJ
cblr-7219	621	22	central	central	ADJ
cblr-7219	621	23	banks	bank	NOUN
cblr-7219	621	24	?	?	PUNCT
cblr-7219	622	1	5–6	5–6	NUM
cblr-7219	622	2	(	(	PUNCT
cblr-7219	622	3	apr	apr	NOUN
cblr-7219	622	4	.	.	PROPN
cblr-7219	622	5	11	11	NUM
cblr-7219	622	6	,	,	PUNCT
cblr-7219	622	7	2014	2014	NUM
cblr-7219	622	8	)	)	PUNCT
cblr-7219	622	9	,	,	PUNCT
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cblr-7219	622	11	[	[	X
cblr-7219	622	12	https://perma.cc/cc47-qnzc	https://perma.cc/cc47-qnzc	X
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cblr-7219	622	14	.	.	PUNCT
cblr-7219	623	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	623	2	(	(	PUNCT
cblr-7219	623	3	do	do	AUX
cblr-7219	623	4	not	not	PART
cblr-7219	623	5	delete	delete	VERB
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cblr-7219	623	7	10/21/2020	10/21/2020	NUM
cblr-7219	623	8	11:22	11:22	NUM
cblr-7219	623	9	am	am	NOUN
cblr-7219	623	10	no	no	NOUN
cblr-7219	623	11	.	.	PUNCT
cblr-7219	624	1	2:449	2:449	NUM
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cblr-7219	624	3	unfinished	unfinished	ADJ
cblr-7219	624	4	business	business	NOUN
cblr-7219	624	5	497	497	NUM
cblr-7219	624	6	a.	a.	NOUN
cblr-7219	624	7	the	the	DET
cblr-7219	624	8	current	current	ADJ
cblr-7219	624	9	regulatory	regulatory	ADJ
cblr-7219	624	10	landscape	landscape	NOUN
cblr-7219	624	11	of	of	ADP
cblr-7219	624	12	clearinghouses	clearinghouse	NOUN
cblr-7219	624	13	the	the	DET
cblr-7219	624	14	derivatives	derivative	NOUN
cblr-7219	624	15	markets	market	NOUN
cblr-7219	624	16	were	be	AUX
cblr-7219	624	17	the	the	DET
cblr-7219	624	18	target	target	NOUN
cblr-7219	624	19	of	of	ADP
cblr-7219	624	20	one	one	NUM
cblr-7219	624	21	of	of	ADP
cblr-7219	624	22	the	the	DET
cblr-7219	624	23	most	most	ADV
cblr-7219	624	24	radical	radical	ADJ
cblr-7219	624	25	reforms	reform	NOUN
cblr-7219	624	26	of	of	ADP
cblr-7219	624	27	the	the	DET
cblr-7219	624	28	post-2008	post-2008	ADJ
cblr-7219	624	29	financial	financial	ADJ
cblr-7219	624	30	crisis	crisis	NOUN
cblr-7219	624	31	regulatory	regulatory	ADJ
cblr-7219	624	32	agenda.190	agenda.190	NOUN
cblr-7219	624	33	criticized	criticize	VERB
cblr-7219	624	34	as	as	ADP
cblr-7219	624	35	one	one	NUM
cblr-7219	624	36	of	of	ADP
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cblr-7219	624	38	catalysts	catalyst	NOUN
cblr-7219	624	39	of	of	ADP
cblr-7219	624	40	the	the	DET
cblr-7219	624	41	crisis,191	crisis,191	NOUN
cblr-7219	624	42	derivatives	derivative	NOUN
cblr-7219	624	43	markets	market	NOUN
cblr-7219	624	44	and	and	CCONJ
cblr-7219	624	45	the	the	DET
cblr-7219	624	46	financial	financial	ADJ
cblr-7219	624	47	institutions	institution	NOUN
cblr-7219	624	48	operating	operate	VERB
cblr-7219	624	49	as	as	SCONJ
cblr-7219	624	50	dealers	dealer	NOUN
cblr-7219	624	51	underwent	undergo	VERB
cblr-7219	624	52	a	a	DET
cblr-7219	624	53	structural	structural	ADJ
cblr-7219	624	54	makeover.192	makeover.192	NOUN
cblr-7219	624	55	policymakers	policymaker	NOUN
cblr-7219	624	56	acted	act	VERB
cblr-7219	624	57	on	on	ADP
cblr-7219	624	58	two	two	NUM
cblr-7219	624	59	main	main	ADJ
cblr-7219	624	60	objectives	objective	NOUN
cblr-7219	624	61	:	:	PUNCT
cblr-7219	624	62	first	first	ADV
cblr-7219	624	63	,	,	PUNCT
cblr-7219	624	64	to	to	PART
cblr-7219	624	65	reduce	reduce	VERB
cblr-7219	624	66	the	the	DET
cblr-7219	624	67	influence	influence	NOUN
cblr-7219	624	68	of	of	ADP
cblr-7219	624	69	190	190	NUM
cblr-7219	624	70	not	not	PART
cblr-7219	624	71	all	all	PRON
cblr-7219	624	72	derivatives	derivative	NOUN
cblr-7219	624	73	markets	market	NOUN
cblr-7219	624	74	were	be	AUX
cblr-7219	624	75	targets	target	NOUN
cblr-7219	624	76	of	of	ADP
cblr-7219	624	77	the	the	DET
cblr-7219	624	78	reform	reform	NOUN
cblr-7219	624	79	.	.	PUNCT
cblr-7219	625	1	lawmakers	lawmaker	NOUN
cblr-7219	625	2	primarily	primarily	ADV
cblr-7219	625	3	focused	focus	VERB
cblr-7219	625	4	on	on	ADP
cblr-7219	625	5	the	the	DET
cblr-7219	625	6	“	"	PUNCT
cblr-7219	625	7	swaps	swap	NOUN
cblr-7219	625	8	markets	market	NOUN
cblr-7219	625	9	,	,	PUNCT
cblr-7219	625	10	”	"	PUNCT
cblr-7219	625	11	which	which	PRON
cblr-7219	625	12	are	be	AUX
cblr-7219	625	13	markets	market	NOUN
cblr-7219	625	14	that	that	PRON
cblr-7219	625	15	developed	develop	VERB
cblr-7219	625	16	in	in	ADP
cblr-7219	625	17	the	the	DET
cblr-7219	625	18	late	late	ADJ
cblr-7219	625	19	1990s	1990	NOUN
cblr-7219	625	20	and	and	CCONJ
cblr-7219	625	21	boomed	boom	VERB
cblr-7219	625	22	throughout	throughout	ADP
cblr-7219	625	23	the	the	DET
cblr-7219	625	24	first	first	ADJ
cblr-7219	625	25	decade	decade	NOUN
cblr-7219	625	26	of	of	ADP
cblr-7219	625	27	the	the	DET
cblr-7219	625	28	2000s	2000s	NUM
cblr-7219	625	29	.	.	PUNCT
cblr-7219	626	1	see	see	VERB
cblr-7219	626	2	generally	generally	ADV
cblr-7219	626	3	gillian	gillian	PROPN
cblr-7219	626	4	tett	tett	PROPN
cblr-7219	626	5	,	,	PUNCT
cblr-7219	626	6	fool	fool	NOUN
cblr-7219	626	7	's	's	PART
cblr-7219	626	8	gold	gold	NOUN
cblr-7219	626	9	(	(	PUNCT
cblr-7219	626	10	2009	2009	NUM
cblr-7219	626	11	)	)	PUNCT
cblr-7219	626	12	.	.	PUNCT
cblr-7219	627	1	191	191	NUM
cblr-7219	627	2	see	see	VERB
cblr-7219	627	3	alan	alan	PROPN
cblr-7219	627	4	s.	s.	PROPN
cblr-7219	627	5	blinder	blinder	PROPN
cblr-7219	627	6	,	,	PUNCT
cblr-7219	627	7	after	after	SCONJ
cblr-7219	627	8	the	the	DET
cblr-7219	627	9	music	music	NOUN
cblr-7219	627	10	stopped	stop	VERB
cblr-7219	627	11	:	:	PUNCT
cblr-7219	627	12	the	the	DET
cblr-7219	627	13	financial	financial	ADJ
cblr-7219	627	14	crisis	crisis	NOUN
cblr-7219	627	15	,	,	PUNCT
cblr-7219	627	16	the	the	DET
cblr-7219	627	17	response	response	NOUN
cblr-7219	627	18	,	,	PUNCT
cblr-7219	627	19	and	and	CCONJ
cblr-7219	627	20	the	the	DET
cblr-7219	627	21	work	work	NOUN
cblr-7219	627	22	ahead	ahead	ADV
cblr-7219	627	23	279–80	279–80	PROPN
cblr-7219	627	24	(	(	PUNCT
cblr-7219	627	25	2013	2013	NUM
cblr-7219	627	26	)	)	PUNCT
cblr-7219	627	27	;	;	PUNCT
cblr-7219	628	1	fin	fin	NOUN
cblr-7219	628	2	.	.	PUNCT
cblr-7219	629	1	crisis	crisis	NOUN
cblr-7219	629	2	inquiry	inquiry	NOUN
cblr-7219	629	3	comm’n	comm’n	NOUN
cblr-7219	629	4	,	,	PUNCT
cblr-7219	629	5	the	the	DET
cblr-7219	629	6	financial	financial	ADJ
cblr-7219	629	7	crisis	crisis	NOUN
cblr-7219	629	8	inquiry	inquiry	NOUN
cblr-7219	629	9	report	report	NOUN
cblr-7219	629	10	xxiv	xxiv	PROPN
cblr-7219	629	11	–	–	PUNCT
cblr-7219	629	12	xxv	xxv	PROPN
cblr-7219	629	13	(	(	PUNCT
cblr-7219	629	14	2011	2011	NUM
cblr-7219	629	15	)	)	PUNCT
cblr-7219	629	16	.	.	PUNCT
cblr-7219	630	1	192	192	NUM
cblr-7219	630	2	see	see	VERB
cblr-7219	630	3	,	,	PUNCT
cblr-7219	630	4	e.g.	e.g.	ADV
cblr-7219	630	5	,	,	PUNCT
cblr-7219	630	6	viral	viral	ADJ
cblr-7219	630	7	v.	v.	ADP
cblr-7219	630	8	acharya	acharya	PROPN
cblr-7219	630	9	et	et	PROPN
cblr-7219	630	10	al	al	PROPN
cblr-7219	630	11	.	.	PROPN
cblr-7219	630	12	,	,	PUNCT
cblr-7219	630	13	regulating	regulate	VERB
cblr-7219	630	14	otc	otc	PROPN
cblr-7219	630	15	derivatives	derivative	NOUN
cblr-7219	630	16	,	,	PUNCT
cblr-7219	630	17	in	in	ADP
cblr-7219	630	18	regulating	regulate	VERB
cblr-7219	630	19	wall	wall	PROPN
cblr-7219	630	20	street	street	PROPN
cblr-7219	630	21	:	:	PUNCT
cblr-7219	630	22	the	the	DET
cblr-7219	630	23	dodd	dodd	PROPN
cblr-7219	630	24	-	-	PUNCT
cblr-7219	630	25	frank	frank	PROPN
cblr-7219	630	26	act	act	PROPN
cblr-7219	630	27	and	and	CCONJ
cblr-7219	630	28	the	the	DET
cblr-7219	630	29	new	new	ADJ
cblr-7219	630	30	architecture	architecture	NOUN
cblr-7219	630	31	of	of	ADP
cblr-7219	630	32	global	global	ADJ
cblr-7219	630	33	finance	finance	NOUN
cblr-7219	630	34	367	367	NUM
cblr-7219	630	35	,	,	PUNCT
cblr-7219	630	36	370–77	370–77	NUM
cblr-7219	630	37	(	(	PUNCT
cblr-7219	630	38	viral	viral	ADJ
cblr-7219	630	39	v.	v.	ADP
cblr-7219	630	40	acharya	acharya	PROPN
cblr-7219	630	41	et	et	PROPN
cblr-7219	630	42	al	al	PROPN
cblr-7219	630	43	.	.	PUNCT
cblr-7219	631	1	eds	ed	NOUN
cblr-7219	631	2	,	,	PUNCT
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cblr-7219	631	4	)	)	PUNCT
cblr-7219	631	5	;	;	PUNCT
cblr-7219	631	6	j.	j.	PROPN
cblr-7219	631	7	christopher	christopher	PROPN
cblr-7219	631	8	giancarlo	giancarlo	PROPN
cblr-7219	631	9	,	,	PUNCT
cblr-7219	631	10	reconsidering	reconsider	VERB
cblr-7219	631	11	the	the	DET
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cblr-7219	631	13	-	-	PUNCT
cblr-7219	631	14	frank	frank	ADJ
cblr-7219	631	15	swaps	swap	NOUN
cblr-7219	631	16	trading	trade	VERB
cblr-7219	631	17	regulatory	regulatory	ADJ
cblr-7219	631	18	framework	framework	NOUN
cblr-7219	631	19	,	,	PUNCT
cblr-7219	631	20	in	in	ADP
cblr-7219	631	21	reframing	reframe	VERB
cblr-7219	631	22	financial	financial	ADJ
cblr-7219	631	23	regulation	regulation	NOUN
cblr-7219	631	24	:	:	PUNCT
cblr-7219	631	25	enhancing	enhance	VERB
cblr-7219	631	26	stability	stability	NOUN
cblr-7219	631	27	and	and	CCONJ
cblr-7219	631	28	protecting	protect	VERB
cblr-7219	631	29	consumers	consumer	NOUN
cblr-7219	631	30	155	155	NUM
cblr-7219	631	31	,	,	PUNCT
cblr-7219	631	32	156–172	156–172	NUM
cblr-7219	631	33	(	(	PUNCT
cblr-7219	631	34	hester	hester	PROPN
cblr-7219	631	35	peirce	peirce	PROPN
cblr-7219	631	36	&	&	CCONJ
cblr-7219	631	37	benjamin	benjamin	PROPN
cblr-7219	631	38	klutsey	klutsey	PROPN
cblr-7219	631	39	eds	eds	PROPN
cblr-7219	631	40	.	.	PROPN
cblr-7219	631	41	,	,	PUNCT
cblr-7219	631	42	2016	2016	NUM
cblr-7219	631	43	)	)	PUNCT
cblr-7219	631	44	.	.	PUNCT
cblr-7219	632	1	this	this	DET
cblr-7219	632	2	reform	reform	NOUN
cblr-7219	632	3	wave	wave	NOUN
cblr-7219	632	4	happened	happen	VERB
cblr-7219	632	5	both	both	CCONJ
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cblr-7219	632	8	internationally	internationally	ADV
cblr-7219	632	9	,	,	PUNCT
cblr-7219	632	10	with	with	ADP
cblr-7219	632	11	international	international	ADJ
cblr-7219	632	12	financial	financial	ADJ
cblr-7219	632	13	bodies	body	NOUN
cblr-7219	632	14	recommending	recommend	VERB
cblr-7219	632	15	the	the	DET
cblr-7219	632	16	deployment	deployment	NOUN
cblr-7219	632	17	of	of	ADP
cblr-7219	632	18	fmis	fmi	NOUN
cblr-7219	632	19	to	to	PART
cblr-7219	632	20	stabilize	stabilize	VERB
cblr-7219	632	21	financial	financial	ADJ
cblr-7219	632	22	markets	market	NOUN
cblr-7219	632	23	.	.	PUNCT
cblr-7219	633	1	at	at	ADP
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cblr-7219	633	10	(	(	PUNCT
cblr-7219	633	11	“	"	PUNCT
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cblr-7219	633	13	”	"	PUNCT
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cblr-7219	633	15	and	and	CCONJ
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cblr-7219	633	17	financial	financial	ADJ
cblr-7219	633	18	stability	stability	PROPN
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cblr-7219	633	20	(	(	PUNCT
cblr-7219	633	21	“	"	PUNCT
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cblr-7219	633	24	”	"	PUNCT
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cblr-7219	633	26	recommended	recommend	VERB
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cblr-7219	633	30	into	into	ADP
cblr-7219	633	31	centralized	centralized	ADJ
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cblr-7219	633	33	organized	organized	ADJ
cblr-7219	633	34	markets	market	NOUN
cblr-7219	633	35	.	.	PUNCT
cblr-7219	634	1	see	see	VERB
cblr-7219	634	2	g20	g20	NOUN
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cblr-7219	634	7	:	:	PUNCT
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cblr-7219	634	11	9	9	NUM
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cblr-7219	634	17	[	[	X
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cblr-7219	635	1	fin	fin	NOUN
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cblr-7219	636	1	stability	stability	PROPN
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cblr-7219	636	6	otc	otc	PROPN
cblr-7219	636	7	derivatives	derivative	NOUN
cblr-7219	636	8	market	market	NOUN
cblr-7219	636	9	reforms	reform	NOUN
cblr-7219	636	10	1–2	1–2	NUM
cblr-7219	636	11	(	(	PUNCT
cblr-7219	636	12	2010	2010	NUM
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cblr-7219	636	14	,	,	PUNCT
cblr-7219	637	1	http://www.fsb.org/2010/10/fsb-report-on-implementing-otc-derivatives-market-reforms/	http://www.fsb.org/2010/10/fsb-report-on-implementing-otc-derivatives-market-reforms/	X
cblr-7219	638	1	[	[	X
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cblr-7219	638	3	]	]	PUNCT
cblr-7219	638	4	.	.	PUNCT
cblr-7219	639	1	the	the	DET
cblr-7219	639	2	international	international	ADJ
cblr-7219	639	3	guidelines	guideline	NOUN
cblr-7219	639	4	set	set	VERB
cblr-7219	639	5	by	by	ADP
cblr-7219	639	6	the	the	DET
cblr-7219	639	7	g20	g20	NOUN
cblr-7219	639	8	and	and	CCONJ
cblr-7219	639	9	the	the	DET
cblr-7219	639	10	fsb	fsb	NOUN
cblr-7219	639	11	envisioned	envision	VERB
cblr-7219	639	12	three	three	NUM
cblr-7219	639	13	pillars	pillar	NOUN
cblr-7219	639	14	to	to	PART
cblr-7219	639	15	support	support	VERB
cblr-7219	639	16	a	a	DET
cblr-7219	639	17	more	more	ADV
cblr-7219	639	18	efficient	efficient	ADJ
cblr-7219	639	19	and	and	CCONJ
cblr-7219	639	20	stable	stable	ADJ
cblr-7219	639	21	derivatives	derivative	NOUN
cblr-7219	639	22	market	market	NOUN
cblr-7219	639	23	:	:	PUNCT
cblr-7219	639	24	mandatory	mandatory	ADJ
cblr-7219	639	25	trading	trading	NOUN
cblr-7219	639	26	of	of	ADP
cblr-7219	639	27	standardized	standardized	ADJ
cblr-7219	639	28	derivatives	derivative	NOUN
cblr-7219	639	29	in	in	ADP
cblr-7219	639	30	trading	trading	NOUN
cblr-7219	639	31	venues	venue	NOUN
cblr-7219	639	32	;	;	PUNCT
cblr-7219	639	33	mandatory	mandatory	ADJ
cblr-7219	639	34	reporting	reporting	NOUN
cblr-7219	639	35	of	of	ADP
cblr-7219	639	36	all	all	DET
cblr-7219	639	37	derivatives	derivative	NOUN
cblr-7219	639	38	to	to	PART
cblr-7219	639	39	trade	trade	NOUN
cblr-7219	639	40	repositories	repository	NOUN
cblr-7219	639	41	;	;	PUNCT
cblr-7219	639	42	and	and	CCONJ
cblr-7219	639	43	mandatory	mandatory	ADJ
cblr-7219	639	44	central	central	ADJ
cblr-7219	639	45	clearing	clearing	NOUN
cblr-7219	639	46	of	of	ADP
cblr-7219	639	47	eligible	eligible	ADJ
cblr-7219	639	48	derivatives	derivative	NOUN
cblr-7219	639	49	through	through	ADP
cblr-7219	639	50	central	central	ADJ
cblr-7219	639	51	counterparties	counterpartie	NOUN
cblr-7219	639	52	.	.	PUNCT
cblr-7219	640	1	see	see	VERB
cblr-7219	640	2	fin	fin	NOUN
cblr-7219	640	3	.	.	PUNCT
cblr-7219	641	1	stability	stability	PROPN
cblr-7219	641	2	bd	bd	PROPN
cblr-7219	641	3	.	.	PROPN
cblr-7219	641	4	,	,	PUNCT
cblr-7219	641	5	supra	supra	PROPN
cblr-7219	641	6	note	note	NOUN
cblr-7219	641	7	192	192	NUM
cblr-7219	641	8	,	,	PUNCT
cblr-7219	641	9	at	at	ADP
cblr-7219	641	10	41–42	41–42	NUM
cblr-7219	641	11	,	,	PUNCT
cblr-7219	641	12	44–49	44–49	NUM
cblr-7219	641	13	,	,	PUNCT
cblr-7219	641	14	29–32	29–32	NUM
cblr-7219	641	15	.	.	PUNCT
cblr-7219	642	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	642	2	(	(	PUNCT
cblr-7219	642	3	do	do	AUX
cblr-7219	642	4	not	not	PART
cblr-7219	642	5	delte	delte	VERB
cblr-7219	642	6	)	)	PUNCT
cblr-7219	642	7	10/21/2020	10/21/2020	NUM
cblr-7219	642	8	11:22	11:22	NUM
cblr-7219	642	9	am	be	AUX
cblr-7219	642	10	498	498	NUM
cblr-7219	642	11	columbia	columbia	PROPN
cblr-7219	642	12	business	business	NOUN
cblr-7219	642	13	law	law	PROPN
cblr-7219	642	14	review	review	NOUN
cblr-7219	643	1	[	[	X
cblr-7219	643	2	vol	vol	NOUN
cblr-7219	643	3	.	.	PUNCT
cblr-7219	643	4	2020	2020	NUM
cblr-7219	643	5	dealers	dealer	NOUN
cblr-7219	643	6	in	in	ADP
cblr-7219	643	7	derivatives	derivative	NOUN
cblr-7219	643	8	markets,193	markets,193	NOUN
cblr-7219	643	9	and	and	CCONJ
cblr-7219	643	10	second	second	ADJ
cblr-7219	643	11	,	,	PUNCT
cblr-7219	643	12	to	to	PART
cblr-7219	643	13	institutionalize	institutionalize	VERB
cblr-7219	643	14	the	the	DET
cblr-7219	643	15	role	role	NOUN
cblr-7219	643	16	of	of	ADP
cblr-7219	643	17	clearinghouses	clearinghouse	NOUN
cblr-7219	643	18	as	as	ADP
cblr-7219	643	19	specialized	specialized	ADJ
cblr-7219	643	20	risk	risk	NOUN
cblr-7219	643	21	managers.194	managers.194	PROPN
cblr-7219	643	22	title	title	NOUN
cblr-7219	643	23	vii	vii	PROPN
cblr-7219	643	24	of	of	ADP
cblr-7219	643	25	dodd	dodd	PROPN
cblr-7219	643	26	-	-	PUNCT
cblr-7219	643	27	frank	frank	PROPN
cblr-7219	643	28	,	,	PUNCT
cblr-7219	643	29	the	the	DET
cblr-7219	643	30	“	"	PUNCT
cblr-7219	643	31	wall	wall	PROPN
cblr-7219	643	32	street	street	PROPN
cblr-7219	643	33	transparency	transparency	NOUN
cblr-7219	643	34	and	and	CCONJ
cblr-7219	643	35	accountability	accountability	NOUN
cblr-7219	643	36	act	act	NOUN
cblr-7219	643	37	,	,	PUNCT
cblr-7219	643	38	”	"	PUNCT
cblr-7219	643	39	mandated	mandate	VERB
cblr-7219	643	40	,	,	PUNCT
cblr-7219	643	41	among	among	ADP
cblr-7219	643	42	other	other	ADJ
cblr-7219	643	43	things	thing	NOUN
cblr-7219	643	44	,	,	PUNCT
cblr-7219	643	45	the	the	DET
cblr-7219	643	46	use	use	NOUN
cblr-7219	643	47	of	of	ADP
cblr-7219	643	48	clearinghouses	clearinghouse	NOUN
cblr-7219	643	49	for	for	ADP
cblr-7219	643	50	swaps	swap	NOUN
cblr-7219	643	51	and	and	CCONJ
cblr-7219	643	52	set	set	VERB
cblr-7219	643	53	general	general	ADJ
cblr-7219	643	54	principles	principle	NOUN
cblr-7219	643	55	for	for	ADP
cblr-7219	643	56	their	their	PRON
cblr-7219	643	57	organization.195	organization.195	ADJ
cblr-7219	643	58	title	title	NOUN
cblr-7219	643	59	viii	viii	NOUN
cblr-7219	643	60	,	,	PUNCT
cblr-7219	643	61	entitled	entitle	VERB
cblr-7219	643	62	“	"	PUNCT
cblr-7219	643	63	payment	payment	NOUN
cblr-7219	643	64	,	,	PUNCT
cblr-7219	643	65	clearing	clearing	NOUN
cblr-7219	643	66	,	,	PUNCT
cblr-7219	643	67	and	and	CCONJ
cblr-7219	643	68	settlement	settlement	NOUN
cblr-7219	643	69	supervision	supervision	NOUN
cblr-7219	643	70	,	,	PUNCT
cblr-7219	643	71	”	"	PUNCT
cblr-7219	643	72	created	create	VERB
cblr-7219	643	73	a	a	DET
cblr-7219	643	74	newly	newly	ADV
cblr-7219	643	75	enhanced	enhance	VERB
cblr-7219	643	76	regulatory	regulatory	ADJ
cblr-7219	643	77	and	and	CCONJ
cblr-7219	643	78	supervisory	supervisory	ADJ
cblr-7219	643	79	framework	framework	NOUN
cblr-7219	643	80	for	for	ADP
cblr-7219	643	81	those	those	DET
cblr-7219	643	82	clearinghouses	clearinghouse	NOUN
cblr-7219	643	83	deemed	deem	VERB
cblr-7219	643	84	systemically	systemically	ADV
cblr-7219	643	85	important	important	ADJ
cblr-7219	643	86	by	by	ADP
cblr-7219	643	87	the	the	DET
cblr-7219	643	88	financial	financial	ADJ
cblr-7219	643	89	market	market	NOUN
cblr-7219	643	90	oversight	oversight	NOUN
cblr-7219	643	91	council.196	council.196	ADV
cblr-7219	643	92	the	the	DET
cblr-7219	643	93	regulatory	regulatory	ADJ
cblr-7219	643	94	framework	framework	NOUN
cblr-7219	643	95	that	that	PRON
cblr-7219	643	96	resulted	result	VERB
cblr-7219	643	97	from	from	ADP
cblr-7219	643	98	these	these	DET
cblr-7219	643	99	post	post	ADJ
cblr-7219	643	100	-	-	ADJ
cblr-7219	643	101	crisis	crisis	NOUN
cblr-7219	643	102	reforms	reform	NOUN
cblr-7219	643	103	is	be	AUX
cblr-7219	643	104	a	a	DET
cblr-7219	643	105	multi	multi	ADJ
cblr-7219	643	106	-	-	ADJ
cblr-7219	643	107	layered	layered	ADJ
cblr-7219	643	108	regime	regime	NOUN
cblr-7219	643	109	in	in	ADP
cblr-7219	643	110	which	which	PRON
cblr-7219	643	111	the	the	DET
cblr-7219	643	112	commodity	commodity	NOUN
cblr-7219	643	113	futures	future	NOUN
cblr-7219	643	114	trading	trading	NOUN
cblr-7219	643	115	commission	commission	NOUN
cblr-7219	643	116	(	(	PUNCT
cblr-7219	643	117	“	"	PUNCT
cblr-7219	643	118	the	the	DET
cblr-7219	643	119	cftc”)197	cftc”)197	NOUN
cblr-7219	643	120	and	and	CCONJ
cblr-7219	643	121	the	the	DET
cblr-7219	643	122	securities	securities	PROPN
cblr-7219	643	123	and	and	CCONJ
cblr-7219	643	124	exchange	exchange	PROPN
cblr-7219	643	125	commission	commission	PROPN
cblr-7219	643	126	(	(	PUNCT
cblr-7219	643	127	“	"	PUNCT
cblr-7219	643	128	the	the	DET
cblr-7219	643	129	sec”)198	sec”)198	ADJ
cblr-7219	643	130	act	act	NOUN
cblr-7219	643	131	as	as	ADP
cblr-7219	643	132	the	the	DET
cblr-7219	643	133	primary	primary	ADJ
cblr-7219	643	134	regulators	regulator	NOUN
cblr-7219	643	135	and	and	CCONJ
cblr-7219	643	136	supervisors	supervisor	NOUN
cblr-7219	643	137	of	of	ADP
cblr-7219	643	138	clearinghouses	clearinghouse	NOUN
cblr-7219	643	139	operating	operate	VERB
cblr-7219	643	140	in	in	ADP
cblr-7219	643	141	the	the	DET
cblr-7219	643	142	derivatives	derivative	NOUN
cblr-7219	643	143	and	and	CCONJ
cblr-7219	643	144	securities	security	NOUN
cblr-7219	643	145	markets,199	markets,199	PROPN
cblr-7219	643	146	while	while	SCONJ
cblr-7219	643	147	the	the	DET
cblr-7219	643	148	board	board	NOUN
cblr-7219	643	149	of	of	ADP
cblr-7219	643	150	governors	governor	NOUN
cblr-7219	643	151	of	of	ADP
cblr-7219	643	152	the	the	DET
cblr-7219	643	153	federal	federal	PROPN
cblr-7219	643	154	reserve	reserve	NOUN
cblr-7219	643	155	system	system	NOUN
cblr-7219	643	156	has	have	VERB
cblr-7219	643	157	the	the	DET
cblr-7219	643	158	authority	authority	NOUN
cblr-7219	643	159	to	to	PART
cblr-7219	643	160	adopt	adopt	VERB
cblr-7219	643	161	heightened	heighten	VERB
cblr-7219	643	162	prudential	prudential	ADJ
cblr-7219	643	163	regulatory	regulatory	ADJ
cblr-7219	643	164	and	and	CCONJ
cblr-7219	643	165	supervisory	supervisory	ADJ
cblr-7219	643	166	standards	standard	NOUN
cblr-7219	643	167	for	for	ADP
cblr-7219	643	168	systemically	systemically	ADV
cblr-7219	643	169	important	important	ADJ
cblr-7219	643	170	firms	firm	NOUN
cblr-7219	643	171	in	in	ADP
cblr-7219	643	172	order	order	NOUN
cblr-7219	643	173	to	to	PART
cblr-7219	643	174	promote	promote	VERB
cblr-7219	643	175	uniformity	uniformity	NOUN
cblr-7219	643	176	and	and	CCONJ
cblr-7219	643	177	support	support	NOUN
cblr-7219	643	178	193	193	NUM
cblr-7219	643	179	see	see	NOUN
cblr-7219	643	180	robert	robert	PROPN
cblr-7219	643	181	e.	e.	PROPN
cblr-7219	643	182	litan	litan	PROPN
cblr-7219	643	183	,	,	PUNCT
cblr-7219	643	184	the	the	DET
cblr-7219	643	185	derivatives	derivative	NOUN
cblr-7219	643	186	dealers	dealer	NOUN
cblr-7219	643	187	’	’	PART
cblr-7219	643	188	club	club	NOUN
cblr-7219	643	189	and	and	CCONJ
cblr-7219	643	190	derivatives	derivative	NOUN
cblr-7219	643	191	markets	market	NOUN
cblr-7219	643	192	reform	reform	NOUN
cblr-7219	643	193	:	:	PUNCT
cblr-7219	643	194	a	a	DET
cblr-7219	643	195	guide	guide	NOUN
cblr-7219	643	196	for	for	ADP
cblr-7219	643	197	policy	policy	NOUN
cblr-7219	643	198	makers	maker	NOUN
cblr-7219	643	199	,	,	PUNCT
cblr-7219	643	200	citizens	citizen	NOUN
cblr-7219	643	201	and	and	CCONJ
cblr-7219	643	202	other	other	ADJ
cblr-7219	643	203	interested	interested	ADJ
cblr-7219	643	204	parties	party	NOUN
cblr-7219	643	205	29–30	29–30	NUM
cblr-7219	643	206	(	(	PUNCT
cblr-7219	643	207	2010	2010	NUM
cblr-7219	643	208	)	)	PUNCT
cblr-7219	643	209	,	,	PUNCT
cblr-7219	644	1	http://www.brookings.edu/wp-content/uploads/2016/06/0407_derivatives_litan.pdf	http://www.brookings.edu/wp-content/uploads/2016/06/0407_derivatives_litan.pdf	NOUN
cblr-7219	645	1	[	[	X
cblr-7219	645	2	https://perma.cc/n92sez8z	https://perma.cc/n92sez8z	X
cblr-7219	645	3	]	]	X
cblr-7219	645	4	;	;	PUNCT
cblr-7219	645	5	ferrarini	ferrarini	PROPN
cblr-7219	645	6	&	&	CCONJ
cblr-7219	645	7	saguato	saguato	PROPN
cblr-7219	645	8	,	,	PUNCT
cblr-7219	645	9	supra	supra	PROPN
cblr-7219	645	10	note	note	PROPN
cblr-7219	645	11	57	57	NUM
cblr-7219	645	12	,	,	PUNCT
cblr-7219	645	13	at	at	ADP
cblr-7219	645	14	570–71	570–71	NOUN
cblr-7219	645	15	.	.	PUNCT
cblr-7219	646	1	194	194	NUM
cblr-7219	646	2	see	see	VERB
cblr-7219	646	3	saguato	saguato	NOUN
cblr-7219	646	4	,	,	PUNCT
cblr-7219	646	5	the	the	DET
cblr-7219	646	6	hidden	hidden	ADJ
cblr-7219	646	7	costs	cost	NOUN
cblr-7219	646	8	of	of	ADP
cblr-7219	646	9	clearinghouses	clearinghouse	NOUN
cblr-7219	646	10	,	,	PUNCT
cblr-7219	646	11	supra	supra	PROPN
cblr-7219	646	12	note	note	NOUN
cblr-7219	646	13	8	8	NUM
cblr-7219	646	14	(	(	PUNCT
cblr-7219	646	15	manuscript	manuscript	NOUN
cblr-7219	646	16	at	at	ADP
cblr-7219	646	17	15–24	15–24	NUM
cblr-7219	646	18	)	)	PUNCT
cblr-7219	646	19	(	(	PUNCT
cblr-7219	646	20	providing	provide	VERB
cblr-7219	646	21	an	an	DET
cblr-7219	646	22	in	in	ADP
cblr-7219	646	23	-	-	PUNCT
cblr-7219	646	24	depth	depth	NOUN
cblr-7219	646	25	discussion	discussion	NOUN
cblr-7219	646	26	of	of	ADP
cblr-7219	646	27	the	the	DET
cblr-7219	646	28	political	political	ADJ
cblr-7219	646	29	economy	economy	NOUN
cblr-7219	646	30	of	of	ADP
cblr-7219	646	31	title	title	NOUN
cblr-7219	646	32	vii	vii	PROPN
cblr-7219	646	33	and	and	CCONJ
cblr-7219	646	34	title	title	NOUN
cblr-7219	646	35	viii	viii	NOUN
cblr-7219	646	36	of	of	ADP
cblr-7219	646	37	dodd	dodd	PROPN
cblr-7219	646	38	-	-	PUNCT
cblr-7219	646	39	frank	frank	PROPN
cblr-7219	646	40	)	)	PUNCT
cblr-7219	646	41	.	.	PUNCT
cblr-7219	647	1	195	195	NUM
cblr-7219	647	2	dodd	dodd	PROPN
cblr-7219	647	3	-	-	PUNCT
cblr-7219	647	4	frank	frank	PROPN
cblr-7219	647	5	act	act	PROPN
cblr-7219	647	6	,	,	PUNCT
cblr-7219	647	7	pub	pub	NOUN
cblr-7219	647	8	.	.	PUNCT
cblr-7219	648	1	l.	l.	PROPN
cblr-7219	648	2	no	no	INTJ
cblr-7219	648	3	.	.	PROPN
cblr-7219	649	1	111	111	NUM
cblr-7219	649	2	-	-	SYM
cblr-7219	649	3	203	203	NUM
cblr-7219	649	4	,	,	PUNCT
cblr-7219	649	5	§	§	PROPN
cblr-7219	649	6	723(a	723(a	PROPN
cblr-7219	649	7	)	)	PUNCT
cblr-7219	649	8	,	,	PUNCT
cblr-7219	649	9	124	124	NUM
cblr-7219	649	10	stat	stat	NOUN
cblr-7219	649	11	.	.	PUNCT
cblr-7219	650	1	1376	1376	NUM
cblr-7219	650	2	,	,	PUNCT
cblr-7219	650	3	1675–81	1675–81	NUM
cblr-7219	650	4	(	(	PUNCT
cblr-7219	650	5	2010	2010	NUM
cblr-7219	650	6	)	)	PUNCT
cblr-7219	650	7	(	(	PUNCT
cblr-7219	650	8	codified	codify	VERB
cblr-7219	650	9	as	as	SCONJ
cblr-7219	650	10	amended	amend	VERB
cblr-7219	650	11	at	at	ADP
cblr-7219	650	12	7	7	NUM
cblr-7219	650	13	u.s.c	u.s.c	ADJ
cblr-7219	650	14	.	.	PUNCT
cblr-7219	651	1	§	§	PROPN
cblr-7219	651	2	2(h)(8	2(h)(8	NUM
cblr-7219	651	3	)	)	PUNCT
cblr-7219	651	4	(	(	PUNCT
cblr-7219	651	5	2018	2018	NUM
cblr-7219	651	6	)	)	PUNCT
cblr-7219	651	7	)	)	PUNCT
cblr-7219	651	8	.	.	PUNCT
cblr-7219	652	1	see	see	VERB
cblr-7219	652	2	generally	generally	ADV
cblr-7219	652	3	peirce	peirce	NOUN
cblr-7219	652	4	,	,	PUNCT
cblr-7219	652	5	supra	supra	PROPN
cblr-7219	652	6	note	note	NOUN
cblr-7219	652	7	9	9	NUM
cblr-7219	652	8	,	,	PUNCT
cblr-7219	652	9	at	at	ADP
cblr-7219	652	10	610–20	610–20	NUM
cblr-7219	652	11	(	(	PUNCT
cblr-7219	652	12	offering	offer	VERB
cblr-7219	652	13	a	a	DET
cblr-7219	652	14	comprehensive	comprehensive	ADJ
cblr-7219	652	15	overview	overview	NOUN
cblr-7219	652	16	of	of	ADP
cblr-7219	652	17	the	the	DET
cblr-7219	652	18	current	current	ADJ
cblr-7219	652	19	regulatory	regulatory	ADJ
cblr-7219	652	20	framework	framework	NOUN
cblr-7219	652	21	of	of	ADP
cblr-7219	652	22	swap	swap	NOUN
cblr-7219	652	23	clearinghouses	clearinghouse	NOUN
cblr-7219	652	24	)	)	PUNCT
cblr-7219	652	25	.	.	PUNCT
cblr-7219	653	1	196	196	NUM
cblr-7219	653	2	dodd	dodd	PROPN
cblr-7219	653	3	-	-	PUNCT
cblr-7219	653	4	frank	frank	PROPN
cblr-7219	653	5	act	act	PROPN
cblr-7219	653	6	§	§	PROPN
cblr-7219	653	7	§	§	PROPN
cblr-7219	653	8	805–806	805–806	NUM
cblr-7219	653	9	.	.	NOUN
cblr-7219	653	10	197	197	NUM
cblr-7219	653	11	the	the	DET
cblr-7219	653	12	cftc	cftc	PROPN
cblr-7219	653	13	has	have	VERB
cblr-7219	653	14	authority	authority	NOUN
cblr-7219	653	15	over	over	ADP
cblr-7219	653	16	registered	register	VERB
cblr-7219	653	17	derivatives	derivative	NOUN
cblr-7219	653	18	clearing	clearing	NOUN
cblr-7219	653	19	organizations	organization	NOUN
cblr-7219	653	20	(	(	PUNCT
cblr-7219	653	21	“	"	PUNCT
cblr-7219	653	22	dcos	dco	NOUN
cblr-7219	653	23	”	"	PUNCT
cblr-7219	653	24	)	)	PUNCT
cblr-7219	653	25	.	.	PUNCT
cblr-7219	654	1	see	see	VERB
cblr-7219	654	2	7	7	NUM
cblr-7219	654	3	u.s.c	u.s.c	ADJ
cblr-7219	654	4	.	.	PUNCT
cblr-7219	655	1	§	§	PROPN
cblr-7219	655	2	7a-112(h)(8	7a-112(h)(8	NUM
cblr-7219	655	3	)	)	PUNCT
cblr-7219	655	4	(	(	PUNCT
cblr-7219	655	5	2018	2018	NUM
cblr-7219	655	6	)	)	PUNCT
cblr-7219	655	7	.	.	PUNCT
cblr-7219	656	1	198	198	NUM
cblr-7219	656	2	the	the	DET
cblr-7219	656	3	sec	sec	PROPN
cblr-7219	656	4	has	have	VERB
cblr-7219	656	5	authority	authority	NOUN
cblr-7219	656	6	over	over	ADP
cblr-7219	656	7	registered	register	VERB
cblr-7219	656	8	clearing	clearing	NOUN
cblr-7219	656	9	agencies	agency	NOUN
cblr-7219	656	10	(	(	PUNCT
cblr-7219	656	11	“	"	PUNCT
cblr-7219	656	12	cas	cas	PROPN
cblr-7219	656	13	”	"	PUNCT
cblr-7219	656	14	)	)	PUNCT
cblr-7219	656	15	,	,	PUNCT
cblr-7219	656	16	post	post	ADJ
cblr-7219	656	17	-	-	ADJ
cblr-7219	656	18	trading	trading	ADJ
cblr-7219	656	19	services	service	NOUN
cblr-7219	656	20	in	in	ADP
cblr-7219	656	21	securities	security	NOUN
cblr-7219	656	22	,	,	PUNCT
cblr-7219	656	23	and	and	CCONJ
cblr-7219	656	24	securities	security	NOUN
cblr-7219	656	25	-	-	PUNCT
cblr-7219	656	26	based	base	VERB
cblr-7219	656	27	swaps	swap	NOUN
cblr-7219	656	28	.	.	PUNCT
cblr-7219	657	1	see	see	VERB
cblr-7219	657	2	doddfrank	doddfrank	PROPN
cblr-7219	657	3	act	act	PROPN
cblr-7219	657	4	§	§	PROPN
cblr-7219	657	5	763(a)(b	763(a)(b	PROPN
cblr-7219	657	6	)	)	PUNCT
cblr-7219	657	7	.	.	PUNCT
cblr-7219	658	1	199	199	NUM
cblr-7219	658	2	in	in	ADP
cblr-7219	658	3	setting	set	VERB
cblr-7219	658	4	risk	risk	NOUN
cblr-7219	658	5	management	management	NOUN
cblr-7219	658	6	standards	standard	NOUN
cblr-7219	658	7	for	for	ADP
cblr-7219	658	8	systemically	systemically	ADV
cblr-7219	658	9	important	important	ADJ
cblr-7219	658	10	clearinghouses	clearinghouse	NOUN
cblr-7219	658	11	,	,	PUNCT
cblr-7219	658	12	the	the	DET
cblr-7219	658	13	cftc	cftc	PROPN
cblr-7219	658	14	and	and	CCONJ
cblr-7219	658	15	sec	sec	PROPN
cblr-7219	658	16	must	must	AUX
cblr-7219	658	17	consult	consult	VERB
cblr-7219	658	18	with	with	ADP
cblr-7219	658	19	fsoc	fsoc	NOUN
cblr-7219	658	20	and	and	CCONJ
cblr-7219	658	21	the	the	DET
cblr-7219	658	22	federal	federal	PROPN
cblr-7219	658	23	reserve	reserve	PROPN
cblr-7219	658	24	.	.	PUNCT
cblr-7219	659	1	i	i	PRON
cblr-7219	659	2	d.	d.	PROPN
cblr-7219	659	3	§	§	PROPN
cblr-7219	659	4	805(a)(2	805(a)(2	NUM
cblr-7219	659	5	)	)	PUNCT
cblr-7219	659	6	.	.	PUNCT
cblr-7219	660	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	660	2	(	(	PUNCT
cblr-7219	660	3	do	do	AUX
cblr-7219	660	4	not	not	PART
cblr-7219	660	5	delete	delete	VERB
cblr-7219	660	6	)	)	PUNCT
cblr-7219	660	7	10/21/2020	10/21/2020	NUM
cblr-7219	660	8	11:22	11:22	NUM
cblr-7219	660	9	am	am	NOUN
cblr-7219	660	10	no	no	NOUN
cblr-7219	660	11	.	.	PUNCT
cblr-7219	661	1	2:449	2:449	NUM
cblr-7219	661	2	]	]	X
cblr-7219	661	3	unfinished	unfinished	ADJ
cblr-7219	661	4	business	business	NOUN
cblr-7219	661	5	499	499	NUM
cblr-7219	661	6	market	market	NOUN
cblr-7219	661	7	resilience	resilience	NOUN
cblr-7219	661	8	and	and	CCONJ
cblr-7219	661	9	liquidity.200	liquidity.200	X
cblr-7219	661	10	in	in	ADP
cblr-7219	661	11	addition	addition	NOUN
cblr-7219	661	12	,	,	PUNCT
cblr-7219	661	13	because	because	SCONJ
cblr-7219	661	14	of	of	ADP
cblr-7219	661	15	their	their	PRON
cblr-7219	661	16	qualification	qualification	NOUN
cblr-7219	661	17	as	as	ADP
cblr-7219	661	18	self	self	NOUN
cblr-7219	661	19	-	-	PUNCT
cblr-7219	661	20	regulatory	regulatory	ADJ
cblr-7219	661	21	organizations	organization	NOUN
cblr-7219	661	22	,	,	PUNCT
cblr-7219	661	23	clearinghouses	clearinghouse	NOUN
cblr-7219	661	24	set	set	VERB
cblr-7219	661	25	their	their	PRON
cblr-7219	661	26	own	own	ADJ
cblr-7219	661	27	internal	internal	ADJ
cblr-7219	661	28	rules	rule	NOUN
cblr-7219	661	29	,	,	PUNCT
cblr-7219	661	30	as	as	SCONJ
cblr-7219	661	31	discussed	discuss	VERB
cblr-7219	661	32	in	in	ADP
cblr-7219	661	33	the	the	DET
cblr-7219	661	34	next	next	ADJ
cblr-7219	661	35	section	section	NOUN
cblr-7219	661	36	.	.	PUNCT
cblr-7219	662	1	because	because	SCONJ
cblr-7219	662	2	of	of	ADP
cblr-7219	662	3	the	the	DET
cblr-7219	662	4	critical	critical	ADJ
cblr-7219	662	5	importance	importance	NOUN
cblr-7219	662	6	of	of	ADP
cblr-7219	662	7	clearinghouses	clearinghouse	NOUN
cblr-7219	662	8	as	as	ADP
cblr-7219	662	9	systemic	systemic	ADJ
cblr-7219	662	10	risk	risk	NOUN
cblr-7219	662	11	managers	manager	NOUN
cblr-7219	662	12	,	,	PUNCT
cblr-7219	662	13	lawmakers	lawmaker	NOUN
cblr-7219	662	14	have	have	AUX
cblr-7219	662	15	primarily	primarily	ADV
cblr-7219	662	16	focused	focus	VERB
cblr-7219	662	17	on	on	ADP
cblr-7219	662	18	setting	set	VERB
cblr-7219	662	19	sound	sound	ADJ
cblr-7219	662	20	prudential	prudential	ADJ
cblr-7219	662	21	requirements	requirement	NOUN
cblr-7219	662	22	and	and	CCONJ
cblr-7219	662	23	effective	effective	ADJ
cblr-7219	662	24	risk	risk	NOUN
cblr-7219	662	25	management	management	NOUN
cblr-7219	662	26	and	and	CCONJ
cblr-7219	662	27	governance	governance	NOUN
cblr-7219	662	28	standards	standard	NOUN
cblr-7219	662	29	for	for	ADP
cblr-7219	662	30	these	these	DET
cblr-7219	662	31	firms.201	firms.201	NOUN
cblr-7219	662	32	to	to	PART
cblr-7219	662	33	support	support	VERB
cblr-7219	662	34	their	their	PRON
cblr-7219	662	35	financial	financial	ADJ
cblr-7219	662	36	resilience	resilience	NOUN
cblr-7219	662	37	,	,	PUNCT
cblr-7219	662	38	clearinghouses	clearinghouse	NOUN
cblr-7219	662	39	are	be	AUX
cblr-7219	662	40	required	require	VERB
cblr-7219	662	41	to	to	PART
cblr-7219	662	42	hold	hold	VERB
cblr-7219	662	43	enough	enough	ADJ
cblr-7219	662	44	resources	resource	NOUN
cblr-7219	662	45	to	to	PART
cblr-7219	662	46	cover	cover	VERB
cblr-7219	662	47	the	the	DET
cblr-7219	662	48	losses	loss	NOUN
cblr-7219	662	49	triggered	trigger	VERB
cblr-7219	662	50	by	by	ADP
cblr-7219	662	51	the	the	DET
cblr-7219	662	52	default	default	NOUN
cblr-7219	662	53	of	of	ADP
cblr-7219	662	54	their	their	PRON
cblr-7219	662	55	clearing	clearing	NOUN
cblr-7219	662	56	member	member	NOUN
cblr-7219	662	57	that	that	PRON
cblr-7219	662	58	presents	present	VERB
cblr-7219	662	59	the	the	DET
cblr-7219	662	60	largest	large	ADJ
cblr-7219	662	61	financial	financial	ADJ
cblr-7219	662	62	exposure	exposure	NOUN
cblr-7219	662	63	and	and	CCONJ
cblr-7219	662	64	to	to	PART
cblr-7219	662	65	cover	cover	VERB
cblr-7219	662	66	operational	operational	ADJ
cblr-7219	662	67	costs	cost	NOUN
cblr-7219	662	68	for	for	ADP
cblr-7219	662	69	one	one	NUM
cblr-7219	662	70	year.202	year.202	NOUN
cblr-7219	662	71	if	if	SCONJ
cblr-7219	662	72	a	a	DET
cblr-7219	662	73	clearinghouse	clearinghouse	NOUN
cblr-7219	662	74	is	be	AUX
cblr-7219	662	75	systemically	systemically	ADV
cblr-7219	662	76	important	important	ADJ
cblr-7219	662	77	,	,	PUNCT
cblr-7219	662	78	it	it	PRON
cblr-7219	662	79	is	be	AUX
cblr-7219	662	80	required	require	VERB
cblr-7219	662	81	to	to	PART
cblr-7219	662	82	maintain	maintain	VERB
cblr-7219	662	83	sufficient	sufficient	ADJ
cblr-7219	662	84	financial	financial	ADJ
cblr-7219	662	85	resources	resource	NOUN
cblr-7219	662	86	to	to	PART
cblr-7219	662	87	meet	meet	VERB
cblr-7219	662	88	its	its	PRON
cblr-7219	662	89	obligations	obligation	NOUN
cblr-7219	662	90	to	to	ADP
cblr-7219	662	91	its	its	PRON
cblr-7219	662	92	clearing	clearing	NOUN
cblr-7219	662	93	members	member	NOUN
cblr-7219	662	94	,	,	PUNCT
cblr-7219	662	95	notwithstanding	notwithstanding	ADP
cblr-7219	662	96	the	the	DET
cblr-7219	662	97	default	default	NOUN
cblr-7219	662	98	of	of	ADP
cblr-7219	662	99	its	its	PRON
cblr-7219	662	100	two	two	NUM
cblr-7219	662	101	clearing	clearing	NOUN
cblr-7219	662	102	members	member	NOUN
cblr-7219	662	103	with	with	ADP
cblr-7219	662	104	the	the	DET
cblr-7219	662	105	largest	large	ADJ
cblr-7219	662	106	combined	combined	ADJ
cblr-7219	662	107	financial	financial	ADJ
cblr-7219	662	108	exposure	exposure	NOUN
cblr-7219	662	109	to	to	ADP
cblr-7219	662	110	the	the	DET
cblr-7219	662	111	clearinghouse	clearinghouse	NOUN
cblr-7219	662	112	(	(	PUNCT
cblr-7219	662	113	this	this	DET
cblr-7219	662	114	requirement	requirement	NOUN
cblr-7219	662	115	is	be	AUX
cblr-7219	662	116	referred	refer	VERB
cblr-7219	662	117	to	to	ADP
cblr-7219	662	118	as	as	ADP
cblr-7219	662	119	the	the	DET
cblr-7219	662	120	“	"	PUNCT
cblr-7219	662	121	cover	cover	NOUN
cblr-7219	662	122	2	2	NUM
cblr-7219	662	123	”	"	PUNCT
cblr-7219	662	124	standard).203	standard).203	NOUN
cblr-7219	662	125	furthermore	furthermore	ADV
cblr-7219	662	126	,	,	PUNCT
cblr-7219	662	127	clearinghouses	clearinghouse	NOUN
cblr-7219	662	128	are	be	AUX
cblr-7219	662	129	required	require	VERB
cblr-7219	662	130	to	to	PART
cblr-7219	662	131	develop	develop	VERB
cblr-7219	662	132	public	public	ADJ
cblr-7219	662	133	rules	rule	NOUN
cblr-7219	662	134	and	and	CCONJ
cblr-7219	662	135	procedures	procedure	NOUN
cblr-7219	662	136	for	for	ADP
cblr-7219	662	137	the	the	DET
cblr-7219	662	138	“	"	PUNCT
cblr-7219	662	139	efficient	efficient	ADJ
cblr-7219	662	140	,	,	PUNCT
cblr-7219	662	141	fair	fair	ADJ
cblr-7219	662	142	,	,	PUNCT
cblr-7219	662	143	and	and	CCONJ
cblr-7219	662	144	safe	safe	ADJ
cblr-7219	662	145	”	"	PUNCT
cblr-7219	662	146	200	200	NUM
cblr-7219	662	147	i	i	PROPN
cblr-7219	662	148	d.	d.	PROPN
cblr-7219	662	149	§	§	PROPN
cblr-7219	662	150	805(a)(2)(b	805(a)(2)(b	PROPN
cblr-7219	662	151	)	)	PUNCT
cblr-7219	662	152	.	.	PUNCT
cblr-7219	663	1	the	the	DET
cblr-7219	663	2	federal	federal	PROPN
cblr-7219	663	3	reserve	reserve	PROPN
cblr-7219	663	4	can	can	AUX
cblr-7219	663	5	determine	determine	VERB
cblr-7219	663	6	that	that	SCONJ
cblr-7219	663	7	the	the	DET
cblr-7219	663	8	existing	exist	VERB
cblr-7219	663	9	prudential	prudential	ADJ
cblr-7219	663	10	requirement	requirement	NOUN
cblr-7219	663	11	set	set	VERB
cblr-7219	663	12	by	by	ADP
cblr-7219	663	13	the	the	DET
cblr-7219	663	14	cftc	cftc	PROPN
cblr-7219	663	15	and	and	CCONJ
cblr-7219	663	16	sec	sec	PROPN
cblr-7219	663	17	for	for	ADP
cblr-7219	663	18	systemically	systemically	ADV
cblr-7219	663	19	important	important	ADJ
cblr-7219	663	20	or	or	CCONJ
cblr-7219	663	21	“	"	PUNCT
cblr-7219	663	22	covered	cover	VERB
cblr-7219	663	23	”	"	PUNCT
cblr-7219	663	24	clearinghouses	clearinghouse	NOUN
cblr-7219	663	25	“	"	PUNCT
cblr-7219	663	26	are	be	AUX
cblr-7219	663	27	insufficient	insufficient	ADJ
cblr-7219	663	28	to	to	PART
cblr-7219	663	29	prevent	prevent	VERB
cblr-7219	663	30	or	or	CCONJ
cblr-7219	663	31	mitigate	mitigate	VERB
cblr-7219	663	32	significant	significant	ADJ
cblr-7219	663	33	liquidity	liquidity	NOUN
cblr-7219	663	34	,	,	PUNCT
cblr-7219	663	35	credit	credit	NOUN
cblr-7219	663	36	,	,	PUNCT
cblr-7219	663	37	operational	operational	ADJ
cblr-7219	663	38	,	,	PUNCT
cblr-7219	663	39	or	or	CCONJ
cblr-7219	663	40	other	other	ADJ
cblr-7219	663	41	risks	risk	NOUN
cblr-7219	663	42	to	to	ADP
cblr-7219	663	43	the	the	DET
cblr-7219	663	44	financial	financial	ADJ
cblr-7219	663	45	markets	market	NOUN
cblr-7219	663	46	or	or	CCONJ
cblr-7219	663	47	to	to	ADP
cblr-7219	663	48	the	the	DET
cblr-7219	663	49	financial	financial	ADJ
cblr-7219	663	50	stability	stability	NOUN
cblr-7219	663	51	of	of	ADP
cblr-7219	663	52	the	the	DET
cblr-7219	663	53	united	united	PROPN
cblr-7219	663	54	states	states	PROPN
cblr-7219	663	55	”	"	PUNCT
cblr-7219	663	56	and	and	CCONJ
cblr-7219	663	57	in	in	ADP
cblr-7219	663	58	that	that	DET
cblr-7219	663	59	situation	situation	NOUN
cblr-7219	663	60	fsoc	fsoc	NOUN
cblr-7219	663	61	is	be	AUX
cblr-7219	663	62	the	the	DET
cblr-7219	663	63	ultimate	ultimate	ADJ
cblr-7219	663	64	arbiter	arbiter	NOUN
cblr-7219	663	65	as	as	ADP
cblr-7219	663	66	to	to	ADP
cblr-7219	663	67	which	which	DET
cblr-7219	663	68	risk	risk	NOUN
cblr-7219	663	69	management	management	NOUN
cblr-7219	663	70	standard	standard	NOUN
cblr-7219	663	71	should	should	AUX
cblr-7219	663	72	apply	apply	VERB
cblr-7219	663	73	.	.	PUNCT
cblr-7219	664	1	i	i	PRON
cblr-7219	664	2	d.	d.	PROPN
cblr-7219	664	3	§	§	PROPN
cblr-7219	664	4	§	§	PROPN
cblr-7219	664	5	805(a)(2)(b)–(d	805(a)(2)(b)–(d	NOUN
cblr-7219	664	6	)	)	PUNCT
cblr-7219	664	7	.	.	PUNCT
cblr-7219	665	1	dodd	dodd	PROPN
cblr-7219	665	2	-	-	PUNCT
cblr-7219	665	3	frank	frank	PROPN
cblr-7219	665	4	title	title	NOUN
cblr-7219	665	5	viii	viii	NOUN
cblr-7219	665	6	grants	grant	NOUN
cblr-7219	665	7	clearinghouses	clearinghouse	NOUN
cblr-7219	665	8	designated	designate	VERB
cblr-7219	665	9	as	as	ADP
cblr-7219	665	10	“	"	PUNCT
cblr-7219	665	11	systemically	systemically	ADV
cblr-7219	665	12	important	important	ADJ
cblr-7219	665	13	”	"	PUNCT
cblr-7219	665	14	the	the	DET
cblr-7219	665	15	option	option	NOUN
cblr-7219	665	16	to	to	PART
cblr-7219	665	17	have	have	AUX
cblr-7219	665	18	a	a	DET
cblr-7219	665	19	federal	federal	ADJ
cblr-7219	665	20	reserve	reserve	NOUN
cblr-7219	665	21	account	account	NOUN
cblr-7219	665	22	in	in	ADP
cblr-7219	665	23	“	"	PUNCT
cblr-7219	665	24	unusual	unusual	ADJ
cblr-7219	665	25	or	or	CCONJ
cblr-7219	665	26	exigent	exigent	ADJ
cblr-7219	665	27	circumstances	circumstance	NOUN
cblr-7219	665	28	.	.	PUNCT
cblr-7219	665	29	”	"	PUNCT
cblr-7219	666	1	i	i	PRON
cblr-7219	666	2	d.	d.	PROPN
cblr-7219	666	3	§	§	PROPN
cblr-7219	666	4	806(b	806(b	PROPN
cblr-7219	666	5	)	)	PUNCT
cblr-7219	666	6	.	.	PUNCT
cblr-7219	667	1	201	201	NUM
cblr-7219	667	2	for	for	ADP
cblr-7219	667	3	an	an	DET
cblr-7219	667	4	elaborate	elaborate	ADJ
cblr-7219	667	5	discussion	discussion	NOUN
cblr-7219	667	6	of	of	ADP
cblr-7219	667	7	the	the	DET
cblr-7219	667	8	post	post	ADJ
cblr-7219	667	9	-	-	ADJ
cblr-7219	667	10	crisis	crisis	ADJ
cblr-7219	667	11	reform	reform	NOUN
cblr-7219	667	12	of	of	ADP
cblr-7219	667	13	the	the	DET
cblr-7219	667	14	derivatives	derivative	NOUN
cblr-7219	667	15	markets	market	NOUN
cblr-7219	667	16	,	,	PUNCT
cblr-7219	667	17	see	see	VERB
cblr-7219	667	18	saguato	saguato	NOUN
cblr-7219	667	19	,	,	PUNCT
cblr-7219	667	20	the	the	DET
cblr-7219	667	21	hidden	hidden	ADJ
cblr-7219	667	22	costs	cost	NOUN
cblr-7219	667	23	of	of	ADP
cblr-7219	667	24	clearinghouses	clearinghouse	NOUN
cblr-7219	667	25	,	,	PUNCT
cblr-7219	667	26	supra	supra	PROPN
cblr-7219	667	27	note	note	NOUN
cblr-7219	667	28	8	8	NUM
cblr-7219	667	29	(	(	PUNCT
cblr-7219	667	30	manuscript	manuscript	NOUN
cblr-7219	667	31	at	at	ADP
cblr-7219	667	32	9–15	9–15	PROPN
cblr-7219	667	33	)	)	PUNCT
cblr-7219	667	34	.	.	PUNCT
cblr-7219	668	1	202	202	NUM
cblr-7219	668	2	dodd	dodd	PROPN
cblr-7219	668	3	-	-	PUNCT
cblr-7219	668	4	frank	frank	PROPN
cblr-7219	668	5	act	act	PROPN
cblr-7219	668	6	§	§	PROPN
cblr-7219	668	7	725(c	725(c	PROPN
cblr-7219	668	8	)	)	PUNCT
cblr-7219	668	9	.	.	PUNCT
cblr-7219	669	1	203	203	NUM
cblr-7219	669	2	see	see	VERB
cblr-7219	669	3	financial	financial	ADJ
cblr-7219	669	4	resources	resource	NOUN
cblr-7219	669	5	requirements	requirement	NOUN
cblr-7219	669	6	for	for	ADP
cblr-7219	669	7	systemically	systemically	ADV
cblr-7219	669	8	important	important	ADJ
cblr-7219	669	9	derivatives	derivative	NOUN
cblr-7219	669	10	clearing	clearing	NOUN
cblr-7219	669	11	organizations	organization	NOUN
cblr-7219	669	12	and	and	CCONJ
cblr-7219	669	13	subpart	subpart	NOUN
cblr-7219	669	14	c	c	NOUN
cblr-7219	669	15	derivatives	derivative	NOUN
cblr-7219	669	16	clearing	clearing	NOUN
cblr-7219	669	17	organizations	organization	NOUN
cblr-7219	669	18	,	,	PUNCT
cblr-7219	669	19	17	17	NUM
cblr-7219	669	20	c.f.r	c.f.r	NOUN
cblr-7219	669	21	.	.	PUNCT
cblr-7219	670	1	§	§	PROPN
cblr-7219	670	2	39.33(a	39.33(a	NUM
cblr-7219	670	3	)	)	PUNCT
cblr-7219	670	4	(	(	PUNCT
cblr-7219	670	5	2019	2019	NUM
cblr-7219	670	6	)	)	PUNCT
cblr-7219	670	7	(	(	PUNCT
cblr-7219	670	8	for	for	ADP
cblr-7219	670	9	systemically	systemically	ADV
cblr-7219	670	10	important	important	ADJ
cblr-7219	670	11	dcos	dco	NOUN
cblr-7219	670	12	)	)	PUNCT
cblr-7219	670	13	;	;	PUNCT
cblr-7219	670	14	standards	standard	NOUN
cblr-7219	670	15	for	for	ADP
cblr-7219	670	16	clearing	clearing	NOUN
cblr-7219	670	17	agencies	agency	NOUN
cblr-7219	670	18	,	,	PUNCT
cblr-7219	670	19	17	17	NUM
cblr-7219	670	20	c.f.r	c.f.r	NOUN
cblr-7219	670	21	.	.	PUNCT
cblr-7219	671	1	§	§	PROPN
cblr-7219	671	2	240.17ad-22(b)(3	240.17ad-22(b)(3	NOUN
cblr-7219	671	3	)	)	PUNCT
cblr-7219	671	4	(	(	PUNCT
cblr-7219	671	5	2019	2019	NUM
cblr-7219	671	6	)	)	PUNCT
cblr-7219	671	7	(	(	PUNCT
cblr-7219	671	8	for	for	ADP
cblr-7219	671	9	systemically	systemically	ADV
cblr-7219	671	10	important	important	ADJ
cblr-7219	671	11	cas	cas	PROPN
cblr-7219	671	12	)	)	PUNCT
cblr-7219	671	13	.	.	PUNCT
cblr-7219	672	1	the	the	DET
cblr-7219	672	2	baseline	baseline	PROPN
cblr-7219	672	3	regime	regime	NOUN
cblr-7219	672	4	for	for	ADP
cblr-7219	672	5	dcos	dco	NOUN
cblr-7219	672	6	and	and	CCONJ
cblr-7219	672	7	cas	cas	PROPN
cblr-7219	672	8	requires	require	VERB
cblr-7219	672	9	that	that	SCONJ
cblr-7219	672	10	firms	firm	NOUN
cblr-7219	672	11	maintain	maintain	VERB
cblr-7219	672	12	resources	resource	NOUN
cblr-7219	672	13	sufficient	sufficient	ADJ
cblr-7219	672	14	to	to	PART
cblr-7219	672	15	cover	cover	VERB
cblr-7219	672	16	the	the	DET
cblr-7219	672	17	default	default	NOUN
cblr-7219	672	18	of	of	ADP
cblr-7219	672	19	the	the	DET
cblr-7219	672	20	member	member	NOUN
cblr-7219	672	21	with	with	ADP
cblr-7219	672	22	the	the	DET
cblr-7219	672	23	largest	large	ADJ
cblr-7219	672	24	exposure	exposure	NOUN
cblr-7219	672	25	.	.	PUNCT
cblr-7219	673	1	see	see	VERB
cblr-7219	673	2	financial	financial	ADJ
cblr-7219	673	3	resources	resource	NOUN
cblr-7219	673	4	,	,	PUNCT
cblr-7219	673	5	17	17	NUM
cblr-7219	673	6	c.f.r	c.f.r	NOUN
cblr-7219	673	7	.	.	PUNCT
cblr-7219	674	1	§	§	PROPN
cblr-7219	674	2	39.11(a	39.11(a	PROPN
cblr-7219	674	3	)	)	PUNCT
cblr-7219	674	4	(	(	PUNCT
cblr-7219	674	5	2019	2019	NUM
cblr-7219	674	6	)	)	PUNCT
cblr-7219	674	7	(	(	PUNCT
cblr-7219	674	8	for	for	ADP
cblr-7219	674	9	dcos	dco	NOUN
cblr-7219	674	10	)	)	PUNCT
cblr-7219	674	11	;	;	PUNCT
cblr-7219	674	12	17	17	NUM
cblr-7219	674	13	c.f.r	c.f.r	NOUN
cblr-7219	674	14	.	.	PUNCT
cblr-7219	675	1	§	§	PROPN
cblr-7219	675	2	240.17ad-22(b)(3	240.17ad-22(b)(3	NOUN
cblr-7219	675	3	)	)	PUNCT
cblr-7219	675	4	(	(	PUNCT
cblr-7219	675	5	2019	2019	NUM
cblr-7219	675	6	)	)	PUNCT
cblr-7219	675	7	(	(	PUNCT
cblr-7219	675	8	for	for	ADP
cblr-7219	675	9	cas	cas	PROPN
cblr-7219	675	10	)	)	PUNCT
cblr-7219	675	11	.	.	PUNCT
cblr-7219	676	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	676	2	(	(	PUNCT
cblr-7219	676	3	do	do	AUX
cblr-7219	676	4	not	not	PART
cblr-7219	676	5	delte	delte	VERB
cblr-7219	676	6	)	)	PUNCT
cblr-7219	676	7	10/21/2020	10/21/2020	NUM
cblr-7219	676	8	11:22	11:22	NUM
cblr-7219	676	9	am	be	AUX
cblr-7219	676	10	500	500	NUM
cblr-7219	676	11	columbia	columbia	PROPN
cblr-7219	676	12	business	business	NOUN
cblr-7219	676	13	law	law	PROPN
cblr-7219	676	14	review	review	NOUN
cblr-7219	677	1	[	[	X
cblr-7219	677	2	vol	vol	NOUN
cblr-7219	677	3	.	.	PUNCT
cblr-7219	677	4	2020	2020	NUM
cblr-7219	677	5	management	management	NOUN
cblr-7219	677	6	of	of	ADP
cblr-7219	677	7	the	the	DET
cblr-7219	677	8	default	default	NOUN
cblr-7219	677	9	of	of	ADP
cblr-7219	677	10	one	one	NUM
cblr-7219	677	11	of	of	ADP
cblr-7219	677	12	their	their	PRON
cblr-7219	677	13	members,204	members,204	NOUN
cblr-7219	677	14	and	and	CCONJ
cblr-7219	677	15	to	to	PART
cblr-7219	677	16	plan	plan	VERB
cblr-7219	677	17	recovery	recovery	NOUN
cblr-7219	677	18	mechanisms	mechanism	NOUN
cblr-7219	677	19	for	for	ADP
cblr-7219	677	20	severe	severe	ADJ
cblr-7219	677	21	distress	distress	NOUN
cblr-7219	677	22	scenarios.205	scenarios.205	ADP
cblr-7219	677	23	different	different	ADJ
cblr-7219	677	24	varieties	variety	NOUN
cblr-7219	677	25	of	of	ADP
cblr-7219	677	26	resources	resource	NOUN
cblr-7219	677	27	are	be	AUX
cblr-7219	677	28	available	available	ADJ
cblr-7219	677	29	for	for	SCONJ
cblr-7219	677	30	clearinghouses	clearinghouse	NOUN
cblr-7219	677	31	to	to	PART
cblr-7219	677	32	use	use	VERB
cblr-7219	677	33	in	in	ADP
cblr-7219	677	34	order	order	NOUN
cblr-7219	677	35	to	to	PART
cblr-7219	677	36	build	build	VERB
cblr-7219	677	37	their	their	PRON
cblr-7219	677	38	capital	capital	NOUN
cblr-7219	677	39	buffer.206	buffer.206	NOUN
cblr-7219	677	40	a	a	DET
cblr-7219	677	41	clearinghouse	clearinghouse	NOUN
cblr-7219	677	42	shall	shall	AUX
cblr-7219	677	43	maintain	maintain	VERB
cblr-7219	677	44	“	"	PUNCT
cblr-7219	677	45	additional	additional	ADJ
cblr-7219	677	46	prefunded	prefunded	ADJ
cblr-7219	677	47	financial	financial	ADJ
cblr-7219	677	48	resources	resource	NOUN
cblr-7219	677	49	that	that	PRON
cblr-7219	677	50	are	be	AUX
cblr-7219	677	51	sufficient	sufficient	ADJ
cblr-7219	677	52	to	to	PART
cblr-7219	677	53	cover	cover	VERB
cblr-7219	677	54	its	its	PRON
cblr-7219	677	55	credit	credit	NOUN
cblr-7219	677	56	exposure	exposure	NOUN
cblr-7219	677	57	under	under	ADP
cblr-7219	677	58	a	a	DET
cblr-7219	677	59	wide	wide	ADJ
cblr-7219	677	60	range	range	NOUN
cblr-7219	677	61	of	of	ADP
cblr-7219	677	62	significantly	significantly	ADV
cblr-7219	677	63	different	different	ADJ
cblr-7219	677	64	stress	stress	NOUN
cblr-7219	677	65	scenarios	scenario	NOUN
cblr-7219	677	66	,	,	PUNCT
cblr-7219	677	67	”	"	PUNCT
cblr-7219	677	68	which	which	PRON
cblr-7219	677	69	include	include	VERB
cblr-7219	677	70	the	the	DET
cblr-7219	677	71	default	default	NOUN
cblr-7219	677	72	of	of	ADP
cblr-7219	677	73	one	one	NUM
cblr-7219	677	74	or	or	CCONJ
cblr-7219	677	75	two	two	NUM
cblr-7219	677	76	of	of	ADP
cblr-7219	677	77	its	its	PRON
cblr-7219	677	78	participants	participant	NOUN
cblr-7219	677	79	with	with	ADP
cblr-7219	677	80	the	the	DET
cblr-7219	677	81	largest	large	ADJ
cblr-7219	677	82	aggregate	aggregate	ADJ
cblr-7219	677	83	credit	credit	NOUN
cblr-7219	677	84	exposure	exposure	NOUN
cblr-7219	677	85	to	to	ADP
cblr-7219	677	86	the	the	DET
cblr-7219	677	87	clearinghouse.207	clearinghouse.207	NOUN
cblr-7219	677	88	a	a	DET
cblr-7219	677	89	clearinghouse	clearinghouse	NOUN
cblr-7219	677	90	has	have	VERB
cblr-7219	677	91	to	to	PART
cblr-7219	677	92	be	be	AUX
cblr-7219	677	93	regularly	regularly	ADV
cblr-7219	677	94	subjected	subject	VERB
cblr-7219	677	95	to	to	ADP
cblr-7219	677	96	supervisory	supervisory	ADJ
cblr-7219	677	97	stress	stress	NOUN
cblr-7219	677	98	tests	test	NOUN
cblr-7219	677	99	of	of	ADP
cblr-7219	677	100	its	its	PRON
cblr-7219	677	101	resources.208	resources.208	NOUN
cblr-7219	677	102	from	from	ADP
cblr-7219	677	103	a	a	DET
cblr-7219	677	104	governance	governance	NOUN
cblr-7219	677	105	and	and	CCONJ
cblr-7219	677	106	risk	risk	NOUN
cblr-7219	677	107	management	management	NOUN
cblr-7219	677	108	perspective	perspective	NOUN
cblr-7219	677	109	,	,	PUNCT
cblr-7219	677	110	clearinghouses	clearinghouse	NOUN
cblr-7219	677	111	shall	shall	AUX
cblr-7219	677	112	ensure	ensure	VERB
cblr-7219	677	113	that	that	SCONJ
cblr-7219	677	114	their	their	PRON
cblr-7219	677	115	“	"	PUNCT
cblr-7219	677	116	governing	govern	VERB
cblr-7219	677	117	board	board	NOUN
cblr-7219	677	118	or	or	CCONJ
cblr-7219	677	119	committees	committee	NOUN
cblr-7219	677	120	”	"	PUNCT
cblr-7219	677	121	include	include	VERB
cblr-7219	677	122	market	market	NOUN
cblr-7219	677	123	participants.209	participants.209	VERB
cblr-7219	677	124	ample	ample	ADJ
cblr-7219	677	125	discretion	discretion	NOUN
cblr-7219	677	126	is	be	AUX
cblr-7219	677	127	left	leave	VERB
cblr-7219	677	128	to	to	ADP
cblr-7219	677	129	clearinghouses	clearinghouse	NOUN
cblr-7219	677	130	to	to	PART
cblr-7219	677	131	determine	determine	VERB
cblr-7219	677	132	the	the	DET
cblr-7219	677	133	amount	amount	NOUN
cblr-7219	677	134	of	of	ADP
cblr-7219	677	135	market	market	NOUN
cblr-7219	677	136	participants	participant	NOUN
cblr-7219	677	137	included	include	VERB
cblr-7219	677	138	on	on	ADP
cblr-7219	677	139	their	their	PRON
cblr-7219	677	140	governing	govern	VERB
cblr-7219	677	141	committees	committee	NOUN
cblr-7219	677	142	.	.	PUNCT
cblr-7219	678	1	however	however	ADV
cblr-7219	678	2	,	,	PUNCT
cblr-7219	678	3	their	their	PRON
cblr-7219	678	4	governance	governance	NOUN
cblr-7219	678	5	arrangement	arrangement	NOUN
cblr-7219	678	6	must	must	AUX
cblr-7219	678	7	be	be	AUX
cblr-7219	678	8	transparent	transparent	ADJ
cblr-7219	678	9	in	in	ADP
cblr-7219	678	10	order	order	NOUN
cblr-7219	678	11	“	"	PUNCT
cblr-7219	678	12	to	to	PART
cblr-7219	678	13	fulfill	fulfill	VERB
cblr-7219	678	14	public	public	ADJ
cblr-7219	678	15	interest	interest	NOUN
cblr-7219	678	16	requirements	requirement	NOUN
cblr-7219	678	17	[	[	X
cblr-7219	678	18	and	and	CCONJ
cblr-7219	678	19	]	]	PUNCT
cblr-7219	678	20	to	to	PART
cblr-7219	678	21	permit	permit	VERB
cblr-7219	678	22	the	the	DET
cblr-7219	678	23	consideration	consideration	NOUN
cblr-7219	678	24	of	of	ADP
cblr-7219	678	25	the	the	DET
cblr-7219	678	26	views	view	NOUN
cblr-7219	678	27	of	of	ADP
cblr-7219	678	28	owners	owner	NOUN
cblr-7219	678	29	and	and	CCONJ
cblr-7219	678	30	participants	participant	NOUN
cblr-7219	678	31	.	.	PUNCT
cblr-7219	679	1	”210	”210	PART
cblr-7219	679	2	clearinghouses	clearinghouse	NOUN
cblr-7219	679	3	must	must	AUX
cblr-7219	679	4	have	have	VERB
cblr-7219	679	5	in	in	ADP
cblr-7219	679	6	place	place	NOUN
cblr-7219	679	7	a	a	DET
cblr-7219	679	8	comprehensive	comprehensive	ADJ
cblr-7219	679	9	risk	risk	NOUN
cblr-7219	679	10	management	management	NOUN
cblr-7219	679	11	framework	framework	NOUN
cblr-7219	679	12	to	to	PART
cblr-7219	679	13	deal	deal	VERB
cblr-7219	679	14	with	with	ADP
cblr-7219	679	15	the	the	DET
cblr-7219	679	16	legal	legal	ADJ
cblr-7219	679	17	,	,	PUNCT
cblr-7219	679	18	credit	credit	NOUN
cblr-7219	679	19	,	,	PUNCT
cblr-7219	679	20	liquidity	liquidity	NOUN
cblr-7219	679	21	,	,	PUNCT
cblr-7219	679	22	operational	operational	ADJ
cblr-7219	679	23	,	,	PUNCT
cblr-7219	679	24	and	and	CCONJ
cblr-7219	679	25	other	other	ADJ
cblr-7219	679	26	risks	risk	NOUN
cblr-7219	679	27	that	that	PRON
cblr-7219	679	28	might	might	AUX
cblr-7219	679	29	arise	arise	VERB
cblr-7219	679	30	from	from	ADP
cblr-7219	679	31	its	its	PRON
cblr-7219	679	32	business.211	business.211	PROPN
cblr-7219	679	33	clearinghouses	clearinghouse	NOUN
cblr-7219	679	34	are	be	AUX
cblr-7219	679	35	required	require	VERB
cblr-7219	679	36	to	to	PART
cblr-7219	679	37	effectively	effectively	ADV
cblr-7219	679	38	measure	measure	VERB
cblr-7219	679	39	,	,	PUNCT
cblr-7219	679	40	monitor	monitor	NOUN
cblr-7219	679	41	,	,	PUNCT
cblr-7219	679	42	and	and	CCONJ
cblr-7219	679	43	manage	manage	VERB
cblr-7219	679	44	the	the	DET
cblr-7219	679	45	credit	credit	NOUN
cblr-7219	679	46	exposure	exposure	NOUN
cblr-7219	679	47	of	of	ADP
cblr-7219	679	48	their	their	PRON
cblr-7219	679	49	members	member	NOUN
cblr-7219	679	50	and	and	CCONJ
cblr-7219	679	51	participants.212	participants.212	NOUN
cblr-7219	679	52	yet	yet	ADV
cblr-7219	679	53	,	,	PUNCT
cblr-7219	679	54	both	both	CCONJ
cblr-7219	679	55	the	the	DET
cblr-7219	679	56	law	law	NOUN
cblr-7219	679	57	and	and	CCONJ
cblr-7219	679	58	applicable	applicable	ADJ
cblr-7219	679	59	regulations	regulation	NOUN
cblr-7219	679	60	are	be	AUX
cblr-7219	679	61	silent	silent	ADJ
cblr-7219	679	62	on	on	ADP
cblr-7219	679	63	whether	whether	SCONJ
cblr-7219	679	64	a	a	DET
cblr-7219	679	65	clearinghouse	clearinghouse	NOUN
cblr-7219	679	66	should	should	AUX
cblr-7219	679	67	have	have	AUX
cblr-7219	679	68	in	in	ADP
cblr-7219	679	69	204	204	NUM
cblr-7219	679	70	dodd	dodd	PROPN
cblr-7219	679	71	-	-	PUNCT
cblr-7219	679	72	frank	frank	PROPN
cblr-7219	679	73	act	act	PROPN
cblr-7219	679	74	§	§	PROPN
cblr-7219	679	75	725(c	725(c	PROPN
cblr-7219	679	76	)	)	PUNCT
cblr-7219	679	77	.	.	PUNCT
cblr-7219	680	1	see	see	VERB
cblr-7219	680	2	also	also	ADV
cblr-7219	680	3	risk	risk	NOUN
cblr-7219	680	4	management	management	NOUN
cblr-7219	680	5	,	,	PUNCT
cblr-7219	680	6	17	17	NUM
cblr-7219	680	7	c.f.r	c.f.r	NOUN
cblr-7219	680	8	.	.	PUNCT
cblr-7219	681	1	§	§	PROPN
cblr-7219	681	2	39.13	39.13	NUM
cblr-7219	681	3	(	(	PUNCT
cblr-7219	681	4	2019	2019	NUM
cblr-7219	681	5	)	)	PUNCT
cblr-7219	681	6	.	.	PUNCT
cblr-7219	682	1	205	205	NUM
cblr-7219	682	2	dodd	dodd	PROPN
cblr-7219	682	3	-	-	PUNCT
cblr-7219	682	4	frank	frank	PROPN
cblr-7219	682	5	act	act	PROPN
cblr-7219	682	6	§	§	PROPN
cblr-7219	682	7	725(c	725(c	PROPN
cblr-7219	682	8	)	)	PUNCT
cblr-7219	682	9	;	;	PUNCT
cblr-7219	682	10	system	system	NOUN
cblr-7219	682	11	safeguards	safeguard	NOUN
cblr-7219	682	12	,	,	PUNCT
cblr-7219	682	13	17	17	NUM
cblr-7219	682	14	c.f.r	c.f.r	NOUN
cblr-7219	682	15	.	.	PUNCT
cblr-7219	683	1	§	§	PROPN
cblr-7219	683	2	39.18	39.18	NUM
cblr-7219	683	3	(	(	PUNCT
cblr-7219	683	4	2019	2019	NUM
cblr-7219	683	5	)	)	PUNCT
cblr-7219	683	6	.	.	PUNCT
cblr-7219	684	1	206	206	NUM
cblr-7219	684	2	see	see	VERB
cblr-7219	684	3	17	17	NUM
cblr-7219	684	4	c.f.r	c.f.r	NOUN
cblr-7219	684	5	.	.	PUNCT
cblr-7219	685	1	§	§	PROPN
cblr-7219	685	2	39.11(b	39.11(b	PROPN
cblr-7219	685	3	)	)	PUNCT
cblr-7219	685	4	.	.	PUNCT
cblr-7219	686	1	207	207	NUM
cblr-7219	686	2	standards	standard	NOUN
cblr-7219	686	3	for	for	ADP
cblr-7219	686	4	payment	payment	NOUN
cblr-7219	686	5	systems	system	NOUN
cblr-7219	686	6	,	,	PUNCT
cblr-7219	686	7	12	12	NUM
cblr-7219	686	8	c.f.r	c.f.r	NOUN
cblr-7219	686	9	.	.	PUNCT
cblr-7219	687	1	§	§	PROPN
cblr-7219	687	2	234.3(a)(4)(i	234.3(a)(4)(i	NUM
cblr-7219	687	3	)	)	PUNCT
cblr-7219	687	4	(	(	PUNCT
cblr-7219	687	5	2019	2019	NUM
cblr-7219	687	6	)	)	PUNCT
cblr-7219	687	7	.	.	PUNCT
cblr-7219	688	1	208	208	NUM
cblr-7219	688	2	see	see	VERB
cblr-7219	688	3	17	17	NUM
cblr-7219	688	4	c.f.r	c.f.r	NOUN
cblr-7219	688	5	.	.	PUNCT
cblr-7219	689	1	§	§	PROPN
cblr-7219	689	2	39.11	39.11	NUM
cblr-7219	689	3	;	;	PUNCT
cblr-7219	689	4	financial	financial	ADJ
cblr-7219	689	5	resources	resource	NOUN
cblr-7219	689	6	requirements	requirement	NOUN
cblr-7219	689	7	for	for	ADP
cblr-7219	689	8	systemically	systemically	ADV
cblr-7219	689	9	important	important	ADJ
cblr-7219	689	10	derivatives	derivative	NOUN
cblr-7219	689	11	clearing	clearing	NOUN
cblr-7219	689	12	organizations	organization	NOUN
cblr-7219	689	13	and	and	CCONJ
cblr-7219	689	14	subpart	subpart	NOUN
cblr-7219	689	15	c	c	NOUN
cblr-7219	689	16	derivatives	derivative	NOUN
cblr-7219	689	17	clearing	clearing	NOUN
cblr-7219	689	18	organizations	organization	NOUN
cblr-7219	689	19	,	,	PUNCT
cblr-7219	689	20	17	17	NUM
cblr-7219	689	21	c.f.r	c.f.r	NOUN
cblr-7219	689	22	.	.	PUNCT
cblr-7219	690	1	§	§	PROPN
cblr-7219	690	2	39.33	39.33	NUM
cblr-7219	690	3	(	(	PUNCT
cblr-7219	690	4	2014	2014	NUM
cblr-7219	690	5	)	)	PUNCT
cblr-7219	690	6	.	.	PUNCT
cblr-7219	691	1	209	209	NUM
cblr-7219	691	2	7	7	NUM
cblr-7219	691	3	u.s.c	u.s.c	NOUN
cblr-7219	691	4	.	.	PUNCT
cblr-7219	692	1	§	§	PROPN
cblr-7219	692	2	7a-1(c)(2)(q	7a-1(c)(2)(q	NUM
cblr-7219	692	3	)	)	PUNCT
cblr-7219	692	4	(	(	PUNCT
cblr-7219	692	5	2018	2018	NUM
cblr-7219	692	6	)	)	PUNCT
cblr-7219	692	7	.	.	PUNCT
cblr-7219	693	1	210	210	NUM
cblr-7219	694	1	i	i	PRON
cblr-7219	694	2	d.	d.	PROPN
cblr-7219	694	3	§	§	PROPN
cblr-7219	694	4	7a-1(c)(2)(o)(i	7a-1(c)(2)(o)(i	NUM
cblr-7219	694	5	)	)	PUNCT
cblr-7219	694	6	.	.	PUNCT
cblr-7219	695	1	211	211	NUM
cblr-7219	695	2	see	see	VERB
cblr-7219	695	3	saguato	saguato	NOUN
cblr-7219	695	4	,	,	PUNCT
cblr-7219	695	5	the	the	DET
cblr-7219	695	6	ownership	ownership	NOUN
cblr-7219	695	7	of	of	ADP
cblr-7219	695	8	clearinghouses	clearinghouse	NOUN
cblr-7219	695	9	,	,	PUNCT
cblr-7219	695	10	supra	supra	PROPN
cblr-7219	695	11	note	note	NOUN
cblr-7219	695	12	8	8	NUM
cblr-7219	695	13	,	,	PUNCT
cblr-7219	695	14	at	at	ADP
cblr-7219	695	15	619–23	619–23	PROPN
cblr-7219	695	16	.	.	PUNCT
cblr-7219	696	1	212	212	NUM
cblr-7219	696	2	see	see	VERB
cblr-7219	696	3	i	i	PRON
cblr-7219	696	4	d.	d.	PROPN
cblr-7219	696	5	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	696	6	(	(	PUNCT
cblr-7219	696	7	do	do	AUX
cblr-7219	696	8	not	not	PART
cblr-7219	696	9	delete	delete	VERB
cblr-7219	696	10	)	)	PUNCT
cblr-7219	696	11	10/21/2020	10/21/2020	NUM
cblr-7219	696	12	11:22	11:22	NUM
cblr-7219	696	13	am	am	NOUN
cblr-7219	696	14	no	no	NOUN
cblr-7219	696	15	.	.	PUNCT
cblr-7219	697	1	2:449	2:449	NUM
cblr-7219	697	2	]	]	X
cblr-7219	697	3	unfinished	unfinished	ADJ
cblr-7219	697	4	business	business	NOUN
cblr-7219	697	5	501	501	NUM
cblr-7219	697	6	place	place	NOUN
cblr-7219	697	7	a	a	DET
cblr-7219	697	8	specific	specific	ADJ
cblr-7219	697	9	governance	governance	NOUN
cblr-7219	697	10	structure	structure	NOUN
cblr-7219	697	11	or	or	CCONJ
cblr-7219	697	12	specific	specific	ADJ
cblr-7219	697	13	committees	committee	NOUN
cblr-7219	697	14	designated	designate	VERB
cblr-7219	697	15	for	for	ADP
cblr-7219	697	16	the	the	DET
cblr-7219	697	17	oversight	oversight	NOUN
cblr-7219	697	18	of	of	ADP
cblr-7219	697	19	the	the	DET
cblr-7219	697	20	firm	firm	NOUN
cblr-7219	697	21	’s	’s	PART
cblr-7219	697	22	risk	risk	NOUN
cblr-7219	697	23	management	management	NOUN
cblr-7219	697	24	.	.	PUNCT
cblr-7219	698	1	as	as	SCONJ
cblr-7219	698	2	is	be	AUX
cblr-7219	698	3	more	more	ADV
cblr-7219	698	4	fully	fully	ADV
cblr-7219	698	5	described	describe	VERB
cblr-7219	698	6	in	in	ADP
cblr-7219	698	7	the	the	DET
cblr-7219	698	8	next	next	ADJ
cblr-7219	698	9	section	section	NOUN
cblr-7219	698	10	,	,	PUNCT
cblr-7219	698	11	in	in	ADP
cblr-7219	698	12	practice	practice	NOUN
cblr-7219	698	13	,	,	PUNCT
cblr-7219	698	14	clearinghouses	clearinghouse	NOUN
cblr-7219	698	15	in	in	ADP
cblr-7219	698	16	their	their	PRON
cblr-7219	698	17	capacity	capacity	NOUN
cblr-7219	698	18	as	as	ADP
cblr-7219	698	19	self	self	NOUN
cblr-7219	698	20	-	-	PUNCT
cblr-7219	698	21	regulatory	regulatory	ADJ
cblr-7219	698	22	organizations	organization	NOUN
cblr-7219	698	23	have	have	AUX
cblr-7219	698	24	all	all	PRON
cblr-7219	698	25	created	create	VERB
cblr-7219	698	26	comprehensive	comprehensive	ADJ
cblr-7219	698	27	and	and	CCONJ
cblr-7219	698	28	sound	sound	ADJ
cblr-7219	698	29	risk	risk	NOUN
cblr-7219	698	30	management	management	NOUN
cblr-7219	698	31	procedures	procedure	NOUN
cblr-7219	698	32	,	,	PUNCT
cblr-7219	698	33	establishing	establish	VERB
cblr-7219	698	34	risk	risk	NOUN
cblr-7219	698	35	committees	committee	NOUN
cblr-7219	698	36	responsible	responsible	ADJ
cblr-7219	698	37	for	for	ADP
cblr-7219	698	38	advising	advise	VERB
cblr-7219	698	39	and	and	CCONJ
cblr-7219	698	40	supervising	supervise	VERB
cblr-7219	698	41	the	the	DET
cblr-7219	698	42	risk	risk	NOUN
cblr-7219	698	43	management	management	NOUN
cblr-7219	698	44	activities	activity	NOUN
cblr-7219	698	45	of	of	ADP
cblr-7219	698	46	the	the	DET
cblr-7219	698	47	firm	firm	NOUN
cblr-7219	698	48	.	.	PUNCT
cblr-7219	699	1	while	while	SCONJ
cblr-7219	699	2	moving	move	VERB
cblr-7219	699	3	in	in	ADP
cblr-7219	699	4	the	the	DET
cblr-7219	699	5	right	right	ADJ
cblr-7219	699	6	direction	direction	NOUN
cblr-7219	699	7	,	,	PUNCT
cblr-7219	699	8	however	however	ADV
cblr-7219	699	9	,	,	PUNCT
cblr-7219	699	10	these	these	DET
cblr-7219	699	11	structures	structure	NOUN
cblr-7219	699	12	lack	lack	VERB
cblr-7219	699	13	effective	effective	ADJ
cblr-7219	699	14	checks	check	NOUN
cblr-7219	699	15	and	and	CCONJ
cblr-7219	699	16	balances	balance	NOUN
cblr-7219	699	17	.	.	PUNCT
cblr-7219	700	1	these	these	DET
cblr-7219	700	2	committees	committee	NOUN
cblr-7219	700	3	have	have	VERB
cblr-7219	700	4	a	a	DET
cblr-7219	700	5	mere	mere	ADJ
cblr-7219	700	6	consultative	consultative	ADJ
cblr-7219	700	7	role	role	NOUN
cblr-7219	700	8	,	,	PUNCT
cblr-7219	700	9	with	with	ADP
cblr-7219	700	10	no	no	DET
cblr-7219	700	11	binding	bind	VERB
cblr-7219	700	12	power	power	NOUN
cblr-7219	700	13	over	over	ADP
cblr-7219	700	14	the	the	DET
cblr-7219	700	15	board	board	NOUN
cblr-7219	700	16	of	of	ADP
cblr-7219	700	17	directors	director	NOUN
cblr-7219	700	18	or	or	CCONJ
cblr-7219	700	19	access	access	NOUN
cblr-7219	700	20	to	to	ADP
cblr-7219	700	21	any	any	DET
cblr-7219	700	22	procedure	procedure	NOUN
cblr-7219	700	23	that	that	PRON
cblr-7219	700	24	can	can	AUX
cblr-7219	700	25	increase	increase	VERB
cblr-7219	700	26	the	the	DET
cblr-7219	700	27	accountability	accountability	NOUN
cblr-7219	700	28	and	and	CCONJ
cblr-7219	700	29	transparency	transparency	NOUN
cblr-7219	700	30	of	of	ADP
cblr-7219	700	31	a	a	DET
cblr-7219	700	32	board	board	NOUN
cblr-7219	700	33	that	that	PRON
cblr-7219	700	34	dissents	dissent	VERB
cblr-7219	700	35	from	from	ADP
cblr-7219	700	36	the	the	DET
cblr-7219	700	37	committee	committee	NOUN
cblr-7219	700	38	’s	’s	PART
cblr-7219	700	39	determination.213	determination.213	NOUN
cblr-7219	700	40	this	this	DET
cblr-7219	700	41	situation	situation	NOUN
cblr-7219	700	42	potentially	potentially	ADV
cblr-7219	700	43	polarizes	polarize	VERB
cblr-7219	700	44	the	the	DET
cblr-7219	700	45	incentives	incentive	NOUN
cblr-7219	700	46	of	of	ADP
cblr-7219	700	47	members	member	NOUN
cblr-7219	700	48	and	and	CCONJ
cblr-7219	700	49	shareholders	shareholder	NOUN
cblr-7219	700	50	.	.	PUNCT
cblr-7219	701	1	while	while	SCONJ
cblr-7219	701	2	the	the	DET
cblr-7219	701	3	law	law	NOUN
cblr-7219	701	4	regarding	regard	VERB
cblr-7219	701	5	the	the	DET
cblr-7219	701	6	regulation	regulation	NOUN
cblr-7219	701	7	of	of	ADP
cblr-7219	701	8	clearinghouses	clearinghouse	NOUN
cblr-7219	701	9	has	have	VERB
cblr-7219	701	10	a	a	DET
cblr-7219	701	11	very	very	ADV
cblr-7219	701	12	gentle	gentle	ADJ
cblr-7219	701	13	touch	touch	NOUN
cblr-7219	701	14	in	in	ADP
cblr-7219	701	15	setting	set	VERB
cblr-7219	701	16	governance	governance	NOUN
cblr-7219	701	17	and	and	CCONJ
cblr-7219	701	18	risk	risk	NOUN
cblr-7219	701	19	management	management	NOUN
cblr-7219	701	20	standards	standard	NOUN
cblr-7219	701	21	,	,	PUNCT
cblr-7219	701	22	embracing	embrace	VERB
cblr-7219	701	23	a	a	DET
cblr-7219	701	24	high	high	ADJ
cblr-7219	701	25	-	-	PUNCT
cblr-7219	701	26	level	level	NOUN
cblr-7219	701	27	,	,	PUNCT
cblr-7219	701	28	principlesbased	principlesbased	ADJ
cblr-7219	701	29	approach	approach	NOUN
cblr-7219	701	30	that	that	PRON
cblr-7219	701	31	leaves	leave	VERB
cblr-7219	701	32	wide	wide	ADJ
cblr-7219	701	33	discretion	discretion	NOUN
cblr-7219	701	34	to	to	ADP
cblr-7219	701	35	the	the	DET
cblr-7219	701	36	industry,214	industry,214	PROPN
cblr-7219	701	37	dodd	dodd	PROPN
cblr-7219	701	38	-	-	PUNCT
cblr-7219	701	39	frank	frank	PROPN
cblr-7219	701	40	took	take	VERB
cblr-7219	701	41	a	a	DET
cblr-7219	701	42	very	very	ADV
cblr-7219	701	43	clear	clear	ADJ
cblr-7219	701	44	and	and	CCONJ
cblr-7219	701	45	strict	strict	ADJ
cblr-7219	701	46	approach	approach	NOUN
cblr-7219	701	47	in	in	ADP
cblr-7219	701	48	regulating	regulate	VERB
cblr-7219	701	49	the	the	DET
cblr-7219	701	50	conflicts	conflict	NOUN
cblr-7219	701	51	of	of	ADP
cblr-7219	701	52	interest	interest	NOUN
cblr-7219	701	53	that	that	PRON
cblr-7219	701	54	,	,	PUNCT
cblr-7219	701	55	according	accord	VERB
cblr-7219	701	56	to	to	ADP
cblr-7219	701	57	its	its	PRON
cblr-7219	701	58	drafters	drafter	NOUN
cblr-7219	701	59	,	,	PUNCT
cblr-7219	701	60	could	could	AUX
cblr-7219	701	61	threaten	threaten	VERB
cblr-7219	701	62	the	the	DET
cblr-7219	701	63	systemic	systemic	ADJ
cblr-7219	701	64	resilience	resilience	NOUN
cblr-7219	701	65	of	of	ADP
cblr-7219	701	66	clearinghouses	clearinghouse	NOUN
cblr-7219	701	67	—	—	PUNCT
cblr-7219	701	68	namely	namely	ADV
cblr-7219	701	69	,	,	PUNCT
cblr-7219	701	70	the	the	DET
cblr-7219	701	71	influence	influence	NOUN
cblr-7219	701	72	of	of	ADP
cblr-7219	701	73	derivatives	derivative	NOUN
cblr-7219	701	74	dealers	dealer	NOUN
cblr-7219	701	75	(	(	PUNCT
cblr-7219	701	76	i.e.	i.e.	X
cblr-7219	701	77	,	,	PUNCT
cblr-7219	701	78	the	the	DET
cblr-7219	701	79	members	member	NOUN
cblr-7219	701	80	)	)	PUNCT
cblr-7219	701	81	over	over	ADP
cblr-7219	701	82	the	the	DET
cblr-7219	701	83	firm.215	firm.215	ADJ
cblr-7219	701	84	clearing	clearing	NOUN
cblr-7219	701	85	members	member	NOUN
cblr-7219	701	86	,	,	PUNCT
cblr-7219	701	87	despite	despite	SCONJ
cblr-7219	701	88	being	be	AUX
cblr-7219	701	89	required	require	VERB
cblr-7219	701	90	to	to	PART
cblr-7219	701	91	substantially	substantially	ADV
cblr-7219	701	92	support	support	VERB
cblr-7219	701	93	the	the	DET
cblr-7219	701	94	systemic	systemic	ADJ
cblr-7219	701	95	financial	financial	ADJ
cblr-7219	701	96	resilience	resilience	NOUN
cblr-7219	701	97	of	of	ADP
cblr-7219	701	98	clearinghouses	clearinghouse	NOUN
cblr-7219	701	99	,	,	PUNCT
cblr-7219	701	100	are	be	AUX
cblr-7219	701	101	restricted	restrict	VERB
cblr-7219	701	102	in	in	ADP
cblr-7219	701	103	terms	term	NOUN
cblr-7219	701	104	of	of	ADP
cblr-7219	701	105	their	their	PRON
cblr-7219	701	106	voting	voting	NOUN
cblr-7219	701	107	rights	right	NOUN
cblr-7219	701	108	and	and	CCONJ
cblr-7219	701	109	control	control	NOUN
cblr-7219	701	110	(	(	PUNCT
cblr-7219	701	111	i.e.	i.e.	X
cblr-7219	701	112	,	,	PUNCT
cblr-7219	701	113	the	the	DET
cblr-7219	701	114	types	type	NOUN
cblr-7219	701	115	of	of	ADP
cblr-7219	701	116	shares	share	NOUN
cblr-7219	701	117	they	they	PRON
cblr-7219	701	118	can	can	AUX
cblr-7219	701	119	own	own	VERB
cblr-7219	701	120	or	or	CCONJ
cblr-7219	701	121	beneficial	beneficial	ADJ
cblr-7219	701	122	interests	interest	NOUN
cblr-7219	701	123	they	they	PRON
cblr-7219	701	124	can	can	AUX
cblr-7219	701	125	build),216	build),216	VERB
cblr-7219	701	126	and	and	CCONJ
cblr-7219	701	127	are	be	AUX
cblr-7219	701	128	not	not	PART
cblr-7219	701	129	given	give	VERB
cblr-7219	701	130	any	any	DET
cblr-7219	701	131	213	213	NUM
cblr-7219	701	132	see	see	NOUN
cblr-7219	701	133	ice	ice	NOUN
cblr-7219	701	134	clear	clear	ADJ
cblr-7219	701	135	credit	credit	NOUN
cblr-7219	701	136	,	,	PUNCT
cblr-7219	701	137	supra	supra	PROPN
cblr-7219	701	138	note	note	NOUN
cblr-7219	701	139	141	141	NUM
cblr-7219	701	140	.	.	PUNCT
cblr-7219	702	1	214	214	NUM
cblr-7219	702	2	see	see	NOUN
cblr-7219	702	3	,	,	PUNCT
cblr-7219	702	4	e.g.	e.g.	ADV
cblr-7219	702	5	,	,	PUNCT
cblr-7219	702	6	governance	governance	NOUN
cblr-7219	702	7	,	,	PUNCT
cblr-7219	702	8	17	17	NUM
cblr-7219	702	9	c.f.r	c.f.r	NOUN
cblr-7219	702	10	.	.	PUNCT
cblr-7219	703	1	§	§	PROPN
cblr-7219	703	2	39.24	39.24	NUM
cblr-7219	703	3	(	(	PUNCT
cblr-7219	703	4	2019	2019	NUM
cblr-7219	703	5	)	)	PUNCT
cblr-7219	703	6	;	;	PUNCT
cblr-7219	703	7	composition	composition	NOUN
cblr-7219	703	8	of	of	ADP
cblr-7219	703	9	governing	govern	VERB
cblr-7219	703	10	boards	board	NOUN
cblr-7219	703	11	,	,	PUNCT
cblr-7219	703	12	17	17	NUM
cblr-7219	703	13	c.f.r	c.f.r	NOUN
cblr-7219	703	14	.	.	PUNCT
cblr-7219	704	1	§	§	PROPN
cblr-7219	704	2	39.26	39.26	NUM
cblr-7219	704	3	(	(	PUNCT
cblr-7219	704	4	2019	2019	NUM
cblr-7219	704	5	)	)	PUNCT
cblr-7219	704	6	.	.	PUNCT
cblr-7219	705	1	215	215	NUM
cblr-7219	705	2	for	for	ADP
cblr-7219	705	3	a	a	DET
cblr-7219	705	4	comprehensive	comprehensive	ADJ
cblr-7219	705	5	discussion	discussion	NOUN
cblr-7219	705	6	of	of	ADP
cblr-7219	705	7	the	the	DET
cblr-7219	705	8	political	political	ADJ
cblr-7219	705	9	economy	economy	NOUN
cblr-7219	705	10	of	of	ADP
cblr-7219	705	11	title	title	NOUN
cblr-7219	705	12	vii	vii	PROPN
cblr-7219	705	13	and	and	CCONJ
cblr-7219	705	14	viii	viii	NOUN
cblr-7219	705	15	of	of	ADP
cblr-7219	705	16	dodd	dodd	PROPN
cblr-7219	705	17	-	-	PUNCT
cblr-7219	705	18	frank	frank	PROPN
cblr-7219	705	19	,	,	PUNCT
cblr-7219	705	20	see	see	VERB
cblr-7219	705	21	saguato	saguato	NOUN
cblr-7219	705	22	,	,	PUNCT
cblr-7219	705	23	the	the	DET
cblr-7219	705	24	hidden	hidden	ADJ
cblr-7219	705	25	costs	cost	NOUN
cblr-7219	705	26	of	of	ADP
cblr-7219	705	27	clearinghouses	clearinghouse	NOUN
cblr-7219	705	28	,	,	PUNCT
cblr-7219	705	29	supra	supra	PROPN
cblr-7219	705	30	note	note	NOUN
cblr-7219	705	31	8	8	NUM
cblr-7219	705	32	(	(	PUNCT
cblr-7219	705	33	manuscript	manuscript	NOUN
cblr-7219	705	34	at	at	ADP
cblr-7219	705	35	17–24	17–24	NUM
cblr-7219	705	36	)	)	PUNCT
cblr-7219	705	37	.	.	PUNCT
cblr-7219	706	1	216	216	NUM
cblr-7219	706	2	ownership	ownership	NOUN
cblr-7219	706	3	limitations	limitation	NOUN
cblr-7219	706	4	and	and	CCONJ
cblr-7219	706	5	governance	governance	NOUN
cblr-7219	706	6	requirements	requirement	NOUN
cblr-7219	706	7	for	for	ADP
cblr-7219	706	8	security	security	NOUN
cblr-7219	706	9	-	-	PUNCT
cblr-7219	706	10	based	base	VERB
cblr-7219	706	11	swap	swap	NOUN
cblr-7219	706	12	clearing	clearing	NOUN
cblr-7219	706	13	agencies	agency	NOUN
cblr-7219	706	14	,	,	PUNCT
cblr-7219	706	15	security	security	NOUN
cblr-7219	706	16	-	-	PUNCT
cblr-7219	706	17	based	base	VERB
cblr-7219	706	18	swap	swap	NOUN
cblr-7219	706	19	execution	execution	NOUN
cblr-7219	706	20	facilities	facility	NOUN
cblr-7219	706	21	,	,	PUNCT
cblr-7219	706	22	and	and	CCONJ
cblr-7219	706	23	national	national	ADJ
cblr-7219	706	24	securities	security	NOUN
cblr-7219	706	25	exchanges	exchange	NOUN
cblr-7219	706	26	with	with	ADP
cblr-7219	706	27	respect	respect	NOUN
cblr-7219	706	28	to	to	ADP
cblr-7219	706	29	security	security	NOUN
cblr-7219	706	30	-	-	PUNCT
cblr-7219	706	31	based	base	VERB
cblr-7219	706	32	swaps	swap	NOUN
cblr-7219	706	33	under	under	ADP
cblr-7219	706	34	regulation	regulation	PROPN
cblr-7219	706	35	mc	mc	PROPN
cblr-7219	706	36	,	,	PUNCT
cblr-7219	706	37	75	75	NUM
cblr-7219	706	38	fed	feed	VERB
cblr-7219	706	39	.	.	PUNCT
cblr-7219	707	1	reg	reg	PROPN
cblr-7219	707	2	.	.	PROPN
cblr-7219	708	1	65,882	65,882	NUM
cblr-7219	708	2	(	(	PUNCT
cblr-7219	708	3	proposed	propose	VERB
cblr-7219	708	4	oct	oct	PROPN
cblr-7219	708	5	.	.	PROPN
cblr-7219	708	6	26	26	NUM
cblr-7219	708	7	,	,	PUNCT
cblr-7219	708	8	2010	2010	NUM
cblr-7219	708	9	)	)	PUNCT
cblr-7219	708	10	(	(	PUNCT
cblr-7219	708	11	to	to	PART
cblr-7219	708	12	be	be	AUX
cblr-7219	708	13	codified	codify	VERB
cblr-7219	708	14	at	at	ADP
cblr-7219	708	15	17	17	NUM
cblr-7219	708	16	c.f.r	c.f.r	NOUN
cblr-7219	708	17	.	.	PUNCT
cblr-7219	709	1	pt	pt	PROPN
cblr-7219	709	2	.	.	PROPN
cblr-7219	709	3	242	242	NUM
cblr-7219	709	4	)	)	PUNCT
cblr-7219	709	5	.	.	PUNCT
cblr-7219	710	1	the	the	DET
cblr-7219	710	2	sec	sec	PROPN
cblr-7219	710	3	and	and	CCONJ
cblr-7219	710	4	cftc	cftc	PROPN
cblr-7219	710	5	,	,	PUNCT
cblr-7219	710	6	in	in	ADP
cblr-7219	710	7	implementing	implement	VERB
cblr-7219	710	8	the	the	DET
cblr-7219	710	9	legislative	legislative	ADJ
cblr-7219	710	10	mandate	mandate	NOUN
cblr-7219	710	11	of	of	ADP
cblr-7219	710	12	dodd	dodd	PROPN
cblr-7219	710	13	-	-	PUNCT
cblr-7219	710	14	frank	frank	PROPN
cblr-7219	710	15	proposed	propose	VERB
cblr-7219	710	16	rules	rule	NOUN
cblr-7219	710	17	to	to	PART
cblr-7219	710	18	tackle	tackle	VERB
cblr-7219	710	19	what	what	PRON
cblr-7219	710	20	lawmakers	lawmaker	NOUN
cblr-7219	710	21	defined	define	VERB
cblr-7219	710	22	as	as	ADP
cblr-7219	710	23	the	the	DET
cblr-7219	710	24	“	"	PUNCT
cblr-7219	710	25	conflicts	conflict	NOUN
cblr-7219	710	26	of	of	ADP
cblr-7219	710	27	interest	interest	NOUN
cblr-7219	710	28	in	in	ADP
cblr-7219	710	29	connection	connection	NOUN
cblr-7219	710	30	with	with	ADP
cblr-7219	710	31	the	the	DET
cblr-7219	710	32	conduct	conduct	NOUN
cblr-7219	710	33	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	710	34	(	(	PUNCT
cblr-7219	710	35	do	do	AUX
cblr-7219	710	36	not	not	PART
cblr-7219	710	37	delte	delte	VERB
cblr-7219	710	38	)	)	PUNCT
cblr-7219	710	39	10/21/2020	10/21/2020	NUM
cblr-7219	710	40	11:22	11:22	NUM
cblr-7219	710	41	am	be	AUX
cblr-7219	710	42	502	502	NUM
cblr-7219	710	43	columbia	columbia	PROPN
cblr-7219	710	44	business	business	NOUN
cblr-7219	710	45	law	law	PROPN
cblr-7219	710	46	review	review	NOUN
cblr-7219	710	47	[	[	X
cblr-7219	710	48	vol	vol	NOUN
cblr-7219	710	49	.	.	PUNCT
cblr-7219	710	50	2020	2020	NUM
cblr-7219	710	51	formal	formal	ADJ
cblr-7219	710	52	right	right	NOUN
cblr-7219	710	53	of	of	ADP
cblr-7219	710	54	participation	participation	NOUN
cblr-7219	710	55	in	in	ADP
cblr-7219	710	56	the	the	DET
cblr-7219	710	57	governance	governance	NOUN
cblr-7219	710	58	of	of	ADP
cblr-7219	710	59	firms	firm	NOUN
cblr-7219	710	60	’	’	PART
cblr-7219	710	61	risk	risk	NOUN
cblr-7219	710	62	management	management	NOUN
cblr-7219	710	63	.	.	PUNCT
cblr-7219	711	1	217	217	NUM
cblr-7219	711	2	ten	ten	NUM
cblr-7219	711	3	years	year	NOUN
cblr-7219	711	4	after	after	ADP
cblr-7219	711	5	the	the	DET
cblr-7219	711	6	passage	passage	NOUN
cblr-7219	711	7	of	of	ADP
cblr-7219	711	8	dodd	dodd	PROPN
cblr-7219	711	9	-	-	PUNCT
cblr-7219	711	10	frank	frank	PROPN
cblr-7219	711	11	,	,	PUNCT
cblr-7219	711	12	both	both	CCONJ
cblr-7219	711	13	the	the	DET
cblr-7219	711	14	cftc	cftc	PROPN
cblr-7219	711	15	and	and	CCONJ
cblr-7219	711	16	sec	sec	PROPN
cblr-7219	711	17	proposed	propose	VERB
cblr-7219	711	18	rules	rule	NOUN
cblr-7219	711	19	to	to	PART
cblr-7219	711	20	directly	directly	ADV
cblr-7219	711	21	address	address	VERB
cblr-7219	711	22	the	the	DET
cblr-7219	711	23	internal	internal	ADJ
cblr-7219	711	24	accountability	accountability	NOUN
cblr-7219	711	25	and	and	CCONJ
cblr-7219	711	26	corporate	corporate	ADJ
cblr-7219	711	27	governance	governance	NOUN
cblr-7219	711	28	structure	structure	NOUN
cblr-7219	711	29	of	of	ADP
cblr-7219	711	30	clearinghouses.218	clearinghouses.218	NOUN
cblr-7219	711	31	while	while	SCONJ
cblr-7219	711	32	framed	frame	VERB
cblr-7219	711	33	as	as	ADP
cblr-7219	711	34	rules	rule	NOUN
cblr-7219	711	35	that	that	PRON
cblr-7219	711	36	would	would	AUX
cblr-7219	711	37	mitigate	mitigate	VERB
cblr-7219	711	38	potential	potential	ADJ
cblr-7219	711	39	conflicts	conflict	NOUN
cblr-7219	711	40	of	of	ADP
cblr-7219	711	41	interest	interest	NOUN
cblr-7219	711	42	within	within	ADP
cblr-7219	711	43	clearinghouses	clearinghouse	NOUN
cblr-7219	711	44	and	and	CCONJ
cblr-7219	711	45	promote	promote	VERB
cblr-7219	711	46	competition	competition	NOUN
cblr-7219	711	47	in	in	ADP
cblr-7219	711	48	the	the	DET
cblr-7219	711	49	clearing	clearing	NOUN
cblr-7219	711	50	market,219	market,219	NOUN
cblr-7219	711	51	if	if	SCONJ
cblr-7219	711	52	adopted	adopt	VERB
cblr-7219	711	53	,	,	PUNCT
cblr-7219	711	54	these	these	DET
cblr-7219	711	55	rules	rule	NOUN
cblr-7219	711	56	could	could	AUX
cblr-7219	711	57	drastically	drastically	ADV
cblr-7219	711	58	reduce	reduce	VERB
cblr-7219	711	59	the	the	DET
cblr-7219	711	60	accountability	accountability	NOUN
cblr-7219	711	61	of	of	ADP
cblr-7219	711	62	clearinghouses	clearinghouse	NOUN
cblr-7219	711	63	to	to	ADP
cblr-7219	711	64	their	their	PRON
cblr-7219	711	65	members	member	NOUN
cblr-7219	711	66	and	and	CCONJ
cblr-7219	711	67	further	far	ADV
cblr-7219	711	68	misalign	misalign	VERB
cblr-7219	711	69	the	the	DET
cblr-7219	711	70	incentives	incentive	NOUN
cblr-7219	711	71	of	of	ADP
cblr-7219	711	72	the	the	DET
cblr-7219	711	73	firms	firm	NOUN
cblr-7219	711	74	’	’	PART
cblr-7219	711	75	main	main	ADJ
cblr-7219	711	76	stakeholders.220	stakeholders.220	NOUN
cblr-7219	711	77	these	these	DET
cblr-7219	711	78	proposed	propose	VERB
cblr-7219	711	79	rules	rule	NOUN
cblr-7219	711	80	(	(	PUNCT
cblr-7219	711	81	1	1	X
cblr-7219	711	82	)	)	PUNCT
cblr-7219	711	83	of	of	ADP
cblr-7219	711	84	business	business	NOUN
cblr-7219	711	85	by	by	ADP
cblr-7219	711	86	a	a	DET
cblr-7219	711	87	swap	swap	NOUN
cblr-7219	711	88	dealer	dealer	NOUN
cblr-7219	711	89	or	or	CCONJ
cblr-7219	711	90	a	a	DET
cblr-7219	711	91	major	major	ADJ
cblr-7219	711	92	swap	swap	NOUN
cblr-7219	711	93	participant	participant	NOUN
cblr-7219	711	94	with	with	ADP
cblr-7219	711	95	a	a	DET
cblr-7219	711	96	derivative	derivative	ADJ
cblr-7219	711	97	clearing	clearing	NOUN
cblr-7219	711	98	organization	organization	NOUN
cblr-7219	711	99	.	.	PUNCT
cblr-7219	711	100	”	"	PUNCT
cblr-7219	712	1	dodd	dodd	PROPN
cblr-7219	712	2	-	-	PUNCT
cblr-7219	712	3	frank	frank	PROPN
cblr-7219	712	4	act	act	PROPN
cblr-7219	712	5	§	§	PROPN
cblr-7219	712	6	§	§	PROPN
cblr-7219	712	7	725(d	725(d	PROPN
cblr-7219	712	8	)	)	PUNCT
cblr-7219	712	9	,	,	PUNCT
cblr-7219	712	10	726	726	NUM
cblr-7219	712	11	,	,	PUNCT
cblr-7219	712	12	765	765	NUM
cblr-7219	712	13	;	;	PUNCT
cblr-7219	712	14	requirements	requirement	NOUN
cblr-7219	712	15	for	for	ADP
cblr-7219	712	16	derivatives	derivative	NOUN
cblr-7219	712	17	clearing	clearing	NOUN
cblr-7219	712	18	organizations	organization	NOUN
cblr-7219	712	19	,	,	PUNCT
cblr-7219	712	20	designated	designate	VERB
cblr-7219	712	21	contract	contract	NOUN
cblr-7219	712	22	markets	market	NOUN
cblr-7219	712	23	,	,	PUNCT
cblr-7219	712	24	and	and	CCONJ
cblr-7219	712	25	swap	swap	NOUN
cblr-7219	712	26	execution	execution	NOUN
cblr-7219	712	27	facilities	facility	NOUN
cblr-7219	712	28	regarding	regard	VERB
cblr-7219	712	29	the	the	DET
cblr-7219	712	30	mitigation	mitigation	NOUN
cblr-7219	712	31	of	of	ADP
cblr-7219	712	32	conflicts	conflict	NOUN
cblr-7219	712	33	of	of	ADP
cblr-7219	712	34	interest	interest	NOUN
cblr-7219	712	35	,	,	PUNCT
cblr-7219	712	36	75	75	NUM
cblr-7219	712	37	fed	feed	VERB
cblr-7219	712	38	.	.	PUNCT
cblr-7219	713	1	reg	reg	PROPN
cblr-7219	713	2	.	.	PUNCT
cblr-7219	714	1	63,732	63,732	NUM
cblr-7219	714	2	(	(	PUNCT
cblr-7219	714	3	proposed	propose	VERB
cblr-7219	714	4	oct	oct	PROPN
cblr-7219	714	5	.	.	PROPN
cblr-7219	714	6	18	18	NUM
cblr-7219	714	7	,	,	PUNCT
cblr-7219	714	8	2010	2010	NUM
cblr-7219	714	9	)	)	PUNCT
cblr-7219	714	10	(	(	PUNCT
cblr-7219	714	11	to	to	PART
cblr-7219	714	12	be	be	AUX
cblr-7219	714	13	codified	codify	VERB
cblr-7219	714	14	at	at	ADP
cblr-7219	714	15	17	17	NUM
cblr-7219	714	16	c.f.r	c.f.r	NOUN
cblr-7219	714	17	.	.	PUNCT
cblr-7219	715	1	pts	pts	PROPN
cblr-7219	715	2	.	.	PROPN
cblr-7219	715	3	1	1	NUM
cblr-7219	715	4	,	,	PUNCT
cblr-7219	715	5	37–40	37–40	NUM
cblr-7219	715	6	)	)	PUNCT
cblr-7219	715	7	;	;	PUNCT
cblr-7219	715	8	governance	governance	NOUN
cblr-7219	715	9	requirements	requirement	NOUN
cblr-7219	715	10	for	for	ADP
cblr-7219	715	11	derivatives	derivative	NOUN
cblr-7219	715	12	clearing	clearing	NOUN
cblr-7219	715	13	organizations	organization	NOUN
cblr-7219	715	14	,	,	PUNCT
cblr-7219	715	15	designated	designate	VERB
cblr-7219	715	16	contract	contract	NOUN
cblr-7219	715	17	markets	market	NOUN
cblr-7219	715	18	,	,	PUNCT
cblr-7219	715	19	and	and	CCONJ
cblr-7219	715	20	swap	swap	NOUN
cblr-7219	715	21	execution	execution	NOUN
cblr-7219	715	22	facilities	facility	NOUN
cblr-7219	715	23	;	;	PUNCT
cblr-7219	715	24	additional	additional	ADJ
cblr-7219	715	25	requirements	requirement	NOUN
cblr-7219	715	26	regarding	regard	VERB
cblr-7219	715	27	the	the	DET
cblr-7219	715	28	mitigation	mitigation	NOUN
cblr-7219	715	29	of	of	ADP
cblr-7219	715	30	conflicts	conflict	NOUN
cblr-7219	715	31	of	of	ADP
cblr-7219	715	32	interest	interest	NOUN
cblr-7219	715	33	,	,	PUNCT
cblr-7219	715	34	76	76	NUM
cblr-7219	715	35	fed	fed	PROPN
cblr-7219	715	36	.	.	PUNCT
cblr-7219	716	1	reg	reg	NOUN
cblr-7219	716	2	.	.	PUNCT
cblr-7219	717	1	722	722	NUM
cblr-7219	717	2	(	(	PUNCT
cblr-7219	717	3	proposed	propose	VERB
cblr-7219	717	4	jan	jan	PROPN
cblr-7219	717	5	.	.	PROPN
cblr-7219	717	6	6	6	NUM
cblr-7219	717	7	,	,	PUNCT
cblr-7219	717	8	2011	2011	NUM
cblr-7219	717	9	)	)	PUNCT
cblr-7219	717	10	(	(	PUNCT
cblr-7219	717	11	to	to	PART
cblr-7219	717	12	be	be	AUX
cblr-7219	717	13	codified	codify	VERB
cblr-7219	717	14	at	at	ADP
cblr-7219	717	15	17	17	NUM
cblr-7219	717	16	c.f.r	c.f.r	NOUN
cblr-7219	717	17	.	.	PUNCT
cblr-7219	718	1	pts	pts	PROPN
cblr-7219	718	2	.	.	PROPN
cblr-7219	718	3	1	1	NUM
cblr-7219	718	4	,	,	PUNCT
cblr-7219	718	5	37	37	NUM
cblr-7219	718	6	–	–	PUNCT
cblr-7219	718	7	40	40	NUM
cblr-7219	718	8	)	)	PUNCT
cblr-7219	718	9	.	.	PUNCT
cblr-7219	719	1	ten	ten	NUM
cblr-7219	719	2	years	year	NOUN
cblr-7219	719	3	after	after	ADP
cblr-7219	719	4	their	their	PRON
cblr-7219	719	5	adoption	adoption	NOUN
cblr-7219	719	6	,	,	PUNCT
cblr-7219	719	7	these	these	DET
cblr-7219	719	8	proposed	propose	VERB
cblr-7219	719	9	rules	rule	NOUN
cblr-7219	719	10	have	have	AUX
cblr-7219	719	11	not	not	PART
cblr-7219	719	12	been	be	AUX
cblr-7219	719	13	yet	yet	ADV
cblr-7219	719	14	implemented	implement	VERB
cblr-7219	719	15	.	.	PUNCT
cblr-7219	720	1	see	see	VERB
cblr-7219	720	2	governance	governance	NOUN
cblr-7219	720	3	&	&	CCONJ
cblr-7219	720	4	conflicts	conflict	NOUN
cblr-7219	720	5	of	of	ADP
cblr-7219	720	6	interest	interest	NOUN
cblr-7219	720	7	,	,	PUNCT
cblr-7219	720	8	commodity	commodity	NOUN
cblr-7219	720	9	futures	futures	PROPN
cblr-7219	720	10	trading	trading	PROPN
cblr-7219	720	11	commission	commission	PROPN
cblr-7219	720	12	,	,	PUNCT
cblr-7219	720	13	https://www.cftc.gov/lawregulation/doddfrankact/rulemakings/df_9_dcogovernance/index.htm	https://www.cftc.gov/lawregulation/doddfrankact/rulemakings/df_9_dcogovernance/index.htm	PROPN
cblr-7219	721	1	[	[	X
cblr-7219	721	2	https://perma.cc/h63p-cuc2	https://perma.cc/h63p-cuc2	X
cblr-7219	721	3	]	]	X
cblr-7219	721	4	(	(	PUNCT
cblr-7219	721	5	last	last	ADV
cblr-7219	721	6	visited	visit	VERB
cblr-7219	721	7	july	july	PROPN
cblr-7219	721	8	1	1	NUM
cblr-7219	721	9	,	,	PUNCT
cblr-7219	721	10	2020	2020	NUM
cblr-7219	721	11	)	)	PUNCT
cblr-7219	721	12	.	.	PUNCT
cblr-7219	722	1	217	217	NUM
cblr-7219	722	2	see	see	VERB
cblr-7219	722	3	saguato	saguato	NOUN
cblr-7219	722	4	,	,	PUNCT
cblr-7219	722	5	the	the	DET
cblr-7219	722	6	ownership	ownership	NOUN
cblr-7219	722	7	of	of	ADP
cblr-7219	722	8	clearinghouses	clearinghouse	NOUN
cblr-7219	722	9	,	,	PUNCT
cblr-7219	722	10	supra	supra	PROPN
cblr-7219	722	11	note	note	NOUN
cblr-7219	722	12	8	8	NUM
cblr-7219	722	13	,	,	PUNCT
cblr-7219	722	14	at	at	ADP
cblr-7219	722	15	655–56	655–56	NUM
cblr-7219	722	16	.	.	PUNCT
cblr-7219	723	1	for	for	ADP
cblr-7219	723	2	criticisms	criticism	NOUN
cblr-7219	723	3	of	of	ADP
cblr-7219	723	4	the	the	DET
cblr-7219	723	5	governance	governance	NOUN
cblr-7219	723	6	regime	regime	NOUN
cblr-7219	723	7	introduced	introduce	VERB
cblr-7219	723	8	by	by	ADP
cblr-7219	723	9	dodd	dodd	PROPN
cblr-7219	723	10	-	-	PUNCT
cblr-7219	723	11	frank	frank	PROPN
cblr-7219	723	12	,	,	PUNCT
cblr-7219	723	13	see	see	VERB
cblr-7219	723	14	peirce	peirce	NOUN
cblr-7219	723	15	,	,	PUNCT
cblr-7219	723	16	supra	supra	PROPN
cblr-7219	723	17	note	note	NOUN
cblr-7219	723	18	9	9	NUM
cblr-7219	723	19	,	,	PUNCT
cblr-7219	723	20	at	at	ADP
cblr-7219	723	21	655	655	NUM
cblr-7219	723	22	(	(	PUNCT
cblr-7219	723	23	defining	define	VERB
cblr-7219	723	24	the	the	DET
cblr-7219	723	25	control	control	NOUN
cblr-7219	723	26	restrictions	restriction	NOUN
cblr-7219	723	27	set	set	VERB
cblr-7219	723	28	by	by	ADP
cblr-7219	723	29	the	the	DET
cblr-7219	723	30	dodd	dodd	PROPN
cblr-7219	723	31	-	-	PUNCT
cblr-7219	723	32	frank	frank	PROPN
cblr-7219	723	33	act	act	PROPN
cblr-7219	723	34	as	as	ADP
cblr-7219	723	35	“	"	PUNCT
cblr-7219	723	36	ill	ill	ADV
cblr-7219	723	37	-	-	PUNCT
cblr-7219	723	38	considered	consider	VERB
cblr-7219	723	39	”	"	PUNCT
cblr-7219	723	40	)	)	PUNCT
cblr-7219	723	41	;	;	PUNCT
cblr-7219	723	42	griffith	griffith	PROPN
cblr-7219	723	43	,	,	PUNCT
cblr-7219	723	44	supra	supra	PROPN
cblr-7219	723	45	note	note	NOUN
cblr-7219	723	46	9	9	NUM
cblr-7219	723	47	,	,	PUNCT
cblr-7219	723	48	at	at	ADP
cblr-7219	723	49	1218–26	1218–26	NOUN
cblr-7219	723	50	(	(	PUNCT
cblr-7219	723	51	offering	offer	VERB
cblr-7219	723	52	a	a	DET
cblr-7219	723	53	solid	solid	ADJ
cblr-7219	723	54	critique	critique	NOUN
cblr-7219	723	55	of	of	ADP
cblr-7219	723	56	the	the	DET
cblr-7219	723	57	governance	governance	NOUN
cblr-7219	723	58	lines	line	NOUN
cblr-7219	723	59	proposed	propose	VERB
cblr-7219	723	60	by	by	ADP
cblr-7219	723	61	regulators	regulator	NOUN
cblr-7219	723	62	for	for	ADP
cblr-7219	723	63	clearinghouses	clearinghouse	NOUN
cblr-7219	723	64	—	—	PUNCT
cblr-7219	723	65	ownership	ownership	NOUN
cblr-7219	723	66	and	and	CCONJ
cblr-7219	723	67	voting	voting	NOUN
cblr-7219	723	68	caps	cap	NOUN
cblr-7219	723	69	and	and	CCONJ
cblr-7219	723	70	independence	independence	NOUN
cblr-7219	723	71	requirements	requirement	NOUN
cblr-7219	723	72	—	—	PUNCT
cblr-7219	723	73	defining	define	VERB
cblr-7219	723	74	them	they	PRON
cblr-7219	723	75	as	as	ADP
cblr-7219	723	76	“	"	PUNCT
cblr-7219	723	77	misguided	misguided	ADJ
cblr-7219	723	78	”	"	PUNCT
cblr-7219	723	79	and	and	CCONJ
cblr-7219	723	80	“	"	PUNCT
cblr-7219	723	81	likely	likely	ADJ
cblr-7219	723	82	to	to	PART
cblr-7219	723	83	[	[	X
cblr-7219	723	84	not	not	PART
cblr-7219	723	85	]	]	PUNCT
cblr-7219	723	86	be	be	AUX
cblr-7219	723	87	effective	effective	ADJ
cblr-7219	723	88	in	in	ADP
cblr-7219	723	89	.	.	PUNCT
cblr-7219	723	90	.	.	PUNCT
cblr-7219	723	91	.	.	PUNCT
cblr-7219	724	1	the	the	DET
cblr-7219	724	2	effective	effective	ADJ
cblr-7219	724	3	containment	containment	NOUN
cblr-7219	724	4	of	of	ADP
cblr-7219	724	5	systemic	systemic	ADJ
cblr-7219	724	6	risk	risk	NOUN
cblr-7219	724	7	”	"	PUNCT
cblr-7219	724	8	)	)	PUNCT
cblr-7219	724	9	.	.	PUNCT
cblr-7219	725	1	218	218	NUM
cblr-7219	725	2	requirements	requirement	NOUN
cblr-7219	725	3	for	for	ADP
cblr-7219	725	4	derivatives	derivative	NOUN
cblr-7219	725	5	clearing	clearing	NOUN
cblr-7219	725	6	organizations	organization	NOUN
cblr-7219	725	7	,	,	PUNCT
cblr-7219	725	8	designated	designate	VERB
cblr-7219	725	9	contract	contract	NOUN
cblr-7219	725	10	markets	market	NOUN
cblr-7219	725	11	,	,	PUNCT
cblr-7219	725	12	and	and	CCONJ
cblr-7219	725	13	swap	swap	NOUN
cblr-7219	725	14	execution	execution	NOUN
cblr-7219	725	15	facilities	facility	NOUN
cblr-7219	725	16	regarding	regard	VERB
cblr-7219	725	17	the	the	DET
cblr-7219	725	18	mitigation	mitigation	NOUN
cblr-7219	725	19	of	of	ADP
cblr-7219	725	20	conflicts	conflict	NOUN
cblr-7219	725	21	of	of	ADP
cblr-7219	725	22	interest	interest	NOUN
cblr-7219	725	23	,	,	PUNCT
cblr-7219	725	24	75	75	NUM
cblr-7219	725	25	fed	feed	VERB
cblr-7219	725	26	.	.	PUNCT
cblr-7219	726	1	reg	reg	PROPN
cblr-7219	726	2	.	.	PUNCT
cblr-7219	727	1	at	at	ADP
cblr-7219	727	2	63,732	63,732	NUM
cblr-7219	727	3	;	;	PUNCT
cblr-7219	727	4	governance	governance	NOUN
cblr-7219	727	5	requirements	requirement	NOUN
cblr-7219	727	6	for	for	ADP
cblr-7219	727	7	derivatives	derivative	NOUN
cblr-7219	727	8	clearing	clearing	NOUN
cblr-7219	727	9	organizations	organization	NOUN
cblr-7219	727	10	,	,	PUNCT
cblr-7219	727	11	designated	designate	VERB
cblr-7219	727	12	contract	contract	NOUN
cblr-7219	727	13	markets	market	NOUN
cblr-7219	727	14	,	,	PUNCT
cblr-7219	727	15	and	and	CCONJ
cblr-7219	727	16	swap	swap	NOUN
cblr-7219	727	17	execution	execution	NOUN
cblr-7219	727	18	facilities	facility	NOUN
cblr-7219	727	19	;	;	PUNCT
cblr-7219	727	20	additional	additional	ADJ
cblr-7219	727	21	requirements	requirement	NOUN
cblr-7219	727	22	regarding	regard	VERB
cblr-7219	727	23	the	the	DET
cblr-7219	727	24	mitigation	mitigation	NOUN
cblr-7219	727	25	of	of	ADP
cblr-7219	727	26	conflicts	conflict	NOUN
cblr-7219	727	27	of	of	ADP
cblr-7219	727	28	interest	interest	NOUN
cblr-7219	727	29	,	,	PUNCT
cblr-7219	727	30	76	76	NUM
cblr-7219	727	31	fed	fed	PROPN
cblr-7219	727	32	.	.	PUNCT
cblr-7219	728	1	reg	reg	PROPN
cblr-7219	728	2	.	.	PUNCT
cblr-7219	729	1	at	at	ADP
cblr-7219	729	2	722	722	NUM
cblr-7219	729	3	.	.	PUNCT
cblr-7219	729	4	219	219	NUM
cblr-7219	729	5	dodd	dodd	PROPN
cblr-7219	729	6	-	-	PUNCT
cblr-7219	729	7	frank	frank	PROPN
cblr-7219	729	8	act	act	PROPN
cblr-7219	729	9	§	§	PROPN
cblr-7219	729	10	§	§	PROPN
cblr-7219	729	11	726(b	726(b	PROPN
cblr-7219	729	12	)	)	PUNCT
cblr-7219	729	13	,	,	PUNCT
cblr-7219	729	14	765(b	765(b	PROPN
cblr-7219	729	15	)	)	PUNCT
cblr-7219	729	16	.	.	PUNCT
cblr-7219	730	1	220	220	NUM
cblr-7219	730	2	see	see	VERB
cblr-7219	730	3	adam	adam	PROPN
cblr-7219	730	4	j	j	PROPN
cblr-7219	730	5	levitin	levitin	PROPN
cblr-7219	730	6	,	,	PUNCT
cblr-7219	730	7	prioritization	prioritization	NOUN
cblr-7219	730	8	and	and	CCONJ
cblr-7219	730	9	mutualization	mutualization	NOUN
cblr-7219	730	10	:	:	PUNCT
cblr-7219	730	11	clearinghouses	clearinghouse	NOUN
cblr-7219	730	12	and	and	CCONJ
cblr-7219	730	13	the	the	DET
cblr-7219	730	14	redundancy	redundancy	NOUN
cblr-7219	730	15	of	of	ADP
cblr-7219	730	16	the	the	DET
cblr-7219	730	17	bankruptcy	bankruptcy	NOUN
cblr-7219	730	18	safe	safe	ADJ
cblr-7219	730	19	harbors	harbor	NOUN
cblr-7219	730	20	,	,	PUNCT
cblr-7219	730	21	10	10	NUM
cblr-7219	730	22	brook	brook	NOUN
cblr-7219	730	23	.	.	PUNCT
cblr-7219	731	1	j.	j.	PROPN
cblr-7219	731	2	corp	corp	PROPN
cblr-7219	731	3	.	.	PROPN
cblr-7219	731	4	fin	fin	PROPN
cblr-7219	731	5	.	.	PUNCT
cblr-7219	731	6	&	&	CCONJ
cblr-7219	731	7	com	com	PROPN
cblr-7219	731	8	.	.	PROPN
cblr-7219	731	9	l.	l.	PROPN
cblr-7219	731	10	129	129	NUM
cblr-7219	731	11	,	,	PUNCT
cblr-7219	731	12	153	153	NUM
cblr-7219	731	13	(	(	PUNCT
cblr-7219	731	14	2015	2015	NUM
cblr-7219	731	15	)	)	PUNCT
cblr-7219	731	16	(	(	PUNCT
cblr-7219	731	17	acknowledging	acknowledge	VERB
cblr-7219	731	18	as	as	ADP
cblr-7219	731	19	a	a	DET
cblr-7219	731	20	major	major	ADJ
cblr-7219	731	21	regulatory	regulatory	ADJ
cblr-7219	731	22	task	task	NOUN
cblr-7219	731	23	the	the	DET
cblr-7219	731	24	creation	creation	NOUN
cblr-7219	731	25	of	of	ADP
cblr-7219	731	26	a	a	DET
cblr-7219	731	27	prudential	prudential	ADJ
cblr-7219	731	28	regulatory	regulatory	ADJ
cblr-7219	731	29	system	system	NOUN
cblr-7219	731	30	for	for	ADP
cblr-7219	731	31	clearinghouses	clearinghouse	NOUN
cblr-7219	731	32	that	that	PRON
cblr-7219	731	33	prioritizes	prioritize	VERB
cblr-7219	731	34	risk	risk	NOUN
cblr-7219	731	35	management	management	NOUN
cblr-7219	731	36	over	over	ADP
cblr-7219	731	37	the	the	DET
cblr-7219	731	38	expansion	expansion	NOUN
cblr-7219	731	39	of	of	ADP
cblr-7219	731	40	market	market	NOUN
cblr-7219	731	41	share	share	NOUN
cblr-7219	731	42	)	)	PUNCT
cblr-7219	731	43	.	.	PUNCT
cblr-7219	732	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	732	2	(	(	PUNCT
cblr-7219	732	3	do	do	AUX
cblr-7219	732	4	not	not	PART
cblr-7219	732	5	delete	delete	VERB
cblr-7219	732	6	)	)	PUNCT
cblr-7219	732	7	10/21/2020	10/21/2020	NUM
cblr-7219	732	8	11:22	11:22	NUM
cblr-7219	732	9	am	am	NOUN
cblr-7219	732	10	no	no	NOUN
cblr-7219	732	11	.	.	PUNCT
cblr-7219	733	1	2:449	2:449	NUM
cblr-7219	733	2	]	]	X
cblr-7219	733	3	unfinished	unfinished	ADJ
cblr-7219	733	4	business	business	NOUN
cblr-7219	733	5	503	503	NUM
cblr-7219	733	6	cap	cap	NOUN
cblr-7219	733	7	the	the	DET
cblr-7219	733	8	control	control	NOUN
cblr-7219	733	9	and	and	CCONJ
cblr-7219	733	10	voting	voting	NOUN
cblr-7219	733	11	rights	right	NOUN
cblr-7219	733	12	of	of	ADP
cblr-7219	733	13	investors	investor	NOUN
cblr-7219	733	14	and	and	CCONJ
cblr-7219	733	15	members	member	NOUN
cblr-7219	733	16	of	of	ADP
cblr-7219	733	17	derivatives	derivative	NOUN
cblr-7219	733	18	clearing	clearing	NOUN
cblr-7219	733	19	organizations	organization	NOUN
cblr-7219	733	20	(	(	PUNCT
cblr-7219	733	21	“	"	PUNCT
cblr-7219	733	22	dcos	dco	NOUN
cblr-7219	733	23	”	"	PUNCT
cblr-7219	733	24	)	)	PUNCT
cblr-7219	733	25	and	and	CCONJ
cblr-7219	733	26	clearing	clear	VERB
cblr-7219	733	27	agencies	agency	NOUN
cblr-7219	733	28	(	(	PUNCT
cblr-7219	733	29	“	"	PUNCT
cblr-7219	733	30	cas”);221	cas”);221	NOUN
cblr-7219	733	31	(	(	PUNCT
cblr-7219	733	32	2	2	NUM
cblr-7219	733	33	)	)	PUNCT
cblr-7219	733	34	define	define	VERB
cblr-7219	733	35	public	public	ADJ
cblr-7219	733	36	(	(	PUNCT
cblr-7219	733	37	i.e.	i.e.	X
cblr-7219	733	38	,	,	PUNCT
cblr-7219	733	39	independent	independent	ADJ
cblr-7219	733	40	)	)	PUNCT
cblr-7219	733	41	directors	director	NOUN
cblr-7219	733	42	in	in	ADP
cblr-7219	733	43	a	a	DET
cblr-7219	733	44	very	very	ADV
cblr-7219	733	45	narrow	narrow	ADJ
cblr-7219	733	46	way	way	NOUN
cblr-7219	733	47	that	that	PRON
cblr-7219	733	48	excludes	exclude	VERB
cblr-7219	733	49	directors	director	NOUN
cblr-7219	733	50	with	with	ADP
cblr-7219	733	51	a	a	DET
cblr-7219	733	52	material	material	NOUN
cblr-7219	733	53	relationship	relationship	NOUN
cblr-7219	733	54	to	to	ADP
cblr-7219	733	55	clearing	clear	VERB
cblr-7219	733	56	members;222	members;222	NOUN
cblr-7219	733	57	(	(	PUNCT
cblr-7219	733	58	3	3	X
cblr-7219	733	59	)	)	PUNCT
cblr-7219	733	60	require	require	VERB
cblr-7219	733	61	a	a	DET
cblr-7219	733	62	substantial	substantial	ADJ
cblr-7219	733	63	(	(	PUNCT
cblr-7219	733	64	35	35	NUM
cblr-7219	733	65	%	%	NOUN
cblr-7219	733	66	)	)	PUNCT
cblr-7219	733	67	representation	representation	NOUN
cblr-7219	733	68	of	of	ADP
cblr-7219	733	69	public	public	ADJ
cblr-7219	733	70	members	member	NOUN
cblr-7219	733	71	on	on	ADP
cblr-7219	733	72	clearinghouses	clearinghouse	NOUN
cblr-7219	733	73	’	'	PUNCT
cblr-7219	733	74	boards	board	NOUN
cblr-7219	733	75	of	of	ADP
cblr-7219	733	76	directors	director	NOUN
cblr-7219	733	77	and	and	CCONJ
cblr-7219	733	78	on	on	ADP
cblr-7219	733	79	critical	critical	ADJ
cblr-7219	733	80	committees	committee	NOUN
cblr-7219	733	81	(	(	PUNCT
cblr-7219	733	82	e.g.	e.g.	ADV
cblr-7219	733	83	,	,	PUNCT
cblr-7219	733	84	the	the	DET
cblr-7219	733	85	nomination	nomination	NOUN
cblr-7219	733	86	committee	committee	NOUN
cblr-7219	733	87	,	,	PUNCT
cblr-7219	733	88	risk	risk	NOUN
cblr-7219	733	89	committee	committee	NOUN
cblr-7219	733	90	,	,	PUNCT
cblr-7219	733	91	etc.);223	etc.);223	NOUN
cblr-7219	733	92	and	and	CCONJ
cblr-7219	733	93	(	(	PUNCT
cblr-7219	733	94	4	4	X
cblr-7219	733	95	)	)	PUNCT
cblr-7219	733	96	define	define	VERB
cblr-7219	733	97	the	the	DET
cblr-7219	733	98	roles	role	NOUN
cblr-7219	733	99	and	and	CCONJ
cblr-7219	733	100	competencies	competency	NOUN
cblr-7219	733	101	of	of	ADP
cblr-7219	733	102	the	the	DET
cblr-7219	733	103	risk	risk	NOUN
cblr-7219	733	104	committee.224	committee.224	NOUN
cblr-7219	733	105	this	this	DET
cblr-7219	733	106	principles	principle	NOUN
cblr-7219	733	107	-	-	PUNCT
cblr-7219	733	108	based	base	VERB
cblr-7219	733	109	approach	approach	NOUN
cblr-7219	733	110	adopted	adopt	VERB
cblr-7219	733	111	by	by	ADP
cblr-7219	733	112	regulators	regulator	NOUN
cblr-7219	733	113	gives	give	VERB
cblr-7219	733	114	clearinghouses	clearinghouse	NOUN
cblr-7219	733	115	vast	vast	ADJ
cblr-7219	733	116	authority	authority	NOUN
cblr-7219	733	117	over	over	ADP
cblr-7219	733	118	their	their	PRON
cblr-7219	733	119	internal	internal	ADJ
cblr-7219	733	120	governance	governance	NOUN
cblr-7219	733	121	.	.	PUNCT
cblr-7219	734	1	the	the	DET
cblr-7219	734	2	next	next	ADJ
cblr-7219	734	3	section	section	NOUN
cblr-7219	734	4	offers	offer	VERB
cblr-7219	734	5	a	a	DET
cblr-7219	734	6	comprehensive	comprehensive	ADJ
cblr-7219	734	7	survey	survey	NOUN
cblr-7219	734	8	of	of	ADP
cblr-7219	734	9	the	the	DET
cblr-7219	734	10	governance	governance	NOUN
cblr-7219	734	11	arrangements	arrangement	NOUN
cblr-7219	734	12	adopted	adopt	VERB
cblr-7219	734	13	by	by	ADP
cblr-7219	734	14	the	the	DET
cblr-7219	734	15	systemically	systemically	ADV
cblr-7219	734	16	important	important	ADJ
cblr-7219	734	17	firms	firm	NOUN
cblr-7219	734	18	operating	operate	VERB
cblr-7219	734	19	in	in	ADP
cblr-7219	734	20	the	the	DET
cblr-7219	734	21	securities	security	NOUN
cblr-7219	734	22	and	and	CCONJ
cblr-7219	734	23	derivatives	derivative	NOUN
cblr-7219	734	24	markets	market	NOUN
cblr-7219	734	25	.	.	PUNCT
cblr-7219	735	1	221	221	NUM
cblr-7219	735	2	requirements	requirement	NOUN
cblr-7219	735	3	for	for	ADP
cblr-7219	735	4	derivatives	derivative	NOUN
cblr-7219	735	5	clearing	clearing	NOUN
cblr-7219	735	6	organizations	organization	NOUN
cblr-7219	735	7	,	,	PUNCT
cblr-7219	735	8	designated	designate	VERB
cblr-7219	735	9	contract	contract	NOUN
cblr-7219	735	10	markets	market	NOUN
cblr-7219	735	11	,	,	PUNCT
cblr-7219	735	12	and	and	CCONJ
cblr-7219	735	13	swap	swap	NOUN
cblr-7219	735	14	execution	execution	NOUN
cblr-7219	735	15	facilities	facility	NOUN
cblr-7219	735	16	regarding	regard	VERB
cblr-7219	735	17	the	the	DET
cblr-7219	735	18	mitigation	mitigation	NOUN
cblr-7219	735	19	of	of	ADP
cblr-7219	735	20	conflicts	conflict	NOUN
cblr-7219	735	21	of	of	ADP
cblr-7219	735	22	interest	interest	NOUN
cblr-7219	735	23	,	,	PUNCT
cblr-7219	735	24	75	75	NUM
cblr-7219	735	25	fed	feed	VERB
cblr-7219	735	26	.	.	PUNCT
cblr-7219	736	1	reg	reg	PROPN
cblr-7219	736	2	.	.	PUNCT
cblr-7219	737	1	at	at	ADP
cblr-7219	737	2	63,733	63,733	NUM
cblr-7219	737	3	;	;	PUNCT
cblr-7219	737	4	governance	governance	NOUN
cblr-7219	737	5	requirements	requirement	NOUN
cblr-7219	737	6	for	for	ADP
cblr-7219	737	7	derivatives	derivative	NOUN
cblr-7219	737	8	clearing	clearing	NOUN
cblr-7219	737	9	organizations	organization	NOUN
cblr-7219	737	10	,	,	PUNCT
cblr-7219	737	11	designated	designate	VERB
cblr-7219	737	12	contract	contract	NOUN
cblr-7219	737	13	markets	market	NOUN
cblr-7219	737	14	,	,	PUNCT
cblr-7219	737	15	and	and	CCONJ
cblr-7219	737	16	swap	swap	NOUN
cblr-7219	737	17	execution	execution	NOUN
cblr-7219	737	18	facilities	facility	NOUN
cblr-7219	737	19	;	;	PUNCT
cblr-7219	737	20	additional	additional	ADJ
cblr-7219	737	21	requirements	requirement	NOUN
cblr-7219	737	22	regarding	regard	VERB
cblr-7219	737	23	the	the	DET
cblr-7219	737	24	mitigation	mitigation	NOUN
cblr-7219	737	25	of	of	ADP
cblr-7219	737	26	conflicts	conflict	NOUN
cblr-7219	737	27	of	of	ADP
cblr-7219	737	28	interest	interest	NOUN
cblr-7219	737	29	,	,	PUNCT
cblr-7219	737	30	76	76	NUM
cblr-7219	737	31	fed	fed	PROPN
cblr-7219	737	32	.	.	PUNCT
cblr-7219	738	1	reg	reg	PROPN
cblr-7219	738	2	.	.	PUNCT
cblr-7219	739	1	at	at	ADP
cblr-7219	739	2	722–23	722–23	PROPN
cblr-7219	739	3	n.8	n.8	X
cblr-7219	739	4	.	.	PUNCT
cblr-7219	740	1	222	222	NUM
cblr-7219	740	2	see	see	VERB
cblr-7219	740	3	requirements	requirement	NOUN
cblr-7219	740	4	for	for	ADP
cblr-7219	740	5	derivatives	derivative	NOUN
cblr-7219	740	6	clearing	clearing	NOUN
cblr-7219	740	7	organizations	organization	NOUN
cblr-7219	740	8	,	,	PUNCT
cblr-7219	740	9	designated	designate	VERB
cblr-7219	740	10	contract	contract	NOUN
cblr-7219	740	11	markets	market	NOUN
cblr-7219	740	12	,	,	PUNCT
cblr-7219	740	13	and	and	CCONJ
cblr-7219	740	14	swap	swap	NOUN
cblr-7219	740	15	execution	execution	NOUN
cblr-7219	740	16	facilities	facility	NOUN
cblr-7219	740	17	regarding	regard	VERB
cblr-7219	740	18	the	the	DET
cblr-7219	740	19	mitigation	mitigation	NOUN
cblr-7219	740	20	of	of	ADP
cblr-7219	740	21	conflicts	conflict	NOUN
cblr-7219	740	22	of	of	ADP
cblr-7219	740	23	interest	interest	NOUN
cblr-7219	740	24	,	,	PUNCT
cblr-7219	740	25	75	75	NUM
cblr-7219	740	26	fed	feed	VERB
cblr-7219	740	27	.	.	PUNCT
cblr-7219	741	1	reg	reg	PROPN
cblr-7219	741	2	.	.	PUNCT
cblr-7219	742	1	at	at	ADP
cblr-7219	742	2	63,742	63,742	NUM
cblr-7219	742	3	;	;	PUNCT
cblr-7219	742	4	definitions	definition	NOUN
cblr-7219	742	5	,	,	PUNCT
cblr-7219	742	6	17	17	NUM
cblr-7219	742	7	c.f.r	c.f.r	NOUN
cblr-7219	742	8	.	.	PUNCT
cblr-7219	743	1	§	§	PROPN
cblr-7219	743	2	1.3(c	1.3(c	NUM
cblr-7219	743	3	)	)	PUNCT
cblr-7219	743	4	(	(	PUNCT
cblr-7219	743	5	2019	2019	NUM
cblr-7219	743	6	)	)	PUNCT
cblr-7219	743	7	.	.	PUNCT
cblr-7219	744	1	223	223	NUM
cblr-7219	744	2	requirements	requirement	NOUN
cblr-7219	744	3	for	for	ADP
cblr-7219	744	4	derivatives	derivative	NOUN
cblr-7219	744	5	clearing	clearing	NOUN
cblr-7219	744	6	organizations	organization	NOUN
cblr-7219	744	7	,	,	PUNCT
cblr-7219	744	8	designated	designate	VERB
cblr-7219	744	9	contract	contract	NOUN
cblr-7219	744	10	markets	market	NOUN
cblr-7219	744	11	,	,	PUNCT
cblr-7219	744	12	and	and	CCONJ
cblr-7219	744	13	swap	swap	NOUN
cblr-7219	744	14	execution	execution	NOUN
cblr-7219	744	15	facilities	facility	NOUN
cblr-7219	744	16	regarding	regard	VERB
cblr-7219	744	17	the	the	DET
cblr-7219	744	18	mitigation	mitigation	NOUN
cblr-7219	744	19	of	of	ADP
cblr-7219	744	20	conflicts	conflict	NOUN
cblr-7219	744	21	of	of	ADP
cblr-7219	744	22	interest	interest	NOUN
cblr-7219	744	23	,	,	PUNCT
cblr-7219	744	24	75	75	NUM
cblr-7219	744	25	fed	feed	VERB
cblr-7219	744	26	.	.	PUNCT
cblr-7219	745	1	reg	reg	PROPN
cblr-7219	745	2	.	.	PUNCT
cblr-7219	746	1	at	at	ADP
cblr-7219	746	2	63,740	63,740	NUM
cblr-7219	746	3	.	.	PUNCT
cblr-7219	747	1	the	the	DET
cblr-7219	747	2	cftc	cftc	PROPN
cblr-7219	747	3	,	,	PUNCT
cblr-7219	747	4	for	for	ADP
cblr-7219	747	5	example	example	NOUN
cblr-7219	747	6	,	,	PUNCT
cblr-7219	747	7	requires	require	VERB
cblr-7219	747	8	clearinghouses	clearinghouse	NOUN
cblr-7219	747	9	to	to	PART
cblr-7219	747	10	have	have	VERB
cblr-7219	747	11	a	a	DET
cblr-7219	747	12	risk	risk	NOUN
cblr-7219	747	13	management	management	NOUN
cblr-7219	747	14	committee	committee	NOUN
cblr-7219	747	15	in	in	ADP
cblr-7219	747	16	place	place	NOUN
cblr-7219	747	17	,	,	PUNCT
cblr-7219	747	18	of	of	ADP
cblr-7219	747	19	which	which	PRON
cblr-7219	747	20	at	at	ADP
cblr-7219	747	21	least	least	ADJ
cblr-7219	747	22	thirty	thirty	NUM
cblr-7219	747	23	-	-	PUNCT
cblr-7219	747	24	five	five	NUM
cblr-7219	747	25	percent	percent	NOUN
cblr-7219	747	26	of	of	ADP
cblr-7219	747	27	the	the	DET
cblr-7219	747	28	-member	-member	NOUN
cblr-7219	747	29	-	-	PUNCT
cblr-7219	747	30	directors	director	NOUN
cblr-7219	747	31	are	be	AUX
cblr-7219	747	32	public	public	ADJ
cblr-7219	747	33	or	or	CCONJ
cblr-7219	747	34	independent	independent	ADJ
cblr-7219	747	35	—	—	PUNCT
cblr-7219	747	36	i.e.	i.e.	X
cblr-7219	747	37	,	,	PUNCT
cblr-7219	747	38	with	with	SCONJ
cblr-7219	747	39	no	no	DET
cblr-7219	747	40	ties	tie	NOUN
cblr-7219	747	41	with	with	ADP
cblr-7219	747	42	clearing	clearing	NOUN
cblr-7219	747	43	members	member	NOUN
cblr-7219	747	44	—	—	PUNCT
cblr-7219	747	45	and	and	CCONJ
cblr-7219	747	46	at	at	ADV
cblr-7219	747	47	least	least	ADV
cblr-7219	747	48	ten	ten	NUM
cblr-7219	747	49	percent	percent	NOUN
cblr-7219	747	50	represent	represent	VERB
cblr-7219	747	51	end	end	NOUN
cblr-7219	747	52	-	-	PUNCT
cblr-7219	747	53	users	user	NOUN
cblr-7219	747	54	.	.	PUNCT
cblr-7219	748	1	see	see	VERB
cblr-7219	748	2	i	i	PRON
cblr-7219	748	3	d.	d.	PROPN
cblr-7219	748	4	the	the	DET
cblr-7219	748	5	risk	risk	NOUN
cblr-7219	748	6	management	management	NOUN
cblr-7219	748	7	committee	committee	NOUN
cblr-7219	748	8	is	be	AUX
cblr-7219	748	9	responsible	responsible	ADJ
cblr-7219	748	10	for	for	ADP
cblr-7219	748	11	,	,	PUNCT
cblr-7219	748	12	among	among	ADP
cblr-7219	748	13	other	other	ADJ
cblr-7219	748	14	things	thing	NOUN
cblr-7219	748	15	,	,	PUNCT
cblr-7219	748	16	advising	advise	VERB
cblr-7219	748	17	the	the	DET
cblr-7219	748	18	board	board	NOUN
cblr-7219	748	19	of	of	ADP
cblr-7219	748	20	directors	director	NOUN
cblr-7219	748	21	on	on	ADP
cblr-7219	748	22	risk	risk	NOUN
cblr-7219	748	23	models	model	NOUN
cblr-7219	748	24	and	and	CCONJ
cblr-7219	748	25	the	the	DET
cblr-7219	748	26	clearinghouse	clearinghouse	NOUN
cblr-7219	748	27	’s	’s	PART
cblr-7219	748	28	default	default	NOUN
cblr-7219	748	29	procedure	procedure	NOUN
cblr-7219	748	30	;	;	PUNCT
cblr-7219	748	31	determining	determine	VERB
cblr-7219	748	32	the	the	DET
cblr-7219	748	33	standards	standard	NOUN
cblr-7219	748	34	and	and	CCONJ
cblr-7219	748	35	requirements	requirement	NOUN
cblr-7219	748	36	for	for	ADP
cblr-7219	748	37	initial	initial	ADJ
cblr-7219	748	38	and	and	CCONJ
cblr-7219	748	39	continuing	continue	VERB
cblr-7219	748	40	clearing	clearing	NOUN
cblr-7219	748	41	membership	membership	NOUN
cblr-7219	748	42	eligibility	eligibility	NOUN
cblr-7219	748	43	;	;	PUNCT
cblr-7219	748	44	approving	approve	VERB
cblr-7219	748	45	or	or	CCONJ
cblr-7219	748	46	denying	deny	VERB
cblr-7219	748	47	membership	membership	NOUN
cblr-7219	748	48	applications	application	NOUN
cblr-7219	748	49	;	;	PUNCT
cblr-7219	748	50	and	and	CCONJ
cblr-7219	748	51	determining	determine	VERB
cblr-7219	748	52	the	the	DET
cblr-7219	748	53	products	product	NOUN
cblr-7219	748	54	eligible	eligible	ADJ
cblr-7219	748	55	for	for	ADP
cblr-7219	748	56	clearing	clearing	NOUN
cblr-7219	748	57	.	.	PUNCT
cblr-7219	749	1	see	see	VERB
cblr-7219	749	2	i	i	PRON
cblr-7219	749	3	d.	d.	PROPN
cblr-7219	749	4	at	at	ADP
cblr-7219	749	5	63,740–41	63,740–41	PROPN
cblr-7219	749	6	.	.	PUNCT
cblr-7219	750	1	224	224	NUM
cblr-7219	750	2	see	see	VERB
cblr-7219	750	3	i	i	PRON
cblr-7219	750	4	d.	d.	PROPN
cblr-7219	750	5	at	at	ADP
cblr-7219	750	6	63,750	63,750	NUM
cblr-7219	750	7	.	.	PUNCT
cblr-7219	751	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	751	2	(	(	PUNCT
cblr-7219	751	3	do	do	AUX
cblr-7219	751	4	not	not	PART
cblr-7219	751	5	delte	delte	VERB
cblr-7219	751	6	)	)	PUNCT
cblr-7219	751	7	10/21/2020	10/21/2020	NUM
cblr-7219	751	8	11:22	11:22	NUM
cblr-7219	751	9	am	be	AUX
cblr-7219	751	10	504	504	NUM
cblr-7219	751	11	columbia	columbia	PROPN
cblr-7219	751	12	business	business	NOUN
cblr-7219	751	13	law	law	NOUN
cblr-7219	751	14	review	review	NOUN
cblr-7219	752	1	[	[	X
cblr-7219	752	2	vol	vol	NOUN
cblr-7219	752	3	.	.	PUNCT
cblr-7219	752	4	2020	2020	NUM
cblr-7219	752	5	b.	b.	VERB
cblr-7219	752	6	the	the	DET
cblr-7219	752	7	internal	internal	ADJ
cblr-7219	752	8	governance	governance	NOUN
cblr-7219	752	9	of	of	ADP
cblr-7219	752	10	clearinghouses	clearinghouse	NOUN
cblr-7219	752	11	:	:	PUNCT
cblr-7219	752	12	an	an	DET
cblr-7219	752	13	industry	industry	NOUN
cblr-7219	752	14	overview	overview	NOUN
cblr-7219	752	15	overall	overall	ADV
cblr-7219	752	16	,	,	PUNCT
cblr-7219	752	17	u.s	u.s	PROPN
cblr-7219	752	18	.	.	PROPN
cblr-7219	752	19	clearinghouses	clearinghouse	NOUN
cblr-7219	752	20	all	all	PRON
cblr-7219	752	21	operate	operate	VERB
cblr-7219	752	22	with	with	ADP
cblr-7219	752	23	the	the	DET
cblr-7219	752	24	same	same	ADJ
cblr-7219	752	25	economic	economic	ADJ
cblr-7219	752	26	structure	structure	NOUN
cblr-7219	752	27	and	and	CCONJ
cblr-7219	752	28	default	default	NOUN
cblr-7219	752	29	waterfall	waterfall	NOUN
cblr-7219	752	30	.	.	PUNCT
cblr-7219	753	1	however	however	ADV
cblr-7219	753	2	,	,	PUNCT
cblr-7219	753	3	they	they	PRON
cblr-7219	753	4	differ	differ	VERB
cblr-7219	753	5	in	in	ADP
cblr-7219	753	6	their	their	PRON
cblr-7219	753	7	allocation	allocation	NOUN
cblr-7219	753	8	of	of	ADP
cblr-7219	753	9	control	control	NOUN
cblr-7219	753	10	rights	right	NOUN
cblr-7219	753	11	.	.	PUNCT
cblr-7219	754	1	all	all	DET
cblr-7219	754	2	clearinghouses	clearinghouse	NOUN
cblr-7219	754	3	rely	rely	VERB
cblr-7219	754	4	on	on	ADP
cblr-7219	754	5	a	a	DET
cblr-7219	754	6	guaranty	guaranty	NOUN
cblr-7219	754	7	fund	fund	NOUN
cblr-7219	754	8	or	or	CCONJ
cblr-7219	754	9	clearing	clearing	NOUN
cblr-7219	754	10	fund	fund	NOUN
cblr-7219	754	11	to	to	PART
cblr-7219	754	12	provide	provide	VERB
cblr-7219	754	13	a	a	DET
cblr-7219	754	14	loss	loss	NOUN
cblr-7219	754	15	-	-	PUNCT
cblr-7219	754	16	sharing	share	VERB
cblr-7219	754	17	function	function	NOUN
cblr-7219	754	18	;	;	PUNCT
cblr-7219	754	19	in	in	SCONJ
cblr-7219	754	20	all	all	PRON
cblr-7219	754	21	of	of	ADP
cblr-7219	754	22	the	the	DET
cblr-7219	754	23	firms	firm	NOUN
cblr-7219	754	24	previously	previously	ADV
cblr-7219	754	25	analyzed	analyze	VERB
cblr-7219	754	26	,	,	PUNCT
cblr-7219	754	27	the	the	DET
cblr-7219	754	28	clearing	clearing	NOUN
cblr-7219	754	29	members	member	NOUN
cblr-7219	754	30	or	or	CCONJ
cblr-7219	754	31	participants	participant	NOUN
cblr-7219	754	32	contribute	contribute	VERB
cblr-7219	754	33	to	to	ADP
cblr-7219	754	34	that	that	DET
cblr-7219	754	35	fund.225	fund.225	PROPN
cblr-7219	754	36	however	however	ADV
cblr-7219	754	37	,	,	PUNCT
cblr-7219	754	38	clearinghouses	clearinghouse	NOUN
cblr-7219	754	39	vary	vary	VERB
cblr-7219	754	40	greatly	greatly	ADV
cblr-7219	754	41	in	in	ADP
cblr-7219	754	42	their	their	PRON
cblr-7219	754	43	allocation	allocation	NOUN
cblr-7219	754	44	of	of	ADP
cblr-7219	754	45	ownership	ownership	NOUN
cblr-7219	754	46	and	and	CCONJ
cblr-7219	754	47	control	control	NOUN
cblr-7219	754	48	rights	right	NOUN
cblr-7219	754	49	,	,	PUNCT
cblr-7219	754	50	differently	differently	ADV
cblr-7219	754	51	addressing	address	VERB
cblr-7219	754	52	the	the	DET
cblr-7219	754	53	costs	cost	NOUN
cblr-7219	754	54	that	that	PRON
cblr-7219	754	55	might	might	AUX
cblr-7219	754	56	arise	arise	VERB
cblr-7219	754	57	from	from	ADP
cblr-7219	754	58	the	the	DET
cblr-7219	754	59	separation	separation	NOUN
cblr-7219	754	60	of	of	ADP
cblr-7219	754	61	control	control	NOUN
cblr-7219	754	62	and	and	CCONJ
cblr-7219	754	63	final	final	ADJ
cblr-7219	754	64	risk	risk	NOUN
cblr-7219	754	65	-	-	PUNCT
cblr-7219	754	66	bearing	bear	VERB
cblr-7219	754	67	costs	cost	NOUN
cblr-7219	754	68	.	.	PUNCT
cblr-7219	755	1	in	in	ADP
cblr-7219	755	2	the	the	DET
cblr-7219	755	3	securities	security	NOUN
cblr-7219	755	4	markets	market	NOUN
cblr-7219	755	5	,	,	PUNCT
cblr-7219	755	6	post	post	ADJ
cblr-7219	755	7	-	-	ADJ
cblr-7219	755	8	trading	trading	ADJ
cblr-7219	755	9	services	service	NOUN
cblr-7219	755	10	are	be	AUX
cblr-7219	755	11	provided	provide	VERB
cblr-7219	755	12	by	by	ADP
cblr-7219	755	13	standalone	standalone	ADJ
cblr-7219	755	14	specialized	specialized	ADJ
cblr-7219	755	15	firms	firm	NOUN
cblr-7219	755	16	that	that	PRON
cblr-7219	755	17	offer	offer	VERB
cblr-7219	755	18	their	their	PRON
cblr-7219	755	19	services	service	NOUN
cblr-7219	755	20	horizontally	horizontally	ADV
cblr-7219	755	21	to	to	ADP
cblr-7219	755	22	multiple	multiple	ADJ
cblr-7219	755	23	trading	trading	NOUN
cblr-7219	755	24	platforms	platform	NOUN
cblr-7219	755	25	without	without	ADP
cblr-7219	755	26	being	be	AUX
cblr-7219	755	27	a	a	DET
cblr-7219	755	28	subsidiary	subsidiary	NOUN
cblr-7219	755	29	of	of	ADP
cblr-7219	755	30	any	any	DET
cblr-7219	755	31	exchange	exchange	NOUN
cblr-7219	755	32	(	(	PUNCT
cblr-7219	755	33	trading	trading	NOUN
cblr-7219	755	34	)	)	PUNCT
cblr-7219	755	35	group	group	NOUN
cblr-7219	755	36	.	.	PUNCT
cblr-7219	756	1	the	the	DET
cblr-7219	756	2	dtcc	dtcc	PROPN
cblr-7219	756	3	group	group	NOUN
cblr-7219	756	4	,	,	PUNCT
cblr-7219	756	5	along	along	ADP
cblr-7219	756	6	with	with	ADP
cblr-7219	756	7	its	its	PRON
cblr-7219	756	8	subsidiaries	subsidiary	NOUN
cblr-7219	756	9	,	,	PUNCT
cblr-7219	756	10	provides	provide	VERB
cblr-7219	756	11	clearing	clearing	NOUN
cblr-7219	756	12	and	and	CCONJ
cblr-7219	756	13	settlement	settlement	NOUN
cblr-7219	756	14	services	service	NOUN
cblr-7219	756	15	for	for	ADP
cblr-7219	756	16	the	the	DET
cblr-7219	756	17	u.s	u.s	PROPN
cblr-7219	756	18	.	.	PROPN
cblr-7219	756	19	securities	security	NOUN
cblr-7219	756	20	markets.226	markets.226	PROPN
cblr-7219	756	21	dtcc	dtcc	NOUN
cblr-7219	756	22	is	be	AUX
cblr-7219	756	23	the	the	DET
cblr-7219	756	24	result	result	NOUN
cblr-7219	756	25	of	of	ADP
cblr-7219	756	26	the	the	DET
cblr-7219	756	27	consolidation	consolidation	NOUN
cblr-7219	756	28	of	of	ADP
cblr-7219	756	29	all	all	DET
cblr-7219	756	30	securities	security	NOUN
cblr-7219	756	31	clearinghouses	clearinghouse	NOUN
cblr-7219	756	32	,	,	PUNCT
cblr-7219	756	33	begun	begin	VERB
cblr-7219	756	34	after	after	SCONJ
cblr-7219	756	35	the	the	DET
cblr-7219	756	36	“	"	PUNCT
cblr-7219	756	37	paperwork	paperwork	NOUN
cblr-7219	756	38	crisis	crisis	NOUN
cblr-7219	756	39	”	"	PUNCT
cblr-7219	756	40	of	of	ADP
cblr-7219	756	41	the	the	DET
cblr-7219	756	42	1970s.227	1970s.227	NUM
cblr-7219	756	43	the	the	DET
cblr-7219	756	44	ownership	ownership	NOUN
cblr-7219	756	45	and	and	CCONJ
cblr-7219	756	46	governance	governance	NOUN
cblr-7219	756	47	structure	structure	NOUN
cblr-7219	756	48	of	of	ADP
cblr-7219	756	49	dtcc	dtcc	NOUN
cblr-7219	756	50	preemptively	preemptively	ADV
cblr-7219	756	51	addresses	address	VERB
cblr-7219	756	52	the	the	DET
cblr-7219	756	53	potential	potential	ADJ
cblr-7219	756	54	costs	cost	NOUN
cblr-7219	756	55	associated	associate	VERB
cblr-7219	756	56	with	with	ADP
cblr-7219	756	57	the	the	DET
cblr-7219	756	58	risk	risk	NOUN
cblr-7219	756	59	mutualization	mutualization	NOUN
cblr-7219	756	60	function	function	NOUN
cblr-7219	756	61	of	of	ADP
cblr-7219	756	62	the	the	DET
cblr-7219	756	63	clearing	clearing	NOUN
cblr-7219	756	64	fund	fund	NOUN
cblr-7219	756	65	by	by	ADP
cblr-7219	756	66	having	have	VERB
cblr-7219	756	67	clearing	clear	VERB
cblr-7219	756	68	members	member	NOUN
cblr-7219	756	69	as	as	ADP
cblr-7219	756	70	shareholders	shareholder	NOUN
cblr-7219	756	71	of	of	ADP
cblr-7219	756	72	the	the	DET
cblr-7219	756	73	firm	firm	NOUN
cblr-7219	756	74	and	and	CCONJ
cblr-7219	756	75	assigning	assign	VERB
cblr-7219	756	76	representatives	representative	NOUN
cblr-7219	756	77	of	of	ADP
cblr-7219	756	78	the	the	DET
cblr-7219	756	79	clearing	clearing	NOUN
cblr-7219	756	80	members	member	NOUN
cblr-7219	756	81	control	control	VERB
cblr-7219	756	82	and	and	CCONJ
cblr-7219	756	83	monitoring	monitor	VERB
cblr-7219	756	84	rights	right	NOUN
cblr-7219	756	85	over	over	ADP
cblr-7219	756	86	the	the	DET
cblr-7219	756	87	clearing	clearing	NOUN
cblr-7219	756	88	225	225	NUM
cblr-7219	756	89	see	see	NOUN
cblr-7219	756	90	infra	infra	NOUN
cblr-7219	756	91	tables	table	NOUN
cblr-7219	756	92	2–5	2–5	PROPN
cblr-7219	756	93	.	.	PROPN
cblr-7219	757	1	226	226	NUM
cblr-7219	757	2	see	see	VERB
cblr-7219	757	3	norman	norman	PROPN
cblr-7219	757	4	,	,	PUNCT
cblr-7219	757	5	supra	supra	PROPN
cblr-7219	757	6	note	note	PROPN
cblr-7219	757	7	15	15	NUM
cblr-7219	757	8	,	,	PUNCT
cblr-7219	757	9	at	at	ADP
cblr-7219	757	10	169–74	169–74	NUM
cblr-7219	757	11	;	;	PUNCT
cblr-7219	757	12	see	see	AUX
cblr-7219	757	13	also	also	ADV
cblr-7219	757	14	dtcc	dtcc	PROPN
cblr-7219	757	15	’s	’s	PART
cblr-7219	757	16	businesses	business	NOUN
cblr-7219	757	17	,	,	PUNCT
cblr-7219	757	18	subsidiaries	subsidiary	NOUN
cblr-7219	757	19	and	and	CCONJ
cblr-7219	757	20	joint	joint	ADJ
cblr-7219	757	21	ventures	venture	NOUN
cblr-7219	757	22	,	,	PUNCT
cblr-7219	757	23	depository	depository	NOUN
cblr-7219	757	24	tr	tr	VERB
cblr-7219	757	25	.	.	PROPN
cblr-7219	757	26	&	&	CCONJ
cblr-7219	757	27	clearing	clearing	PROPN
cblr-7219	757	28	corp	corp	PROPN
cblr-7219	757	29	.	.	PROPN
cblr-7219	757	30	,	,	PUNCT
cblr-7219	757	31	https://www.dtcc.com/about/businesses-and-subsidiaries	https://www.dtcc.com/about/businesses-and-subsidiarie	NOUN
cblr-7219	758	1	[	[	X
cblr-7219	758	2	https://perma.cc/rpm6-p7ey	https://perma.cc/rpm6-p7ey	NOUN
cblr-7219	758	3	]	]	X
cblr-7219	758	4	(	(	PUNCT
cblr-7219	758	5	last	last	ADJ
cblr-7219	758	6	visited	visit	VERB
cblr-7219	758	7	may	may	PROPN
cblr-7219	758	8	14	14	NUM
cblr-7219	758	9	,	,	PUNCT
cblr-7219	758	10	2020	2020	NUM
cblr-7219	758	11	)	)	PUNCT
cblr-7219	758	12	(	(	PUNCT
cblr-7219	758	13	describing	describe	VERB
cblr-7219	758	14	dtcc	dtcc	PROPN
cblr-7219	758	15	group	group	PROPN
cblr-7219	758	16	’s	’s	PART
cblr-7219	758	17	structure	structure	NOUN
cblr-7219	758	18	)	)	PUNCT
cblr-7219	758	19	.	.	PUNCT
cblr-7219	759	1	227	227	NUM
cblr-7219	759	2	the	the	DET
cblr-7219	759	3	“	"	PUNCT
cblr-7219	759	4	paperwork	paperwork	NOUN
cblr-7219	759	5	crisis	crisis	NOUN
cblr-7219	759	6	”	"	PUNCT
cblr-7219	759	7	revealed	reveal	VERB
cblr-7219	759	8	that	that	SCONJ
cblr-7219	759	9	the	the	DET
cblr-7219	759	10	paper	paper	NOUN
cblr-7219	759	11	-	-	PUNCT
cblr-7219	759	12	based	base	VERB
cblr-7219	759	13	and	and	CCONJ
cblr-7219	759	14	fragmented	fragmented	ADJ
cblr-7219	759	15	back	back	ADJ
cblr-7219	759	16	-	-	PUNCT
cblr-7219	759	17	office	office	NOUN
cblr-7219	759	18	activities	activity	NOUN
cblr-7219	759	19	of	of	ADP
cblr-7219	759	20	stock	stock	NOUN
cblr-7219	759	21	exchanges	exchange	NOUN
cblr-7219	759	22	and	and	CCONJ
cblr-7219	759	23	their	their	PRON
cblr-7219	759	24	clearinghouses	clearinghouse	NOUN
cblr-7219	759	25	were	be	AUX
cblr-7219	759	26	inadequate	inadequate	ADJ
cblr-7219	759	27	and	and	CCONJ
cblr-7219	759	28	unable	unable	ADJ
cblr-7219	759	29	to	to	PART
cblr-7219	759	30	keep	keep	VERB
cblr-7219	759	31	pace	pace	NOUN
cblr-7219	759	32	with	with	ADP
cblr-7219	759	33	the	the	DET
cblr-7219	759	34	growing	grow	VERB
cblr-7219	759	35	volume	volume	NOUN
cblr-7219	759	36	of	of	ADP
cblr-7219	759	37	executed	execute	VERB
cblr-7219	759	38	and	and	CCONJ
cblr-7219	759	39	cleared	clear	VERB
cblr-7219	759	40	contracts	contract	NOUN
cblr-7219	759	41	.	.	PUNCT
cblr-7219	760	1	see	see	VERB
cblr-7219	760	2	norman	norman	PROPN
cblr-7219	760	3	,	,	PUNCT
cblr-7219	760	4	supra	supra	PROPN
cblr-7219	760	5	note	note	PROPN
cblr-7219	760	6	15	15	NUM
cblr-7219	760	7	,	,	PUNCT
cblr-7219	760	8	at	at	ADP
cblr-7219	760	9	170	170	NUM
cblr-7219	760	10	.	.	PUNCT
cblr-7219	761	1	further	far	ADV
cblr-7219	761	2	,	,	PUNCT
cblr-7219	761	3	the	the	DET
cblr-7219	761	4	1975	1975	NUM
cblr-7219	761	5	securities	security	NOUN
cblr-7219	761	6	act	act	NOUN
cblr-7219	761	7	amendments	amendment	NOUN
cblr-7219	761	8	induced	induce	VERB
cblr-7219	761	9	the	the	DET
cblr-7219	761	10	major	major	ADJ
cblr-7219	761	11	stock	stock	NOUN
cblr-7219	761	12	exchanges	exchange	NOUN
cblr-7219	761	13	to	to	PART
cblr-7219	761	14	spin	spin	VERB
cblr-7219	761	15	-	-	PUNCT
cblr-7219	761	16	off	off	ADP
cblr-7219	761	17	their	their	PRON
cblr-7219	761	18	clearinghouses	clearinghouse	NOUN
cblr-7219	761	19	and	and	CCONJ
cblr-7219	761	20	merge	merge	VERB
cblr-7219	761	21	them	they	PRON
cblr-7219	761	22	into	into	ADP
cblr-7219	761	23	a	a	DET
cblr-7219	761	24	single	single	ADJ
cblr-7219	761	25	firm	firm	NOUN
cblr-7219	761	26	:	:	PUNCT
cblr-7219	761	27	the	the	DET
cblr-7219	761	28	national	national	PROPN
cblr-7219	761	29	securities	securities	PROPN
cblr-7219	761	30	clearing	clearing	NOUN
cblr-7219	761	31	corporation	corporation	NOUN
cblr-7219	761	32	(	(	PUNCT
cblr-7219	761	33	“	"	PUNCT
cblr-7219	761	34	nscc	nscc	ADJ
cblr-7219	761	35	”	"	PUNCT
cblr-7219	761	36	)	)	PUNCT
cblr-7219	761	37	,	,	PUNCT
cblr-7219	761	38	which	which	PRON
cblr-7219	761	39	is	be	AUX
cblr-7219	761	40	the	the	DET
cblr-7219	761	41	largest	large	ADJ
cblr-7219	761	42	pillar	pillar	NOUN
cblr-7219	761	43	of	of	ADP
cblr-7219	761	44	dtcc	dtcc	NOUN
cblr-7219	761	45	.	.	PUNCT
cblr-7219	762	1	see	see	VERB
cblr-7219	762	2	norman	norman	PROPN
cblr-7219	762	3	,	,	PUNCT
cblr-7219	762	4	supra	supra	NOUN
cblr-7219	762	5	at	at	ADP
cblr-7219	762	6	15	15	NUM
cblr-7219	762	7	,	,	PUNCT
cblr-7219	762	8	at	at	ADP
cblr-7219	762	9	123–26	123–26	NUM
cblr-7219	762	10	.	.	PUNCT
cblr-7219	763	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	763	2	(	(	PUNCT
cblr-7219	763	3	do	do	AUX
cblr-7219	763	4	not	not	PART
cblr-7219	763	5	delete	delete	VERB
cblr-7219	763	6	)	)	PUNCT
cblr-7219	763	7	10/21/2020	10/21/2020	NUM
cblr-7219	763	8	11:22	11:22	NUM
cblr-7219	763	9	am	am	NOUN
cblr-7219	763	10	no	no	NOUN
cblr-7219	763	11	.	.	PUNCT
cblr-7219	764	1	2:449	2:449	NUM
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cblr-7219	764	3	unfinished	unfinished	ADJ
cblr-7219	764	4	business	business	NOUN
cblr-7219	764	5	505	505	NUM
cblr-7219	764	6	firms.228	firms.228	VERB
cblr-7219	764	7	in	in	ADP
cblr-7219	764	8	all	all	DET
cblr-7219	764	9	dtcc	dtcc	NOUN
cblr-7219	764	10	clearinghouses	clearinghouse	NOUN
cblr-7219	764	11	,	,	PUNCT
cblr-7219	764	12	member	member	NOUN
cblr-7219	764	13	-	-	PUNCT
cblr-7219	764	14	shareholders	shareholder	NOUN
cblr-7219	764	15	have	have	VERB
cblr-7219	764	16	full	full	ADJ
cblr-7219	764	17	skin	skin	NOUN
cblr-7219	764	18	-	-	PUNCT
cblr-7219	764	19	in	in	ADP
cblr-7219	764	20	-	-	PUNCT
cblr-7219	764	21	the	the	DET
cblr-7219	764	22	-	-	PUNCT
cblr-7219	764	23	game	game	NOUN
cblr-7219	764	24	,	,	PUNCT
cblr-7219	764	25	both	both	CCONJ
cblr-7219	764	26	as	as	ADP
cblr-7219	764	27	equity	equity	NOUN
cblr-7219	764	28	capital	capital	NOUN
cblr-7219	764	29	providers	provider	NOUN
cblr-7219	764	30	and	and	CCONJ
cblr-7219	764	31	guaranty	guaranty	NOUN
cblr-7219	764	32	fund	fund	NOUN
cblr-7219	764	33	contributors.229	contributors.229	NOUN
cblr-7219	764	34	the	the	DET
cblr-7219	764	35	dtcc	dtcc	PROPN
cblr-7219	764	36	group	group	NOUN
cblr-7219	764	37	is	be	AUX
cblr-7219	764	38	a	a	DET
cblr-7219	764	39	member	member	NOUN
cblr-7219	764	40	(	(	PUNCT
cblr-7219	764	41	user	user	NOUN
cblr-7219	764	42	)	)	PUNCT
cblr-7219	764	43	owned	own	VERB
cblr-7219	764	44	and	and	CCONJ
cblr-7219	764	45	governed	govern	VERB
cblr-7219	764	46	firm.230	firm.230	VERB
cblr-7219	764	47	dtcc	dtcc	PROPN
cblr-7219	764	48	’s	’s	PART
cblr-7219	764	49	common	common	ADJ
cblr-7219	764	50	shareholders	shareholder	NOUN
cblr-7219	764	51	are	be	AUX
cblr-7219	764	52	the	the	DET
cblr-7219	764	53	financial	financial	ADJ
cblr-7219	764	54	institutions	institution	NOUN
cblr-7219	764	55	that	that	PRON
cblr-7219	764	56	are	be	AUX
cblr-7219	764	57	participants	participant	NOUN
cblr-7219	764	58	and	and	CCONJ
cblr-7219	764	59	members	member	NOUN
cblr-7219	764	60	of	of	ADP
cblr-7219	764	61	the	the	DET
cblr-7219	764	62	subsidiaries	subsidiary	NOUN
cblr-7219	764	63	’	'	PUNCT
cblr-7219	764	64	post	post	ADJ
cblr-7219	764	65	-	-	ADJ
cblr-7219	764	66	trading	trading	ADJ
cblr-7219	764	67	businesses	business	NOUN
cblr-7219	764	68	and	and	CCONJ
cblr-7219	764	69	are	be	AUX
cblr-7219	764	70	allocated	allocate	VERB
cblr-7219	764	71	an	an	DET
cblr-7219	764	72	amount	amount	NOUN
cblr-7219	764	73	of	of	ADP
cblr-7219	764	74	shares	share	NOUN
cblr-7219	764	75	that	that	PRON
cblr-7219	764	76	reflects	reflect	VERB
cblr-7219	764	77	their	their	PRON
cblr-7219	764	78	usage	usage	NOUN
cblr-7219	764	79	of	of	ADP
cblr-7219	764	80	the	the	DET
cblr-7219	764	81	post	post	ADJ
cblr-7219	764	82	-	-	ADJ
cblr-7219	764	83	trading	trading	ADJ
cblr-7219	764	84	services	service	NOUN
cblr-7219	764	85	of	of	ADP
cblr-7219	764	86	all	all	PRON
cblr-7219	764	87	of	of	ADP
cblr-7219	764	88	the	the	DET
cblr-7219	764	89	group	group	NOUN
cblr-7219	764	90	’s	’s	PART
cblr-7219	764	91	firms.231	firms.231	PROPN
cblr-7219	764	92	buying	buying	NOUN
cblr-7219	764	93	into	into	ADP
cblr-7219	764	94	the	the	DET
cblr-7219	764	95	equity	equity	NOUN
cblr-7219	764	96	capital	capital	NOUN
cblr-7219	764	97	of	of	ADP
cblr-7219	764	98	dtcc	dtcc	PROPN
cblr-7219	764	99	and	and	CCONJ
cblr-7219	764	100	agreeing	agree	VERB
cblr-7219	764	101	to	to	PART
cblr-7219	764	102	become	become	VERB
cblr-7219	764	103	a	a	DET
cblr-7219	764	104	party	party	NOUN
cblr-7219	764	105	of	of	ADP
cblr-7219	764	106	the	the	DET
cblr-7219	764	107	shareholder	shareholder	NOUN
cblr-7219	764	108	agreement	agreement	NOUN
cblr-7219	764	109	that	that	PRON
cblr-7219	764	110	binds	bind	VERB
cblr-7219	764	111	all	all	DET
cblr-7219	764	112	existing	exist	VERB
cblr-7219	764	113	dtcc	dtcc	NOUN
cblr-7219	764	114	shareholders	shareholder	NOUN
cblr-7219	764	115	are	be	AUX
cblr-7219	764	116	the	the	DET
cblr-7219	764	117	necessary	necessary	ADJ
cblr-7219	764	118	conditions	condition	NOUN
cblr-7219	764	119	for	for	ADP
cblr-7219	764	120	becoming	become	VERB
cblr-7219	764	121	a	a	DET
cblr-7219	764	122	member	member	NOUN
cblr-7219	764	123	of	of	ADP
cblr-7219	764	124	the	the	DET
cblr-7219	764	125	national	national	PROPN
cblr-7219	764	126	securities	securities	PROPN
cblr-7219	764	127	clearing	clearing	NOUN
cblr-7219	764	128	corporation	corporation	NOUN
cblr-7219	764	129	(	(	PUNCT
cblr-7219	764	130	“	"	PUNCT
cblr-7219	764	131	the	the	DET
cblr-7219	764	132	nscc	nscc	ADJ
cblr-7219	764	133	”	"	PUNCT
cblr-7219	764	134	)	)	PUNCT
cblr-7219	764	135	and	and	CCONJ
cblr-7219	764	136	the	the	DET
cblr-7219	764	137	fixed	fix	VERB
cblr-7219	764	138	income	income	NOUN
cblr-7219	764	139	clearing	clearing	NOUN
cblr-7219	764	140	corporation	corporation	NOUN
cblr-7219	764	141	(	(	PUNCT
cblr-7219	764	142	“	"	PUNCT
cblr-7219	764	143	the	the	DET
cblr-7219	764	144	ficc	ficc	NOUN
cblr-7219	764	145	”	"	PUNCT
cblr-7219	764	146	)	)	PUNCT
cblr-7219	764	147	,	,	PUNCT
cblr-7219	764	148	the	the	DET
cblr-7219	764	149	two	two	NUM
cblr-7219	764	150	systemically	systemically	ADV
cblr-7219	764	151	important	important	ADJ
cblr-7219	764	152	clearinghouses	clearinghouse	NOUN
cblr-7219	764	153	of	of	ADP
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cblr-7219	764	155	group.232	group.232	PROPN
cblr-7219	764	156	member	member	NOUN
cblr-7219	764	157	-	-	PUNCT
cblr-7219	764	158	shareholders	shareholder	NOUN
cblr-7219	764	159	elect	elect	PROPN
cblr-7219	764	160	dtcc	dtcc	PROPN
cblr-7219	764	161	’s	’s	PART
cblr-7219	764	162	board	board	NOUN
cblr-7219	764	163	of	of	ADP
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cblr-7219	764	165	dtcc	dtcc	NOUN
cblr-7219	764	166	directors	director	NOUN
cblr-7219	764	167	are	be	AUX
cblr-7219	764	168	then	then	ADV
cblr-7219	764	169	also	also	ADV
cblr-7219	764	170	appointed	appoint	VERB
cblr-7219	764	171	to	to	ADP
cblr-7219	764	172	the	the	DET
cblr-7219	764	173	boards	board	NOUN
cblr-7219	764	174	of	of	ADP
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cblr-7219	764	176	of	of	ADP
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cblr-7219	764	178	nscc	nscc	NOUN
cblr-7219	764	179	and	and	CCONJ
cblr-7219	764	180	the	the	DET
cblr-7219	764	181	ficc.234	ficc.234	ADP
cblr-7219	764	182	the	the	DET
cblr-7219	764	183	dtcc	dtcc	PROPN
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cblr-7219	764	185	charter	charter	NOUN
cblr-7219	764	186	acknowledges	acknowledge	VERB
cblr-7219	764	187	the	the	DET
cblr-7219	764	188	critical	critical	ADJ
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cblr-7219	776	18	”	"	PUNCT
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cblr-7219	776	164	:	:	PUNCT
cblr-7219	776	165	it	it	PRON
cblr-7219	776	166	is	be	AUX
cblr-7219	776	167	currently	currently	ADV
cblr-7219	776	168	composed	compose	VERB
cblr-7219	776	169	of	of	ADP
cblr-7219	776	170	nine	nine	NUM
cblr-7219	776	171	members	member	NOUN
cblr-7219	776	172	,	,	PUNCT
cblr-7219	776	173	seven	seven	NUM
cblr-7219	776	174	of	of	ADP
cblr-7219	776	175	whom	whom	PRON
cblr-7219	776	176	represent	represent	VERB
cblr-7219	776	177	clearing	clearing	NOUN
cblr-7219	776	178	members	member	NOUN
cblr-7219	776	179	and	and	CCONJ
cblr-7219	776	180	two	two	NUM
cblr-7219	776	181	of	of	ADP
cblr-7219	776	182	whom	whom	PRON
cblr-7219	776	183	,	,	PUNCT
cblr-7219	776	184	including	include	VERB
cblr-7219	776	185	the	the	DET
cblr-7219	776	186	committee	committee	NOUN
cblr-7219	776	187	chairman	chairman	NOUN
cblr-7219	776	188	,	,	PUNCT
cblr-7219	776	189	are	be	AUX
cblr-7219	776	190	independent	independent	ADJ
cblr-7219	776	191	from	from	ADP
cblr-7219	776	192	clearing	clear	VERB
cblr-7219	776	193	participant	participant	NOUN
cblr-7219	776	194	members.239	members.239	ADJ
cblr-7219	776	195	subject	subject	NOUN
cblr-7219	776	196	to	to	ADP
cblr-7219	776	197	the	the	DET
cblr-7219	776	198	direction	direction	NOUN
cblr-7219	776	199	of	of	ADP
cblr-7219	776	200	the	the	DET
cblr-7219	776	201	board	board	NOUN
cblr-7219	776	202	,	,	PUNCT
cblr-7219	776	203	“	"	PUNCT
cblr-7219	776	204	the	the	DET
cblr-7219	776	205	committee	committee	NOUN
cblr-7219	776	206	’s	’s	PART
cblr-7219	776	207	role	role	NOUN
cblr-7219	776	208	is	be	AUX
cblr-7219	776	209	one	one	NUM
cblr-7219	776	210	of	of	ADP
cblr-7219	776	211	oversight	oversight	NOUN
cblr-7219	776	212	.	.	PUNCT
cblr-7219	777	1	”240	”240	NOUN
cblr-7219	778	1	the	the	DET
cblr-7219	778	2	risk	risk	NOUN
cblr-7219	778	3	235	235	NUM
cblr-7219	778	4	dtcc	dtcc	NOUN
cblr-7219	778	5	board	board	NOUN
cblr-7219	778	6	mission	mission	NOUN
cblr-7219	778	7	and	and	CCONJ
cblr-7219	778	8	charter	charter	NOUN
cblr-7219	778	9	,	,	PUNCT
cblr-7219	778	10	supra	supra	PROPN
cblr-7219	778	11	note	note	VERB
cblr-7219	778	12	233	233	NUM
cblr-7219	778	13	,	,	PUNCT
cblr-7219	778	14	at	at	ADP
cblr-7219	778	15	6	6	NUM
cblr-7219	778	16	.	.	SYM
cblr-7219	778	17	236	236	NUM
cblr-7219	778	18	see	see	VERB
cblr-7219	778	19	securities	security	NOUN
cblr-7219	778	20	exchange	exchange	PROPN
cblr-7219	778	21	act	act	NOUN
cblr-7219	778	22	of	of	ADP
cblr-7219	778	23	1934	1934	NUM
cblr-7219	778	24	§	§	PROPN
cblr-7219	778	25	17a	17a	NOUN
cblr-7219	778	26	,	,	PUNCT
cblr-7219	778	27	15	15	NUM
cblr-7219	778	28	u.s.c	u.s.c	NOUN
cblr-7219	778	29	.	.	PUNCT
cblr-7219	779	1	§	§	PROPN
cblr-7219	779	2	78q	78q	NOUN
cblr-7219	779	3	–	–	PUNCT
cblr-7219	779	4	1(b)(3)(c	1(b)(3)(c	NUM
cblr-7219	779	5	)	)	PUNCT
cblr-7219	779	6	(	(	PUNCT
cblr-7219	779	7	2018	2018	NUM
cblr-7219	779	8	)	)	PUNCT
cblr-7219	779	9	.	.	PUNCT
cblr-7219	780	1	the	the	DET
cblr-7219	780	2	board	board	NOUN
cblr-7219	780	3	charter	charter	NOUN
cblr-7219	780	4	also	also	ADV
cblr-7219	780	5	states	state	VERB
cblr-7219	780	6	that	that	SCONJ
cblr-7219	780	7	the	the	DET
cblr-7219	780	8	firm	firm	NOUN
cblr-7219	780	9	“	"	PUNCT
cblr-7219	780	10	serves	serve	VERB
cblr-7219	780	11	a	a	DET
cblr-7219	780	12	broad	broad	ADJ
cblr-7219	780	13	range	range	NOUN
cblr-7219	780	14	of	of	ADP
cblr-7219	780	15	constituencies	constituency	NOUN
cblr-7219	780	16	including	include	VERB
cblr-7219	780	17	dtcc	dtcc	PROPN
cblr-7219	780	18	shareholders	shareholder	NOUN
cblr-7219	780	19	,	,	PUNCT
cblr-7219	780	20	its	its	PRON
cblr-7219	780	21	financial	financial	ADJ
cblr-7219	780	22	institution	institution	NOUN
cblr-7219	780	23	participants	participant	NOUN
cblr-7219	780	24	,	,	PUNCT
cblr-7219	780	25	their	their	PRON
cblr-7219	780	26	issuer	issuer	NOUN
cblr-7219	780	27	and	and	CCONJ
cblr-7219	780	28	investor	investor	NOUN
cblr-7219	780	29	clients	client	NOUN
cblr-7219	780	30	and	and	CCONJ
cblr-7219	780	31	the	the	DET
cblr-7219	780	32	governmental	governmental	ADJ
cblr-7219	780	33	and	and	CCONJ
cblr-7219	780	34	supervisory	supervisory	ADJ
cblr-7219	780	35	authorities	authority	NOUN
cblr-7219	780	36	responsible	responsible	ADJ
cblr-7219	780	37	for	for	ADP
cblr-7219	780	38	the	the	DET
cblr-7219	780	39	global	global	ADJ
cblr-7219	780	40	clearance	clearance	NOUN
cblr-7219	780	41	and	and	CCONJ
cblr-7219	780	42	settlement	settlement	NOUN
cblr-7219	780	43	systems	system	NOUN
cblr-7219	780	44	.	.	PUNCT
cblr-7219	780	45	”	"	PUNCT
cblr-7219	781	1	dtcc	dtcc	PROPN
cblr-7219	781	2	board	board	NOUN
cblr-7219	781	3	mission	mission	NOUN
cblr-7219	781	4	and	and	CCONJ
cblr-7219	781	5	charter	charter	NOUN
cblr-7219	781	6	,	,	PUNCT
cblr-7219	781	7	supra	supra	PROPN
cblr-7219	781	8	note	note	VERB
cblr-7219	781	9	233	233	NUM
cblr-7219	781	10	,	,	PUNCT
cblr-7219	781	11	at	at	ADP
cblr-7219	781	12	6	6	NUM
cblr-7219	781	13	.	.	NOUN
cblr-7219	781	14	237	237	NUM
cblr-7219	781	15	see	see	VERB
cblr-7219	781	16	the	the	DET
cblr-7219	781	17	dtcc	dtcc	PROPN
cblr-7219	781	18	board	board	NOUN
cblr-7219	781	19	,	,	PUNCT
cblr-7219	781	20	depository	depository	NOUN
cblr-7219	781	21	tr	tr	VERB
cblr-7219	781	22	.	.	PROPN
cblr-7219	781	23	&	&	CCONJ
cblr-7219	781	24	clearing	clearing	PROPN
cblr-7219	781	25	corp	corp	PROPN
cblr-7219	781	26	.	.	PROPN
cblr-7219	781	27	,	,	PUNCT
cblr-7219	781	28	https://www.dtcc.com/about/leadership	https://www.dtcc.com/about/leadership	PROPN
cblr-7219	782	1	[	[	X
cblr-7219	782	2	https://perma.cc/7wkp-dcx5	https://perma.cc/7wkp-dcx5	PROPN
cblr-7219	782	3	]	]	PUNCT
cblr-7219	782	4	(	(	PUNCT
cblr-7219	782	5	last	last	ADJ
cblr-7219	782	6	visited	visit	VERB
cblr-7219	782	7	may	may	PROPN
cblr-7219	782	8	14	14	NUM
cblr-7219	782	9	,	,	PUNCT
cblr-7219	782	10	2020	2020	NUM
cblr-7219	782	11	)	)	PUNCT
cblr-7219	782	12	;	;	PUNCT
cblr-7219	782	13	dtcc	dtcc	PROPN
cblr-7219	782	14	board	board	NOUN
cblr-7219	782	15	mission	mission	NOUN
cblr-7219	782	16	and	and	CCONJ
cblr-7219	782	17	charter	charter	NOUN
cblr-7219	782	18	,	,	PUNCT
cblr-7219	782	19	supra	supra	PROPN
cblr-7219	782	20	note	note	VERB
cblr-7219	782	21	233	233	NUM
cblr-7219	782	22	,	,	PUNCT
cblr-7219	782	23	at	at	ADP
cblr-7219	782	24	5–6	5–6	NOUN
cblr-7219	782	25	.	.	PUNCT
cblr-7219	782	26	of	of	ADP
cblr-7219	782	27	the	the	DET
cblr-7219	782	28	twenty	twenty	NUM
cblr-7219	782	29	-	-	PUNCT
cblr-7219	782	30	one	one	NUM
cblr-7219	782	31	dtcc	dtcc	NOUN
cblr-7219	782	32	directors	director	NOUN
cblr-7219	782	33	,	,	PUNCT
cblr-7219	782	34	fourteen	fourteen	NUM
cblr-7219	782	35	are	be	AUX
cblr-7219	782	36	elected	elect	VERB
cblr-7219	782	37	by	by	ADP
cblr-7219	782	38	the	the	DET
cblr-7219	782	39	clearing	clearing	NOUN
cblr-7219	782	40	members	member	NOUN
cblr-7219	782	41	.	.	PUNCT
cblr-7219	783	1	see	see	VERB
cblr-7219	783	2	the	the	DET
cblr-7219	783	3	dtcc	dtcc	PROPN
cblr-7219	783	4	board	board	NOUN
cblr-7219	783	5	,	,	PUNCT
cblr-7219	783	6	supra	supra	PROPN
cblr-7219	783	7	note	note	PROPN
cblr-7219	783	8	237	237	NUM
cblr-7219	783	9	.	.	PUNCT
cblr-7219	784	1	238	238	NUM
cblr-7219	784	2	depository	depository	NOUN
cblr-7219	784	3	tr	tr	VERB
cblr-7219	784	4	.	.	PROPN
cblr-7219	784	5	&	&	CCONJ
cblr-7219	784	6	clearing	clearing	PROPN
cblr-7219	784	7	corp	corp	PROPN
cblr-7219	784	8	.	.	PROPN
cblr-7219	784	9	,	,	PUNCT
cblr-7219	784	10	risk	risk	NOUN
cblr-7219	784	11	committee	committee	NOUN
cblr-7219	784	12	charter	charter	NOUN
cblr-7219	784	13	1	1	NUM
cblr-7219	784	14	(	(	PUNCT
cblr-7219	784	15	2020	2020	NUM
cblr-7219	784	16	)	)	PUNCT
cblr-7219	785	1	[	[	X
cblr-7219	785	2	hereinafter	hereinafter	NOUN
cblr-7219	785	3	dtcc	dtcc	PROPN
cblr-7219	785	4	risk	risk	PROPN
cblr-7219	785	5	committee	committee	NOUN
cblr-7219	785	6	charter	charter	NOUN
cblr-7219	785	7	]	]	PUNCT
cblr-7219	785	8	.	.	PUNCT
cblr-7219	786	1	239	239	NUM
cblr-7219	786	2	i	i	PRON
cblr-7219	786	3	d.	d.	NOUN
cblr-7219	786	4	at	at	ADP
cblr-7219	786	5	2	2	NUM
cblr-7219	786	6	;	;	PUNCT
cblr-7219	786	7	board	board	NOUN
cblr-7219	786	8	committees	committee	NOUN
cblr-7219	786	9	,	,	PUNCT
cblr-7219	786	10	depository	depository	NOUN
cblr-7219	786	11	tr	tr	VERB
cblr-7219	786	12	.	.	PROPN
cblr-7219	786	13	&	&	CCONJ
cblr-7219	786	14	clearing	clearing	PROPN
cblr-7219	786	15	corp	corp	PROPN
cblr-7219	786	16	.	.	PROPN
cblr-7219	786	17	,	,	PUNCT
cblr-7219	786	18	https://www.dtcc.com/about/leadership/committees	https://www.dtcc.com/about/leadership/committee	VERB
cblr-7219	787	1	[	[	X
cblr-7219	787	2	https://perma.cc/h3rg-zs9	https://perma.cc/h3rg-zs9	NOUN
cblr-7219	787	3	m	m	X
cblr-7219	787	4	]	]	X
cblr-7219	787	5	(	(	PUNCT
cblr-7219	787	6	last	last	ADJ
cblr-7219	787	7	visited	visit	VERB
cblr-7219	787	8	may	may	PROPN
cblr-7219	787	9	14	14	NUM
cblr-7219	787	10	,	,	PUNCT
cblr-7219	787	11	2020	2020	NUM
cblr-7219	787	12	)	)	PUNCT
cblr-7219	787	13	.	.	PUNCT
cblr-7219	788	1	240	240	NUM
cblr-7219	788	2	dtcc	dtcc	NOUN
cblr-7219	788	3	risk	risk	NOUN
cblr-7219	788	4	committee	committee	NOUN
cblr-7219	788	5	charter	charter	NOUN
cblr-7219	788	6	,	,	PUNCT
cblr-7219	788	7	supra	supra	PROPN
cblr-7219	788	8	note	note	NOUN
cblr-7219	788	9	238	238	NUM
cblr-7219	788	10	,	,	PUNCT
cblr-7219	788	11	at	at	ADP
cblr-7219	788	12	3–4	3–4	NUM
cblr-7219	788	13	.	.	NOUN
cblr-7219	788	14	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	788	15	(	(	PUNCT
cblr-7219	788	16	do	do	AUX
cblr-7219	788	17	not	not	PART
cblr-7219	788	18	delete	delete	VERB
cblr-7219	788	19	)	)	PUNCT
cblr-7219	788	20	10/21/2020	10/21/2020	NUM
cblr-7219	788	21	11:22	11:22	NUM
cblr-7219	788	22	am	am	NOUN
cblr-7219	788	23	no	no	NOUN
cblr-7219	788	24	.	.	PUNCT
cblr-7219	788	25	2:449	2:449	NUM
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cblr-7219	788	27	unfinished	unfinished	ADJ
cblr-7219	788	28	business	business	NOUN
cblr-7219	788	29	507	507	NUM
cblr-7219	788	30	committee	committee	NOUN
cblr-7219	788	31	is	be	AUX
cblr-7219	788	32	responsible	responsible	ADJ
cblr-7219	788	33	for	for	ADP
cblr-7219	788	34	the	the	DET
cblr-7219	788	35	firm	firm	NOUN
cblr-7219	788	36	’s	’s	PART
cblr-7219	788	37	risk	risk	NOUN
cblr-7219	788	38	framework	framework	NOUN
cblr-7219	788	39	;	;	PUNCT
cblr-7219	788	40	it	it	PRON
cblr-7219	788	41	approves	approve	VERB
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cblr-7219	788	44	processes	process	NOUN
cblr-7219	788	45	and	and	CCONJ
cblr-7219	788	46	procedures	procedure	NOUN
cblr-7219	788	47	and	and	CCONJ
cblr-7219	788	48	oversees	oversee	VERB
cblr-7219	788	49	the	the	DET
cblr-7219	788	50	clearing	clearing	NOUN
cblr-7219	788	51	firm	firm	NOUN
cblr-7219	788	52	’s	’s	PART
cblr-7219	788	53	safety	safety	NOUN
cblr-7219	788	54	and	and	CCONJ
cblr-7219	788	55	soundness	soundness	NOUN
cblr-7219	788	56	by	by	ADP
cblr-7219	788	57	monitoring	monitor	VERB
cblr-7219	788	58	the	the	DET
cblr-7219	788	59	management	management	NOUN
cblr-7219	788	60	of	of	ADP
cblr-7219	788	61	risk	risk	NOUN
cblr-7219	788	62	-	-	PUNCT
cblr-7219	788	63	related	relate	VERB
cblr-7219	788	64	activities	activity	NOUN
cblr-7219	788	65	and	and	CCONJ
cblr-7219	788	66	advising	advise	VERB
cblr-7219	788	67	on	on	ADP
cblr-7219	788	68	risk	risk	NOUN
cblr-7219	788	69	management	management	NOUN
cblr-7219	788	70	-	-	PUNCT
cblr-7219	788	71	related	relate	VERB
cblr-7219	788	72	matters.241	matters.241	NOUN
cblr-7219	788	73	in	in	ADP
cblr-7219	788	74	its	its	PRON
cblr-7219	788	75	tasks	task	NOUN
cblr-7219	788	76	,	,	PUNCT
cblr-7219	788	77	the	the	DET
cblr-7219	788	78	risk	risk	NOUN
cblr-7219	788	79	committee	committee	NOUN
cblr-7219	788	80	is	be	AUX
cblr-7219	788	81	supported	support	VERB
cblr-7219	788	82	by	by	ADP
cblr-7219	788	83	the	the	DET
cblr-7219	788	84	management	management	NOUN
cblr-7219	788	85	risk	risk	NOUN
cblr-7219	788	86	committee	committee	NOUN
cblr-7219	788	87	,	,	PUNCT
cblr-7219	788	88	which	which	PRON
cblr-7219	788	89	is	be	AUX
cblr-7219	788	90	responsible	responsible	ADJ
cblr-7219	788	91	for	for	ADP
cblr-7219	788	92	monitoring	monitoring	NOUN
cblr-7219	788	93	and	and	CCONJ
cblr-7219	788	94	overseeing	oversee	VERB
cblr-7219	788	95	the	the	DET
cblr-7219	788	96	company	company	NOUN
cblr-7219	788	97	’s	’s	PART
cblr-7219	788	98	management	management	NOUN
cblr-7219	788	99	of	of	ADP
cblr-7219	788	100	its	its	PRON
cblr-7219	788	101	day	day	NOUN
cblr-7219	788	102	-	-	PUNCT
cblr-7219	788	103	to	to	ADP
cblr-7219	788	104	-	-	PUNCT
cblr-7219	788	105	day	day	NOUN
cblr-7219	788	106	credit	credit	NOUN
cblr-7219	788	107	,	,	PUNCT
cblr-7219	788	108	liquidity	liquidity	NOUN
cblr-7219	788	109	,	,	PUNCT
cblr-7219	788	110	market	market	NOUN
cblr-7219	788	111	,	,	PUNCT
cblr-7219	788	112	operational	operational	ADJ
cblr-7219	788	113	,	,	PUNCT
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cblr-7219	788	115	systemic	systemic	ADJ
cblr-7219	788	116	risks.242	risks.242	PROPN
cblr-7219	788	117	standing	stand	VERB
cblr-7219	788	118	between	between	ADP
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cblr-7219	788	120	-	-	PUNCT
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cblr-7219	788	124	-	-	PUNCT
cblr-7219	788	125	owned	own	VERB
cblr-7219	788	126	clearinghouses	clearinghouse	NOUN
cblr-7219	788	127	is	be	AUX
cblr-7219	788	128	the	the	DET
cblr-7219	788	129	occ	occ	NOUN
cblr-7219	788	130	,	,	PUNCT
cblr-7219	788	131	the	the	DET
cblr-7219	788	132	largest	large	ADJ
cblr-7219	788	133	provider	provider	NOUN
cblr-7219	788	134	of	of	ADP
cblr-7219	788	135	clearing	clearing	NOUN
cblr-7219	788	136	services	service	NOUN
cblr-7219	788	137	for	for	ADP
cblr-7219	788	138	equity	equity	NOUN
cblr-7219	788	139	derivatives.243	derivatives.243	NOUN
cblr-7219	788	140	the	the	DET
cblr-7219	788	141	occ	occ	NOUN
cblr-7219	788	142	has	have	AUX
cblr-7219	788	143	a	a	DET
cblr-7219	788	144	unique	unique	ADJ
cblr-7219	788	145	ownership	ownership	NOUN
cblr-7219	788	146	structure:244	structure:244	ADP
cblr-7219	788	147	the	the	DET
cblr-7219	788	148	firm	firm	NOUN
cblr-7219	788	149	is	be	AUX
cblr-7219	788	150	owned	own	VERB
cblr-7219	788	151	by	by	ADP
cblr-7219	788	152	five	five	NUM
cblr-7219	788	153	equity	equity	NOUN
cblr-7219	788	154	exchanges	exchange	NOUN
cblr-7219	788	155	for	for	ADP
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cblr-7219	788	167	4–8	4–8	NUM
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cblr-7219	788	169	242	242	NUM
cblr-7219	789	1	i	i	PRON
cblr-7219	789	2	d.	d.	VERB
cblr-7219	789	3	at	at	ADP
cblr-7219	789	4	1–2	1–2	NUM
cblr-7219	789	5	.	.	PUNCT
cblr-7219	790	1	243	243	NUM
cblr-7219	790	2	see	see	NOUN
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cblr-7219	790	4	clearing	clearing	PROPN
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cblr-7219	790	9	the	the	DET
cblr-7219	790	10	path	path	NOUN
cblr-7219	790	11	:	:	PUNCT
cblr-7219	790	12	2018	2018	NUM
cblr-7219	790	13	annual	annual	ADJ
cblr-7219	790	14	report	report	NOUN
cblr-7219	790	15	2	2	NUM
cblr-7219	790	16	(	(	PUNCT
cblr-7219	790	17	2019	2019	NUM
cblr-7219	790	18	)	)	PUNCT
cblr-7219	790	19	,	,	PUNCT
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cblr-7219	791	2	[	[	X
cblr-7219	791	3	https://perma.cc/xm94-d38b	https://perma.cc/xm94-d38b	ADV
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cblr-7219	791	5	.	.	PUNCT
cblr-7219	792	1	244	244	NUM
cblr-7219	793	1	i	i	PRON
cblr-7219	793	2	d.	d.	PROPN
cblr-7219	793	3	at	at	ADP
cblr-7219	793	4	36–37	36–37	PROPN
cblr-7219	793	5	,	,	PUNCT
cblr-7219	793	6	46	46	NUM
cblr-7219	793	7	(	(	PUNCT
cblr-7219	793	8	discussing	discuss	VERB
cblr-7219	793	9	the	the	DET
cblr-7219	793	10	ownership	ownership	NOUN
cblr-7219	793	11	structure	structure	NOUN
cblr-7219	793	12	of	of	ADP
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cblr-7219	793	16	a	a	DET
cblr-7219	793	17	proposed	propose	VERB
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cblr-7219	793	19	rejected	reject	VERB
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cblr-7219	793	21	plan	plan	NOUN
cblr-7219	793	22	that	that	PRON
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cblr-7219	793	24	have	have	AUX
cblr-7219	793	25	provided	provide	VERB
cblr-7219	793	26	the	the	DET
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cblr-7219	793	28	with	with	ADP
cblr-7219	793	29	new	new	ADJ
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cblr-7219	793	31	contributions	contribution	NOUN
cblr-7219	793	32	by	by	ADP
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cblr-7219	793	35	)	)	PUNCT
cblr-7219	793	36	.	.	PUNCT
cblr-7219	794	1	craig	craig	PROPN
cblr-7219	794	2	donohue	donohue	PROPN
cblr-7219	794	3	,	,	PUNCT
cblr-7219	794	4	ceo	ceo	NOUN
cblr-7219	794	5	of	of	ADP
cblr-7219	794	6	the	the	DET
cblr-7219	794	7	only	only	ADJ
cblr-7219	794	8	u.s	u.s	PROPN
cblr-7219	794	9	.	.	PROPN
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cblr-7219	794	12	,	,	PUNCT
cblr-7219	794	13	has	have	AUX
cblr-7219	794	14	clashed	clash	VERB
cblr-7219	794	15	with	with	ADP
cblr-7219	794	16	traders	trader	NOUN
cblr-7219	794	17	over	over	ADP
cblr-7219	794	18	his	his	PRON
cblr-7219	794	19	proposed	propose	VERB
cblr-7219	794	20	capital	capital	NOUN
cblr-7219	794	21	plan	plan	NOUN
cblr-7219	794	22	.	.	PUNCT
cblr-7219	795	1	see	see	VERB
cblr-7219	795	2	gunjan	gunjan	PROPN
cblr-7219	795	3	banerji	banerji	PROPN
cblr-7219	795	4	,	,	PUNCT
cblr-7219	795	5	a	a	DET
cblr-7219	795	6	messy	messy	ADJ
cblr-7219	795	7	battle	battle	NOUN
cblr-7219	795	8	brews	brew	NOUN
cblr-7219	795	9	in	in	ADP
cblr-7219	795	10	the	the	DET
cblr-7219	795	11	options	option	NOUN
cblr-7219	795	12	market	market	NOUN
cblr-7219	795	13	,	,	PUNCT
cblr-7219	795	14	wall	wall	PROPN
cblr-7219	795	15	st	st	PROPN
cblr-7219	795	16	.	.	PROPN
cblr-7219	795	17	j.	j.	PROPN
cblr-7219	795	18	(	(	PUNCT
cblr-7219	795	19	aug	aug	PROPN
cblr-7219	795	20	.	.	PROPN
cblr-7219	795	21	22	22	NUM
cblr-7219	795	22	,	,	PUNCT
cblr-7219	795	23	2018	2018	NUM
cblr-7219	795	24	)	)	PUNCT
cblr-7219	795	25	,	,	PUNCT
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cblr-7219	795	27	[	[	X
cblr-7219	795	28	https://perma.cc/qa3yvztf	https://perma.cc/qa3yvztf	X
cblr-7219	795	29	]	]	X
cblr-7219	795	30	.	.	PUNCT
cblr-7219	796	1	the	the	DET
cblr-7219	796	2	rejection	rejection	NOUN
cblr-7219	796	3	of	of	ADP
cblr-7219	796	4	donohue	donohue	PROPN
cblr-7219	796	5	’s	’s	PART
cblr-7219	796	6	recent	recent	ADJ
cblr-7219	796	7	proposal	proposal	NOUN
cblr-7219	796	8	is	be	AUX
cblr-7219	796	9	the	the	DET
cblr-7219	796	10	latest	late	ADJ
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cblr-7219	796	12	in	in	ADP
cblr-7219	796	13	a	a	DET
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cblr-7219	796	16	,	,	PUNCT
cblr-7219	796	17	creating	create	VERB
cblr-7219	796	18	fresh	fresh	ADJ
cblr-7219	796	19	uncertainty	uncertainty	NOUN
cblr-7219	796	20	for	for	ADP
cblr-7219	796	21	an	an	DET
cblr-7219	796	22	organization	organization	NOUN
cblr-7219	796	23	vital	vital	ADJ
cblr-7219	796	24	to	to	ADP
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cblr-7219	796	27	market	market	NOUN
cblr-7219	796	28	.	.	PUNCT
cblr-7219	797	1	see	see	VERB
cblr-7219	797	2	gunjan	gunjan	PROPN
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cblr-7219	797	4	,	,	PUNCT
cblr-7219	797	5	sec	sec	PROPN
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cblr-7219	797	12	,	,	PUNCT
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cblr-7219	797	19	.	.	PROPN
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cblr-7219	799	3	]	]	PUNCT
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cblr-7219	800	1	245	245	NUM
cblr-7219	800	2	options	option	NOUN
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cblr-7219	800	8	options	option	NOUN
cblr-7219	800	9	clearing	clearing	NOUN
cblr-7219	800	10	corporation	corporation	NOUN
cblr-7219	800	11	disclosure	disclosure	NOUN
cblr-7219	800	12	framework	framework	NOUN
cblr-7219	800	13	for	for	ADP
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cblr-7219	800	15	markets	market	NOUN
cblr-7219	800	16	infrastructures	infrastructure	NOUN
cblr-7219	800	17	5	5	NUM
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cblr-7219	800	19	(	(	PUNCT
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cblr-7219	800	21	)	)	PUNCT
cblr-7219	800	22	,	,	PUNCT
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cblr-7219	800	24	[	[	PRON
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cblr-7219	800	27	(	(	PUNCT
cblr-7219	800	28	“	"	PUNCT
cblr-7219	800	29	the	the	DET
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cblr-7219	800	32	are	be	AUX
cblr-7219	800	33	the	the	DET
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cblr-7219	800	36	options	option	NOUN
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cblr-7219	800	38	,	,	PUNCT
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cblr-7219	800	41	,	,	PUNCT
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cblr-7219	800	44	exchange	exchange	PROPN
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cblr-7219	800	46	,	,	PUNCT
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cblr-7219	800	50	llc	llc	PROPN
cblr-7219	800	51	,	,	PUNCT
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cblr-7219	800	54	llc	llc	PROPN
cblr-7219	800	55	,	,	PUNCT
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cblr-7219	800	57	nyse	nyse	PROPN
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cblr-7219	800	59	,	,	PUNCT
cblr-7219	800	60	inc	inc	PROPN
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cblr-7219	801	19	.	.	PUNCT
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cblr-7219	802	8	consolidated	consolidate	VERB
cblr-7219	802	9	to	to	ADP
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cblr-7219	802	15	exchange	exchange	NOUN
cblr-7219	802	16	has	have	VERB
cblr-7219	802	17	one	one	NUM
cblr-7219	802	18	exchange	exchange	NOUN
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cblr-7219	802	21	on	on	ADP
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cblr-7219	802	24	.	.	PUNCT
cblr-7219	802	25	”	"	PUNCT
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cblr-7219	802	27	.	.	PUNCT
cblr-7219	803	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	803	2	(	(	PUNCT
cblr-7219	803	3	do	do	AUX
cblr-7219	803	4	not	not	PART
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cblr-7219	803	6	)	)	PUNCT
cblr-7219	803	7	10/21/2020	10/21/2020	NUM
cblr-7219	803	8	11:22	11:22	NUM
cblr-7219	803	9	am	be	AUX
cblr-7219	803	10	508	508	NUM
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cblr-7219	803	13	law	law	NOUN
cblr-7219	803	14	review	review	NOUN
cblr-7219	803	15	[	[	X
cblr-7219	803	16	vol	vol	NOUN
cblr-7219	803	17	.	.	PUNCT
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cblr-7219	803	34	or	or	CCONJ
cblr-7219	803	35	to	to	AUX
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cblr-7219	803	38	-	-	NOUN
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cblr-7219	803	70	a	a	DET
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cblr-7219	803	73	in	in	ADP
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cblr-7219	803	79	.	.	PUNCT
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cblr-7219	804	6	a	a	DET
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cblr-7219	804	8	-	-	ADJ
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cblr-7219	804	11	dominated	dominate	VERB
cblr-7219	804	12	by	by	ADP
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cblr-7219	804	14	members	member	NOUN
cblr-7219	804	15	and	and	CCONJ
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cblr-7219	804	18	(	(	PUNCT
cblr-7219	804	19	i.e.	i.e.	X
cblr-7219	804	20	,	,	PUNCT
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cblr-7219	804	22	-	-	PUNCT
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cblr-7219	804	36	(	(	PUNCT
cblr-7219	804	37	“	"	PUNCT
cblr-7219	804	38	exchange	exchange	NOUN
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cblr-7219	804	40	”	"	PUNCT
cblr-7219	804	41	)	)	PUNCT
cblr-7219	804	42	;	;	PUNCT
cblr-7219	804	43	nine	nine	NUM
cblr-7219	804	44	are	be	AUX
cblr-7219	804	45	designated	designate	VERB
cblr-7219	804	46	by	by	ADP
cblr-7219	804	47	the	the	DET
cblr-7219	804	48	clearing	clearing	NOUN
cblr-7219	804	49	members	member	NOUN
cblr-7219	804	50	(	(	PUNCT
cblr-7219	804	51	“	"	PUNCT
cblr-7219	804	52	member	member	NOUN
cblr-7219	804	53	directors	director	NOUN
cblr-7219	804	54	”	"	PUNCT
cblr-7219	804	55	)	)	PUNCT
cblr-7219	804	56	;	;	PUNCT
cblr-7219	804	57	five	five	NUM
cblr-7219	804	58	are	be	AUX
cblr-7219	804	59	appointed	appoint	VERB
cblr-7219	804	60	as	as	ADP
cblr-7219	804	61	“	"	PUNCT
cblr-7219	804	62	public	public	ADJ
cblr-7219	804	63	directors	director	NOUN
cblr-7219	804	64	”	"	PUNCT
cblr-7219	804	65	(	(	PUNCT
cblr-7219	804	66	who	who	PRON
cblr-7219	804	67	must	must	AUX
cblr-7219	804	68	not	not	PART
cblr-7219	804	69	be	be	AUX
cblr-7219	804	70	affiliated	affiliate	VERB
cblr-7219	804	71	with	with	ADP
cblr-7219	804	72	any	any	DET
cblr-7219	804	73	national	national	ADJ
cblr-7219	804	74	securities	security	NOUN
cblr-7219	804	75	exchange	exchange	PROPN
cblr-7219	804	76	,	,	PUNCT
cblr-7219	804	77	securities	security	NOUN
cblr-7219	804	78	association	association	NOUN
cblr-7219	804	79	,	,	PUNCT
cblr-7219	804	80	or	or	CCONJ
cblr-7219	804	81	any	any	DET
cblr-7219	804	82	broker	broker	NOUN
cblr-7219	804	83	or	or	CCONJ
cblr-7219	804	84	dealer	dealer	NOUN
cblr-7219	804	85	in	in	ADP
cblr-7219	804	86	securities	security	NOUN
cblr-7219	804	87	)	)	PUNCT
cblr-7219	804	88	;	;	PUNCT
cblr-7219	804	89	and	and	CCONJ
cblr-7219	804	90	one	one	NUM
cblr-7219	804	91	,	,	PUNCT
cblr-7219	804	92	the	the	DET
cblr-7219	804	93	“	"	PUNCT
cblr-7219	804	94	management	management	NOUN
cblr-7219	804	95	director	director	NOUN
cblr-7219	804	96	,	,	PUNCT
cblr-7219	804	97	”	"	PUNCT
cblr-7219	804	98	is	be	AUX
cblr-7219	804	99	an	an	DET
cblr-7219	804	100	inside	inside	ADJ
cblr-7219	804	101	director	director	NOUN
cblr-7219	804	102	chosen	choose	VERB
cblr-7219	804	103	from	from	ADP
cblr-7219	804	104	the	the	DET
cblr-7219	804	105	employees	employee	NOUN
cblr-7219	804	106	of	of	ADP
cblr-7219	804	107	the	the	DET
cblr-7219	804	108	firm	firm	NOUN
cblr-7219	804	109	—	—	PUNCT
cblr-7219	804	110	the	the	DET
cblr-7219	804	111	current	current	ADJ
cblr-7219	804	112	employees	employee	NOUN
cblr-7219	804	113	of	of	ADP
cblr-7219	804	114	the	the	DET
cblr-7219	804	115	occ	occ	NOUN
cblr-7219	804	116	chose	choose	VERB
cblr-7219	804	117	the	the	DET
cblr-7219	804	118	executive	executive	ADJ
cblr-7219	804	119	chairman	chairman	NOUN
cblr-7219	804	120	of	of	ADP
cblr-7219	804	121	the	the	DET
cblr-7219	804	122	firm	firm	NOUN
cblr-7219	804	123	to	to	PART
cblr-7219	804	124	be	be	AUX
cblr-7219	804	125	the	the	DET
cblr-7219	804	126	management	management	NOUN
cblr-7219	804	127	director	director	NOUN
cblr-7219	804	128	elected	elect	VERB
cblr-7219	804	129	on	on	ADP
cblr-7219	804	130	the	the	DET
cblr-7219	804	131	board.250	board.250	NOUN
cblr-7219	804	132	as	as	SCONJ
cblr-7219	804	133	is	be	AUX
cblr-7219	804	134	true	true	ADJ
cblr-7219	804	135	for	for	ADP
cblr-7219	804	136	all	all	DET
cblr-7219	804	137	clearinghouses	clearinghouse	NOUN
cblr-7219	804	138	,	,	PUNCT
cblr-7219	804	139	the	the	DET
cblr-7219	804	140	occ	occ	NOUN
cblr-7219	804	141	’s	’s	PART
cblr-7219	804	142	risk	risk	NOUN
cblr-7219	804	143	committee	committee	NOUN
cblr-7219	804	144	—	—	PUNCT
cblr-7219	804	145	composed	compose	VERB
cblr-7219	804	146	of	of	ADP
cblr-7219	804	147	the	the	DET
cblr-7219	804	148	executive	executive	ADJ
cblr-7219	804	149	chairman	chairman	NOUN
cblr-7219	804	150	and	and	CCONJ
cblr-7219	804	151	at	at	ADV
cblr-7219	804	152	least	least	ADV
cblr-7219	804	153	one	one	NUM
cblr-7219	804	154	management	management	NOUN
cblr-7219	804	155	director	director	NOUN
cblr-7219	804	156	,	,	PUNCT
cblr-7219	804	157	one	one	NUM
cblr-7219	804	158	public	public	ADJ
cblr-7219	804	159	director	director	NOUN
cblr-7219	804	160	,	,	PUNCT
cblr-7219	804	161	and	and	CCONJ
cblr-7219	804	162	one	one	NUM
cblr-7219	804	163	exchange	exchange	NOUN
cblr-7219	804	164	director	director	NOUN
cblr-7219	804	165	—	—	PUNCT
cblr-7219	804	166	plays	play	VERB
cblr-7219	804	167	an	an	DET
cblr-7219	804	168	important	important	ADJ
cblr-7219	804	169	part	part	NOUN
cblr-7219	804	170	in	in	ADP
cblr-7219	804	171	the	the	DET
cblr-7219	804	172	oversight	oversight	NOUN
cblr-7219	804	173	of	of	ADP
cblr-7219	804	174	the	the	DET
cblr-7219	804	175	firm	firm	NOUN
cblr-7219	804	176	’s	’s	PART
cblr-7219	804	177	risk	risk	NOUN
cblr-7219	804	178	management	management	NOUN
cblr-7219	804	179	processes	process	NOUN
cblr-7219	804	180	and	and	CCONJ
cblr-7219	804	181	mechanisms.251	mechanisms.251	NOUN
cblr-7219	804	182	the	the	DET
cblr-7219	804	183	risk	risk	NOUN
cblr-7219	804	184	committee	committee	NOUN
cblr-7219	804	185	reviews	review	NOUN
cblr-7219	804	186	,	,	PUNCT
cblr-7219	804	187	has	have	VERB
cblr-7219	804	188	the	the	DET
cblr-7219	804	189	authority	authority	NOUN
cblr-7219	804	190	to	to	PART
cblr-7219	804	191	amend	amend	VERB
cblr-7219	804	192	,	,	PUNCT
cblr-7219	804	193	and	and	CCONJ
cblr-7219	804	194	eventually	eventually	ADV
cblr-7219	804	195	recommends	recommend	VERB
cblr-7219	804	196	to	to	ADP
cblr-7219	804	197	the	the	DET
cblr-7219	804	198	board	board	NOUN
cblr-7219	804	199	the	the	DET
cblr-7219	804	200	adequacy	adequacy	NOUN
cblr-7219	804	201	of	of	ADP
cblr-7219	804	202	the	the	DET
cblr-7219	804	203	firm	firm	NOUN
cblr-7219	804	204	’s	’s	PART
cblr-7219	804	205	counterparty	counterparty	NOUN
cblr-7219	804	206	,	,	PUNCT
cblr-7219	804	207	collateral	collateral	NOUN
cblr-7219	804	208	,	,	PUNCT
cblr-7219	804	209	and	and	CCONJ
cblr-7219	804	210	liquidity	liquidity	NOUN
cblr-7219	804	211	risk	risk	NOUN
cblr-7219	804	212	policies.252	policies.252	NOUN
cblr-7219	804	213	it	it	PRON
cblr-7219	804	214	oversees	oversee	VERB
cblr-7219	804	215	risk	risk	NOUN
cblr-7219	804	216	models	model	NOUN
cblr-7219	804	217	,	,	PUNCT
cblr-7219	804	218	recovery	recovery	NOUN
cblr-7219	804	219	and	and	CCONJ
cblr-7219	804	220	resolution	resolution	NOUN
cblr-7219	804	221	plans	plan	NOUN
cblr-7219	804	222	,	,	PUNCT
cblr-7219	804	223	and	and	CCONJ
cblr-7219	804	224	the	the	DET
cblr-7219	804	225	clearing	clearing	NOUN
cblr-7219	804	226	membership	membership	NOUN
cblr-7219	804	227	and	and	CCONJ
cblr-7219	804	228	financial	financial	ADJ
cblr-7219	804	229	safeguard	safeguard	NOUN
cblr-7219	804	230	frameworks.253	frameworks.253	PROPN
cblr-7219	804	231	for	for	ADP
cblr-7219	804	232	all	all	PRON
cblr-7219	804	233	of	of	ADP
cblr-7219	804	234	these	these	DET
cblr-7219	804	235	matters	matter	NOUN
cblr-7219	804	236	,	,	PUNCT
cblr-7219	804	237	the	the	DET
cblr-7219	804	238	risk	risk	NOUN
cblr-7219	804	239	committee	committee	NOUN
cblr-7219	804	240	has	have	VERB
cblr-7219	804	241	the	the	DET
cblr-7219	804	242	authority	authority	NOUN
cblr-7219	804	243	to	to	PART
cblr-7219	804	244	make	make	VERB
cblr-7219	804	245	non	non	ADJ
cblr-7219	804	246	-	-	ADJ
cblr-7219	804	247	binding	binding	ADJ
cblr-7219	804	248	recommendations	recommendation	NOUN
cblr-7219	804	249	to	to	ADP
cblr-7219	804	250	246	246	NUM
cblr-7219	804	251	options	option	NOUN
cblr-7219	804	252	clearing	clearing	PROPN
cblr-7219	804	253	corp	corp	PROPN
cblr-7219	804	254	.	.	PROPN
cblr-7219	804	255	,	,	PUNCT
cblr-7219	804	256	by	by	ADP
cblr-7219	804	257	-	-	PUNCT
cblr-7219	804	258	laws	law	NOUN
cblr-7219	804	259	art	art	NOUN
cblr-7219	804	260	.	.	PUNCT
cblr-7219	805	1	i.e	i.e	PRON
cblr-7219	805	2	,	,	PUNCT
cblr-7219	805	3	§	§	PROPN
cblr-7219	805	4	6	6	NUM
cblr-7219	805	5	(	(	PUNCT
cblr-7219	805	6	2019	2019	NUM
cblr-7219	805	7	)	)	PUNCT
cblr-7219	805	8	.	.	PUNCT
cblr-7219	806	1	247	247	NUM
cblr-7219	806	2	i	i	PROPN
cblr-7219	806	3	d.	d.	PROPN
cblr-7219	806	4	art	art	NOUN
cblr-7219	806	5	.	.	PUNCT
cblr-7219	807	1	viia	viia	VERB
cblr-7219	807	2	§	§	PROPN
cblr-7219	807	3	2	2	NUM
cblr-7219	807	4	.	.	NUM
cblr-7219	807	5	248	248	NUM
cblr-7219	808	1	i	i	PRON
cblr-7219	808	2	d.	d.	PROPN
cblr-7219	808	3	§	§	PROPN
cblr-7219	808	4	§	§	PROPN
cblr-7219	808	5	1–2	1–2	NUM
cblr-7219	808	6	.	.	PUNCT
cblr-7219	809	1	249	249	NUM
cblr-7219	809	2	see	see	VERB
cblr-7219	809	3	options	option	NOUN
cblr-7219	809	4	clearing	clearing	PROPN
cblr-7219	809	5	corp	corp	PROPN
cblr-7219	809	6	.	.	PROPN
cblr-7219	809	7	,	,	PUNCT
cblr-7219	809	8	supra	supra	PROPN
cblr-7219	809	9	note	note	PROPN
cblr-7219	809	10	245	245	NUM
cblr-7219	809	11	,	,	PUNCT
cblr-7219	809	12	at	at	ADP
cblr-7219	809	13	16–33	16–33	NUM
cblr-7219	809	14	.	.	PUNCT
cblr-7219	810	1	250	250	NUM
cblr-7219	810	2	see	see	VERB
cblr-7219	810	3	bd	bd	PROPN
cblr-7219	810	4	.	.	PROPN
cblr-7219	810	5	of	of	ADP
cblr-7219	810	6	dirs	dir	NOUN
cblr-7219	810	7	.	.	PUNCT
cblr-7219	810	8	,	,	PUNCT
cblr-7219	810	9	options	options	PROPN
cblr-7219	810	10	clearing	clearing	PROPN
cblr-7219	810	11	corp	corp	PROPN
cblr-7219	810	12	.	.	PROPN
cblr-7219	810	13	,	,	PUNCT
cblr-7219	810	14	charter	charter	NOUN
cblr-7219	810	15	and	and	CCONJ
cblr-7219	810	16	corporate	corporate	ADJ
cblr-7219	810	17	governance	governance	NOUN
cblr-7219	810	18	principles	principle	NOUN
cblr-7219	810	19	4	4	NUM
cblr-7219	810	20	(	(	PUNCT
cblr-7219	810	21	2019	2019	NUM
cblr-7219	810	22	)	)	PUNCT
cblr-7219	810	23	.	.	PUNCT
cblr-7219	811	1	251	251	NUM
cblr-7219	811	2	see	see	VERB
cblr-7219	811	3	options	option	NOUN
cblr-7219	811	4	clearing	clearing	PROPN
cblr-7219	811	5	corp	corp	PROPN
cblr-7219	811	6	.	.	PROPN
cblr-7219	811	7	,	,	PUNCT
cblr-7219	811	8	risk	risk	NOUN
cblr-7219	811	9	committee	committee	NOUN
cblr-7219	811	10	charter	charter	NOUN
cblr-7219	811	11	1	1	NUM
cblr-7219	811	12	(	(	PUNCT
cblr-7219	811	13	2019	2019	NUM
cblr-7219	811	14	)	)	PUNCT
cblr-7219	811	15	.	.	PUNCT
cblr-7219	812	1	252	252	NUM
cblr-7219	812	2	i	i	PRON
cblr-7219	812	3	d.	d.	PROPN
cblr-7219	812	4	at	at	ADP
cblr-7219	812	5	2–3	2–3	PROPN
cblr-7219	812	6	.	.	PROPN
cblr-7219	812	7	253	253	NUM
cblr-7219	812	8	see	see	VERB
cblr-7219	812	9	i	i	PRON
cblr-7219	812	10	d.	d.	PROPN
cblr-7219	812	11	at	at	ADP
cblr-7219	812	12	4–8	4–8	NUM
cblr-7219	812	13	.	.	PROPN
cblr-7219	813	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	813	2	(	(	PUNCT
cblr-7219	813	3	do	do	AUX
cblr-7219	813	4	not	not	PART
cblr-7219	813	5	delete	delete	VERB
cblr-7219	813	6	)	)	PUNCT
cblr-7219	813	7	10/21/2020	10/21/2020	NUM
cblr-7219	813	8	11:22	11:22	NUM
cblr-7219	813	9	am	am	NOUN
cblr-7219	813	10	no	no	NOUN
cblr-7219	813	11	.	.	PUNCT
cblr-7219	814	1	2:449	2:449	NUM
cblr-7219	814	2	]	]	X
cblr-7219	814	3	unfinished	unfinished	ADJ
cblr-7219	814	4	business	business	NOUN
cblr-7219	814	5	509	509	NUM
cblr-7219	814	6	the	the	DET
cblr-7219	814	7	board	board	NOUN
cblr-7219	814	8	;	;	PUNCT
cblr-7219	814	9	however	however	ADV
cblr-7219	814	10	,	,	PUNCT
cblr-7219	814	11	the	the	DET
cblr-7219	814	12	committee	committee	NOUN
cblr-7219	814	13	has	have	VERB
cblr-7219	814	14	final	final	ADJ
cblr-7219	814	15	authority	authority	NOUN
cblr-7219	814	16	in	in	ADP
cblr-7219	814	17	approaching	approach	VERB
cblr-7219	814	18	prospective	prospective	ADJ
cblr-7219	814	19	clearing	clearing	NOUN
cblr-7219	814	20	members	member	NOUN
cblr-7219	814	21	’	'	PUNCT
cblr-7219	814	22	applications.254	applications.254	ADV
cblr-7219	814	23	the	the	DET
cblr-7219	814	24	derivatives	derivative	NOUN
cblr-7219	814	25	clearing	clearing	NOUN
cblr-7219	814	26	markets	market	NOUN
cblr-7219	814	27	,	,	PUNCT
cblr-7219	814	28	on	on	ADP
cblr-7219	814	29	the	the	DET
cblr-7219	814	30	other	other	ADJ
cblr-7219	814	31	hand	hand	NOUN
cblr-7219	814	32	,	,	PUNCT
cblr-7219	814	33	are	be	AUX
cblr-7219	814	34	structurally	structurally	ADV
cblr-7219	814	35	different	different	ADJ
cblr-7219	814	36	.	.	PUNCT
cblr-7219	815	1	fmis	fmi	NOUN
cblr-7219	815	2	have	have	AUX
cblr-7219	815	3	developed	develop	VERB
cblr-7219	815	4	into	into	ADP
cblr-7219	815	5	vertically	vertically	ADV
cblr-7219	815	6	integrated	integrate	VERB
cblr-7219	815	7	(	(	PUNCT
cblr-7219	815	8	open	open	ADJ
cblr-7219	815	9	or	or	CCONJ
cblr-7219	815	10	partially	partially	ADV
cblr-7219	815	11	open)255	open)255	PROPN
cblr-7219	815	12	silos,256	silos,256	PROPN
cblr-7219	815	13	where	where	SCONJ
cblr-7219	815	14	clearinghouses	clearinghouse	NOUN
cblr-7219	815	15	are	be	AUX
cblr-7219	815	16	investor	investor	NOUN
cblr-7219	815	17	-	-	PUNCT
cblr-7219	815	18	owned	own	VERB
cblr-7219	815	19	firms	firm	NOUN
cblr-7219	815	20	,	,	PUNCT
cblr-7219	815	21	subsidiaries	subsidiary	NOUN
cblr-7219	815	22	,	,	PUNCT
cblr-7219	815	23	or	or	CCONJ
cblr-7219	815	24	business	business	NOUN
cblr-7219	815	25	units	unit	NOUN
cblr-7219	815	26	of	of	ADP
cblr-7219	815	27	a	a	DET
cblr-7219	815	28	trading	trading	NOUN
cblr-7219	815	29	platform	platform	NOUN
cblr-7219	815	30	or	or	CCONJ
cblr-7219	815	31	a	a	DET
cblr-7219	815	32	large	large	ADJ
cblr-7219	815	33	for	for	ADP
cblr-7219	815	34	-	-	PUNCT
cblr-7219	815	35	profit	profit	NOUN
cblr-7219	815	36	public	public	ADJ
cblr-7219	815	37	holding	hold	VERB
cblr-7219	815	38	corporation	corporation	NOUN
cblr-7219	815	39	listed	list	VERB
cblr-7219	815	40	on	on	ADP
cblr-7219	815	41	a	a	DET
cblr-7219	815	42	stock	stock	NOUN
cblr-7219	815	43	exchange.257	exchange.257	NOUN
cblr-7219	815	44	both	both	PRON
cblr-7219	815	45	of	of	ADP
cblr-7219	815	46	the	the	DET
cblr-7219	815	47	largest	large	ADJ
cblr-7219	815	48	derivative	derivative	ADJ
cblr-7219	815	49	clearinghouses	clearinghouse	NOUN
cblr-7219	815	50	operating	operate	VERB
cblr-7219	815	51	in	in	ADP
cblr-7219	815	52	the	the	DET
cblr-7219	815	53	u.s	u.s	PROPN
cblr-7219	815	54	.	.	PROPN
cblr-7219	815	55	are	be	AUX
cblr-7219	815	56	parts	part	NOUN
cblr-7219	815	57	of	of	ADP
cblr-7219	815	58	large	large	ADJ
cblr-7219	815	59	infrastructural	infrastructural	ADJ
cblr-7219	815	60	groups	group	NOUN
cblr-7219	815	61	,	,	PUNCT
cblr-7219	815	62	where	where	SCONJ
cblr-7219	815	63	trading	trading	NOUN
cblr-7219	815	64	,	,	PUNCT
cblr-7219	815	65	post	post	ADJ
cblr-7219	815	66	-	-	ADJ
cblr-7219	815	67	trading	trading	ADJ
cblr-7219	815	68	,	,	PUNCT
cblr-7219	815	69	and	and	CCONJ
cblr-7219	815	70	informational	informational	ADJ
cblr-7219	815	71	services	service	NOUN
cblr-7219	815	72	are	be	AUX
cblr-7219	815	73	provided	provide	VERB
cblr-7219	815	74	in	in	ADP
cblr-7219	815	75	a	a	DET
cblr-7219	815	76	vertical	vertical	ADJ
cblr-7219	815	77	structure.258	structure.258	NOUN
cblr-7219	815	78	they	they	PRON
cblr-7219	815	79	also	also	ADV
cblr-7219	815	80	transitioned	transition	VERB
cblr-7219	815	81	,	,	PUNCT
cblr-7219	815	82	at	at	ADP
cblr-7219	815	83	some	some	DET
cblr-7219	815	84	point	point	NOUN
cblr-7219	815	85	in	in	ADP
cblr-7219	815	86	the	the	DET
cblr-7219	815	87	last	last	ADJ
cblr-7219	815	88	twenty	twenty	NUM
cblr-7219	815	89	years	year	NOUN
cblr-7219	815	90	,	,	PUNCT
cblr-7219	815	91	from	from	ADP
cblr-7219	815	92	being	be	AUX
cblr-7219	815	93	owned	own	VERB
cblr-7219	815	94	by	by	ADP
cblr-7219	815	95	their	their	PRON
cblr-7219	815	96	members	member	NOUN
cblr-7219	815	97	or	or	CCONJ
cblr-7219	815	98	by	by	ADP
cblr-7219	815	99	a	a	DET
cblr-7219	815	100	mutual	mutual	ADJ
cblr-7219	815	101	exchange	exchange	NOUN
cblr-7219	815	102	to	to	ADP
cblr-7219	815	103	being	be	AUX
cblr-7219	815	104	investor	investor	NOUN
cblr-7219	815	105	-	-	PUNCT
cblr-7219	815	106	owned	own	VERB
cblr-7219	815	107	(	(	PUNCT
cblr-7219	815	108	or	or	CCONJ
cblr-7219	815	109	,	,	PUNCT
cblr-7219	815	110	more	more	ADV
cblr-7219	815	111	precisely	precisely	ADV
cblr-7219	815	112	,	,	PUNCT
cblr-7219	815	113	owned	own	VERB
cblr-7219	815	114	by	by	ADP
cblr-7219	815	115	a	a	DET
cblr-7219	815	116	demutualized	demutualize	VERB
cblr-7219	815	117	and	and	CCONJ
cblr-7219	815	118	investor	investor	NOUN
cblr-7219	815	119	-	-	PUNCT
cblr-7219	815	120	owned	own	VERB
cblr-7219	815	121	trading	trading	NOUN
cblr-7219	815	122	platform	platform	NOUN
cblr-7219	815	123	or	or	CCONJ
cblr-7219	815	124	holding	holding	NOUN
cblr-7219	815	125	company).259	company).259	VERB
cblr-7219	815	126	the	the	DET
cblr-7219	815	127	chicago	chicago	PROPN
cblr-7219	815	128	mercantile	mercantile	PROPN
cblr-7219	815	129	exchange	exchange	PROPN
cblr-7219	815	130	inc.(“cme	inc.(“cme	PROPN
cblr-7219	815	131	inc	inc	PROPN
cblr-7219	815	132	.	.	PUNCT
cblr-7219	815	133	”	"	PUNCT
cblr-7219	815	134	)	)	PUNCT
cblr-7219	815	135	and	and	CCONJ
cblr-7219	815	136	its	its	PRON
cblr-7219	815	137	clearing	clearing	NOUN
cblr-7219	815	138	division	division	NOUN
cblr-7219	815	139	(	(	PUNCT
cblr-7219	815	140	“	"	PUNCT
cblr-7219	815	141	cme	cme	PROPN
cblr-7219	815	142	clearing”),260	clearing”),260	PROPN
cblr-7219	815	143	are	be	AUX
cblr-7219	815	144	part	part	NOUN
cblr-7219	815	145	of	of	ADP
cblr-7219	815	146	the	the	DET
cblr-7219	815	147	cme	cme	PROPN
cblr-7219	815	148	254	254	NUM
cblr-7219	815	149	see	see	NOUN
cblr-7219	815	150	options	option	NOUN
cblr-7219	815	151	clearing	clearing	PROPN
cblr-7219	815	152	corp	corp	PROPN
cblr-7219	815	153	.	.	PROPN
cblr-7219	815	154	,	,	PUNCT
cblr-7219	815	155	supra	supra	PROPN
cblr-7219	815	156	note	note	PROPN
cblr-7219	815	157	245	245	NUM
cblr-7219	815	158	,	,	PUNCT
cblr-7219	815	159	at	at	ADP
cblr-7219	815	160	97–98	97–98	NUM
cblr-7219	815	161	,	,	PUNCT
cblr-7219	815	162	105–06	105–06	NUM
cblr-7219	815	163	.	.	PUNCT
cblr-7219	816	1	255	255	NUM
cblr-7219	817	1	the	the	DET
cblr-7219	817	2	dodd	dodd	PROPN
cblr-7219	817	3	-	-	PUNCT
cblr-7219	817	4	frank	frank	PROPN
cblr-7219	817	5	act	act	NOUN
cblr-7219	817	6	required	require	VERB
cblr-7219	817	7	open	open	ADJ
cblr-7219	817	8	access	access	NOUN
cblr-7219	817	9	to	to	ADP
cblr-7219	817	10	clearing	clearing	NOUN
cblr-7219	817	11	services	service	NOUN
cblr-7219	817	12	for	for	ADP
cblr-7219	817	13	swaps	swap	NOUN
cblr-7219	817	14	and	and	CCONJ
cblr-7219	817	15	securities	security	NOUN
cblr-7219	817	16	-	-	PUNCT
cblr-7219	817	17	swaps	swap	NOUN
cblr-7219	817	18	regulated	regulate	VERB
cblr-7219	817	19	by	by	ADP
cblr-7219	817	20	both	both	CCONJ
cblr-7219	817	21	the	the	DET
cblr-7219	817	22	cftc	cftc	PROPN
cblr-7219	817	23	and	and	CCONJ
cblr-7219	817	24	the	the	DET
cblr-7219	817	25	sec	sec	PROPN
cblr-7219	817	26	.	.	PROPN
cblr-7219	818	1	see	see	VERB
cblr-7219	818	2	dodd	dodd	PROPN
cblr-7219	818	3	-	-	PUNCT
cblr-7219	818	4	frank	frank	PROPN
cblr-7219	818	5	act	act	PROPN
cblr-7219	818	6	,	,	PUNCT
cblr-7219	818	7	pub	pub	NOUN
cblr-7219	818	8	.	.	PUNCT
cblr-7219	819	1	l.	l.	PROPN
cblr-7219	819	2	no	no	INTJ
cblr-7219	819	3	.	.	PROPN
cblr-7219	819	4	111	111	NUM
cblr-7219	819	5	-	-	SYM
cblr-7219	819	6	203	203	NUM
cblr-7219	819	7	,	,	PUNCT
cblr-7219	819	8	§	§	PROPN
cblr-7219	819	9	§	§	NOUN
cblr-7219	819	10	723(a)(3	723(a)(3	NUM
cblr-7219	819	11	)	)	PUNCT
cblr-7219	819	12	,	,	PUNCT
cblr-7219	819	13	763	763	NUM
cblr-7219	819	14	,	,	PUNCT
cblr-7219	819	15	124	124	NUM
cblr-7219	819	16	stat	stat	NOUN
cblr-7219	819	17	.	.	PUNCT
cblr-7219	820	1	1376	1376	NUM
cblr-7219	820	2	,	,	PUNCT
cblr-7219	820	3	1675	1675	NUM
cblr-7219	820	4	,	,	PUNCT
cblr-7219	820	5	1762	1762	NUM
cblr-7219	820	6	(	(	PUNCT
cblr-7219	820	7	2010	2010	NUM
cblr-7219	820	8	)	)	PUNCT
cblr-7219	820	9	.	.	PUNCT
cblr-7219	821	1	see	see	VERB
cblr-7219	821	2	also	also	ADV
cblr-7219	821	3	general	general	ADJ
cblr-7219	821	4	rules	rule	NOUN
cblr-7219	821	5	and	and	CCONJ
cblr-7219	821	6	regulations	regulation	NOUN
cblr-7219	821	7	,	,	PUNCT
cblr-7219	821	8	securities	security	NOUN
cblr-7219	821	9	exchange	exchange	PROPN
cblr-7219	821	10	act	act	NOUN
cblr-7219	821	11	of	of	ADP
cblr-7219	821	12	1934	1934	NUM
cblr-7219	821	13	,	,	PUNCT
cblr-7219	821	14	17	17	NUM
cblr-7219	821	15	c.f.r	c.f.r	NOUN
cblr-7219	821	16	.	.	PUNCT
cblr-7219	822	1	§	§	PROPN
cblr-7219	822	2	240	240	NUM
cblr-7219	822	3	(	(	PUNCT
cblr-7219	822	4	2012	2012	NUM
cblr-7219	822	5	)	)	PUNCT
cblr-7219	822	6	.	.	PUNCT
cblr-7219	823	1	256	256	NUM
cblr-7219	823	2	see	see	VERB
cblr-7219	823	3	e.g.	e.g.	ADV
cblr-7219	823	4	,	,	PUNCT
cblr-7219	823	5	cme	cme	PROPN
cblr-7219	823	6	group	group	NOUN
cblr-7219	823	7	overview	overview	NOUN
cblr-7219	823	8	,	,	PUNCT
cblr-7219	823	9	supra	supra	PROPN
cblr-7219	823	10	note	note	PROPN
cblr-7219	823	11	140	140	NUM
cblr-7219	823	12	;	;	PUNCT
cblr-7219	823	13	ice	ice	NOUN
cblr-7219	823	14	clear	clear	ADJ
cblr-7219	823	15	credit	credit	NOUN
cblr-7219	823	16	,	,	PUNCT
cblr-7219	823	17	supra	supra	PROPN
cblr-7219	823	18	note	note	NOUN
cblr-7219	823	19	141	141	NUM
cblr-7219	823	20	.	.	NOUN
cblr-7219	824	1	257	257	NUM
cblr-7219	824	2	for	for	ADP
cblr-7219	824	3	instance	instance	NOUN
cblr-7219	824	4	,	,	PUNCT
cblr-7219	824	5	cme	cme	PROPN
cblr-7219	824	6	group	group	NOUN
cblr-7219	824	7	is	be	AUX
cblr-7219	824	8	listed	list	VERB
cblr-7219	824	9	on	on	ADP
cblr-7219	824	10	nasdaq	nasdaq	PROPN
cblr-7219	824	11	.	.	PUNCT
cblr-7219	825	1	see	see	VERB
cblr-7219	825	2	cme	cme	PROPN
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cblr-7219	825	4	inc	inc	PROPN
cblr-7219	825	5	.	.	PROPN
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cblr-7219	825	7	a	a	DET
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cblr-7219	825	9	stock	stock	NOUN
cblr-7219	825	10	(	(	PUNCT
cblr-7219	825	11	cme	cme	PROPN
cblr-7219	825	12	)	)	PUNCT
cblr-7219	825	13	,	,	PUNCT
cblr-7219	825	14	supra	supra	PROPN
cblr-7219	825	15	note	note	VERB
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cblr-7219	825	17	.	.	PUNCT
cblr-7219	826	1	the	the	DET
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cblr-7219	826	10	stock	stock	PROPN
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cblr-7219	826	12	.	.	PUNCT
cblr-7219	827	1	see	see	VERB
cblr-7219	827	2	intercontinental	intercontinental	PROPN
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cblr-7219	827	5	.	.	PROPN
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cblr-7219	827	7	,	,	PUNCT
cblr-7219	827	8	supra	supra	PROPN
cblr-7219	827	9	note	note	PROPN
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cblr-7219	827	11	.	.	PUNCT
cblr-7219	828	1	see	see	VERB
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cblr-7219	828	4	,	,	PUNCT
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cblr-7219	828	6	note	note	PROPN
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cblr-7219	828	8	,	,	PUNCT
cblr-7219	828	9	at	at	ADP
cblr-7219	828	10	197	197	NUM
cblr-7219	828	11	–	–	PUNCT
cblr-7219	828	12	210	210	NUM
cblr-7219	828	13	,	,	PUNCT
cblr-7219	828	14	268–72	268–72	NUM
cblr-7219	828	15	(	(	PUNCT
cblr-7219	828	16	providing	provide	VERB
cblr-7219	828	17	a	a	DET
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cblr-7219	828	23	of	of	ADP
cblr-7219	828	24	cme	cme	PROPN
cblr-7219	828	25	and	and	CCONJ
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cblr-7219	828	27	the	the	DET
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cblr-7219	829	1	258	258	NUM
cblr-7219	829	2	see	see	VERB
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cblr-7219	829	4	,	,	PUNCT
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cblr-7219	829	7	of	of	ADP
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cblr-7219	829	9	,	,	PUNCT
cblr-7219	829	10	supra	supra	PROPN
cblr-7219	829	11	note	note	NOUN
cblr-7219	829	12	8	8	NUM
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cblr-7219	829	17	.	.	PUNCT
cblr-7219	830	1	1	1	X
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cblr-7219	830	6	&	&	CCONJ
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cblr-7219	830	8	,	,	PUNCT
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cblr-7219	830	10	note	note	PROPN
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cblr-7219	830	13	at	at	ADP
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cblr-7219	830	21	market	market	NOUN
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cblr-7219	830	24	)	)	PUNCT
cblr-7219	830	25	.	.	PUNCT
cblr-7219	831	1	259	259	NUM
cblr-7219	831	2	see	see	VERB
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cblr-7219	831	4	,	,	PUNCT
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cblr-7219	831	9	,	,	PUNCT
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cblr-7219	831	14	at	at	ADP
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cblr-7219	832	11	of	of	ADP
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cblr-7219	832	13	cme	cme	PROPN
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cblr-7219	833	1	see	see	VERB
cblr-7219	833	2	about	about	ADP
cblr-7219	833	3	cme	cme	PROPN
cblr-7219	833	4	group	group	NOUN
cblr-7219	833	5	,	,	PUNCT
cblr-7219	833	6	cme	cme	PROPN
cblr-7219	833	7	group	group	NOUN
cblr-7219	833	8	,	,	PUNCT
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cblr-7219	833	10	[	[	X
cblr-7219	833	11	https://perma.cc/fhv8-89st	https://perma.cc/fhv8-89st	X
cblr-7219	833	12	]	]	X
cblr-7219	833	13	(	(	PUNCT
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cblr-7219	833	15	visited	visit	VERB
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cblr-7219	833	21	.	.	PUNCT
cblr-7219	834	1	cme	cme	PROPN
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cblr-7219	834	4	both	both	CCONJ
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cblr-7219	834	6	-	-	PUNCT
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cblr-7219	834	8	and	and	CCONJ
cblr-7219	834	9	otc	otc	PROPN
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cblr-7219	834	11	.	.	PUNCT
cblr-7219	835	1	see	see	VERB
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cblr-7219	835	5	,	,	PUNCT
cblr-7219	835	6	cme	cme	PROPN
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cblr-7219	835	8	(	(	PUNCT
cblr-7219	835	9	do	do	AUX
cblr-7219	835	10	not	not	PART
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cblr-7219	835	12	)	)	PUNCT
cblr-7219	835	13	10/21/2020	10/21/2020	NUM
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cblr-7219	835	21	[	[	X
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cblr-7219	835	23	.	.	PUNCT
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cblr-7219	835	34	(	(	PUNCT
cblr-7219	835	35	“	"	PUNCT
cblr-7219	835	36	icc	icc	PROPN
cblr-7219	835	37	”	"	PUNCT
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cblr-7219	835	39	,	,	PUNCT
cblr-7219	835	40	a	a	DET
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cblr-7219	835	42	of	of	ADP
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cblr-7219	835	45	exchange	exchange	PROPN
cblr-7219	835	46	group,261	group,261	PROPN
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cblr-7219	835	49	systemically	systemically	ADV
cblr-7219	835	50	important	important	ADJ
cblr-7219	835	51	clearinghouses	clearinghouse	NOUN
cblr-7219	835	52	operating	operate	VERB
cblr-7219	835	53	in	in	ADP
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cblr-7219	835	55	u.s	u.s	PROPN
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cblr-7219	836	1	markets.262	markets.262	PROPN
cblr-7219	836	2	being	be	AUX
cblr-7219	836	3	(	(	PUNCT
cblr-7219	836	4	indirectly	indirectly	ADV
cblr-7219	836	5	)	)	PUNCT
cblr-7219	836	6	a	a	DET
cblr-7219	836	7	wholly	wholly	ADV
cblr-7219	836	8	-	-	PUNCT
cblr-7219	836	9	owned	own	VERB
cblr-7219	836	10	subsidiary	subsidiary	NOUN
cblr-7219	836	11	of	of	ADP
cblr-7219	836	12	a	a	DET
cblr-7219	836	13	listed	list	VERB
cblr-7219	836	14	corporation	corporation	NOUN
cblr-7219	836	15	,	,	PUNCT
cblr-7219	836	16	in	in	ADP
cblr-7219	836	17	the	the	DET
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cblr-7219	836	19	of	of	ADP
cblr-7219	836	20	icc,263	icc,263	PROPN
cblr-7219	836	21	or	or	CCONJ
cblr-7219	836	22	a	a	DET
cblr-7219	836	23	business	business	NOUN
cblr-7219	836	24	unit	unit	NOUN
cblr-7219	836	25	and	and	CCONJ
cblr-7219	836	26	internal	internal	ADJ
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cblr-7219	836	28	of	of	ADP
cblr-7219	836	29	a	a	DET
cblr-7219	836	30	subsidiary	subsidiary	NOUN
cblr-7219	836	31	of	of	ADP
cblr-7219	836	32	a	a	DET
cblr-7219	836	33	listed	list	VERB
cblr-7219	836	34	corporation	corporation	NOUN
cblr-7219	836	35	,	,	PUNCT
cblr-7219	836	36	in	in	ADP
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cblr-7219	836	39	of	of	ADP
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cblr-7219	836	45	arrangement	arrangement	NOUN
cblr-7219	836	46	and	and	CCONJ
cblr-7219	836	47	the	the	DET
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cblr-7219	836	49	of	of	ADP
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cblr-7219	836	51	between	between	ADP
cblr-7219	836	52	clearing	clear	VERB
cblr-7219	836	53	members	member	NOUN
cblr-7219	836	54	and	and	CCONJ
cblr-7219	836	55	firm	firm	ADJ
cblr-7219	836	56	shareholders	shareholder	NOUN
cblr-7219	836	57	particularly	particularly	ADV
cblr-7219	836	58	interesting	interesting	ADJ
cblr-7219	836	59	.	.	PUNCT
cblr-7219	837	1	cme	cme	PROPN
cblr-7219	837	2	inc	inc	PROPN
cblr-7219	837	3	.	.	PROPN
cblr-7219	837	4	’s	’s	PART
cblr-7219	837	5	“	"	PUNCT
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cblr-7219	837	9	.	.	PUNCT
cblr-7219	837	10	.	.	PUNCT
cblr-7219	838	1	.	.	PUNCT
cblr-7219	839	1	is	be	AUX
cblr-7219	839	2	comprised	comprise	VERB
cblr-7219	839	3	of	of	ADP
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cblr-7219	839	5	same	same	ADJ
cblr-7219	839	6	individuals	individual	NOUN
cblr-7219	839	7	as	as	ADP
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cblr-7219	839	9	board	board	NOUN
cblr-7219	839	10	of	of	ADP
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cblr-7219	839	12	of	of	ADP
cblr-7219	839	13	cme	cme	PROPN
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cblr-7219	839	15	.	.	PUNCT
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cblr-7219	840	2	the	the	DET
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cblr-7219	840	6	two	two	NUM
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cblr-7219	840	8	conflicting	conflicting	ADJ
cblr-7219	840	9	purposes	purpose	NOUN
cblr-7219	840	10	:	:	PUNCT
cblr-7219	840	11	on	on	ADP
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cblr-7219	840	15	,	,	PUNCT
cblr-7219	840	16	as	as	ADP
cblr-7219	840	17	a	a	DET
cblr-7219	840	18	private	private	ADJ
cblr-7219	840	19	corporation	corporation	NOUN
cblr-7219	840	20	,	,	PUNCT
cblr-7219	840	21	cme	cme	PROPN
cblr-7219	840	22	inc	inc	PROPN
cblr-7219	840	23	.	.	PROPN
cblr-7219	840	24	is	be	AUX
cblr-7219	840	25	committed	commit	VERB
cblr-7219	840	26	to	to	ADP
cblr-7219	840	27	maximizing	maximize	VERB
cblr-7219	840	28	shareholder	shareholder	NOUN
cblr-7219	840	29	value	value	NOUN
cblr-7219	840	30	;	;	PUNCT
cblr-7219	840	31	on	on	ADP
cblr-7219	840	32	the	the	DET
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cblr-7219	840	34	,	,	PUNCT
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cblr-7219	840	43	,	,	PUNCT
cblr-7219	840	44	cme	cme	PROPN
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cblr-7219	840	47	is	be	AUX
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cblr-7219	840	52	in	in	ADP
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cblr-7219	840	90	.	.	PUNCT
cblr-7219	841	1	”267	”267	PROPN
cblr-7219	841	2	cme	cme	PROPN
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cblr-7219	841	21	(	(	PUNCT
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cblr-7219	842	2	see	see	VERB
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cblr-7219	842	9	note	note	PROPN
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cblr-7219	842	11	,	,	PUNCT
cblr-7219	842	12	at	at	ADP
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cblr-7219	842	15	262	262	NUM
cblr-7219	842	16	see	see	VERB
cblr-7219	842	17	fsoc	fsoc	ADJ
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cblr-7219	842	19	,	,	PUNCT
cblr-7219	842	20	supra	supra	PROPN
cblr-7219	842	21	note	note	NOUN
cblr-7219	842	22	144	144	NUM
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cblr-7219	843	5	”	"	PUNCT
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cblr-7219	843	48	-	-	SYM
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cblr-7219	843	50	(	(	PUNCT
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cblr-7219	849	55	these	these	DET
cblr-7219	849	56	committees	committee	NOUN
cblr-7219	849	57	,	,	PUNCT
cblr-7219	849	58	working	work	VERB
cblr-7219	849	59	closely	closely	ADV
cblr-7219	849	60	with	with	ADP
cblr-7219	849	61	the	the	DET
cblr-7219	849	62	senior	senior	ADJ
cblr-7219	849	63	management	management	NOUN
cblr-7219	849	64	of	of	ADP
cblr-7219	849	65	cme	cme	PROPN
cblr-7219	849	66	clearing	clearing	NOUN
cblr-7219	849	67	,	,	PUNCT
cblr-7219	849	68	have	have	AUX
cblr-7219	849	69	been	be	AUX
cblr-7219	849	70	tasked	task	VERB
cblr-7219	849	71	,	,	PUNCT
cblr-7219	849	72	in	in	ADP
cblr-7219	849	73	different	different	ADJ
cblr-7219	849	74	ways	way	NOUN
cblr-7219	849	75	,	,	PUNCT
cblr-7219	849	76	with	with	ADP
cblr-7219	849	77	overseeing	overseeing	NOUN
cblr-7219	849	78	and	and	CCONJ
cblr-7219	849	79	advising	advise	VERB
cblr-7219	849	80	the	the	DET
cblr-7219	849	81	board	board	NOUN
cblr-7219	849	82	on	on	ADP
cblr-7219	849	83	different	different	ADJ
cblr-7219	849	84	facets	facet	NOUN
cblr-7219	849	85	of	of	ADP
cblr-7219	849	86	the	the	DET
cblr-7219	849	87	clearinghouse	clearinghouse	NOUN
cblr-7219	849	88	’s	’s	PART
cblr-7219	849	89	risk	risk	NOUN
cblr-7219	849	90	management	management	NOUN
cblr-7219	849	91	programs	program	NOUN
cblr-7219	849	92	and	and	CCONJ
cblr-7219	849	93	mechanisms.272	mechanisms.272	PROPN
cblr-7219	849	94	cme	cme	PROPN
cblr-7219	849	95	clearing	clearing	NOUN
cblr-7219	849	96	acknowledges	acknowledge	VERB
cblr-7219	849	97	the	the	DET
cblr-7219	849	98	importance	importance	NOUN
cblr-7219	849	99	of	of	ADP
cblr-7219	849	100	providing	provide	VERB
cblr-7219	849	101	accountability	accountability	NOUN
cblr-7219	849	102	to	to	ADP
cblr-7219	849	103	its	its	PRON
cblr-7219	849	104	main	main	ADJ
cblr-7219	849	105	constituencies	constituency	NOUN
cblr-7219	849	106	and	and	CCONJ
cblr-7219	849	107	key	key	ADJ
cblr-7219	849	108	market	market	NOUN
cblr-7219	849	109	stakeholders	stakeholder	NOUN
cblr-7219	849	110	.	.	PUNCT
cblr-7219	850	1	cme	cme	PROPN
cblr-7219	850	2	clearing	clearing	PROPN
cblr-7219	850	3	,	,	PUNCT
cblr-7219	850	4	through	through	ADP
cblr-7219	850	5	governance	governance	NOUN
cblr-7219	850	6	arrangements	arrangement	NOUN
cblr-7219	850	7	,	,	PUNCT
cblr-7219	850	8	is	be	AUX
cblr-7219	850	9	committed	commit	VERB
cblr-7219	850	10	to	to	ADP
cblr-7219	850	11	considering	consider	VERB
cblr-7219	850	12	the	the	DET
cblr-7219	850	13	legitimate	legitimate	ADJ
cblr-7219	850	14	interests	interest	NOUN
cblr-7219	850	15	of	of	ADP
cblr-7219	850	16	its	its	PRON
cblr-7219	850	17	clearing	clearing	NOUN
cblr-7219	850	18	members	member	NOUN
cblr-7219	850	19	and	and	CCONJ
cblr-7219	850	20	its	its	PRON
cblr-7219	850	21	end	end	NOUN
cblr-7219	850	22	-	-	PUNCT
cblr-7219	850	23	users	user	NOUN
cblr-7219	850	24	,	,	PUNCT
cblr-7219	850	25	and	and	CCONJ
cblr-7219	850	26	has	have	AUX
cblr-7219	850	27	agreed	agree	VERB
cblr-7219	850	28	to	to	PART
cblr-7219	850	29	have	have	VERB
cblr-7219	850	30	the	the	DET
cblr-7219	850	31	majority	majority	NOUN
cblr-7219	850	32	of	of	ADP
cblr-7219	850	33	its	its	PRON
cblr-7219	850	34	board	board	NOUN
cblr-7219	850	35	members	member	NOUN
cblr-7219	850	36	be	be	AUX
cblr-7219	850	37	representatives	representative	NOUN
cblr-7219	850	38	from	from	ADP
cblr-7219	850	39	market	market	NOUN
cblr-7219	850	40	participants.273	participants.273	PROPN
cblr-7219	850	41	268	268	NUM
cblr-7219	850	42	see	see	VERB
cblr-7219	850	43	bd	bd	PROPN
cblr-7219	850	44	.	.	PROPN
cblr-7219	850	45	of	of	ADP
cblr-7219	850	46	dirs	dir	NOUN
cblr-7219	850	47	.	.	PUNCT
cblr-7219	851	1	,	,	PUNCT
cblr-7219	851	2	cme	cme	PROPN
cblr-7219	851	3	group	group	NOUN
cblr-7219	851	4	,	,	PUNCT
cblr-7219	851	5	corporate	corporate	ADJ
cblr-7219	851	6	governance	governance	NOUN
cblr-7219	851	7	principles	principle	NOUN
cblr-7219	851	8	2	2	NUM
cblr-7219	851	9	(	(	PUNCT
cblr-7219	851	10	2020	2020	NUM
cblr-7219	851	11	)	)	PUNCT
cblr-7219	851	12	.	.	PUNCT
cblr-7219	852	1	269	269	NUM
cblr-7219	852	2	see	see	VERB
cblr-7219	852	3	cme	cme	NOUN
cblr-7219	852	4	clearing	clearing	NOUN
cblr-7219	852	5	principles	principle	NOUN
cblr-7219	852	6	,	,	PUNCT
cblr-7219	852	7	supra	supra	PROPN
cblr-7219	852	8	note	note	NOUN
cblr-7219	852	9	265	265	NUM
cblr-7219	852	10	,	,	PUNCT
cblr-7219	852	11	at	at	ADP
cblr-7219	852	12	4	4	NUM
cblr-7219	852	13	.	.	PUNCT
cblr-7219	853	1	the	the	DET
cblr-7219	853	2	clearing	clearing	NOUN
cblr-7219	853	3	house	house	PROPN
cblr-7219	853	4	oversight	oversight	PROPN
cblr-7219	853	5	committee	committee	PROPN
cblr-7219	853	6	“	"	PUNCT
cblr-7219	853	7	is	be	AUX
cblr-7219	853	8	comprised	comprise	VERB
cblr-7219	853	9	entirely	entirely	ADV
cblr-7219	853	10	of	of	ADP
cblr-7219	853	11	board	board	NOUN
cblr-7219	853	12	members	member	NOUN
cblr-7219	853	13	,	,	PUNCT
cblr-7219	853	14	works	work	VERB
cblr-7219	853	15	cohesively	cohesively	ADV
cblr-7219	853	16	with	with	ADP
cblr-7219	853	17	the	the	DET
cblr-7219	853	18	full	full	ADJ
cblr-7219	853	19	board	board	NOUN
cblr-7219	853	20	in	in	ADP
cblr-7219	853	21	advising	advise	VERB
cblr-7219	853	22	it	it	PRON
cblr-7219	853	23	on	on	ADP
cblr-7219	853	24	its	its	PRON
cblr-7219	853	25	oversight	oversight	NOUN
cblr-7219	853	26	of	of	ADP
cblr-7219	853	27	the	the	DET
cblr-7219	853	28	risk	risk	NOUN
cblr-7219	853	29	management	management	NOUN
cblr-7219	853	30	activities	activity	NOUN
cblr-7219	853	31	of	of	ADP
cblr-7219	853	32	the	the	DET
cblr-7219	853	33	clearing	clearing	NOUN
cblr-7219	853	34	house	house	NOUN
cblr-7219	853	35	,	,	PUNCT
cblr-7219	853	36	including	include	VERB
cblr-7219	853	37	the	the	DET
cblr-7219	853	38	effectiveness	effectiveness	NOUN
cblr-7219	853	39	of	of	ADP
cblr-7219	853	40	cme	cme	PROPN
cblr-7219	853	41	clearing	clearing	NOUN
cblr-7219	853	42	’s	’s	PART
cblr-7219	853	43	risk	risk	NOUN
cblr-7219	853	44	management	management	NOUN
cblr-7219	853	45	program	program	NOUN
cblr-7219	853	46	.	.	PUNCT
cblr-7219	853	47	”	"	PUNCT
cblr-7219	854	1	cme	cme	PROPN
cblr-7219	854	2	group	group	NOUN
cblr-7219	854	3	,	,	PUNCT
cblr-7219	854	4	supra	supra	PROPN
cblr-7219	854	5	note	note	PROPN
cblr-7219	854	6	268	268	NUM
cblr-7219	854	7	,	,	PUNCT
cblr-7219	854	8	at	at	ADP
cblr-7219	854	9	19	19	NUM
cblr-7219	854	10	.	.	PUNCT
cblr-7219	855	1	among	among	ADP
cblr-7219	855	2	its	its	PRON
cblr-7219	855	3	responsibilities	responsibility	NOUN
cblr-7219	855	4	are	be	AUX
cblr-7219	855	5	the	the	DET
cblr-7219	855	6	firm	firm	NOUN
cblr-7219	855	7	’s	’s	PART
cblr-7219	855	8	financial	financial	ADJ
cblr-7219	855	9	safeguards	safeguard	NOUN
cblr-7219	855	10	waterfall	waterfall	NOUN
cblr-7219	855	11	(	(	PUNCT
cblr-7219	855	12	i.e.	i.e.	X
cblr-7219	855	13	,	,	PUNCT
cblr-7219	855	14	its	its	PRON
cblr-7219	855	15	lines	line	NOUN
cblr-7219	855	16	of	of	ADP
cblr-7219	855	17	defense	defense	NOUN
cblr-7219	855	18	against	against	ADP
cblr-7219	855	19	risk	risk	NOUN
cblr-7219	855	20	)	)	PUNCT
cblr-7219	855	21	;	;	PUNCT
cblr-7219	855	22	the	the	DET
cblr-7219	855	23	revision	revision	NOUN
cblr-7219	855	24	and	and	CCONJ
cblr-7219	855	25	adoption	adoption	NOUN
cblr-7219	855	26	of	of	ADP
cblr-7219	855	27	methods	method	NOUN
cblr-7219	855	28	to	to	PART
cblr-7219	855	29	calculate	calculate	VERB
cblr-7219	855	30	the	the	DET
cblr-7219	855	31	guaranty	guaranty	NOUN
cblr-7219	855	32	fund	fund	NOUN
cblr-7219	855	33	,	,	PUNCT
cblr-7219	855	34	and	and	CCONJ
cblr-7219	855	35	any	any	DET
cblr-7219	855	36	other	other	ADJ
cblr-7219	855	37	change	change	NOUN
cblr-7219	855	38	to	to	ADP
cblr-7219	855	39	the	the	DET
cblr-7219	855	40	clearing	clearing	NOUN
cblr-7219	855	41	business	business	NOUN
cblr-7219	855	42	that	that	PRON
cblr-7219	855	43	might	might	AUX
cblr-7219	855	44	affect	affect	VERB
cblr-7219	855	45	the	the	DET
cblr-7219	855	46	risk	risk	NOUN
cblr-7219	855	47	profile	profile	NOUN
cblr-7219	855	48	of	of	ADP
cblr-7219	855	49	the	the	DET
cblr-7219	855	50	firm	firm	NOUN
cblr-7219	855	51	;	;	PUNCT
cblr-7219	855	52	and	and	CCONJ
cblr-7219	855	53	reviewing	review	VERB
cblr-7219	855	54	membership	membership	NOUN
cblr-7219	855	55	requests	request	NOUN
cblr-7219	855	56	.	.	PUNCT
cblr-7219	856	1	i	i	PRON
cblr-7219	856	2	d.	d.	PROPN
cblr-7219	856	3	;	;	PUNCT
cblr-7219	856	4	see	see	VERB
cblr-7219	856	5	also	also	ADV
cblr-7219	856	6	chi	chi	PROPN
cblr-7219	856	7	.	.	PUNCT
cblr-7219	857	1	mercantile	mercantile	PROPN
cblr-7219	857	2	exch	exch	PROPN
cblr-7219	857	3	.	.	PROPN
cblr-7219	857	4	inc	inc	PROPN
cblr-7219	857	5	.	.	PROPN
cblr-7219	857	6	,	,	PUNCT
cblr-7219	857	7	clearing	clear	VERB
cblr-7219	857	8	house	house	PROPN
cblr-7219	857	9	oversight	oversight	PROPN
cblr-7219	857	10	committee	committee	NOUN
cblr-7219	857	11	charter	charter	NOUN
cblr-7219	857	12	2–3	2–3	NUM
cblr-7219	857	13	(	(	PUNCT
cblr-7219	857	14	2019	2019	NUM
cblr-7219	857	15	)	)	PUNCT
cblr-7219	857	16	.	.	PUNCT
cblr-7219	858	1	270	270	NUM
cblr-7219	858	2	see	see	VERB
cblr-7219	858	3	cme	cme	NOUN
cblr-7219	858	4	clearing	clearing	NOUN
cblr-7219	858	5	principles	principle	NOUN
cblr-7219	858	6	,	,	PUNCT
cblr-7219	858	7	supra	supra	PROPN
cblr-7219	858	8	note	note	NOUN
cblr-7219	858	9	265	265	NUM
cblr-7219	858	10	,	,	PUNCT
cblr-7219	858	11	at	at	ADP
cblr-7219	858	12	4	4	NUM
cblr-7219	858	13	.	.	PUNCT
cblr-7219	859	1	see	see	VERB
cblr-7219	859	2	also	also	ADV
cblr-7219	859	3	cme	cme	NOUN
cblr-7219	859	4	clearing	clearing	NOUN
cblr-7219	859	5	principles	principle	NOUN
cblr-7219	859	6	,	,	PUNCT
cblr-7219	859	7	supra	supra	PROPN
cblr-7219	859	8	note	note	NOUN
cblr-7219	859	9	265	265	NUM
cblr-7219	859	10	,	,	PUNCT
cblr-7219	859	11	at	at	ADP
cblr-7219	859	12	19	19	NUM
cblr-7219	859	13	(	(	PUNCT
cblr-7219	859	14	“	"	PUNCT
cblr-7219	859	15	the	the	DET
cblr-7219	859	16	board	board	NOUN
cblr-7219	859	17	risk	risk	NOUN
cblr-7219	859	18	committee	committee	NOUN
cblr-7219	859	19	,	,	PUNCT
cblr-7219	859	20	which	which	PRON
cblr-7219	859	21	is	be	AUX
cblr-7219	859	22	comprised	comprise	VERB
cblr-7219	859	23	entirely	entirely	ADV
cblr-7219	859	24	of	of	ADP
cblr-7219	859	25	board	board	NOUN
cblr-7219	859	26	members	member	NOUN
cblr-7219	859	27	,	,	PUNCT
cblr-7219	859	28	is	be	AUX
cblr-7219	859	29	tasked	task	VERB
cblr-7219	859	30	with	with	ADP
cblr-7219	859	31	overseeing	oversee	VERB
cblr-7219	859	32	cme	cme	PROPN
cblr-7219	859	33	group	group	NOUN
cblr-7219	859	34	’s	’s	PART
cblr-7219	859	35	risk	risk	NOUN
cblr-7219	859	36	management	management	NOUN
cblr-7219	859	37	practices	practice	NOUN
cblr-7219	859	38	and	and	CCONJ
cblr-7219	859	39	to	to	PART
cblr-7219	859	40	assist	assist	VERB
cblr-7219	859	41	the	the	DET
cblr-7219	859	42	board	board	NOUN
cblr-7219	859	43	in	in	ADP
cblr-7219	859	44	its	its	PRON
cblr-7219	859	45	oversight	oversight	NOUN
cblr-7219	859	46	of	of	ADP
cblr-7219	859	47	the	the	DET
cblr-7219	859	48	effectiveness	effectiveness	NOUN
cblr-7219	859	49	of	of	ADP
cblr-7219	859	50	the	the	DET
cblr-7219	859	51	cme	cme	PROPN
cblr-7219	859	52	group	group	NOUN
cblr-7219	859	53	’s	’s	PART
cblr-7219	859	54	policies	policy	NOUN
cblr-7219	859	55	and	and	CCONJ
cblr-7219	859	56	processes	process	NOUN
cblr-7219	859	57	to	to	PART
cblr-7219	859	58	identify	identify	VERB
cblr-7219	859	59	,	,	PUNCT
cblr-7219	859	60	manage	manage	VERB
cblr-7219	859	61	,	,	PUNCT
cblr-7219	859	62	and	and	CCONJ
cblr-7219	859	63	plan	plan	VERB
cblr-7219	859	64	for	for	ADP
cblr-7219	859	65	its	its	PRON
cblr-7219	859	66	clearing	clearing	NOUN
cblr-7219	859	67	house	house	NOUN
cblr-7219	859	68	,	,	PUNCT
cblr-7219	859	69	compliance	compliance	NOUN
cblr-7219	859	70	,	,	PUNCT
cblr-7219	859	71	financial	financial	ADJ
cblr-7219	859	72	,	,	PUNCT
cblr-7219	859	73	operational	operational	ADJ
cblr-7219	859	74	,	,	PUNCT
cblr-7219	859	75	reputational	reputational	ADJ
cblr-7219	859	76	,	,	PUNCT
cblr-7219	859	77	and	and	CCONJ
cblr-7219	859	78	strategic	strategic	ADJ
cblr-7219	859	79	and	and	CCONJ
cblr-7219	859	80	commercial	commercial	ADJ
cblr-7219	859	81	risks	risk	NOUN
cblr-7219	859	82	.	.	PUNCT
cblr-7219	859	83	.	.	PUNCT
cblr-7219	859	84	.	.	PUNCT
cblr-7219	860	1	.	.	PUNCT
cblr-7219	860	2	”	"	PUNCT
cblr-7219	860	3	)	)	PUNCT
cblr-7219	860	4	.	.	PUNCT
cblr-7219	861	1	271	271	NUM
cblr-7219	861	2	see	see	VERB
cblr-7219	861	3	cme	cme	NOUN
cblr-7219	861	4	clearing	clearing	NOUN
cblr-7219	861	5	principles	principle	NOUN
cblr-7219	861	6	,	,	PUNCT
cblr-7219	861	7	supra	supra	PROPN
cblr-7219	861	8	note	note	NOUN
cblr-7219	861	9	265	265	NUM
cblr-7219	861	10	,	,	PUNCT
cblr-7219	861	11	at	at	ADP
cblr-7219	861	12	4	4	NUM
cblr-7219	861	13	.	.	PUNCT
cblr-7219	862	1	the	the	DET
cblr-7219	862	2	cme	cme	PROPN
cblr-7219	862	3	clearing	clearing	NOUN
cblr-7219	862	4	risk	risk	NOUN
cblr-7219	862	5	committees	committee	NOUN
cblr-7219	862	6	are	be	AUX
cblr-7219	862	7	the	the	DET
cblr-7219	862	8	clearing	clearing	NOUN
cblr-7219	862	9	house	house	PROPN
cblr-7219	862	10	risk	risk	NOUN
cblr-7219	862	11	committee	committee	NOUN
cblr-7219	862	12	and	and	CCONJ
cblr-7219	862	13	irs	irs	PROPN
cblr-7219	862	14	risk	risk	NOUN
cblr-7219	862	15	committee	committee	NOUN
cblr-7219	862	16	.	.	PUNCT
cblr-7219	863	1	see	see	VERB
cblr-7219	863	2	cme	cme	NOUN
cblr-7219	863	3	clearing	clearing	NOUN
cblr-7219	863	4	principles	principle	NOUN
cblr-7219	863	5	,	,	PUNCT
cblr-7219	863	6	supra	supra	PROPN
cblr-7219	863	7	note	note	NOUN
cblr-7219	863	8	265	265	NUM
cblr-7219	863	9	,	,	PUNCT
cblr-7219	863	10	at	at	ADP
cblr-7219	863	11	20–21	20–21	NUM
cblr-7219	863	12	.	.	PUNCT
cblr-7219	863	13	272	272	NUM
cblr-7219	863	14	see	see	VERB
cblr-7219	863	15	cme	cme	NOUN
cblr-7219	863	16	clearing	clearing	NOUN
cblr-7219	863	17	principles	principle	NOUN
cblr-7219	863	18	,	,	PUNCT
cblr-7219	863	19	supra	supra	PROPN
cblr-7219	863	20	note	note	NOUN
cblr-7219	863	21	265	265	NUM
cblr-7219	863	22	,	,	PUNCT
cblr-7219	863	23	at	at	ADP
cblr-7219	863	24	20–21	20–21	NUM
cblr-7219	863	25	.	.	PUNCT
cblr-7219	863	26	273	273	NUM
cblr-7219	863	27	see	see	VERB
cblr-7219	863	28	cme	cme	PROPN
cblr-7219	863	29	group	group	PROPN
cblr-7219	863	30	inc	inc	PROPN
cblr-7219	863	31	.	.	PROPN
cblr-7219	863	32	et	et	PROPN
cblr-7219	863	33	al	al	PROPN
cblr-7219	863	34	.	.	PROPN
cblr-7219	863	35	,	,	PUNCT
cblr-7219	863	36	corporate	corporate	ADJ
cblr-7219	863	37	governance	governance	NOUN
cblr-7219	863	38	principles	principle	NOUN
cblr-7219	863	39	2–4	2–4	NUM
cblr-7219	863	40	(	(	PUNCT
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cblr-7219	863	42	)	)	PUNCT
cblr-7219	863	43	,	,	PUNCT
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cblr-7219	865	2	(	(	PUNCT
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cblr-7219	865	4	not	not	PART
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cblr-7219	865	8	11:22	11:22	NUM
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cblr-7219	866	3	.	.	PUNCT
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cblr-7219	866	14	:	:	PUNCT
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cblr-7219	866	21	recognize	recognize	VERB
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cblr-7219	866	24	of	of	ADP
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cblr-7219	866	50	member	member	NOUN
cblr-7219	866	51	is	be	AUX
cblr-7219	866	52	presumed	presume	VERB
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cblr-7219	866	54	be	be	AUX
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cblr-7219	866	60	requirements	requirement	NOUN
cblr-7219	866	61	are	be	AUX
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cblr-7219	866	67	,	,	PUNCT
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cblr-7219	866	71	potential	potential	NOUN
cblr-7219	866	72	to	to	PART
cblr-7219	866	73	advance	advance	VERB
cblr-7219	866	74	a	a	DET
cblr-7219	866	75	multistakeholder	multistakeholder	NOUN
cblr-7219	866	76	governance	governance	NOUN
cblr-7219	866	77	model	model	NOUN
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cblr-7219	866	81	,	,	PUNCT
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cblr-7219	866	86	twenty	twenty	NUM
cblr-7219	866	87	-	-	PUNCT
cblr-7219	866	88	three	three	NUM
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cblr-7219	866	95	only	only	ADV
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cblr-7219	866	113	-	-	PUNCT
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cblr-7219	866	116	,	,	PUNCT
cblr-7219	866	117	icc	icc	PROPN
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cblr-7219	866	120	not	not	PART
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cblr-7219	866	122	dissimilar	dissimilar	ADJ
cblr-7219	866	123	from	from	ADP
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cblr-7219	866	130	(	(	PUNCT
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cblr-7219	866	132	,	,	PUNCT
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cblr-7219	866	135	make	make	VERB
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cblr-7219	866	143	of	of	ADP
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cblr-7219	866	147	of	of	ADP
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cblr-7219	866	151	are	be	AUX
cblr-7219	866	152	part	part	NOUN
cblr-7219	866	153	of	of	ADP
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cblr-7219	866	158	of	of	ADP
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cblr-7219	866	162	,	,	PUNCT
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cblr-7219	866	183	—	—	PUNCT
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cblr-7219	866	192	of	of	ADP
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cblr-7219	866	211	,	,	PUNCT
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cblr-7219	873	58	,	,	PUNCT
cblr-7219	873	59	goldman	goldman	NOUN
cblr-7219	873	60	sachs	sachs	PROPN
cblr-7219	873	61	)	)	PUNCT
cblr-7219	873	62	.	.	PUNCT
cblr-7219	874	1	i	i	PRON
cblr-7219	874	2	d.	d.	PROPN
cblr-7219	874	3	see	see	AUX
cblr-7219	874	4	also	also	ADV
cblr-7219	874	5	ice	ice	VERB
cblr-7219	874	6	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	874	7	(	(	PUNCT
cblr-7219	874	8	do	do	AUX
cblr-7219	874	9	not	not	PART
cblr-7219	874	10	delete	delete	VERB
cblr-7219	874	11	)	)	PUNCT
cblr-7219	874	12	10/21/2020	10/21/2020	NUM
cblr-7219	874	13	11:22	11:22	NUM
cblr-7219	874	14	am	am	NOUN
cblr-7219	874	15	no	no	NOUN
cblr-7219	874	16	.	.	PUNCT
cblr-7219	875	1	2:449	2:449	NUM
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cblr-7219	875	3	unfinished	unfinished	ADJ
cblr-7219	875	4	business	business	NOUN
cblr-7219	875	5	513	513	NUM
cblr-7219	875	6	representation	representation	NOUN
cblr-7219	875	7	on	on	ADP
cblr-7219	875	8	the	the	DET
cblr-7219	875	9	risk	risk	NOUN
cblr-7219	875	10	committee	committee	NOUN
cblr-7219	875	11	:	:	PUNCT
cblr-7219	875	12	a	a	DET
cblr-7219	875	13	majority	majority	NOUN
cblr-7219	875	14	of	of	ADP
cblr-7219	875	15	its	its	PRON
cblr-7219	875	16	members	member	NOUN
cblr-7219	875	17	are	be	AUX
cblr-7219	875	18	in	in	ADP
cblr-7219	875	19	fact	fact	NOUN
cblr-7219	875	20	representatives	representative	NOUN
cblr-7219	875	21	of	of	ADP
cblr-7219	875	22	clearing	clear	VERB
cblr-7219	875	23	members,281	members,281	PROPN
cblr-7219	875	24	as	as	SCONJ
cblr-7219	875	25	the	the	DET
cblr-7219	875	26	firm	firm	NOUN
cblr-7219	875	27	recognizes	recognize	VERB
cblr-7219	875	28	the	the	DET
cblr-7219	875	29	necessity	necessity	NOUN
cblr-7219	875	30	of	of	ADP
cblr-7219	875	31	having	have	VERB
cblr-7219	875	32	a	a	DET
cblr-7219	875	33	strong	strong	ADJ
cblr-7219	875	34	representation	representation	NOUN
cblr-7219	875	35	of	of	ADP
cblr-7219	875	36	clearing	clear	VERB
cblr-7219	875	37	participants	participant	NOUN
cblr-7219	875	38	“	"	PUNCT
cblr-7219	875	39	because	because	SCONJ
cblr-7219	875	40	of	of	ADP
cblr-7219	875	41	the	the	DET
cblr-7219	875	42	risk	risk	NOUN
cblr-7219	875	43	mutualization	mutualization	NOUN
cblr-7219	875	44	function	function	NOUN
cblr-7219	875	45	of	of	ADP
cblr-7219	875	46	[	[	X
cblr-7219	875	47	the	the	X
cblr-7219	875	48	]	]	PUNCT
cblr-7219	875	49	clearing	clearing	NOUN
cblr-7219	875	50	house	house	NOUN
cblr-7219	875	51	”	"	PUNCT
cblr-7219	875	52	and	and	CCONJ
cblr-7219	875	53	because	because	SCONJ
cblr-7219	875	54	clearing	clear	VERB
cblr-7219	875	55	members	member	NOUN
cblr-7219	875	56	bear	bear	VERB
cblr-7219	875	57	the	the	DET
cblr-7219	875	58	tail	tail	NOUN
cblr-7219	875	59	risk	risk	NOUN
cblr-7219	875	60	of	of	ADP
cblr-7219	875	61	the	the	DET
cblr-7219	875	62	default	default	NOUN
cblr-7219	875	63	of	of	ADP
cblr-7219	875	64	peer	peer	NOUN
cblr-7219	875	65	members.282	members.282	PROPN
cblr-7219	875	66	the	the	DET
cblr-7219	875	67	board	board	NOUN
cblr-7219	875	68	of	of	ADP
cblr-7219	875	69	managers	manager	NOUN
cblr-7219	875	70	is	be	AUX
cblr-7219	875	71	required	require	VERB
cblr-7219	875	72	to	to	PART
cblr-7219	875	73	consult	consult	VERB
cblr-7219	875	74	with	with	ADP
cblr-7219	875	75	the	the	DET
cblr-7219	875	76	risk	risk	NOUN
cblr-7219	875	77	committee	committee	NOUN
cblr-7219	875	78	on	on	ADP
cblr-7219	875	79	any	any	DET
cblr-7219	875	80	matter	matter	NOUN
cblr-7219	875	81	related	relate	VERB
cblr-7219	875	82	to	to	PART
cblr-7219	875	83	risk	risk	VERB
cblr-7219	875	84	management	management	NOUN
cblr-7219	875	85	policies	policy	NOUN
cblr-7219	875	86	and	and	CCONJ
cblr-7219	875	87	standards	standard	NOUN
cblr-7219	875	88	—	—	PUNCT
cblr-7219	875	89	i.e.	i.e.	X
cblr-7219	875	90	,	,	PUNCT
cblr-7219	875	91	margin	margin	NOUN
cblr-7219	875	92	,	,	PUNCT
cblr-7219	875	93	product	product	NOUN
cblr-7219	875	94	clearing	clearing	NOUN
cblr-7219	875	95	,	,	PUNCT
cblr-7219	875	96	guaranty	guaranty	NOUN
cblr-7219	875	97	fund	fund	NOUN
cblr-7219	875	98	contributions	contribution	NOUN
cblr-7219	875	99	,	,	PUNCT
cblr-7219	875	100	membership	membership	NOUN
cblr-7219	875	101	qualifications	qualification	NOUN
cblr-7219	875	102	,	,	PUNCT
cblr-7219	875	103	amendment	amendment	NOUN
cblr-7219	875	104	to	to	ADP
cblr-7219	875	105	the	the	DET
cblr-7219	875	106	rulebook	rulebook	NOUN
cblr-7219	875	107	,	,	PUNCT
cblr-7219	875	108	etc.283	etc.283	NOUN
cblr-7219	875	109	nevertheless	nevertheless	ADV
cblr-7219	875	110	,	,	PUNCT
cblr-7219	875	111	the	the	DET
cblr-7219	875	112	firm	firm	NOUN
cblr-7219	875	113	’s	’s	PART
cblr-7219	875	114	rulebook	rulebook	NOUN
cblr-7219	875	115	expressly	expressly	ADV
cblr-7219	875	116	states	state	VERB
cblr-7219	875	117	that	that	SCONJ
cblr-7219	875	118	the	the	DET
cblr-7219	875	119	role	role	NOUN
cblr-7219	875	120	of	of	ADP
cblr-7219	875	121	the	the	DET
cblr-7219	875	122	risk	risk	NOUN
cblr-7219	875	123	committee	committee	NOUN
cblr-7219	875	124	is	be	AUX
cblr-7219	875	125	primarily	primarily	ADV
cblr-7219	875	126	an	an	DET
cblr-7219	875	127	advisory	advisory	ADJ
cblr-7219	875	128	and	and	CCONJ
cblr-7219	875	129	consultative	consultative	ADJ
cblr-7219	875	130	one,284	one,284	NOUN
cblr-7219	875	131	and	and	CCONJ
cblr-7219	875	132	the	the	DET
cblr-7219	875	133	board	board	NOUN
cblr-7219	875	134	of	of	ADP
cblr-7219	875	135	members	member	NOUN
cblr-7219	875	136	of	of	ADP
cblr-7219	875	137	icc	icc	PROPN
cblr-7219	875	138	is	be	AUX
cblr-7219	875	139	by	by	ADP
cblr-7219	875	140	no	no	DET
cblr-7219	875	141	means	mean	NOUN
cblr-7219	875	142	bound	bind	VERB
cblr-7219	875	143	to	to	ADP
cblr-7219	875	144	the	the	DET
cblr-7219	875	145	determinations	determination	NOUN
cblr-7219	875	146	of	of	ADP
cblr-7219	875	147	the	the	DET
cblr-7219	875	148	risk	risk	NOUN
cblr-7219	875	149	committee.285	committee.285	PROPN
cblr-7219	875	150	clear	clear	ADJ
cblr-7219	875	151	credit	credit	NOUN
cblr-7219	875	152	:	:	PUNCT
cblr-7219	875	153	participants	participant	NOUN
cblr-7219	875	154	,	,	PUNCT
cblr-7219	875	155	intercontinental	intercontinental	ADJ
cblr-7219	875	156	exchange	exchange	NOUN
cblr-7219	875	157	,	,	PUNCT
cblr-7219	875	158	https://www.theice.com/clear-credit/participants	https://www.theice.com/clear-credit/participant	NOUN
cblr-7219	875	159	[	[	X
cblr-7219	875	160	https://perma.cc/xwt8ckf5	https://perma.cc/xwt8ckf5	X
cblr-7219	875	161	]	]	X
cblr-7219	875	162	(	(	PUNCT
cblr-7219	875	163	last	last	ADJ
cblr-7219	875	164	visited	visit	VERB
cblr-7219	875	165	may	may	PROPN
cblr-7219	875	166	15	15	NUM
cblr-7219	875	167	,	,	PUNCT
cblr-7219	875	168	2020	2020	NUM
cblr-7219	875	169	)	)	PUNCT
cblr-7219	875	170	.	.	PUNCT
cblr-7219	876	1	281	281	NUM
cblr-7219	876	2	see	see	VERB
cblr-7219	876	3	ice	ice	NOUN
cblr-7219	876	4	clear	clear	ADJ
cblr-7219	876	5	credit	credit	NOUN
cblr-7219	876	6	,	,	PUNCT
cblr-7219	876	7	supra	supra	PROPN
cblr-7219	876	8	note	note	NOUN
cblr-7219	876	9	158	158	NUM
cblr-7219	876	10	,	,	PUNCT
cblr-7219	876	11	at	at	ADP
cblr-7219	876	12	3	3	NUM
cblr-7219	876	13	.	.	NOUN
cblr-7219	876	14	282	282	NUM
cblr-7219	876	15	see	see	VERB
cblr-7219	876	16	i	i	PRON
cblr-7219	876	17	d.	d.	PROPN
cblr-7219	876	18	of	of	ADP
cblr-7219	876	19	the	the	DET
cblr-7219	876	20	twelve	twelve	NUM
cblr-7219	876	21	members	member	NOUN
cblr-7219	876	22	,	,	PUNCT
cblr-7219	876	23	nine	nine	NUM
cblr-7219	876	24	represent	represent	VERB
cblr-7219	876	25	the	the	DET
cblr-7219	876	26	clearing	clearing	NOUN
cblr-7219	876	27	members	member	NOUN
cblr-7219	876	28	and	and	CCONJ
cblr-7219	876	29	“	"	PUNCT
cblr-7219	876	30	[	[	X
cblr-7219	876	31	t]he	t]he	ADV
cblr-7219	876	32	three	three	NUM
cblr-7219	876	33	additional	additional	ADJ
cblr-7219	876	34	risk	risk	NOUN
cblr-7219	876	35	committee	committee	NOUN
cblr-7219	876	36	members	member	NOUN
cblr-7219	876	37	include	include	VERB
cblr-7219	876	38	two	two	NUM
cblr-7219	876	39	members	member	NOUN
cblr-7219	876	40	of	of	ADP
cblr-7219	876	41	ice	ice	NOUN
cblr-7219	876	42	clear	clear	ADJ
cblr-7219	876	43	credit	credit	NOUN
cblr-7219	876	44	management	management	NOUN
cblr-7219	876	45	and	and	CCONJ
cblr-7219	876	46	an	an	DET
cblr-7219	876	47	independent	independent	ADJ
cblr-7219	876	48	member	member	NOUN
cblr-7219	876	49	of	of	ADP
cblr-7219	876	50	the	the	DET
cblr-7219	876	51	ice	ice	NOUN
cblr-7219	876	52	clear	clear	ADJ
cblr-7219	876	53	credit	credit	NOUN
cblr-7219	876	54	board	board	NOUN
cblr-7219	876	55	of	of	ADP
cblr-7219	876	56	managers	manager	NOUN
cblr-7219	876	57	,	,	PUNCT
cblr-7219	876	58	who	who	PRON
cblr-7219	876	59	serves	serve	VERB
cblr-7219	876	60	as	as	ADP
cblr-7219	876	61	chairman	chairman	NOUN
cblr-7219	876	62	.	.	PUNCT
cblr-7219	876	63	”	"	PUNCT
cblr-7219	877	1	i	i	PRON
cblr-7219	877	2	d.	d.	PROPN
cblr-7219	877	3	283	283	NUM
cblr-7219	877	4	see	see	VERB
cblr-7219	877	5	i	i	PRON
cblr-7219	877	6	d.	d.	PROPN
cblr-7219	877	7	at	at	ADP
cblr-7219	877	8	3	3	NUM
cblr-7219	877	9	.	.	NUM
cblr-7219	877	10	284	284	NUM
cblr-7219	877	11	see	see	VERB
cblr-7219	877	12	i	i	PRON
cblr-7219	877	13	d.	d.	PROPN
cblr-7219	877	14	285	285	NUM
cblr-7219	877	15	see	see	VERB
cblr-7219	877	16	ice	ice	NOUN
cblr-7219	877	17	clear	clear	ADJ
cblr-7219	877	18	credit	credit	NOUN
cblr-7219	877	19	,	,	PUNCT
cblr-7219	877	20	clearing	clearing	NOUN
cblr-7219	877	21	rules	rule	NOUN
cblr-7219	877	22	,	,	PUNCT
cblr-7219	877	23	supra	supra	PROPN
cblr-7219	877	24	note	note	PROPN
cblr-7219	877	25	25	25	NUM
cblr-7219	877	26	,	,	PUNCT
cblr-7219	877	27	at	at	ADP
cblr-7219	877	28	65–76	65–76	NUM
cblr-7219	877	29	(	(	PUNCT
cblr-7219	877	30	analyzing	analyze	VERB
cblr-7219	877	31	the	the	DET
cblr-7219	877	32	regime	regime	NOUN
cblr-7219	877	33	of	of	ADP
cblr-7219	877	34	the	the	DET
cblr-7219	877	35	risk	risk	NOUN
cblr-7219	877	36	committee	committee	NOUN
cblr-7219	877	37	)	)	PUNCT
cblr-7219	877	38	.	.	PUNCT
cblr-7219	878	1	rule	rule	VERB
cblr-7219	878	2	501	501	NUM
cblr-7219	878	3	expressly	expressly	ADV
cblr-7219	878	4	states	state	VERB
cblr-7219	878	5	that	that	SCONJ
cblr-7219	878	6	:	:	PUNCT
cblr-7219	879	1	[	[	X
cblr-7219	879	2	n]otwithstanding	n]otwithstande	VERB
cblr-7219	879	3	anything	anything	PRON
cblr-7219	879	4	to	to	ADP
cblr-7219	879	5	the	the	DET
cblr-7219	879	6	contrary	contrary	NOUN
cblr-7219	879	7	in	in	ADP
cblr-7219	879	8	these	these	DET
cblr-7219	879	9	rules	rule	NOUN
cblr-7219	879	10	,	,	PUNCT
cblr-7219	879	11	the	the	DET
cblr-7219	879	12	board	board	NOUN
cblr-7219	879	13	shall	shall	AUX
cblr-7219	879	14	not	not	PART
cblr-7219	879	15	have	have	VERB
cblr-7219	879	16	any	any	DET
cblr-7219	879	17	obligation	obligation	NOUN
cblr-7219	879	18	to	to	PART
cblr-7219	879	19	accept	accept	VERB
cblr-7219	879	20	any	any	DET
cblr-7219	879	21	proposal	proposal	NOUN
cblr-7219	879	22	made	make	VERB
cblr-7219	879	23	by	by	ADP
cblr-7219	879	24	,	,	PUNCT
cblr-7219	879	25	or	or	CCONJ
cblr-7219	879	26	take	take	VERB
cblr-7219	879	27	any	any	DET
cblr-7219	879	28	action	action	NOUN
cblr-7219	879	29	proposed	propose	VERB
cblr-7219	879	30	by	by	ADP
cblr-7219	879	31	,	,	PUNCT
cblr-7219	879	32	the	the	DET
cblr-7219	879	33	risk	risk	NOUN
cblr-7219	879	34	committee	committee	NOUN
cblr-7219	879	35	,	,	PUNCT
cblr-7219	879	36	and	and	CCONJ
cblr-7219	879	37	any	any	DET
cblr-7219	879	38	deliberation	deliberation	NOUN
cblr-7219	879	39	and/or	and/or	CCONJ
cblr-7219	879	40	decision	decision	NOUN
cblr-7219	879	41	by	by	ADP
cblr-7219	879	42	the	the	DET
cblr-7219	879	43	board	board	NOUN
cblr-7219	879	44	with	with	ADP
cblr-7219	879	45	respect	respect	NOUN
cblr-7219	879	46	to	to	ADP
cblr-7219	879	47	any	any	DET
cblr-7219	879	48	such	such	ADJ
cblr-7219	879	49	proposal	proposal	NOUN
cblr-7219	879	50	shall	shall	AUX
cblr-7219	879	51	be	be	AUX
cblr-7219	879	52	made	make	VERB
cblr-7219	879	53	at	at	ADP
cblr-7219	879	54	the	the	DET
cblr-7219	879	55	sole	sole	ADJ
cblr-7219	879	56	discretion	discretion	NOUN
cblr-7219	879	57	of	of	ADP
cblr-7219	879	58	the	the	DET
cblr-7219	879	59	board	board	NOUN
cblr-7219	879	60	,	,	PUNCT
cblr-7219	879	61	with	with	ADP
cblr-7219	879	62	no	no	DET
cblr-7219	879	63	obligation	obligation	NOUN
cblr-7219	879	64	whatsoever	whatsoever	ADV
cblr-7219	879	65	to	to	ADP
cblr-7219	879	66	the	the	DET
cblr-7219	879	67	risk	risk	NOUN
cblr-7219	879	68	committee	committee	NOUN
cblr-7219	879	69	in	in	ADP
cblr-7219	879	70	respect	respect	NOUN
cblr-7219	879	71	of	of	ADP
cblr-7219	879	72	such	such	ADJ
cblr-7219	879	73	deliberation	deliberation	NOUN
cblr-7219	879	74	or	or	CCONJ
cblr-7219	879	75	decision	decision	NOUN
cblr-7219	879	76	.	.	PUNCT
cblr-7219	880	1	i	i	PRON
cblr-7219	880	2	d.	d.	PROPN
cblr-7219	880	3	at	at	ADP
cblr-7219	880	4	65	65	NUM
cblr-7219	880	5	.	.	PUNCT
cblr-7219	881	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	881	2	(	(	PUNCT
cblr-7219	881	3	do	do	AUX
cblr-7219	881	4	not	not	PART
cblr-7219	881	5	delte	delte	VERB
cblr-7219	881	6	)	)	PUNCT
cblr-7219	881	7	10/21/2020	10/21/2020	NUM
cblr-7219	881	8	11:22	11:22	NUM
cblr-7219	881	9	am	am	NOUN
cblr-7219	881	10	514	514	NUM
cblr-7219	881	11	columbia	columbia	PROPN
cblr-7219	881	12	business	business	NOUN
cblr-7219	881	13	law	law	PROPN
cblr-7219	881	14	review	review	NOUN
cblr-7219	881	15	[	[	X
cblr-7219	881	16	vol	vol	NOUN
cblr-7219	881	17	.	.	PUNCT
cblr-7219	881	18	2020	2020	NUM
cblr-7219	882	1	v.	v.	ADP
cblr-7219	882	2	how	how	SCONJ
cblr-7219	882	3	to	to	PART
cblr-7219	882	4	improve	improve	VERB
cblr-7219	882	5	clearinghouse	clearinghouse	NOUN
cblr-7219	882	6	resilience	resilience	NOUN
cblr-7219	882	7	:	:	PUNCT
cblr-7219	882	8	governance	governance	NOUN
cblr-7219	882	9	and	and	CCONJ
cblr-7219	882	10	capital	capital	NOUN
cblr-7219	882	11	regulation	regulation	NOUN
cblr-7219	882	12	the	the	DET
cblr-7219	882	13	analysis	analysis	NOUN
cblr-7219	882	14	until	until	SCONJ
cblr-7219	882	15	this	this	DET
cblr-7219	882	16	point	point	NOUN
cblr-7219	882	17	has	have	AUX
cblr-7219	882	18	shown	show	VERB
cblr-7219	882	19	that	that	SCONJ
cblr-7219	882	20	clearinghouses	clearinghouse	NOUN
cblr-7219	882	21	are	be	AUX
cblr-7219	882	22	central	central	ADJ
cblr-7219	882	23	to	to	ADP
cblr-7219	882	24	the	the	DET
cblr-7219	882	25	modern	modern	ADJ
cblr-7219	882	26	financial	financial	ADJ
cblr-7219	882	27	system	system	NOUN
cblr-7219	882	28	and	and	CCONJ
cblr-7219	882	29	that	that	SCONJ
cblr-7219	882	30	the	the	DET
cblr-7219	882	31	clearing	clearing	NOUN
cblr-7219	882	32	market	market	NOUN
cblr-7219	882	33	ecosystem	ecosystem	NOUN
cblr-7219	882	34	has	have	AUX
cblr-7219	882	35	developed	develop	VERB
cblr-7219	882	36	around	around	ADP
cblr-7219	882	37	two	two	NUM
cblr-7219	882	38	different	different	ADJ
cblr-7219	882	39	organizational	organizational	ADJ
cblr-7219	882	40	models	model	NOUN
cblr-7219	882	41	.	.	PUNCT
cblr-7219	883	1	these	these	PRON
cblr-7219	883	2	are	be	AUX
cblr-7219	883	3	member	member	NOUN
cblr-7219	883	4	-	-	PUNCT
cblr-7219	883	5	owned	own	VERB
cblr-7219	883	6	clearinghouses	clearinghouse	NOUN
cblr-7219	883	7	with	with	ADP
cblr-7219	883	8	mutual	mutual	ADJ
cblr-7219	883	9	ownership	ownership	NOUN
cblr-7219	883	10	and	and	CCONJ
cblr-7219	883	11	mutualization	mutualization	NOUN
cblr-7219	883	12	of	of	ADP
cblr-7219	883	13	risk	risk	NOUN
cblr-7219	883	14	,	,	PUNCT
cblr-7219	883	15	where	where	SCONJ
cblr-7219	883	16	the	the	DET
cblr-7219	883	17	shareholders	shareholder	NOUN
cblr-7219	883	18	of	of	ADP
cblr-7219	883	19	the	the	DET
cblr-7219	883	20	firm	firm	NOUN
cblr-7219	883	21	are	be	AUX
cblr-7219	883	22	the	the	DET
cblr-7219	883	23	clearing	clearing	NOUN
cblr-7219	883	24	members	member	NOUN
cblr-7219	883	25	,	,	PUNCT
cblr-7219	883	26	and	and	CCONJ
cblr-7219	883	27	investor	investor	NOUN
cblr-7219	883	28	-	-	PUNCT
cblr-7219	883	29	owned	own	VERB
cblr-7219	883	30	clearinghouses	clearinghouse	NOUN
cblr-7219	883	31	,	,	PUNCT
cblr-7219	883	32	with	with	ADP
cblr-7219	883	33	demutualized	demutualize	VERB
cblr-7219	883	34	ownership	ownership	NOUN
cblr-7219	883	35	in	in	ADP
cblr-7219	883	36	the	the	DET
cblr-7219	883	37	hands	hand	NOUN
cblr-7219	883	38	of	of	ADP
cblr-7219	883	39	equity	equity	NOUN
cblr-7219	883	40	investors	investor	NOUN
cblr-7219	883	41	and	and	CCONJ
cblr-7219	883	42	mutualization	mutualization	NOUN
cblr-7219	883	43	of	of	ADP
cblr-7219	883	44	risk	risk	NOUN
cblr-7219	883	45	among	among	ADP
cblr-7219	883	46	clearing	clear	VERB
cblr-7219	883	47	members	member	NOUN
cblr-7219	883	48	(	(	PUNCT
cblr-7219	883	49	who	who	PRON
cblr-7219	883	50	are	be	AUX
cblr-7219	883	51	prevented	prevent	VERB
cblr-7219	883	52	by	by	ADP
cblr-7219	883	53	law	law	NOUN
cblr-7219	883	54	from	from	ADP
cblr-7219	883	55	gaining	gain	VERB
cblr-7219	883	56	control	control	NOUN
cblr-7219	883	57	of	of	ADP
cblr-7219	883	58	clearinghouses	clearinghouse	NOUN
cblr-7219	883	59	)	)	PUNCT
cblr-7219	883	60	.	.	PUNCT
cblr-7219	884	1	in	in	ADP
cblr-7219	884	2	the	the	DET
cblr-7219	884	3	aftermath	aftermath	NOUN
cblr-7219	884	4	of	of	ADP
cblr-7219	884	5	the	the	DET
cblr-7219	884	6	2008	2008	NUM
cblr-7219	884	7	financial	financial	ADJ
cblr-7219	884	8	crisis	crisis	NOUN
cblr-7219	884	9	,	,	PUNCT
cblr-7219	884	10	lawmakers	lawmaker	NOUN
cblr-7219	884	11	have	have	AUX
cblr-7219	884	12	relied	rely	VERB
cblr-7219	884	13	on	on	ADP
cblr-7219	884	14	clearinghouses	clearinghouse	NOUN
cblr-7219	884	15	as	as	ADP
cblr-7219	884	16	systemic	systemic	ADJ
cblr-7219	884	17	risk	risk	NOUN
cblr-7219	884	18	managers	manager	NOUN
cblr-7219	884	19	and	and	CCONJ
cblr-7219	884	20	stability	stability	NOUN
cblr-7219	884	21	buffers	buffer	NOUN
cblr-7219	884	22	,	,	PUNCT
cblr-7219	884	23	and	and	CCONJ
cblr-7219	884	24	have	have	AUX
cblr-7219	884	25	implemented	implement	VERB
cblr-7219	884	26	regulations	regulation	NOUN
cblr-7219	884	27	to	to	PART
cblr-7219	884	28	discipline	discipline	VERB
cblr-7219	884	29	them	they	PRON
cblr-7219	884	30	.	.	PUNCT
cblr-7219	885	1	however	however	ADV
cblr-7219	885	2	,	,	PUNCT
cblr-7219	885	3	when	when	SCONJ
cblr-7219	885	4	drafting	draft	VERB
cblr-7219	885	5	the	the	DET
cblr-7219	885	6	new	new	ADJ
cblr-7219	885	7	regulatory	regulatory	ADJ
cblr-7219	885	8	regime	regime	NOUN
cblr-7219	885	9	for	for	ADP
cblr-7219	885	10	clearinghouses	clearinghouse	NOUN
cblr-7219	885	11	,	,	PUNCT
cblr-7219	885	12	policymakers	policymaker	NOUN
cblr-7219	885	13	did	do	AUX
cblr-7219	885	14	not	not	PART
cblr-7219	885	15	take	take	VERB
cblr-7219	885	16	into	into	ADP
cblr-7219	885	17	account	account	NOUN
cblr-7219	885	18	the	the	DET
cblr-7219	885	19	different	different	ADJ
cblr-7219	885	20	ownership	ownership	NOUN
cblr-7219	885	21	structures	structure	NOUN
cblr-7219	885	22	of	of	ADP
cblr-7219	885	23	these	these	DET
cblr-7219	885	24	firms	firm	NOUN
cblr-7219	885	25	and	and	CCONJ
cblr-7219	885	26	did	do	AUX
cblr-7219	885	27	not	not	PART
cblr-7219	885	28	consider	consider	VERB
cblr-7219	885	29	the	the	DET
cblr-7219	885	30	misaligned	misaligned	ADJ
cblr-7219	885	31	incentives	incentive	NOUN
cblr-7219	885	32	and	and	CCONJ
cblr-7219	885	33	agency	agency	NOUN
cblr-7219	885	34	costs	cost	VERB
cblr-7219	885	35	that	that	SCONJ
cblr-7219	885	36	investor	investor	NOUN
cblr-7219	885	37	-	-	PUNCT
cblr-7219	885	38	owned	own	VERB
cblr-7219	885	39	clearinghouses	clearinghouse	NOUN
cblr-7219	885	40	can	can	AUX
cblr-7219	885	41	create	create	VERB
cblr-7219	885	42	by	by	ADP
cblr-7219	885	43	polarizing	polarize	VERB
cblr-7219	885	44	the	the	DET
cblr-7219	885	45	economic	economic	ADJ
cblr-7219	885	46	exposures	exposure	NOUN
cblr-7219	885	47	and	and	CCONJ
cblr-7219	885	48	control	control	NOUN
cblr-7219	885	49	rights	right	NOUN
cblr-7219	885	50	of	of	ADP
cblr-7219	885	51	their	their	PRON
cblr-7219	885	52	two	two	NUM
cblr-7219	885	53	main	main	ADJ
cblr-7219	885	54	stakeholders	stakeholder	NOUN
cblr-7219	885	55	:	:	PUNCT
cblr-7219	885	56	members	member	NOUN
cblr-7219	885	57	and	and	CCONJ
cblr-7219	885	58	shareholders	shareholder	NOUN
cblr-7219	885	59	.	.	PUNCT
cblr-7219	886	1	on	on	ADP
cblr-7219	886	2	the	the	DET
cblr-7219	886	3	one	one	NUM
cblr-7219	886	4	hand	hand	NOUN
cblr-7219	886	5	,	,	PUNCT
cblr-7219	886	6	clearinghouse	clearinghouse	NOUN
cblr-7219	886	7	shareholders	shareholder	NOUN
cblr-7219	886	8	could	could	AUX
cblr-7219	886	9	motivate	motivate	VERB
cblr-7219	886	10	firms	firm	NOUN
cblr-7219	886	11	to	to	PART
cblr-7219	886	12	take	take	VERB
cblr-7219	886	13	on	on	ADP
cblr-7219	886	14	additional	additional	ADJ
cblr-7219	886	15	marginal	marginal	ADJ
cblr-7219	886	16	risk	risk	NOUN
cblr-7219	886	17	in	in	ADP
cblr-7219	886	18	order	order	NOUN
cblr-7219	886	19	to	to	PART
cblr-7219	886	20	increase	increase	VERB
cblr-7219	886	21	profits	profit	NOUN
cblr-7219	886	22	—	—	PUNCT
cblr-7219	886	23	for	for	ADP
cblr-7219	886	24	instance	instance	NOUN
cblr-7219	886	25	,	,	PUNCT
cblr-7219	886	26	by	by	ADP
cblr-7219	886	27	increasing	increase	VERB
cblr-7219	886	28	clearing	clearing	NOUN
cblr-7219	886	29	fees	fee	NOUN
cblr-7219	886	30	,	,	PUNCT
cblr-7219	886	31	increasing	increase	VERB
cblr-7219	886	32	clearing	clearing	NOUN
cblr-7219	886	33	volume	volume	NOUN
cblr-7219	886	34	by	by	ADP
cblr-7219	886	35	reducing	reduce	VERB
cblr-7219	886	36	margin	margin	NOUN
cblr-7219	886	37	requirements,286	requirements,286	ADJ
cblr-7219	886	38	opening	open	VERB
cblr-7219	886	39	up	up	ADP
cblr-7219	886	40	membership	membership	NOUN
cblr-7219	886	41	requirements	requirement	NOUN
cblr-7219	886	42	,	,	PUNCT
cblr-7219	886	43	or	or	CCONJ
cblr-7219	886	44	accepting	accept	VERB
cblr-7219	886	45	more	more	ADV
cblr-7219	886	46	volatile	volatile	ADJ
cblr-7219	886	47	and	and	CCONJ
cblr-7219	886	48	risky	risky	ADJ
cblr-7219	886	49	clearable	clearable	ADJ
cblr-7219	886	50	derivatives	derivative	NOUN
cblr-7219	886	51	.	.	PUNCT
cblr-7219	887	1	on	on	ADP
cblr-7219	887	2	the	the	DET
cblr-7219	887	3	other	other	ADJ
cblr-7219	887	4	hand	hand	NOUN
cblr-7219	887	5	,	,	PUNCT
cblr-7219	887	6	members	member	NOUN
cblr-7219	887	7	have	have	VERB
cblr-7219	887	8	an	an	DET
cblr-7219	887	9	interest	interest	NOUN
cblr-7219	887	10	in	in	ADP
cblr-7219	887	11	clearinghouses	clearinghouse	NOUN
cblr-7219	887	12	being	be	AUX
cblr-7219	887	13	bastions	bastion	NOUN
cblr-7219	887	14	of	of	ADP
cblr-7219	887	15	financial	financial	ADJ
cblr-7219	887	16	stability	stability	NOUN
cblr-7219	887	17	with	with	ADP
cblr-7219	887	18	effective	effective	ADJ
cblr-7219	887	19	and	and	CCONJ
cblr-7219	887	20	robust	robust	ADJ
cblr-7219	887	21	risk	risk	NOUN
cblr-7219	887	22	management	management	NOUN
cblr-7219	887	23	mechanisms	mechanism	NOUN
cblr-7219	887	24	,	,	PUNCT
cblr-7219	887	25	to	to	PART
cblr-7219	887	26	reduce	reduce	VERB
cblr-7219	887	27	the	the	DET
cblr-7219	887	28	likelihood	likelihood	NOUN
cblr-7219	887	29	that	that	SCONJ
cblr-7219	887	30	they	they	PRON
cblr-7219	887	31	will	will	AUX
cblr-7219	887	32	bear	bear	VERB
cblr-7219	887	33	the	the	DET
cblr-7219	887	34	cost	cost	NOUN
cblr-7219	887	35	of	of	ADP
cblr-7219	887	36	the	the	DET
cblr-7219	887	37	default	default	NOUN
cblr-7219	887	38	of	of	ADP
cblr-7219	887	39	one	one	NUM
cblr-7219	887	40	of	of	ADP
cblr-7219	887	41	their	their	PRON
cblr-7219	887	42	peer	peer	NOUN
cblr-7219	887	43	members	member	NOUN
cblr-7219	887	44	.	.	PUNCT
cblr-7219	888	1	286	286	NUM
cblr-7219	888	2	see	see	VERB
cblr-7219	888	3	faruqui	faruqui	NOUN
cblr-7219	888	4	et	et	PROPN
cblr-7219	888	5	al	al	PROPN
cblr-7219	888	6	.	.	PROPN
cblr-7219	888	7	,	,	PUNCT
cblr-7219	888	8	supra	supra	PROPN
cblr-7219	888	9	note	note	NOUN
cblr-7219	888	10	3	3	NUM
cblr-7219	888	11	,	,	PUNCT
cblr-7219	888	12	at	at	ADP
cblr-7219	888	13	75–76	75–76	NUM
cblr-7219	888	14	(	(	PUNCT
cblr-7219	888	15	questioning	question	VERB
cblr-7219	888	16	why	why	SCONJ
cblr-7219	888	17	nasdaq	nasdaq	PROPN
cblr-7219	888	18	clearing	clear	VERB
cblr-7219	888	19	ab	ab	PROPN
cblr-7219	888	20	’s	’s	PART
cblr-7219	888	21	margin	margin	NOUN
cblr-7219	888	22	requirements	requirement	NOUN
cblr-7219	888	23	of	of	ADP
cblr-7219	888	24	its	its	PRON
cblr-7219	888	25	defaulted	defaulted	ADJ
cblr-7219	888	26	member	member	NOUN
cblr-7219	888	27	were	be	AUX
cblr-7219	888	28	insufficient	insufficient	ADJ
cblr-7219	888	29	to	to	PART
cblr-7219	888	30	substantially	substantially	ADV
cblr-7219	888	31	cover	cover	VERB
cblr-7219	888	32	the	the	DET
cblr-7219	888	33	risk	risk	NOUN
cblr-7219	888	34	of	of	ADP
cblr-7219	888	35	his	his	PRON
cblr-7219	888	36	portfolio	portfolio	NOUN
cblr-7219	888	37	;	;	PUNCT
cblr-7219	888	38	a	a	DET
cblr-7219	888	39	possible	possible	ADJ
cblr-7219	888	40	explanation	explanation	NOUN
cblr-7219	888	41	can	can	AUX
cblr-7219	888	42	be	be	AUX
cblr-7219	888	43	found	find	VERB
cblr-7219	888	44	in	in	ADP
cblr-7219	888	45	competitive	competitive	ADJ
cblr-7219	888	46	pressures	pressure	NOUN
cblr-7219	888	47	or	or	CCONJ
cblr-7219	888	48	search	search	NOUN
cblr-7219	888	49	for	for	ADP
cblr-7219	888	50	trade	trade	NOUN
cblr-7219	888	51	volume	volume	NOUN
cblr-7219	888	52	—	—	PUNCT
cblr-7219	888	53	i.e.	i.e.	X
cblr-7219	888	54	,	,	PUNCT
cblr-7219	888	55	more	more	ADJ
cblr-7219	888	56	fees	fee	NOUN
cblr-7219	888	57	)	)	PUNCT
cblr-7219	888	58	.	.	PUNCT
cblr-7219	889	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	889	2	(	(	PUNCT
cblr-7219	889	3	do	do	AUX
cblr-7219	889	4	not	not	PART
cblr-7219	889	5	delete	delete	VERB
cblr-7219	889	6	)	)	PUNCT
cblr-7219	889	7	10/21/2020	10/21/2020	NUM
cblr-7219	889	8	11:22	11:22	NUM
cblr-7219	889	9	am	am	NOUN
cblr-7219	889	10	no	no	NOUN
cblr-7219	889	11	.	.	PUNCT
cblr-7219	890	1	2:449	2:449	NUM
cblr-7219	890	2	]	]	X
cblr-7219	890	3	unfinished	unfinished	ADJ
cblr-7219	890	4	business	business	NOUN
cblr-7219	890	5	515	515	NUM
cblr-7219	890	6	the	the	DET
cblr-7219	890	7	existing	exist	VERB
cblr-7219	890	8	regulatory	regulatory	ADJ
cblr-7219	890	9	regime	regime	NOUN
cblr-7219	890	10	and	and	CCONJ
cblr-7219	890	11	the	the	DET
cblr-7219	890	12	internal	internal	ADJ
cblr-7219	890	13	governance	governance	NOUN
cblr-7219	890	14	agreements	agreement	NOUN
cblr-7219	890	15	adopted	adopt	VERB
cblr-7219	890	16	by	by	ADP
cblr-7219	890	17	clearinghouses	clearinghouse	NOUN
cblr-7219	890	18	are	be	AUX
cblr-7219	890	19	vulnerable	vulnerable	ADJ
cblr-7219	890	20	to	to	ADP
cblr-7219	890	21	the	the	DET
cblr-7219	890	22	same	same	ADJ
cblr-7219	890	23	critiques	critique	NOUN
cblr-7219	890	24	.	.	PUNCT
cblr-7219	891	1	the	the	DET
cblr-7219	891	2	lack	lack	NOUN
cblr-7219	891	3	of	of	ADP
cblr-7219	891	4	meaningful	meaningful	ADJ
cblr-7219	891	5	representation	representation	NOUN
cblr-7219	891	6	of	of	ADP
cblr-7219	891	7	clearing	clear	VERB
cblr-7219	891	8	members	member	NOUN
cblr-7219	891	9	at	at	ADP
cblr-7219	891	10	the	the	DET
cblr-7219	891	11	board	board	NOUN
cblr-7219	891	12	level	level	NOUN
cblr-7219	891	13	and	and	CCONJ
cblr-7219	891	14	in	in	ADP
cblr-7219	891	15	the	the	DET
cblr-7219	891	16	firms	firm	NOUN
cblr-7219	891	17	’	’	PART
cblr-7219	891	18	risk	risk	NOUN
cblr-7219	891	19	committees	committee	NOUN
cblr-7219	891	20	,	,	PUNCT
cblr-7219	891	21	the	the	DET
cblr-7219	891	22	absence	absence	NOUN
cblr-7219	891	23	of	of	ADP
cblr-7219	891	24	minimum	minimum	ADJ
cblr-7219	891	25	capital	capital	NOUN
cblr-7219	891	26	requirements	requirement	NOUN
cblr-7219	891	27	for	for	ADP
cblr-7219	891	28	clearinghouses	clearinghouse	NOUN
cblr-7219	891	29	’	'	PUNCT
cblr-7219	891	30	skin	skin	NOUN
cblr-7219	891	31	-	-	PUNCT
cblr-7219	891	32	in	in	ADP
cblr-7219	891	33	-	-	PUNCT
cblr-7219	891	34	the	the	DET
cblr-7219	891	35	-	-	PUNCT
cblr-7219	891	36	game	game	NOUN
cblr-7219	891	37	,	,	PUNCT
cblr-7219	891	38	and	and	CCONJ
cblr-7219	891	39	the	the	DET
cblr-7219	891	40	restrictions	restriction	NOUN
cblr-7219	891	41	on	on	ADP
cblr-7219	891	42	members	member	NOUN
cblr-7219	891	43	’	'	PUNCT
cblr-7219	891	44	rights	right	NOUN
cblr-7219	891	45	in	in	ADP
cblr-7219	891	46	the	the	DET
cblr-7219	891	47	governance	governance	NOUN
cblr-7219	891	48	of	of	ADP
cblr-7219	891	49	risk	risk	NOUN
cblr-7219	891	50	all	all	DET
cblr-7219	891	51	undermine	undermine	ADJ
cblr-7219	891	52	clearinghouses	clearinghouse	NOUN
cblr-7219	891	53	’	’	PART
cblr-7219	891	54	accountability	accountability	NOUN
cblr-7219	891	55	and	and	CCONJ
cblr-7219	891	56	potentially	potentially	ADV
cblr-7219	891	57	exacerbate	exacerbate	VERB
cblr-7219	891	58	firms	firm	NOUN
cblr-7219	891	59	’	'	PUNCT
cblr-7219	891	60	moral	moral	ADJ
cblr-7219	891	61	hazard	hazard	NOUN
cblr-7219	891	62	—	—	PUNCT
cblr-7219	891	63	exposing	expose	VERB
cblr-7219	891	64	them	they	PRON
cblr-7219	891	65	to	to	ADP
cblr-7219	891	66	risk	risk	NOUN
cblr-7219	891	67	-	-	PUNCT
cblr-7219	891	68	taking	take	VERB
cblr-7219	891	69	behaviors	behavior	NOUN
cblr-7219	891	70	,	,	PUNCT
cblr-7219	891	71	incentivizing	incentivize	VERB
cblr-7219	891	72	the	the	DET
cblr-7219	891	73	externalization	externalization	NOUN
cblr-7219	891	74	of	of	ADP
cblr-7219	891	75	losses	loss	NOUN
cblr-7219	891	76	and	and	CCONJ
cblr-7219	891	77	risk	risk	NOUN
cblr-7219	891	78	on	on	ADP
cblr-7219	891	79	members	member	NOUN
cblr-7219	891	80	,	,	PUNCT
cblr-7219	891	81	and	and	CCONJ
cblr-7219	891	82	in	in	ADP
cblr-7219	891	83	the	the	DET
cblr-7219	891	84	end	end	NOUN
cblr-7219	891	85	,	,	PUNCT
cblr-7219	891	86	threatening	threaten	VERB
cblr-7219	891	87	the	the	DET
cblr-7219	891	88	stability	stability	NOUN
cblr-7219	891	89	of	of	ADP
cblr-7219	891	90	financial	financial	ADJ
cblr-7219	891	91	markets	market	NOUN
cblr-7219	891	92	.	.	PUNCT
cblr-7219	892	1	put	put	VERB
cblr-7219	892	2	differently	differently	ADV
cblr-7219	892	3	,	,	PUNCT
cblr-7219	892	4	lawmakers	lawmaker	NOUN
cblr-7219	892	5	used	use	VERB
cblr-7219	892	6	clearinghouses	clearinghouse	NOUN
cblr-7219	892	7	to	to	PART
cblr-7219	892	8	shift	shift	VERB
cblr-7219	892	9	systemic	systemic	ADJ
cblr-7219	892	10	risk	risk	NOUN
cblr-7219	892	11	from	from	ADP
cblr-7219	892	12	the	the	DET
cblr-7219	892	13	markets	market	NOUN
cblr-7219	892	14	to	to	ADP
cblr-7219	892	15	specialized	specialized	ADJ
cblr-7219	892	16	risk	risk	NOUN
cblr-7219	892	17	managers	manager	NOUN
cblr-7219	892	18	and	and	CCONJ
cblr-7219	892	19	risk	risk	NOUN
cblr-7219	892	20	absorbers	absorber	NOUN
cblr-7219	892	21	.	.	PUNCT
cblr-7219	893	1	cognizant	cognizant	ADJ
cblr-7219	893	2	of	of	ADP
cblr-7219	893	3	the	the	DET
cblr-7219	893	4	concentration	concentration	NOUN
cblr-7219	893	5	of	of	ADP
cblr-7219	893	6	risk	risk	NOUN
cblr-7219	893	7	in	in	ADP
cblr-7219	893	8	a	a	DET
cblr-7219	893	9	few	few	ADJ
cblr-7219	893	10	institutions	institution	NOUN
cblr-7219	893	11	,	,	PUNCT
cblr-7219	893	12	following	follow	VERB
cblr-7219	893	13	the	the	DET
cblr-7219	893	14	financial	financial	ADJ
cblr-7219	893	15	crisis	crisis	NOUN
cblr-7219	893	16	regulators	regulator	NOUN
cblr-7219	893	17	drafted	draft	VERB
cblr-7219	893	18	internal	internal	ADJ
cblr-7219	893	19	governance	governance	NOUN
cblr-7219	893	20	and	and	CCONJ
cblr-7219	893	21	risk	risk	NOUN
cblr-7219	893	22	management	management	NOUN
cblr-7219	893	23	regulations	regulation	NOUN
cblr-7219	893	24	to	to	PART
cblr-7219	893	25	reduce	reduce	VERB
cblr-7219	893	26	the	the	DET
cblr-7219	893	27	influence	influence	NOUN
cblr-7219	893	28	of	of	ADP
cblr-7219	893	29	derivatives	derivative	NOUN
cblr-7219	893	30	dealers	dealer	NOUN
cblr-7219	893	31	and	and	CCONJ
cblr-7219	893	32	tackled	tackle	VERB
cblr-7219	893	33	what	what	PRON
cblr-7219	893	34	were	be	AUX
cblr-7219	893	35	deemed	deem	VERB
cblr-7219	893	36	to	to	PART
cblr-7219	893	37	be	be	AUX
cblr-7219	893	38	the	the	DET
cblr-7219	893	39	troubling	troubling	ADJ
cblr-7219	893	40	conflicts	conflict	NOUN
cblr-7219	893	41	of	of	ADP
cblr-7219	893	42	interest	interest	NOUN
cblr-7219	893	43	in	in	ADP
cblr-7219	893	44	clearinghouses.287	clearinghouses.287	PROPN
cblr-7219	893	45	however	however	ADV
cblr-7219	893	46	,	,	PUNCT
cblr-7219	893	47	the	the	DET
cblr-7219	893	48	operation	operation	NOUN
cblr-7219	893	49	of	of	ADP
cblr-7219	893	50	the	the	DET
cblr-7219	893	51	new	new	ADJ
cblr-7219	893	52	regulatory	regulatory	ADJ
cblr-7219	893	53	framework	framework	NOUN
cblr-7219	893	54	within	within	ADP
cblr-7219	893	55	the	the	DET
cblr-7219	893	56	context	context	NOUN
cblr-7219	893	57	of	of	ADP
cblr-7219	893	58	for	for	ADP
cblr-7219	893	59	-	-	PUNCT
cblr-7219	893	60	profit	profit	NOUN
cblr-7219	893	61	financial	financial	ADJ
cblr-7219	893	62	market	market	NOUN
cblr-7219	893	63	infrastructural	infrastructural	ADJ
cblr-7219	893	64	groups	group	NOUN
cblr-7219	893	65	has	have	AUX
cblr-7219	893	66	resulted	result	VERB
cblr-7219	893	67	in	in	ADP
cblr-7219	893	68	a	a	DET
cblr-7219	893	69	dangerous	dangerous	ADJ
cblr-7219	893	70	allocation	allocation	NOUN
cblr-7219	893	71	of	of	ADP
cblr-7219	893	72	risk	risk	NOUN
cblr-7219	893	73	-	-	PUNCT
cblr-7219	893	74	taking	take	VERB
cblr-7219	893	75	incentives	incentive	NOUN
cblr-7219	893	76	and	and	CCONJ
cblr-7219	893	77	control	control	NOUN
cblr-7219	893	78	rights	right	NOUN
cblr-7219	893	79	between	between	ADP
cblr-7219	893	80	clearinghouses	clearinghouse	NOUN
cblr-7219	893	81	’	’	PART
cblr-7219	893	82	main	main	ADJ
cblr-7219	893	83	stakeholders	stakeholder	NOUN
cblr-7219	893	84	,	,	PUNCT
cblr-7219	893	85	who	who	PRON
cblr-7219	893	86	mine	mine	VERB
cblr-7219	893	87	the	the	DET
cblr-7219	893	88	systemic	systemic	ADJ
cblr-7219	893	89	resilience	resilience	NOUN
cblr-7219	893	90	of	of	ADP
cblr-7219	893	91	these	these	DET
cblr-7219	893	92	firms	firm	NOUN
cblr-7219	893	93	.	.	PUNCT
cblr-7219	894	1	ultimately	ultimately	ADV
cblr-7219	894	2	,	,	PUNCT
cblr-7219	894	3	the	the	DET
cblr-7219	894	4	current	current	ADJ
cblr-7219	894	5	regime	regime	NOUN
cblr-7219	894	6	has	have	AUX
cblr-7219	894	7	turned	turn	VERB
cblr-7219	894	8	systemic	systemic	ADJ
cblr-7219	894	9	risk	risk	NOUN
cblr-7219	894	10	managers	manager	NOUN
cblr-7219	894	11	and	and	CCONJ
cblr-7219	894	12	risk	risk	NOUN
cblr-7219	894	13	absorbers	absorber	NOUN
cblr-7219	894	14	into	into	ADP
cblr-7219	894	15	super	super	ADJ
cblr-7219	894	16	-	-	ADJ
cblr-7219	894	17	systemic	systemic	ADJ
cblr-7219	894	18	firms	firm	NOUN
cblr-7219	894	19	—	—	PUNCT
cblr-7219	894	20	which	which	PRON
cblr-7219	894	21	,	,	PUNCT
cblr-7219	894	22	if	if	SCONJ
cblr-7219	894	23	not	not	PART
cblr-7219	894	24	properly	properly	ADV
cblr-7219	894	25	regulated	regulate	VERB
cblr-7219	894	26	and	and	CCONJ
cblr-7219	894	27	organized	organize	VERB
cblr-7219	894	28	,	,	PUNCT
cblr-7219	894	29	could	could	AUX
cblr-7219	894	30	become	become	VERB
cblr-7219	894	31	systemic	systemic	ADJ
cblr-7219	894	32	risk	risk	NOUN
cblr-7219	894	33	transmitters	transmitter	NOUN
cblr-7219	894	34	,	,	PUNCT
cblr-7219	894	35	amplifiers	amplifier	NOUN
cblr-7219	894	36	,	,	PUNCT
cblr-7219	894	37	and	and	CCONJ
cblr-7219	894	38	threats.288	threats.288	NUM
cblr-7219	894	39	this	this	DET
cblr-7219	894	40	part	part	NOUN
cblr-7219	894	41	contributes	contribute	VERB
cblr-7219	894	42	to	to	ADP
cblr-7219	894	43	a	a	DET
cblr-7219	894	44	long	long	ADJ
cblr-7219	894	45	overdue	overdue	ADJ
cblr-7219	894	46	but	but	CCONJ
cblr-7219	894	47	finally	finally	ADV
cblr-7219	894	48	reopened	reopen	VERB
cblr-7219	894	49	policy	policy	NOUN
cblr-7219	894	50	discussion	discussion	NOUN
cblr-7219	894	51	on	on	ADP
cblr-7219	894	52	how	how	SCONJ
cblr-7219	894	53	to	to	PART
cblr-7219	894	54	achieve	achieve	VERB
cblr-7219	894	55	and	and	CCONJ
cblr-7219	894	56	support	support	VERB
cblr-7219	894	57	clearinghouses	clearinghouse	NOUN
cblr-7219	894	58	’	'	PUNCT
cblr-7219	894	59	systemic	systemic	ADJ
cblr-7219	894	60	resilience.289	resilience.289	NOUN
cblr-7219	894	61	in	in	ADP
cblr-7219	894	62	a	a	DET
cblr-7219	894	63	previous	previous	ADJ
cblr-7219	894	64	article	article	NOUN
cblr-7219	894	65	,	,	PUNCT
cblr-7219	894	66	i	i	PRON
cblr-7219	894	67	287	287	NUM
cblr-7219	894	68	see	see	VERB
cblr-7219	894	69	greenberger	greenberger	NOUN
cblr-7219	894	70	,	,	PUNCT
cblr-7219	894	71	supra	supra	PROPN
cblr-7219	894	72	note	note	NOUN
cblr-7219	894	73	9	9	NUM
cblr-7219	894	74	,	,	PUNCT
cblr-7219	894	75	at	at	ADP
cblr-7219	894	76	263–68	263–68	NOUN
cblr-7219	894	77	.	.	PUNCT
cblr-7219	895	1	see	see	VERB
cblr-7219	895	2	also	also	ADV
cblr-7219	895	3	supra	supra	PROPN
cblr-7219	895	4	notes	note	VERB
cblr-7219	895	5	222	222	NUM
cblr-7219	895	6	–	–	PUNCT
cblr-7219	895	7	20	20	NUM
cblr-7219	895	8	and	and	CCONJ
cblr-7219	895	9	accompanying	accompany	VERB
cblr-7219	895	10	text	text	NOUN
cblr-7219	895	11	.	.	PUNCT
cblr-7219	896	1	288	288	NUM
cblr-7219	896	2	see	see	VERB
cblr-7219	896	3	letter	letter	NOUN
cblr-7219	896	4	from	from	ADP
cblr-7219	896	5	sir	sir	PROPN
cblr-7219	896	6	paul	paul	PROPN
cblr-7219	896	7	tucker	tucker	PROPN
cblr-7219	896	8	,	,	PUNCT
cblr-7219	896	9	chair	chair	NOUN
cblr-7219	896	10	,	,	PUNCT
cblr-7219	896	11	systemic	systemic	ADJ
cblr-7219	896	12	risk	risk	NOUN
cblr-7219	896	13	council	council	NOUN
cblr-7219	896	14	,	,	PUNCT
cblr-7219	896	15	to	to	ADP
cblr-7219	896	16	the	the	DET
cblr-7219	896	17	hon	hon	PROPN
cblr-7219	896	18	.	.	PUNCT
cblr-7219	897	1	randal	randal	PROPN
cblr-7219	897	2	k.	k.	PROPN
cblr-7219	897	3	quarles	quarles	PROPN
cblr-7219	897	4	,	,	PUNCT
cblr-7219	897	5	chair	chair	NOUN
cblr-7219	897	6	,	,	PUNCT
cblr-7219	897	7	fin	fin	NOUN
cblr-7219	897	8	.	.	PUNCT
cblr-7219	898	1	stability	stability	PROPN
cblr-7219	898	2	bd	bd	PROPN
cblr-7219	898	3	.	.	PROPN
cblr-7219	898	4	1	1	NUM
cblr-7219	898	5	(	(	PUNCT
cblr-7219	898	6	mar	mar	PROPN
cblr-7219	898	7	.	.	PROPN
cblr-7219	898	8	18	18	NUM
cblr-7219	898	9	,	,	PUNCT
cblr-7219	898	10	2019	2019	NUM
cblr-7219	898	11	)	)	PUNCT
cblr-7219	898	12	,	,	PUNCT
cblr-7219	898	13	https://www.systemicriskcouncil.org/2019/03/systemic-risk-council-urgesaction-on-resolution-of-central-counterparty-clearing-houses/	https://www.systemicriskcouncil.org/2019/03/systemic-risk-council-urgesaction-on-resolution-of-central-counterparty-clearing-houses/	PROPN
cblr-7219	899	1	[	[	X
cblr-7219	899	2	https://perma.cc/5k7l-2gfy	https://perma.cc/5k7l-2gfy	X
cblr-7219	899	3	]	]	X
cblr-7219	899	4	.	.	PUNCT
cblr-7219	900	1	289	289	NUM
cblr-7219	900	2	see	see	VERB
cblr-7219	900	3	fin	fin	NOUN
cblr-7219	900	4	.	.	PUNCT
cblr-7219	901	1	stability	stability	PROPN
cblr-7219	901	2	bd	bd	PROPN
cblr-7219	901	3	.	.	PROPN
cblr-7219	901	4	,	,	PUNCT
cblr-7219	901	5	financial	financial	ADJ
cblr-7219	901	6	resources	resource	NOUN
cblr-7219	901	7	to	to	PART
cblr-7219	901	8	support	support	VERB
cblr-7219	901	9	ccp	ccp	PROPN
cblr-7219	901	10	resolution	resolution	NOUN
cblr-7219	901	11	and	and	CCONJ
cblr-7219	901	12	the	the	DET
cblr-7219	901	13	treatment	treatment	NOUN
cblr-7219	901	14	of	of	ADP
cblr-7219	901	15	ccp	ccp	PROPN
cblr-7219	901	16	equity	equity	NOUN
cblr-7219	901	17	in	in	ADP
cblr-7219	901	18	resolution	resolution	NOUN
cblr-7219	901	19	(	(	PUNCT
cblr-7219	901	20	2018	2018	NUM
cblr-7219	901	21	)	)	PUNCT
cblr-7219	901	22	,	,	PUNCT
cblr-7219	901	23	http://www.fsb.org/wp-content/uploads/p151118-2.pdf	http://www.fsb.org/wp-content/uploads/p151118-2.pdf	X
cblr-7219	901	24	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	901	25	(	(	PUNCT
cblr-7219	901	26	do	do	AUX
cblr-7219	901	27	not	not	PART
cblr-7219	901	28	delte	delte	VERB
cblr-7219	901	29	)	)	PUNCT
cblr-7219	901	30	10/21/2020	10/21/2020	NUM
cblr-7219	901	31	11:22	11:22	NUM
cblr-7219	901	32	am	be	AUX
cblr-7219	901	33	516	516	NUM
cblr-7219	901	34	columbia	columbia	PROPN
cblr-7219	901	35	business	business	NOUN
cblr-7219	901	36	law	law	NOUN
cblr-7219	901	37	review	review	NOUN
cblr-7219	902	1	[	[	X
cblr-7219	902	2	vol	vol	NOUN
cblr-7219	902	3	.	.	PUNCT
cblr-7219	902	4	2020	2020	NUM
cblr-7219	902	5	discussed	discuss	VERB
cblr-7219	902	6	the	the	DET
cblr-7219	902	7	historical	historical	ADJ
cblr-7219	902	8	evolution	evolution	NOUN
cblr-7219	902	9	of	of	ADP
cblr-7219	902	10	clearinghouses	clearinghouse	NOUN
cblr-7219	902	11	and	and	CCONJ
cblr-7219	902	12	focused	focus	VERB
cblr-7219	902	13	on	on	ADP
cblr-7219	902	14	the	the	DET
cblr-7219	902	15	role	role	NOUN
cblr-7219	902	16	of	of	ADP
cblr-7219	902	17	ownership	ownership	NOUN
cblr-7219	902	18	structures	structure	NOUN
cblr-7219	902	19	as	as	ADP
cblr-7219	902	20	a	a	DET
cblr-7219	902	21	mechanism	mechanism	NOUN
cblr-7219	902	22	to	to	PART
cblr-7219	902	23	align	align	VERB
cblr-7219	902	24	the	the	DET
cblr-7219	902	25	incentives	incentive	NOUN
cblr-7219	902	26	and	and	CCONJ
cblr-7219	902	27	economic	economic	ADJ
cblr-7219	902	28	interests	interest	NOUN
cblr-7219	902	29	of	of	ADP
cblr-7219	902	30	firms	firm	NOUN
cblr-7219	902	31	’	'	PUNCT
cblr-7219	902	32	stakeholders.290	stakeholders.290	NOUN
cblr-7219	902	33	that	that	SCONJ
cblr-7219	902	34	article	article	NOUN
cblr-7219	902	35	’s	’s	PART
cblr-7219	902	36	main	main	ADJ
cblr-7219	902	37	normative	normative	ADJ
cblr-7219	902	38	claim	claim	NOUN
cblr-7219	902	39	was	be	AUX
cblr-7219	902	40	that	that	SCONJ
cblr-7219	902	41	the	the	DET
cblr-7219	902	42	remutualization	remutualization	NOUN
cblr-7219	902	43	of	of	ADP
cblr-7219	902	44	clearinghouses	clearinghouse	NOUN
cblr-7219	902	45	is	be	AUX
cblr-7219	902	46	the	the	DET
cblr-7219	902	47	optimal	optimal	ADJ
cblr-7219	902	48	solution	solution	NOUN
cblr-7219	902	49	to	to	PART
cblr-7219	902	50	resolve	resolve	VERB
cblr-7219	902	51	the	the	DET
cblr-7219	902	52	agency	agency	NOUN
cblr-7219	902	53	costs	cost	NOUN
cblr-7219	902	54	that	that	PRON
cblr-7219	902	55	spill	spill	NOUN
cblr-7219	902	56	from	from	ADP
cblr-7219	902	57	the	the	DET
cblr-7219	902	58	member	member	NOUN
cblr-7219	902	59	-	-	PUNCT
cblr-7219	902	60	shareholders	shareholder	NOUN
cblr-7219	902	61	divide.291	divide.291	NOUN
cblr-7219	902	62	however	however	ADV
cblr-7219	902	63	,	,	PUNCT
cblr-7219	902	64	acknowledging	acknowledge	VERB
cblr-7219	902	65	the	the	DET
cblr-7219	902	66	political	political	ADJ
cblr-7219	902	67	and	and	CCONJ
cblr-7219	902	68	market	market	NOUN
cblr-7219	902	69	costs	cost	NOUN
cblr-7219	902	70	of	of	ADP
cblr-7219	902	71	implementing	implement	VERB
cblr-7219	902	72	such	such	ADJ
cblr-7219	902	73	reforms	reform	NOUN
cblr-7219	902	74	,	,	PUNCT
cblr-7219	902	75	that	that	DET
cblr-7219	902	76	article	article	NOUN
cblr-7219	902	77	proposed	propose	VERB
cblr-7219	902	78	two	two	NUM
cblr-7219	902	79	less	less	ADV
cblr-7219	902	80	invasive	invasive	ADJ
cblr-7219	902	81	policy	policy	NOUN
cblr-7219	902	82	solutions	solution	NOUN
cblr-7219	902	83	that	that	PRON
cblr-7219	902	84	focus	focus	VERB
cblr-7219	902	85	on	on	ADP
cblr-7219	902	86	the	the	DET
cblr-7219	902	87	capital	capital	NOUN
cblr-7219	902	88	structure	structure	NOUN
cblr-7219	902	89	and	and	CCONJ
cblr-7219	902	90	governance	governance	NOUN
cblr-7219	902	91	of	of	ADP
cblr-7219	902	92	clearinghouses.292	clearinghouses.292	NOUN
cblr-7219	902	93	this	this	DET
cblr-7219	902	94	part	part	NOUN
cblr-7219	902	95	builds	build	VERB
cblr-7219	902	96	upon	upon	SCONJ
cblr-7219	902	97	that	that	DET
cblr-7219	902	98	policy	policy	NOUN
cblr-7219	902	99	discussion	discussion	NOUN
cblr-7219	902	100	by	by	ADP
cblr-7219	902	101	offering	offer	VERB
cblr-7219	902	102	some	some	DET
cblr-7219	902	103	new	new	ADJ
cblr-7219	902	104	and	and	CCONJ
cblr-7219	902	105	refined	refined	ADJ
cblr-7219	902	106	solutions	solution	NOUN
cblr-7219	902	107	to	to	ADP
cblr-7219	902	108	the	the	DET
cblr-7219	902	109	agency	agency	NOUN
cblr-7219	902	110	costs	cost	NOUN
cblr-7219	902	111	that	that	PRON
cblr-7219	902	112	result	result	VERB
cblr-7219	902	113	from	from	ADP
cblr-7219	902	114	the	the	DET
cblr-7219	902	115	decoupling	decoupling	NOUN
cblr-7219	902	116	of	of	ADP
cblr-7219	902	117	risk	risk	NOUN
cblr-7219	902	118	from	from	ADP
cblr-7219	902	119	control	control	NOUN
cblr-7219	902	120	rights	right	NOUN
cblr-7219	902	121	in	in	ADP
cblr-7219	902	122	clearinghouses	clearinghouse	NOUN
cblr-7219	902	123	.	.	PUNCT
cblr-7219	903	1	multistakeholder	multistakeholder	NOUN
cblr-7219	903	2	boards	board	NOUN
cblr-7219	903	3	and	and	CCONJ
cblr-7219	903	4	member	member	NOUN
cblr-7219	903	5	-	-	PUNCT
cblr-7219	903	6	driven	drive	VERB
cblr-7219	903	7	risk	risk	NOUN
cblr-7219	903	8	committees	committee	NOUN
cblr-7219	903	9	would	would	AUX
cblr-7219	903	10	more	more	ADV
cblr-7219	903	11	effectively	effectively	ADV
cblr-7219	903	12	represent	represent	VERB
cblr-7219	903	13	the	the	DET
cblr-7219	903	14	interests	interest	NOUN
cblr-7219	903	15	and	and	CCONJ
cblr-7219	903	16	positions	position	NOUN
cblr-7219	903	17	of	of	ADP
cblr-7219	903	18	clearinghouses	clearinghouse	NOUN
cblr-7219	903	19	’	’	PART
cblr-7219	903	20	main	main	ADJ
cblr-7219	903	21	constituencies	constituency	NOUN
cblr-7219	903	22	:	:	PUNCT
cblr-7219	903	23	those	those	DET
cblr-7219	903	24	members	member	NOUN
cblr-7219	903	25	that	that	PRON
cblr-7219	903	26	have	have	VERB
cblr-7219	903	27	full	full	ADJ
cblr-7219	903	28	skin	skin	NOUN
cblr-7219	903	29	-	-	PUNCT
cblr-7219	903	30	in	in	ADP
cblr-7219	903	31	-	-	PUNCT
cblr-7219	903	32	the	the	DET
cblr-7219	903	33	-	-	PUNCT
cblr-7219	903	34	game	game	NOUN
cblr-7219	903	35	in	in	ADP
cblr-7219	903	36	the	the	DET
cblr-7219	903	37	business.293	business.293	NOUN
cblr-7219	903	38	direct	direct	ADJ
cblr-7219	903	39	intervention	intervention	NOUN
cblr-7219	903	40	into	into	ADP
cblr-7219	903	41	the	the	DET
cblr-7219	903	42	capital	capital	NOUN
cblr-7219	903	43	structure	structure	NOUN
cblr-7219	903	44	of	of	ADP
cblr-7219	903	45	clearinghouses	clearinghouse	NOUN
cblr-7219	903	46	—	—	PUNCT
cblr-7219	903	47	and	and	CCONJ
cblr-7219	903	48	into	into	ADP
cblr-7219	903	49	the	the	DET
cblr-7219	903	50	type	type	NOUN
cblr-7219	903	51	and	and	CCONJ
cblr-7219	903	52	quality	quality	NOUN
cblr-7219	903	53	of	of	ADP
cblr-7219	903	54	financial	financial	ADJ
cblr-7219	903	55	instruments	instrument	NOUN
cblr-7219	903	56	that	that	PRON
cblr-7219	903	57	these	these	DET
cblr-7219	903	58	firms	firm	NOUN
cblr-7219	903	59	should	should	AUX
cblr-7219	903	60	issue	issue	VERB
cblr-7219	903	61	to	to	PART
cblr-7219	903	62	build	build	VERB
cblr-7219	903	63	their	their	PRON
cblr-7219	903	64	capital	capital	NOUN
cblr-7219	903	65	buffers	buffer	NOUN
cblr-7219	903	66	—	—	PUNCT
cblr-7219	903	67	would	would	AUX
cblr-7219	903	68	stabilize	stabilize	VERB
cblr-7219	903	69	their	their	PRON
cblr-7219	903	70	financial	financial	ADJ
cblr-7219	903	71	resilience	resilience	NOUN
cblr-7219	903	72	.	.	PUNCT
cblr-7219	904	1	this	this	DET
cblr-7219	904	2	part	part	NOUN
cblr-7219	904	3	then	then	ADV
cblr-7219	904	4	concludes	conclude	VERB
cblr-7219	904	5	by	by	ADP
cblr-7219	904	6	offering	offer	VERB
cblr-7219	904	7	some	some	DET
cblr-7219	904	8	preliminary	preliminary	ADJ
cblr-7219	904	9	considerations	consideration	NOUN
cblr-7219	904	10	on	on	ADP
cblr-7219	904	11	the	the	DET
cblr-7219	904	12	dynamics	dynamic	NOUN
cblr-7219	904	13	of	of	ADP
cblr-7219	904	14	the	the	DET
cblr-7219	904	15	recovery	recovery	NOUN
cblr-7219	904	16	and	and	CCONJ
cblr-7219	904	17	resolution	resolution	NOUN
cblr-7219	904	18	mechanisms	mechanism	NOUN
cblr-7219	904	19	of	of	ADP
cblr-7219	904	20	clearinghouses	clearinghouse	NOUN
cblr-7219	904	21	,	,	PUNCT
cblr-7219	904	22	a	a	DET
cblr-7219	904	23	critical	critical	ADJ
cblr-7219	904	24	gap	gap	NOUN
cblr-7219	904	25	in	in	ADP
cblr-7219	904	26	the	the	DET
cblr-7219	904	27	post	post	NOUN
cblr-7219	904	28	-	-	NOUN
cblr-7219	904	29	crisis	crisis	NOUN
cblr-7219	904	30	regime.294	regime.294	NOUN
cblr-7219	904	31	a.	a.	NOUN
cblr-7219	904	32	existing	exist	VERB
cblr-7219	904	33	academic	academic	ADJ
cblr-7219	904	34	proposals	proposal	NOUN
cblr-7219	904	35	few	few	ADJ
cblr-7219	904	36	legal	legal	ADJ
cblr-7219	904	37	scholars	scholar	NOUN
cblr-7219	904	38	have	have	AUX
cblr-7219	904	39	examined	examine	VERB
cblr-7219	904	40	the	the	DET
cblr-7219	904	41	organization	organization	NOUN
cblr-7219	904	42	of	of	ADP
cblr-7219	904	43	clearinghouses	clearinghouse	NOUN
cblr-7219	904	44	and	and	CCONJ
cblr-7219	904	45	its	its	PRON
cblr-7219	904	46	consequences	consequence	NOUN
cblr-7219	904	47	in	in	ADP
cblr-7219	904	48	terms	term	NOUN
cblr-7219	904	49	of	of	ADP
cblr-7219	904	50	firms	firm	NOUN
cblr-7219	904	51	’	'	PUNCT
cblr-7219	905	1	[	[	X
cblr-7219	905	2	https://perma.cc/qj3z-mft8	https://perma.cc/qj3z-mft8	X
cblr-7219	905	3	]	]	X
cblr-7219	905	4	;	;	PUNCT
cblr-7219	905	5	derivatives	derivative	NOUN
cblr-7219	905	6	clearing	clearing	NOUN
cblr-7219	905	7	organization	organization	NOUN
cblr-7219	905	8	general	general	ADJ
cblr-7219	905	9	provisions	provision	NOUN
cblr-7219	905	10	and	and	CCONJ
cblr-7219	905	11	core	core	NOUN
cblr-7219	905	12	principles	principle	NOUN
cblr-7219	905	13	,	,	PUNCT
cblr-7219	905	14	84	84	NUM
cblr-7219	905	15	fed	feed	VERB
cblr-7219	905	16	.	.	PUNCT
cblr-7219	906	1	reg	reg	PROPN
cblr-7219	906	2	.	.	PROPN
cblr-7219	906	3	22,226	22,226	NUM
cblr-7219	906	4	(	(	PUNCT
cblr-7219	906	5	proposed	propose	VERB
cblr-7219	906	6	may	may	PROPN
cblr-7219	906	7	16	16	NUM
cblr-7219	906	8	,	,	PUNCT
cblr-7219	906	9	2019	2019	NUM
cblr-7219	906	10	)	)	PUNCT
cblr-7219	906	11	(	(	PUNCT
cblr-7219	906	12	to	to	PART
cblr-7219	906	13	be	be	AUX
cblr-7219	906	14	codified	codify	VERB
cblr-7219	906	15	at	at	ADP
cblr-7219	906	16	17	17	NUM
cblr-7219	906	17	c.f.r	c.f.r	NOUN
cblr-7219	906	18	.	.	PUNCT
cblr-7219	907	1	pts	pts	PROPN
cblr-7219	907	2	.	.	PROPN
cblr-7219	907	3	1	1	NUM
cblr-7219	907	4	,	,	PUNCT
cblr-7219	907	5	39	39	NUM
cblr-7219	907	6	,	,	PUNCT
cblr-7219	907	7	140	140	NUM
cblr-7219	907	8	)	)	PUNCT
cblr-7219	907	9	.	.	PUNCT
cblr-7219	908	1	290	290	NUM
cblr-7219	908	2	see	see	VERB
cblr-7219	908	3	saguato	saguato	NOUN
cblr-7219	908	4	,	,	PUNCT
cblr-7219	908	5	the	the	DET
cblr-7219	908	6	ownership	ownership	NOUN
cblr-7219	908	7	of	of	ADP
cblr-7219	908	8	clearinghouses	clearinghouse	NOUN
cblr-7219	908	9	,	,	PUNCT
cblr-7219	908	10	supra	supra	PROPN
cblr-7219	908	11	note	note	PROPN
cblr-7219	908	12	8	8	NUM
cblr-7219	908	13	,	,	PUNCT
cblr-7219	908	14	at	at	ADP
cblr-7219	908	15	614–16	614–16	NOUN
cblr-7219	908	16	,	,	PUNCT
cblr-7219	908	17	635–40	635–40	NOUN
cblr-7219	908	18	.	.	PUNCT
cblr-7219	909	1	291	291	NUM
cblr-7219	909	2	see	see	VERB
cblr-7219	909	3	i	i	PRON
cblr-7219	909	4	d.	d.	PROPN
cblr-7219	909	5	at	at	ADP
cblr-7219	909	6	659–61	659–61	PROPN
cblr-7219	909	7	.	.	PUNCT
cblr-7219	910	1	292	292	NUM
cblr-7219	910	2	see	see	VERB
cblr-7219	910	3	i	i	PRON
cblr-7219	910	4	d.	d.	PROPN
cblr-7219	910	5	at	at	ADP
cblr-7219	910	6	658–65	658–65	PROPN
cblr-7219	910	7	.	.	PUNCT
cblr-7219	911	1	293	293	NUM
cblr-7219	911	2	see	see	VERB
cblr-7219	911	3	accountable	accountable	ADJ
cblr-7219	911	4	capitalism	capitalism	NOUN
cblr-7219	911	5	act	act	NOUN
cblr-7219	911	6	,	,	PUNCT
cblr-7219	911	7	s.	s.	PROPN
cblr-7219	911	8	3348	3348	NUM
cblr-7219	911	9	,	,	PUNCT
cblr-7219	911	10	115th	115th	ADJ
cblr-7219	911	11	cong	cong	NOUN
cblr-7219	911	12	.	.	PUNCT
cblr-7219	912	1	(	(	PUNCT
cblr-7219	912	2	2018	2018	NUM
cblr-7219	912	3	)	)	PUNCT
cblr-7219	912	4	.	.	PUNCT
cblr-7219	913	1	294	294	NUM
cblr-7219	913	2	see	see	VERB
cblr-7219	913	3	saguato	saguato	NOUN
cblr-7219	913	4	,	,	PUNCT
cblr-7219	913	5	the	the	DET
cblr-7219	913	6	hidden	hidden	ADJ
cblr-7219	913	7	costs	cost	NOUN
cblr-7219	913	8	of	of	ADP
cblr-7219	913	9	clearinghouses	clearinghouse	NOUN
cblr-7219	913	10	,	,	PUNCT
cblr-7219	913	11	supra	supra	PROPN
cblr-7219	913	12	note	note	NOUN
cblr-7219	913	13	8	8	NUM
cblr-7219	913	14	(	(	PUNCT
cblr-7219	913	15	manuscript	manuscript	NOUN
cblr-7219	913	16	at	at	ADP
cblr-7219	913	17	39–54	39–54	NUM
cblr-7219	913	18	)	)	PUNCT
cblr-7219	913	19	.	.	PUNCT
cblr-7219	914	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	914	2	(	(	PUNCT
cblr-7219	914	3	do	do	AUX
cblr-7219	914	4	not	not	PART
cblr-7219	914	5	delete	delete	VERB
cblr-7219	914	6	)	)	PUNCT
cblr-7219	914	7	10/21/2020	10/21/2020	NUM
cblr-7219	914	8	11:22	11:22	NUM
cblr-7219	914	9	am	am	NOUN
cblr-7219	914	10	no	no	NOUN
cblr-7219	914	11	.	.	PUNCT
cblr-7219	915	1	2:449	2:449	NUM
cblr-7219	915	2	]	]	X
cblr-7219	915	3	unfinished	unfinished	ADJ
cblr-7219	915	4	business	business	NOUN
cblr-7219	915	5	517	517	NUM
cblr-7219	915	6	resilience.295	resilience.295	VERB
cblr-7219	915	7	some	some	DET
cblr-7219	915	8	insightful	insightful	ADJ
cblr-7219	915	9	articles	article	NOUN
cblr-7219	915	10	have	have	AUX
cblr-7219	915	11	contributed	contribute	VERB
cblr-7219	915	12	to	to	ADP
cblr-7219	915	13	the	the	DET
cblr-7219	915	14	debate	debate	NOUN
cblr-7219	915	15	that	that	PRON
cblr-7219	915	16	led	lead	VERB
cblr-7219	915	17	to	to	ADP
cblr-7219	915	18	the	the	DET
cblr-7219	915	19	existing	exist	VERB
cblr-7219	915	20	regime	regime	NOUN
cblr-7219	915	21	.	.	PUNCT
cblr-7219	916	1	interestingly	interestingly	ADV
cblr-7219	916	2	,	,	PUNCT
cblr-7219	916	3	almost	almost	ADV
cblr-7219	916	4	all	all	PRON
cblr-7219	916	5	of	of	ADP
cblr-7219	916	6	the	the	DET
cblr-7219	916	7	contributions	contribution	NOUN
cblr-7219	916	8	share	share	VERB
cblr-7219	916	9	two	two	NUM
cblr-7219	916	10	premises	premise	NOUN
cblr-7219	916	11	and	and	CCONJ
cblr-7219	916	12	one	one	NUM
cblr-7219	916	13	lapse	lapse	NOUN
cblr-7219	916	14	.	.	PUNCT
cblr-7219	917	1	some	some	DET
cblr-7219	917	2	papers	paper	NOUN
cblr-7219	917	3	share	share	VERB
cblr-7219	917	4	concerns	concern	NOUN
cblr-7219	917	5	about	about	ADP
cblr-7219	917	6	the	the	DET
cblr-7219	917	7	potential	potential	ADJ
cblr-7219	917	8	conflicts	conflict	NOUN
cblr-7219	917	9	of	of	ADP
cblr-7219	917	10	interest	interest	NOUN
cblr-7219	917	11	and	and	CCONJ
cblr-7219	917	12	excessive	excessive	ADJ
cblr-7219	917	13	market	market	NOUN
cblr-7219	917	14	power	power	NOUN
cblr-7219	917	15	that	that	PRON
cblr-7219	917	16	might	might	AUX
cblr-7219	917	17	result	result	VERB
cblr-7219	917	18	from	from	ADP
cblr-7219	917	19	the	the	DET
cblr-7219	917	20	direct	direct	ADJ
cblr-7219	917	21	involvement	involvement	NOUN
cblr-7219	917	22	of	of	ADP
cblr-7219	917	23	large	large	ADJ
cblr-7219	917	24	financial	financial	ADJ
cblr-7219	917	25	institutions	institution	NOUN
cblr-7219	917	26	in	in	ADP
cblr-7219	917	27	the	the	DET
cblr-7219	917	28	governance	governance	NOUN
cblr-7219	917	29	of	of	ADP
cblr-7219	917	30	clearinghouses	clearinghouse	NOUN
cblr-7219	917	31	,	,	PUNCT
cblr-7219	917	32	as	as	ADV
cblr-7219	917	33	well	well	ADV
cblr-7219	917	34	as	as	ADP
cblr-7219	917	35	the	the	DET
cblr-7219	917	36	tensions	tension	NOUN
cblr-7219	917	37	between	between	ADP
cblr-7219	917	38	clearinghouses	clearinghouse	NOUN
cblr-7219	917	39	’	’	PART
cblr-7219	917	40	public	public	ADJ
cblr-7219	917	41	service	service	NOUN
cblr-7219	917	42	role	role	NOUN
cblr-7219	917	43	as	as	ADP
cblr-7219	917	44	systemic	systemic	ADJ
cblr-7219	917	45	risk	risk	NOUN
cblr-7219	917	46	managers	manager	NOUN
cblr-7219	917	47	and	and	CCONJ
cblr-7219	917	48	the	the	DET
cblr-7219	917	49	for	for	ADP
cblr-7219	917	50	-	-	PUNCT
cblr-7219	917	51	profit	profit	NOUN
cblr-7219	917	52	nature	nature	NOUN
cblr-7219	917	53	of	of	ADP
cblr-7219	917	54	these	these	DET
cblr-7219	917	55	corporations.296	corporations.296	NOUN
cblr-7219	917	56	in	in	ADP
cblr-7219	917	57	addition	addition	NOUN
cblr-7219	917	58	,	,	PUNCT
cblr-7219	917	59	some	some	DET
cblr-7219	917	60	authors	author	NOUN
cblr-7219	917	61	rely	rely	VERB
cblr-7219	917	62	on	on	ADP
cblr-7219	917	63	a	a	DET
cblr-7219	917	64	more	more	ADV
cblr-7219	917	65	direct	direct	ADJ
cblr-7219	917	66	intervention	intervention	NOUN
cblr-7219	917	67	of	of	ADP
cblr-7219	917	68	regulators	regulator	NOUN
cblr-7219	917	69	in	in	ADP
cblr-7219	917	70	the	the	DET
cblr-7219	917	71	governance	governance	NOUN
cblr-7219	917	72	and	and	CCONJ
cblr-7219	917	73	running	running	NOUN
cblr-7219	917	74	of	of	ADP
cblr-7219	917	75	clearinghouses	clearinghouse	NOUN
cblr-7219	917	76	,	,	PUNCT
cblr-7219	917	77	either	either	CCONJ
cblr-7219	917	78	justifying	justify	VERB
cblr-7219	917	79	it	it	PRON
cblr-7219	917	80	based	base	VERB
cblr-7219	917	81	on	on	ADP
cblr-7219	917	82	the	the	DET
cblr-7219	917	83	inevitable	inevitable	ADJ
cblr-7219	917	84	intervention	intervention	NOUN
cblr-7219	917	85	of	of	ADP
cblr-7219	917	86	public	public	ADJ
cblr-7219	917	87	money	money	NOUN
cblr-7219	917	88	as	as	ADP
cblr-7219	917	89	financial	financial	ADJ
cblr-7219	917	90	support	support	NOUN
cblr-7219	917	91	—	—	PUNCT
cblr-7219	917	92	i.e.	i.e.	X
cblr-7219	917	93	,	,	PUNCT
cblr-7219	917	94	as	as	ADP
cblr-7219	917	95	a	a	DET
cblr-7219	917	96	bailout	bailout	NOUN
cblr-7219	917	97	—	—	PUNCT
cblr-7219	917	98	if	if	SCONJ
cblr-7219	917	99	a	a	DET
cblr-7219	917	100	clearinghouse	clearinghouse	NOUN
cblr-7219	917	101	were	be	AUX
cblr-7219	917	102	to	to	ADP
cblr-7219	917	103	fail,297	fail,297	PROPN
cblr-7219	917	104	or	or	CCONJ
cblr-7219	917	105	on	on	ADP
cblr-7219	917	106	the	the	DET
cblr-7219	917	107	systemic	systemic	ADJ
cblr-7219	917	108	relevance	relevance	NOUN
cblr-7219	917	109	and	and	CCONJ
cblr-7219	917	110	public	public	ADJ
cblr-7219	917	111	policy	policy	NOUN
cblr-7219	917	112	function	function	NOUN
cblr-7219	917	113	of	of	ADP
cblr-7219	917	114	clearinghouses.298	clearinghouses.298	PROPN
cblr-7219	917	115	however	however	ADV
cblr-7219	917	116	,	,	PUNCT
cblr-7219	917	117	all	all	DET
cblr-7219	917	118	such	such	ADJ
cblr-7219	917	119	contributions	contribution	NOUN
cblr-7219	917	120	have	have	AUX
cblr-7219	917	121	overlooked	overlook	VERB
cblr-7219	917	122	the	the	DET
cblr-7219	917	123	agency	agency	NOUN
cblr-7219	917	124	costs	cost	NOUN
cblr-7219	917	125	that	that	PRON
cblr-7219	917	126	result	result	VERB
cblr-7219	917	127	from	from	ADP
cblr-7219	917	128	the	the	DET
cblr-7219	917	129	separation	separation	NOUN
cblr-7219	917	130	of	of	ADP
cblr-7219	917	131	risk	risk	NOUN
cblr-7219	917	132	and	and	CCONJ
cblr-7219	917	133	control	control	NOUN
cblr-7219	917	134	in	in	ADP
cblr-7219	917	135	clearinghouses	clearinghouse	NOUN
cblr-7219	917	136	and	and	CCONJ
cblr-7219	917	137	clearinghouse	clearinghouse	NOUN
cblr-7219	917	138	members	member	NOUN
cblr-7219	917	139	’	'	PUNCT
cblr-7219	917	140	incentives	incentive	NOUN
cblr-7219	917	141	for	for	ADP
cblr-7219	917	142	encouraging	encourage	VERB
cblr-7219	917	143	effective	effective	ADJ
cblr-7219	917	144	clearinghouse	clearinghouse	NOUN
cblr-7219	917	145	risk	risk	NOUN
cblr-7219	917	146	management	management	NOUN
cblr-7219	917	147	.	.	PUNCT
cblr-7219	918	1	professor	professor	PROPN
cblr-7219	918	2	kristin	kristin	PROPN
cblr-7219	918	3	johnson	johnson	PROPN
cblr-7219	918	4	identifies	identify	VERB
cblr-7219	918	5	the	the	DET
cblr-7219	918	6	possible	possible	ADJ
cblr-7219	918	7	“	"	PUNCT
cblr-7219	918	8	tension[s	tension[	NOUN
cblr-7219	918	9	]	]	PUNCT
cblr-7219	919	1	[	[	X
cblr-7219	919	2	that	that	PRON
cblr-7219	919	3	can	can	AUX
cblr-7219	919	4	]	]	PUNCT
cblr-7219	919	5	emerge	emerge	VERB
cblr-7219	919	6	[	[	X
cblr-7219	919	7	]	]	X
cblr-7219	919	8	between	between	ADP
cblr-7219	919	9	clearinghouses	clearinghouse	NOUN
cblr-7219	919	10	’	’	PART
cblr-7219	919	11	public	public	ADJ
cblr-7219	919	12	service	service	NOUN
cblr-7219	919	13	role	role	NOUN
cblr-7219	919	14	and	and	CCONJ
cblr-7219	919	15	their	their	PRON
cblr-7219	919	16	private	private	ADJ
cblr-7219	919	17	ownership	ownership	NOUN
cblr-7219	919	18	structure	structure	NOUN
cblr-7219	919	19	,	,	PUNCT
cblr-7219	919	20	”	"	PUNCT
cblr-7219	919	21	focusing	focus	VERB
cblr-7219	919	22	specifically	specifically	ADV
cblr-7219	919	23	on	on	ADP
cblr-7219	919	24	the	the	DET
cblr-7219	919	25	tension	tension	NOUN
cblr-7219	919	26	between	between	ADP
cblr-7219	919	27	their	their	PRON
cblr-7219	919	28	profit	profit	NOUN
cblr-7219	919	29	-	-	PUNCT
cblr-7219	919	30	maximization	maximization	NOUN
cblr-7219	919	31	objective	objective	NOUN
cblr-7219	919	32	and	and	CCONJ
cblr-7219	919	33	self	self	NOUN
cblr-7219	919	34	-	-	PUNCT
cblr-7219	919	35	regulatory	regulatory	ADJ
cblr-7219	919	36	function.299	function.299	NOUN
cblr-7219	919	37	in	in	ADP
cblr-7219	919	38	addition	addition	NOUN
cblr-7219	919	39	,	,	PUNCT
cblr-7219	919	40	by	by	ADP
cblr-7219	919	41	focusing	focus	VERB
cblr-7219	919	42	on	on	ADP
cblr-7219	919	43	the	the	DET
cblr-7219	919	44	role	role	NOUN
cblr-7219	919	45	of	of	ADP
cblr-7219	919	46	large	large	ADJ
cblr-7219	919	47	clearing	clearing	NOUN
cblr-7219	919	48	members	member	NOUN
cblr-7219	919	49	in	in	ADP
cblr-7219	919	50	the	the	DET
cblr-7219	919	51	governance	governance	NOUN
cblr-7219	919	52	of	of	ADP
cblr-7219	919	53	295	295	NUM
cblr-7219	919	54	see	see	NOUN
cblr-7219	919	55	,	,	PUNCT
cblr-7219	919	56	e.g.	e.g.	ADV
cblr-7219	919	57	,	,	PUNCT
cblr-7219	919	58	colleen	colleen	PROPN
cblr-7219	919	59	m.	m.	PROPN
cblr-7219	919	60	baker	baker	PROPN
cblr-7219	919	61	,	,	PUNCT
cblr-7219	919	62	incomplete	incomplete	ADJ
cblr-7219	919	63	clearinghouse	clearinghouse	NOUN
cblr-7219	919	64	mandates	mandate	NOUN
cblr-7219	919	65	,	,	PUNCT
cblr-7219	919	66	56	56	NUM
cblr-7219	919	67	am	am	NOUN
cblr-7219	919	68	.	.	PUNCT
cblr-7219	920	1	bus	bus	NOUN
cblr-7219	920	2	.	.	PUNCT
cblr-7219	921	1	l.j	l.j	PROPN
cblr-7219	921	2	.	.	PROPN
cblr-7219	922	1	507	507	NUM
cblr-7219	922	2	(	(	PUNCT
cblr-7219	922	3	2019	2019	NUM
cblr-7219	922	4	)	)	PUNCT
cblr-7219	922	5	;	;	PUNCT
cblr-7219	922	6	greenberger	greenberger	PROPN
cblr-7219	922	7	,	,	PUNCT
cblr-7219	922	8	supra	supra	PROPN
cblr-7219	922	9	note	note	PROPN
cblr-7219	922	10	9	9	NUM
cblr-7219	922	11	;	;	PUNCT
cblr-7219	922	12	griffith	griffith	PROPN
cblr-7219	922	13	,	,	PUNCT
cblr-7219	922	14	supra	supra	PROPN
cblr-7219	922	15	note	note	NOUN
cblr-7219	922	16	9	9	NUM
cblr-7219	922	17	(	(	PUNCT
cblr-7219	922	18	focusing	focus	VERB
cblr-7219	922	19	on	on	ADP
cblr-7219	922	20	the	the	DET
cblr-7219	922	21	implications	implication	NOUN
cblr-7219	922	22	of	of	ADP
cblr-7219	922	23	different	different	ADJ
cblr-7219	922	24	governance	governance	NOUN
cblr-7219	922	25	structures	structure	NOUN
cblr-7219	922	26	on	on	ADP
cblr-7219	922	27	firms	firm	NOUN
cblr-7219	922	28	’	’	PART
cblr-7219	922	29	risk	risk	NOUN
cblr-7219	922	30	management	management	NOUN
cblr-7219	922	31	)	)	PUNCT
cblr-7219	922	32	;	;	PUNCT
cblr-7219	922	33	johnson	johnson	PROPN
cblr-7219	922	34	,	,	PUNCT
cblr-7219	922	35	governing	govern	VERB
cblr-7219	922	36	financial	financial	ADJ
cblr-7219	922	37	markets	market	NOUN
cblr-7219	922	38	,	,	PUNCT
cblr-7219	922	39	supra	supra	PROPN
cblr-7219	922	40	note	note	NOUN
cblr-7219	922	41	9	9	NUM
cblr-7219	922	42	;	;	PUNCT
cblr-7219	922	43	saguato	saguato	NOUN
cblr-7219	922	44	,	,	PUNCT
cblr-7219	922	45	the	the	DET
cblr-7219	922	46	ownership	ownership	NOUN
cblr-7219	922	47	of	of	ADP
cblr-7219	922	48	clearinghouses	clearinghouse	NOUN
cblr-7219	922	49	,	,	PUNCT
cblr-7219	922	50	supra	supra	PROPN
cblr-7219	922	51	note	note	NOUN
cblr-7219	922	52	8	8	NUM
cblr-7219	922	53	.	.	X
cblr-7219	922	54	296	296	NUM
cblr-7219	922	55	see	see	VERB
cblr-7219	922	56	,	,	PUNCT
cblr-7219	922	57	e.g.	e.g.	ADV
cblr-7219	922	58	,	,	PUNCT
cblr-7219	922	59	greenberger	greenberger	NOUN
cblr-7219	922	60	,	,	PUNCT
cblr-7219	922	61	supra	supra	PROPN
cblr-7219	922	62	note	note	NOUN
cblr-7219	922	63	9	9	NUM
cblr-7219	922	64	,	,	PUNCT
cblr-7219	922	65	at	at	ADP
cblr-7219	922	66	263–68	263–68	NOUN
cblr-7219	922	67	;	;	PUNCT
cblr-7219	922	68	johnson	johnson	PROPN
cblr-7219	922	69	,	,	PUNCT
cblr-7219	922	70	clearinghouse	clearinghouse	NOUN
cblr-7219	922	71	governance	governance	NOUN
cblr-7219	922	72	,	,	PUNCT
cblr-7219	922	73	supra	supra	PROPN
cblr-7219	922	74	note	note	NOUN
cblr-7219	922	75	9	9	NUM
cblr-7219	922	76	,	,	PUNCT
cblr-7219	922	77	at	at	ADP
cblr-7219	922	78	696–701	696–701	NUM
cblr-7219	922	79	;	;	PUNCT
cblr-7219	922	80	johnson	johnson	PROPN
cblr-7219	922	81	,	,	PUNCT
cblr-7219	922	82	governing	govern	VERB
cblr-7219	922	83	financial	financial	ADJ
cblr-7219	922	84	markets	market	NOUN
cblr-7219	922	85	,	,	PUNCT
cblr-7219	922	86	supra	supra	PROPN
cblr-7219	922	87	note	note	NOUN
cblr-7219	922	88	9	9	NUM
cblr-7219	922	89	,	,	PUNCT
cblr-7219	922	90	at	at	ADP
cblr-7219	922	91	221–29	221–29	NUM
cblr-7219	922	92	.	.	PUNCT
cblr-7219	923	1	however	however	ADV
cblr-7219	923	2	,	,	PUNCT
cblr-7219	923	3	these	these	DET
cblr-7219	923	4	articles	article	NOUN
cblr-7219	923	5	overlook	overlook	VERB
cblr-7219	923	6	the	the	DET
cblr-7219	923	7	critical	critical	ADJ
cblr-7219	923	8	agency	agency	NOUN
cblr-7219	923	9	costs	cost	NOUN
cblr-7219	923	10	and	and	CCONJ
cblr-7219	923	11	structural	structural	ADJ
cblr-7219	923	12	fragilities	fragility	NOUN
cblr-7219	923	13	that	that	PRON
cblr-7219	923	14	stem	stem	VERB
cblr-7219	923	15	from	from	ADP
cblr-7219	923	16	the	the	DET
cblr-7219	923	17	separation	separation	NOUN
cblr-7219	923	18	of	of	ADP
cblr-7219	923	19	final	final	ADJ
cblr-7219	923	20	risk	risk	NOUN
cblr-7219	923	21	bearing	bearing	NOUN
cblr-7219	923	22	and	and	CCONJ
cblr-7219	923	23	control	control	NOUN
cblr-7219	923	24	rights	right	NOUN
cblr-7219	923	25	in	in	ADP
cblr-7219	923	26	clearinghouses	clearinghouse	NOUN
cblr-7219	923	27	’	'	PUNCT
cblr-7219	923	28	organizational	organizational	ADJ
cblr-7219	923	29	structure	structure	NOUN
cblr-7219	923	30	.	.	PUNCT
cblr-7219	924	1	297	297	NUM
cblr-7219	924	2	see	see	VERB
cblr-7219	924	3	lubben	lubben	NOUN
cblr-7219	924	4	,	,	PUNCT
cblr-7219	924	5	failure	failure	NOUN
cblr-7219	924	6	of	of	ADP
cblr-7219	924	7	the	the	DET
cblr-7219	924	8	clearinghouse	clearinghouse	NOUN
cblr-7219	924	9	,	,	PUNCT
cblr-7219	924	10	supra	supra	PROPN
cblr-7219	924	11	note	note	NOUN
cblr-7219	924	12	9	9	NUM
cblr-7219	924	13	,	,	PUNCT
cblr-7219	924	14	at	at	ADP
cblr-7219	924	15	130–33	130–33	NUM
cblr-7219	924	16	,	,	PUNCT
cblr-7219	924	17	153–57	153–57	NUM
cblr-7219	924	18	.	.	PUNCT
cblr-7219	925	1	298	298	NUM
cblr-7219	925	2	see	see	VERB
cblr-7219	925	3	griffith	griffith	PROPN
cblr-7219	925	4	,	,	PUNCT
cblr-7219	925	5	supra	supra	PROPN
cblr-7219	925	6	note	note	NOUN
cblr-7219	925	7	9	9	NUM
cblr-7219	925	8	,	,	PUNCT
cblr-7219	925	9	at	at	ADP
cblr-7219	925	10	1235–39	1235–39	NUM
cblr-7219	925	11	;	;	PUNCT
cblr-7219	925	12	see	see	VERB
cblr-7219	925	13	johnson	johnson	PROPN
cblr-7219	925	14	,	,	PUNCT
cblr-7219	925	15	governing	govern	VERB
cblr-7219	925	16	financial	financial	ADJ
cblr-7219	925	17	markets¸	markets¸	X
cblr-7219	925	18	supra	supra	PROPN
cblr-7219	925	19	note	note	PROPN
cblr-7219	925	20	9	9	NUM
cblr-7219	925	21	,	,	PUNCT
cblr-7219	925	22	at	at	ADP
cblr-7219	925	23	225–33	225–33	NUM
cblr-7219	925	24	.	.	PUNCT
cblr-7219	926	1	299	299	NUM
cblr-7219	926	2	johnson	johnson	PROPN
cblr-7219	926	3	,	,	PUNCT
cblr-7219	926	4	governing	govern	VERB
cblr-7219	926	5	financial	financial	ADJ
cblr-7219	926	6	markets	market	NOUN
cblr-7219	926	7	,	,	PUNCT
cblr-7219	926	8	supra	supra	PROPN
cblr-7219	926	9	note	note	NOUN
cblr-7219	926	10	9	9	NUM
cblr-7219	926	11	,	,	PUNCT
cblr-7219	926	12	at	at	ADP
cblr-7219	926	13	221	221	NUM
cblr-7219	926	14	.	.	PUNCT
cblr-7219	927	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	927	2	(	(	PUNCT
cblr-7219	927	3	do	do	AUX
cblr-7219	927	4	not	not	PART
cblr-7219	927	5	delte	delte	VERB
cblr-7219	927	6	)	)	PUNCT
cblr-7219	927	7	10/21/2020	10/21/2020	NUM
cblr-7219	927	8	11:22	11:22	NUM
cblr-7219	927	9	am	am	NOUN
cblr-7219	927	10	518	518	NUM
cblr-7219	927	11	columbia	columbia	PROPN
cblr-7219	927	12	business	business	NOUN
cblr-7219	927	13	law	law	PROPN
cblr-7219	927	14	review	review	NOUN
cblr-7219	927	15	[	[	X
cblr-7219	927	16	vol	vol	NOUN
cblr-7219	927	17	.	.	PUNCT
cblr-7219	927	18	2020	2020	NUM
cblr-7219	927	19	clearinghouses	clearinghouse	NOUN
cblr-7219	927	20	and	and	CCONJ
cblr-7219	927	21	discussing	discuss	VERB
cblr-7219	927	22	concerns	concern	NOUN
cblr-7219	927	23	surrounding	surround	VERB
cblr-7219	927	24	their	their	PRON
cblr-7219	927	25	dominance	dominance	NOUN
cblr-7219	927	26	in	in	ADP
cblr-7219	927	27	the	the	DET
cblr-7219	927	28	derivatives	derivative	NOUN
cblr-7219	927	29	markets	market	NOUN
cblr-7219	927	30	,	,	PUNCT
cblr-7219	927	31	she	she	PRON
cblr-7219	927	32	claims	claim	VERB
cblr-7219	927	33	that	that	SCONJ
cblr-7219	927	34	the	the	DET
cblr-7219	927	35	members	member	NOUN
cblr-7219	927	36	’	'	PUNCT
cblr-7219	927	37	presence	presence	NOUN
cblr-7219	927	38	contributes	contribute	VERB
cblr-7219	927	39	to	to	ADP
cblr-7219	927	40	potential	potential	ADJ
cblr-7219	927	41	conflicts	conflict	NOUN
cblr-7219	927	42	between	between	ADP
cblr-7219	927	43	“	"	PUNCT
cblr-7219	927	44	regulators	regulator	NOUN
cblr-7219	927	45	’	'	PUNCT
cblr-7219	927	46	expectations	expectation	NOUN
cblr-7219	927	47	and	and	CCONJ
cblr-7219	927	48	.	.	PUNCT
cblr-7219	927	49	.	.	PUNCT
cblr-7219	927	50	.	.	PUNCT
cblr-7219	928	1	clearinghouse	clearinghouse	NOUN
cblr-7219	928	2	owners	owner	NOUN
cblr-7219	928	3	’	'	PUNCT
cblr-7219	928	4	priorities	priority	NOUN
cblr-7219	928	5	,	,	PUNCT
cblr-7219	928	6	”	"	PUNCT
cblr-7219	928	7	which	which	PRON
cblr-7219	928	8	might	might	AUX
cblr-7219	928	9	result	result	VERB
cblr-7219	928	10	in	in	ADP
cblr-7219	928	11	anti	anti	ADJ
cblr-7219	928	12	-	-	ADJ
cblr-7219	928	13	competitive	competitive	ADJ
cblr-7219	928	14	behaviors	behavior	NOUN
cblr-7219	928	15	by	by	ADP
cblr-7219	928	16	member	member	NOUN
cblr-7219	928	17	-	-	PUNCT
cblr-7219	928	18	owners	owner	NOUN
cblr-7219	928	19	and	and	CCONJ
cblr-7219	928	20	in	in	ADP
cblr-7219	928	21	weak	weak	ADJ
cblr-7219	928	22	risk	risk	NOUN
cblr-7219	928	23	management	management	NOUN
cblr-7219	928	24	policies	policy	NOUN
cblr-7219	928	25	,	,	PUNCT
cblr-7219	928	26	and	and	CCONJ
cblr-7219	928	27	could	could	AUX
cblr-7219	928	28	ultimately	ultimately	ADV
cblr-7219	928	29	“	"	PUNCT
cblr-7219	928	30	engender	engender	VERB
cblr-7219	928	31	moral	moral	ADJ
cblr-7219	928	32	hazard	hazard	NOUN
cblr-7219	928	33	concerns	concern	NOUN
cblr-7219	928	34	,	,	PUNCT
cblr-7219	928	35	and	and	CCONJ
cblr-7219	928	36	create	create	VERB
cblr-7219	928	37	systemic	systemic	ADJ
cblr-7219	928	38	risk	risk	NOUN
cblr-7219	928	39	.	.	PUNCT
cblr-7219	929	1	”300	”300	NUM
cblr-7219	929	2	contributing	contribute	VERB
cblr-7219	929	3	to	to	ADP
cblr-7219	929	4	the	the	DET
cblr-7219	929	5	post	post	ADJ
cblr-7219	929	6	-	-	ADJ
cblr-7219	929	7	crisis	crisis	ADJ
cblr-7219	929	8	academic	academic	ADJ
cblr-7219	929	9	discussion	discussion	NOUN
cblr-7219	929	10	—	—	PUNCT
cblr-7219	929	11	and	and	CCONJ
cblr-7219	929	12	,	,	PUNCT
cblr-7219	929	13	on	on	ADP
cblr-7219	929	14	the	the	DET
cblr-7219	929	15	one	one	NUM
cblr-7219	929	16	hand	hand	NOUN
cblr-7219	929	17	,	,	PUNCT
cblr-7219	929	18	joining	join	VERB
cblr-7219	929	19	the	the	DET
cblr-7219	929	20	view	view	NOUN
cblr-7219	929	21	that	that	SCONJ
cblr-7219	929	22	derivatives	derivative	NOUN
cblr-7219	929	23	dealers	dealer	NOUN
cblr-7219	929	24	’	’	PART
cblr-7219	929	25	influence	influence	NOUN
cblr-7219	929	26	in	in	ADP
cblr-7219	929	27	markets	market	NOUN
cblr-7219	929	28	has	have	AUX
cblr-7219	929	29	to	to	PART
cblr-7219	929	30	be	be	AUX
cblr-7219	929	31	reduced	reduce	VERB
cblr-7219	929	32	,	,	PUNCT
cblr-7219	930	1	while	while	SCONJ
cblr-7219	930	2	on	on	ADP
cblr-7219	930	3	the	the	DET
cblr-7219	930	4	other	other	ADJ
cblr-7219	930	5	arguing	argue	VERB
cblr-7219	930	6	that	that	SCONJ
cblr-7219	930	7	regulators	regulator	NOUN
cblr-7219	930	8	are	be	AUX
cblr-7219	930	9	better	well	ADV
cblr-7219	930	10	positioned	position	VERB
cblr-7219	930	11	to	to	PART
cblr-7219	930	12	effectively	effectively	ADV
cblr-7219	930	13	monitor	monitor	VERB
cblr-7219	930	14	risk	risk	NOUN
cblr-7219	930	15	—	—	PUNCT
cblr-7219	930	16	professor	professor	NOUN
cblr-7219	930	17	johnson	johnson	PROPN
cblr-7219	930	18	supports	support	VERB
cblr-7219	930	19	the	the	DET
cblr-7219	930	20	appointment	appointment	NOUN
cblr-7219	930	21	(	(	PUNCT
cblr-7219	930	22	by	by	ADP
cblr-7219	930	23	federal	federal	ADJ
cblr-7219	930	24	regulators	regulator	NOUN
cblr-7219	930	25	)	)	PUNCT
cblr-7219	930	26	of	of	ADP
cblr-7219	930	27	a	a	DET
cblr-7219	930	28	special	special	ADJ
cblr-7219	930	29	clearinghouse	clearinghouse	NOUN
cblr-7219	930	30	director	director	NOUN
cblr-7219	930	31	,	,	PUNCT
cblr-7219	930	32	functioning	function	VERB
cblr-7219	930	33	as	as	ADP
cblr-7219	930	34	a	a	DET
cblr-7219	930	35	board	board	NOUN
cblr-7219	930	36	monitor	monitor	NOUN
cblr-7219	930	37	and	and	CCONJ
cblr-7219	930	38	designated	designate	VERB
cblr-7219	930	39	to	to	PART
cblr-7219	930	40	participate	participate	VERB
cblr-7219	930	41	in	in	ADP
cblr-7219	930	42	clearinghouses	clearinghouse	NOUN
cblr-7219	930	43	’	’	PART
cblr-7219	930	44	decision	decision	NOUN
cblr-7219	930	45	-	-	PUNCT
cblr-7219	930	46	making	make	VERB
cblr-7219	930	47	process.301	process.301	NOUN
cblr-7219	930	48	this	this	DET
cblr-7219	930	49	special	special	ADJ
cblr-7219	930	50	director	director	NOUN
cblr-7219	930	51	would	would	AUX
cblr-7219	930	52	report	report	VERB
cblr-7219	930	53	directly	directly	ADV
cblr-7219	930	54	to	to	ADP
cblr-7219	930	55	(	(	PUNCT
cblr-7219	930	56	and	and	CCONJ
cblr-7219	930	57	be	be	AUX
cblr-7219	930	58	paid	pay	VERB
cblr-7219	930	59	by	by	ADP
cblr-7219	930	60	)	)	PUNCT
cblr-7219	930	61	the	the	DET
cblr-7219	930	62	federal	federal	ADJ
cblr-7219	930	63	agency	agency	NOUN
cblr-7219	930	64	responsible	responsible	ADJ
cblr-7219	930	65	for	for	ADP
cblr-7219	930	66	overseeing	oversee	VERB
cblr-7219	930	67	the	the	DET
cblr-7219	930	68	clearinghouse	clearinghouse	NOUN
cblr-7219	930	69	’s	’s	PART
cblr-7219	930	70	compliance	compliance	NOUN
cblr-7219	930	71	with	with	ADP
cblr-7219	930	72	title	title	NOUN
cblr-7219	930	73	vii.302	vii.302	NOUN
cblr-7219	930	74	despite	despite	SCONJ
cblr-7219	930	75	providing	provide	VERB
cblr-7219	930	76	a	a	DET
cblr-7219	930	77	very	very	ADV
cblr-7219	930	78	insightful	insightful	ADJ
cblr-7219	930	79	perspective	perspective	NOUN
cblr-7219	930	80	on	on	ADP
cblr-7219	930	81	the	the	DET
cblr-7219	930	82	debate	debate	NOUN
cblr-7219	930	83	over	over	ADP
cblr-7219	930	84	clearinghouse	clearinghouse	NOUN
cblr-7219	930	85	governance	governance	NOUN
cblr-7219	930	86	and	and	CCONJ
cblr-7219	930	87	highlighting	highlight	VERB
cblr-7219	930	88	the	the	DET
cblr-7219	930	89	delicate	delicate	ADJ
cblr-7219	930	90	conflict	conflict	NOUN
cblr-7219	930	91	between	between	ADP
cblr-7219	930	92	clearinghouses	clearinghouse	NOUN
cblr-7219	930	93	’	’	PART
cblr-7219	930	94	role	role	NOUN
cblr-7219	930	95	as	as	ADP
cblr-7219	930	96	self	self	NOUN
cblr-7219	930	97	-	-	PUNCT
cblr-7219	930	98	regulatory	regulatory	ADJ
cblr-7219	930	99	organizations	organization	NOUN
cblr-7219	930	100	and	and	CCONJ
cblr-7219	930	101	for	for	ADP
cblr-7219	930	102	-	-	PUNCT
cblr-7219	930	103	profit	profit	NOUN
cblr-7219	930	104	market	market	NOUN
cblr-7219	930	105	players	player	NOUN
cblr-7219	930	106	,	,	PUNCT
cblr-7219	930	107	this	this	DET
cblr-7219	930	108	analysis	analysis	NOUN
cblr-7219	930	109	focuses	focus	VERB
cblr-7219	930	110	almost	almost	ADV
cblr-7219	930	111	exclusively	exclusively	ADV
cblr-7219	930	112	on	on	ADP
cblr-7219	930	113	the	the	DET
cblr-7219	930	114	claimed	claim	VERB
cblr-7219	930	115	anti	anti	ADJ
cblr-7219	930	116	-	-	ADJ
cblr-7219	930	117	competitive	competitive	ADJ
cblr-7219	930	118	incentives	incentive	NOUN
cblr-7219	930	119	of	of	ADP
cblr-7219	930	120	large	large	ADJ
cblr-7219	930	121	clearing	clearing	NOUN
cblr-7219	930	122	members	member	NOUN
cblr-7219	930	123	to	to	PART
cblr-7219	930	124	foreclose	foreclose	VERB
cblr-7219	930	125	market	market	NOUN
cblr-7219	930	126	entry	entry	NOUN
cblr-7219	930	127	to	to	ADP
cblr-7219	930	128	new	new	ADJ
cblr-7219	930	129	participants	participant	NOUN
cblr-7219	930	130	.	.	PUNCT
cblr-7219	931	1	it	it	PRON
cblr-7219	931	2	substantially	substantially	ADV
cblr-7219	931	3	overlooks	overlook	VERB
cblr-7219	931	4	the	the	DET
cblr-7219	931	5	potential	potential	ADJ
cblr-7219	931	6	conflicts	conflict	NOUN
cblr-7219	931	7	of	of	ADP
cblr-7219	931	8	interest	interest	NOUN
cblr-7219	931	9	between	between	ADP
cblr-7219	931	10	members	member	NOUN
cblr-7219	931	11	and	and	CCONJ
cblr-7219	931	12	shareholders	shareholder	NOUN
cblr-7219	931	13	and	and	CCONJ
cblr-7219	931	14	destabilizes	destabilize	VERB
cblr-7219	931	15	the	the	DET
cblr-7219	931	16	incentives	incentive	NOUN
cblr-7219	931	17	that	that	SCONJ
cblr-7219	931	18	the	the	DET
cblr-7219	931	19	final	final	ADJ
cblr-7219	931	20	risk	risk	NOUN
cblr-7219	931	21	-	-	PUNCT
cblr-7219	931	22	bearers	bearer	NOUN
cblr-7219	931	23	of	of	ADP
cblr-7219	931	24	the	the	DET
cblr-7219	931	25	clearinghouse	clearinghouse	NOUN
cblr-7219	931	26	—	—	PUNCT
cblr-7219	931	27	i.e.	i.e.	X
cblr-7219	931	28	,	,	PUNCT
cblr-7219	931	29	the	the	DET
cblr-7219	931	30	members	member	NOUN
cblr-7219	931	31	—	—	PUNCT
cblr-7219	931	32	have	have	VERB
cblr-7219	931	33	in	in	ADP
cblr-7219	931	34	creating	create	VERB
cblr-7219	931	35	a	a	DET
cblr-7219	931	36	safe	safe	ADJ
cblr-7219	931	37	and	and	CCONJ
cblr-7219	931	38	sound	sound	ADJ
cblr-7219	931	39	institution	institution	NOUN
cblr-7219	931	40	with	with	ADP
cblr-7219	931	41	resilient	resilient	ADJ
cblr-7219	931	42	and	and	CCONJ
cblr-7219	931	43	reliable	reliable	ADJ
cblr-7219	931	44	risk	risk	NOUN
cblr-7219	931	45	-	-	PUNCT
cblr-7219	931	46	management	management	NOUN
cblr-7219	931	47	mechanisms	mechanism	NOUN
cblr-7219	931	48	.	.	PUNCT
cblr-7219	932	1	a	a	DET
cblr-7219	932	2	second	second	ADJ
cblr-7219	932	3	noteworthy	noteworthy	ADJ
cblr-7219	932	4	contribution	contribution	NOUN
cblr-7219	932	5	to	to	ADP
cblr-7219	932	6	the	the	DET
cblr-7219	932	7	discussion	discussion	NOUN
cblr-7219	932	8	on	on	ADP
cblr-7219	932	9	clearinghouse	clearinghouse	NOUN
cblr-7219	932	10	governance	governance	NOUN
cblr-7219	932	11	comes	come	VERB
cblr-7219	932	12	from	from	ADP
cblr-7219	932	13	professor	professor	PROPN
cblr-7219	932	14	sean	sean	PROPN
cblr-7219	932	15	griffith	griffith	PROPN
cblr-7219	932	16	,	,	PUNCT
cblr-7219	932	17	who	who	PRON
cblr-7219	932	18	identifies	identify	VERB
cblr-7219	932	19	the	the	DET
cblr-7219	932	20	moral	moral	ADJ
cblr-7219	932	21	hazard	hazard	NOUN
cblr-7219	932	22	and	and	CCONJ
cblr-7219	932	23	free	free	ADJ
cblr-7219	932	24	-	-	PUNCT
cblr-7219	932	25	riding	ride	VERB
cblr-7219	932	26	problems	problem	NOUN
cblr-7219	932	27	that	that	PRON
cblr-7219	932	28	might	might	AUX
cblr-7219	932	29	arise	arise	VERB
cblr-7219	932	30	when	when	SCONJ
cblr-7219	932	31	control	control	NOUN
cblr-7219	932	32	and	and	CCONJ
cblr-7219	932	33	exposure	exposure	NOUN
cblr-7219	932	34	to	to	ADP
cblr-7219	932	35	risk	risk	NOUN
cblr-7219	932	36	are	be	AUX
cblr-7219	932	37	not	not	PART
cblr-7219	932	38	aligned	align	VERB
cblr-7219	932	39	,	,	PUNCT
cblr-7219	932	40	and	and	CCONJ
cblr-7219	932	41	highlights	highlight	VERB
cblr-7219	932	42	the	the	DET
cblr-7219	932	43	shortcomings	shortcoming	NOUN
cblr-7219	932	44	of	of	ADP
cblr-7219	932	45	existing	exist	VERB
cblr-7219	932	46	clearinghouse	clearinghouse	NOUN
cblr-7219	932	47	governance	governance	NOUN
cblr-7219	932	48	arrangements	arrangement	NOUN
cblr-7219	932	49	to	to	PART
cblr-7219	932	50	solve	solve	VERB
cblr-7219	932	51	these	these	DET
cblr-7219	932	52	problems.303	problems.303	PRON
cblr-7219	932	53	300	300	NUM
cblr-7219	932	54	i	i	PRON
cblr-7219	932	55	d.	d.	PROPN
cblr-7219	932	56	at	at	ADP
cblr-7219	932	57	221	221	NUM
cblr-7219	932	58	,	,	PUNCT
cblr-7219	932	59	225	225	NUM
cblr-7219	932	60	.	.	X
cblr-7219	933	1	301	301	NUM
cblr-7219	933	2	see	see	VERB
cblr-7219	933	3	i	i	PRON
cblr-7219	933	4	d.	d.	PROPN
cblr-7219	933	5	at	at	ADP
cblr-7219	933	6	239–41	239–41	NUM
cblr-7219	933	7	.	.	PUNCT
cblr-7219	934	1	302	302	NUM
cblr-7219	934	2	see	see	VERB
cblr-7219	934	3	i	i	PRON
cblr-7219	934	4	d.	d.	PROPN
cblr-7219	934	5	at	at	ADP
cblr-7219	934	6	240	240	NUM
cblr-7219	934	7	.	.	PUNCT
cblr-7219	934	8	303	303	NUM
cblr-7219	934	9	see	see	VERB
cblr-7219	934	10	griffith	griffith	PROPN
cblr-7219	934	11	,	,	PUNCT
cblr-7219	934	12	supra	supra	PROPN
cblr-7219	934	13	note	note	NOUN
cblr-7219	934	14	9	9	NUM
cblr-7219	934	15	,	,	PUNCT
cblr-7219	934	16	at	at	ADP
cblr-7219	934	17	1219–1221	1219–1221	NUM
cblr-7219	934	18	,	,	PUNCT
cblr-7219	934	19	1239–40	1239–40	NUM
cblr-7219	934	20	.	.	PUNCT
cblr-7219	935	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	935	2	(	(	PUNCT
cblr-7219	935	3	do	do	AUX
cblr-7219	935	4	not	not	PART
cblr-7219	935	5	delete	delete	VERB
cblr-7219	935	6	)	)	PUNCT
cblr-7219	935	7	10/21/2020	10/21/2020	NUM
cblr-7219	935	8	11:22	11:22	NUM
cblr-7219	935	9	am	am	NOUN
cblr-7219	935	10	no	no	NOUN
cblr-7219	935	11	.	.	PUNCT
cblr-7219	936	1	2:449	2:449	NUM
cblr-7219	936	2	]	]	X
cblr-7219	936	3	unfinished	unfinished	ADJ
cblr-7219	936	4	business	business	NOUN
cblr-7219	936	5	519	519	NUM
cblr-7219	936	6	however	however	ADV
cblr-7219	937	1	,	,	PUNCT
cblr-7219	937	2	professor	professor	NOUN
cblr-7219	937	3	griffith	griffith	PROPN
cblr-7219	937	4	is	be	AUX
cblr-7219	937	5	primarily	primarily	ADV
cblr-7219	937	6	focused	focus	VERB
cblr-7219	937	7	on	on	ADP
cblr-7219	937	8	the	the	DET
cblr-7219	937	9	influence	influence	NOUN
cblr-7219	937	10	and	and	CCONJ
cblr-7219	937	11	control	control	NOUN
cblr-7219	937	12	that	that	SCONJ
cblr-7219	937	13	derivatives	derivative	NOUN
cblr-7219	937	14	dealers	dealer	NOUN
cblr-7219	937	15	might	might	AUX
cblr-7219	937	16	have	have	VERB
cblr-7219	937	17	over	over	ADP
cblr-7219	937	18	clearinghouse	clearinghouse	NOUN
cblr-7219	937	19	governance,304	governance,304	PROPN
cblr-7219	937	20	and	and	CCONJ
cblr-7219	937	21	not	not	PART
cblr-7219	937	22	on	on	ADP
cblr-7219	937	23	the	the	DET
cblr-7219	937	24	moral	moral	ADJ
cblr-7219	937	25	hazard	hazard	NOUN
cblr-7219	937	26	that	that	PRON
cblr-7219	937	27	spills	spill	VERB
cblr-7219	937	28	from	from	ADP
cblr-7219	937	29	the	the	DET
cblr-7219	937	30	separation	separation	NOUN
cblr-7219	937	31	of	of	ADP
cblr-7219	937	32	ownership	ownership	NOUN
cblr-7219	937	33	and	and	CCONJ
cblr-7219	937	34	risk	risk	NOUN
cblr-7219	937	35	-	-	PUNCT
cblr-7219	937	36	bearing	bearing	NOUN
cblr-7219	937	37	.	.	PUNCT
cblr-7219	938	1	looking	look	VERB
cblr-7219	938	2	at	at	ADP
cblr-7219	938	3	the	the	DET
cblr-7219	938	4	german	german	ADJ
cblr-7219	938	5	experience	experience	NOUN
cblr-7219	938	6	of	of	ADP
cblr-7219	938	7	codetermination	codetermination	NOUN
cblr-7219	938	8	and	and	CCONJ
cblr-7219	938	9	the	the	DET
cblr-7219	938	10	two	two	NUM
cblr-7219	938	11	-	-	PUNCT
cblr-7219	938	12	tiered	tiere	VERB
cblr-7219	938	13	board	board	NOUN
cblr-7219	938	14	structure	structure	NOUN
cblr-7219	938	15	adopted	adopt	VERB
cblr-7219	938	16	by	by	ADP
cblr-7219	938	17	german	german	ADJ
cblr-7219	938	18	firms,305	firms,305	PROPN
cblr-7219	938	19	professor	professor	NOUN
cblr-7219	938	20	griffith	griffith	PROPN
cblr-7219	938	21	provides	provide	VERB
cblr-7219	938	22	a	a	DET
cblr-7219	938	23	governance	governance	NOUN
cblr-7219	938	24	compromise	compromise	NOUN
cblr-7219	938	25	solution	solution	NOUN
cblr-7219	938	26	to	to	PART
cblr-7219	938	27	manage	manage	VERB
cblr-7219	938	28	systemic	systemic	ADJ
cblr-7219	938	29	risk	risk	NOUN
cblr-7219	938	30	.	.	PUNCT
cblr-7219	939	1	he	he	PRON
cblr-7219	939	2	offers	offer	VERB
cblr-7219	939	3	a	a	DET
cblr-7219	939	4	new	new	ADJ
cblr-7219	939	5	governance	governance	NOUN
cblr-7219	939	6	structure	structure	NOUN
cblr-7219	939	7	that	that	PRON
cblr-7219	939	8	envisions	envision	VERB
cblr-7219	939	9	the	the	DET
cblr-7219	939	10	presence	presence	NOUN
cblr-7219	939	11	of	of	ADP
cblr-7219	939	12	two	two	NUM
cblr-7219	939	13	different	different	ADJ
cblr-7219	939	14	classes	class	NOUN
cblr-7219	939	15	of	of	ADP
cblr-7219	939	16	directors	director	NOUN
cblr-7219	939	17	within	within	ADP
cblr-7219	939	18	a	a	DET
cblr-7219	939	19	clearinghouse	clearinghouse	NOUN
cblr-7219	939	20	’s	’s	PART
cblr-7219	939	21	board	board	NOUN
cblr-7219	939	22	:	:	PUNCT
cblr-7219	939	23	traditional	traditional	ADJ
cblr-7219	939	24	directors	director	NOUN
cblr-7219	939	25	,	,	PUNCT
cblr-7219	939	26	who	who	PRON
cblr-7219	939	27	owe	owe	VERB
cblr-7219	939	28	fiduciary	fiduciary	ADJ
cblr-7219	939	29	duties	duty	NOUN
cblr-7219	939	30	to	to	ADP
cblr-7219	939	31	shareholders	shareholder	NOUN
cblr-7219	939	32	and	and	CCONJ
cblr-7219	939	33	are	be	AUX
cblr-7219	939	34	elected	elect	VERB
cblr-7219	939	35	by	by	ADP
cblr-7219	939	36	them	they	PRON
cblr-7219	939	37	,	,	PUNCT
cblr-7219	939	38	and	and	CCONJ
cblr-7219	939	39	a	a	DET
cblr-7219	939	40	second	second	ADJ
cblr-7219	939	41	class	class	NOUN
cblr-7219	939	42	of	of	ADP
cblr-7219	939	43	“	"	PUNCT
cblr-7219	939	44	supervisory	supervisory	ADJ
cblr-7219	939	45	directors	director	NOUN
cblr-7219	939	46	,	,	PUNCT
cblr-7219	939	47	”	"	PUNCT
cblr-7219	939	48	“	"	PUNCT
cblr-7219	939	49	charged	charge	VERB
cblr-7219	939	50	with	with	ADP
cblr-7219	939	51	the	the	DET
cblr-7219	939	52	public	public	ADJ
cblr-7219	939	53	role	role	NOUN
cblr-7219	939	54	of	of	ADP
cblr-7219	939	55	overseeing	oversee	VERB
cblr-7219	939	56	systemic	systemic	ADJ
cblr-7219	939	57	risk	risk	NOUN
cblr-7219	939	58	,	,	PUNCT
cblr-7219	939	59	”	"	PUNCT
cblr-7219	939	60	who	who	PRON
cblr-7219	939	61	are	be	AUX
cblr-7219	939	62	elected	elect	VERB
cblr-7219	939	63	by	by	ADP
cblr-7219	939	64	federal	federal	ADJ
cblr-7219	939	65	regulators	regulator	NOUN
cblr-7219	939	66	and	and	CCONJ
cblr-7219	939	67	accountable	accountable	ADJ
cblr-7219	939	68	to	to	ADP
cblr-7219	939	69	the	the	DET
cblr-7219	939	70	public	public	ADJ
cblr-7219	939	71	interest	interest	NOUN
cblr-7219	939	72	in	in	ADP
cblr-7219	939	73	systemic	systemic	ADJ
cblr-7219	939	74	stability.306	stability.306	PROPN
cblr-7219	939	75	professor	professor	NOUN
cblr-7219	939	76	griffith	griffith	PROPN
cblr-7219	939	77	does	do	AUX
cblr-7219	939	78	not	not	PART
cblr-7219	939	79	envision	envision	VERB
cblr-7219	939	80	the	the	DET
cblr-7219	939	81	direct	direct	ADJ
cblr-7219	939	82	participation	participation	NOUN
cblr-7219	939	83	of	of	ADP
cblr-7219	939	84	regulators	regulator	NOUN
cblr-7219	939	85	in	in	ADP
cblr-7219	939	86	the	the	DET
cblr-7219	939	87	governance	governance	NOUN
cblr-7219	939	88	of	of	ADP
cblr-7219	939	89	clearinghouses	clearinghouse	NOUN
cblr-7219	939	90	,	,	PUNCT
cblr-7219	939	91	but	but	CCONJ
cblr-7219	939	92	proposes	propose	VERB
cblr-7219	939	93	that	that	SCONJ
cblr-7219	939	94	regulators	regulator	NOUN
cblr-7219	939	95	shall	shall	AUX
cblr-7219	939	96	identify	identify	VERB
cblr-7219	939	97	and	and	CCONJ
cblr-7219	939	98	elect	elect	VERB
cblr-7219	939	99	parties	party	NOUN
cblr-7219	939	100	with	with	ADP
cblr-7219	939	101	knowledge	knowledge	NOUN
cblr-7219	939	102	and	and	CCONJ
cblr-7219	939	103	expertise	expertise	NOUN
cblr-7219	939	104	in	in	ADP
cblr-7219	939	105	the	the	DET
cblr-7219	939	106	clearing	clearing	NOUN
cblr-7219	939	107	business	business	NOUN
cblr-7219	939	108	to	to	PART
cblr-7219	939	109	be	be	AUX
cblr-7219	939	110	responsible	responsible	ADJ
cblr-7219	939	111	for	for	ADP
cblr-7219	939	112	supervising	supervise	VERB
cblr-7219	939	113	systemic	systemic	ADJ
cblr-7219	939	114	risk.307	risk.307	PROPN
cblr-7219	939	115	b.	b.	PROPN
cblr-7219	940	1	some	some	DET
cblr-7219	940	2	policy	policy	NOUN
cblr-7219	940	3	proposals	proposal	NOUN
cblr-7219	940	4	without	without	ADP
cblr-7219	940	5	doubt	doubt	NOUN
cblr-7219	940	6	,	,	PUNCT
cblr-7219	940	7	it	it	PRON
cblr-7219	940	8	has	have	VERB
cblr-7219	940	9	to	to	PART
cblr-7219	940	10	be	be	AUX
cblr-7219	940	11	recognized	recognize	VERB
cblr-7219	940	12	that	that	SCONJ
cblr-7219	940	13	clearinghouses	clearinghouse	NOUN
cblr-7219	940	14	have	have	VERB
cblr-7219	940	15	concentrated	concentrate	VERB
cblr-7219	940	16	risk	risk	NOUN
cblr-7219	940	17	and	and	CCONJ
cblr-7219	940	18	have	have	AUX
cblr-7219	940	19	become	become	VERB
cblr-7219	940	20	systemically	systemically	ADV
cblr-7219	940	21	important	important	ADJ
cblr-7219	940	22	infrastructures	infrastructure	NOUN
cblr-7219	940	23	in	in	ADP
cblr-7219	940	24	post	post	ADJ
cblr-7219	940	25	-	-	ADJ
cblr-7219	940	26	crisis	crisis	ADJ
cblr-7219	940	27	financial	financial	ADJ
cblr-7219	940	28	markets	market	NOUN
cblr-7219	940	29	.	.	PUNCT
cblr-7219	941	1	clearinghouses	clearinghouse	NOUN
cblr-7219	941	2	have	have	VERB
cblr-7219	941	3	to	to	PART
cblr-7219	941	4	be	be	AUX
cblr-7219	941	5	systemically	systemically	ADV
cblr-7219	941	6	resilient	resilient	ADJ
cblr-7219	941	7	because	because	SCONJ
cblr-7219	941	8	of	of	ADP
cblr-7219	941	9	the	the	DET
cblr-7219	941	10	public	public	ADJ
cblr-7219	941	11	policy	policy	NOUN
cblr-7219	941	12	function	function	NOUN
cblr-7219	941	13	assigned	assign	VERB
cblr-7219	941	14	to	to	ADP
cblr-7219	941	15	them	they	PRON
cblr-7219	941	16	by	by	ADP
cblr-7219	941	17	lawmakers	lawmaker	NOUN
cblr-7219	941	18	.	.	PUNCT
cblr-7219	942	1	their	their	PRON
cblr-7219	942	2	unique	unique	ADJ
cblr-7219	942	3	capital	capital	NOUN
cblr-7219	942	4	profile	profile	NOUN
cblr-7219	942	5	,	,	PUNCT
cblr-7219	942	6	however	however	ADV
cblr-7219	942	7	,	,	PUNCT
cblr-7219	942	8	creates	create	VERB
cblr-7219	942	9	fragility	fragility	NOUN
cblr-7219	942	10	.	.	PUNCT
cblr-7219	943	1	the	the	DET
cblr-7219	943	2	misalignment	misalignment	NOUN
cblr-7219	943	3	of	of	ADP
cblr-7219	943	4	final	final	ADJ
cblr-7219	943	5	risk	risk	NOUN
cblr-7219	943	6	-	-	PUNCT
cblr-7219	943	7	bearing	bear	VERB
cblr-7219	943	8	costs	cost	NOUN
cblr-7219	943	9	and	and	CCONJ
cblr-7219	943	10	control	control	NOUN
cblr-7219	943	11	rights	right	NOUN
cblr-7219	943	12	304	304	NUM
cblr-7219	943	13	see	see	VERB
cblr-7219	943	14	i	i	PRON
cblr-7219	943	15	d.	d.	PROPN
cblr-7219	943	16	at	at	ADP
cblr-7219	943	17	1197–1204	1197–1204	NUM
cblr-7219	943	18	,	,	PUNCT
cblr-7219	943	19	1208–09	1208–09	NUM
cblr-7219	943	20	.	.	PUNCT
cblr-7219	944	1	305	305	NUM
cblr-7219	944	2	see	see	VERB
cblr-7219	944	3	e.g.	e.g.	ADV
cblr-7219	944	4	,	,	PUNCT
cblr-7219	944	5	paul	paul	PROPN
cblr-7219	944	6	davies	davies	PROPN
cblr-7219	944	7	&	&	CCONJ
cblr-7219	944	8	klaus	klaus	PROPN
cblr-7219	944	9	hopt	hopt	VERB
cblr-7219	944	10	,	,	PUNCT
cblr-7219	944	11	non	non	ADJ
cblr-7219	944	12	-	-	ADJ
cblr-7219	944	13	shareholder	shareholder	ADJ
cblr-7219	944	14	voice	voice	NOUN
cblr-7219	944	15	in	in	ADP
cblr-7219	944	16	bank	bank	NOUN
cblr-7219	944	17	governance	governance	NOUN
cblr-7219	944	18	:	:	PUNCT
cblr-7219	944	19	board	board	NOUN
cblr-7219	944	20	composition	composition	NOUN
cblr-7219	944	21	,	,	PUNCT
cblr-7219	944	22	performance	performance	NOUN
cblr-7219	944	23	,	,	PUNCT
cblr-7219	944	24	and	and	CCONJ
cblr-7219	944	25	liability	liability	NOUN
cblr-7219	944	26	,	,	PUNCT
cblr-7219	944	27	in	in	ADP
cblr-7219	944	28	governance	governance	NOUN
cblr-7219	944	29	of	of	ADP
cblr-7219	944	30	financial	financial	ADJ
cblr-7219	944	31	institutions	institution	NOUN
cblr-7219	944	32	117	117	NUM
cblr-7219	944	33	(	(	PUNCT
cblr-7219	944	34	danny	danny	PROPN
cblr-7219	944	35	busch	busch	PROPN
cblr-7219	944	36	et	et	PROPN
cblr-7219	944	37	al	al	PROPN
cblr-7219	944	38	.	.	PUNCT
cblr-7219	945	1	eds	eds	PROPN
cblr-7219	945	2	.	.	PROPN
cblr-7219	945	3	,	,	PUNCT
cblr-7219	945	4	2019	2019	NUM
cblr-7219	945	5	)	)	PUNCT
cblr-7219	945	6	;	;	PUNCT
cblr-7219	945	7	jens	jens	PROPN
cblr-7219	945	8	dammann	dammann	PROPN
cblr-7219	945	9	&	&	CCONJ
cblr-7219	945	10	horst	horst	PROPN
cblr-7219	945	11	eidenmüeller	eidenmüeller	PROPN
cblr-7219	945	12	,	,	PUNCT
cblr-7219	945	13	codetermination	codetermination	NOUN
cblr-7219	945	14	:	:	PUNCT
cblr-7219	945	15	a	a	DET
cblr-7219	945	16	poor	poor	ADJ
cblr-7219	945	17	fit	fit	NOUN
cblr-7219	945	18	for	for	ADP
cblr-7219	945	19	u.s	u.s	PROPN
cblr-7219	945	20	.	.	PROPN
cblr-7219	945	21	corporations	corporation	NOUN
cblr-7219	945	22	8–10	8–10	PROPN
cblr-7219	945	23	(	(	PUNCT
cblr-7219	945	24	eur	eur	PROPN
cblr-7219	945	25	.	.	PROPN
cblr-7219	945	26	corp	corp	PROPN
cblr-7219	945	27	.	.	PROPN
cblr-7219	945	28	governance	governance	PROPN
cblr-7219	945	29	inst	inst	PROPN
cblr-7219	945	30	.	.	PROPN
cblr-7219	945	31	,	,	PUNCT
cblr-7219	945	32	law	law	NOUN
cblr-7219	945	33	working	working	NOUN
cblr-7219	945	34	paper	paper	NOUN
cblr-7219	945	35	no	no	NOUN
cblr-7219	945	36	.	.	PROPN
cblr-7219	945	37	509/2020	509/2020	NUM
cblr-7219	945	38	,	,	PUNCT
cblr-7219	945	39	2020	2020	NUM
cblr-7219	945	40	)	)	PUNCT
cblr-7219	945	41	,	,	PUNCT
cblr-7219	945	42	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3565955	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3565955	PROPN
cblr-7219	945	43	[	[	X
cblr-7219	945	44	https://perma.cc/pzd3-hajk	https://perma.cc/pzd3-hajk	ADP
cblr-7219	945	45	]	]	PUNCT
cblr-7219	945	46	.	.	PUNCT
cblr-7219	946	1	306	306	NUM
cblr-7219	946	2	see	see	VERB
cblr-7219	946	3	griffith	griffith	PROPN
cblr-7219	946	4	,	,	PUNCT
cblr-7219	946	5	supra	supra	PROPN
cblr-7219	946	6	note	note	NOUN
cblr-7219	946	7	9	9	NUM
cblr-7219	946	8	,	,	PUNCT
cblr-7219	946	9	at	at	ADP
cblr-7219	946	10	1235–1239	1235–1239	NUM
cblr-7219	946	11	.	.	PUNCT
cblr-7219	947	1	this	this	DET
cblr-7219	947	2	proposal	proposal	NOUN
cblr-7219	947	3	is	be	AUX
cblr-7219	947	4	a	a	DET
cblr-7219	947	5	multistakeholder	multistakeholder	NOUN
cblr-7219	947	6	corporate	corporate	ADJ
cblr-7219	947	7	governance	governance	NOUN
cblr-7219	947	8	model	model	NOUN
cblr-7219	947	9	defined	define	VERB
cblr-7219	947	10	primarily	primarily	ADV
cblr-7219	947	11	by	by	ADP
cblr-7219	947	12	a	a	DET
cblr-7219	947	13	dual	dual	ADJ
cblr-7219	947	14	-	-	PUNCT
cblr-7219	947	15	board	board	NOUN
cblr-7219	947	16	,	,	PUNCT
cblr-7219	947	17	two	two	NUM
cblr-7219	947	18	-	-	PUNCT
cblr-7219	947	19	tier	tier	NOUN
cblr-7219	947	20	board	board	NOUN
cblr-7219	947	21	,	,	PUNCT
cblr-7219	947	22	based	base	VERB
cblr-7219	947	23	on	on	ADP
cblr-7219	947	24	the	the	DET
cblr-7219	947	25	german	german	ADJ
cblr-7219	947	26	system	system	NOUN
cblr-7219	947	27	.	.	PUNCT
cblr-7219	948	1	see	see	VERB
cblr-7219	948	2	i	i	PRON
cblr-7219	948	3	d.	d.	PROPN
cblr-7219	948	4	at	at	ADP
cblr-7219	948	5	1235	1235	NUM
cblr-7219	948	6	,	,	PUNCT
cblr-7219	948	7	1238–39	1238–39	NUM
cblr-7219	948	8	.	.	PUNCT
cblr-7219	949	1	307	307	NUM
cblr-7219	949	2	see	see	VERB
cblr-7219	949	3	i	i	PRON
cblr-7219	949	4	d.	d.	PROPN
cblr-7219	949	5	at	at	ADP
cblr-7219	949	6	1237	1237	NUM
cblr-7219	949	7	.	.	PUNCT
cblr-7219	950	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	950	2	(	(	PUNCT
cblr-7219	950	3	do	do	AUX
cblr-7219	950	4	not	not	PART
cblr-7219	950	5	delte	delte	VERB
cblr-7219	950	6	)	)	PUNCT
cblr-7219	950	7	10/21/2020	10/21/2020	NUM
cblr-7219	950	8	11:22	11:22	NUM
cblr-7219	950	9	am	be	AUX
cblr-7219	950	10	520	520	NUM
cblr-7219	950	11	columbia	columbia	PROPN
cblr-7219	950	12	business	business	NOUN
cblr-7219	950	13	law	law	NOUN
cblr-7219	950	14	review	review	NOUN
cblr-7219	950	15	[	[	X
cblr-7219	950	16	vol	vol	NOUN
cblr-7219	950	17	.	.	PUNCT
cblr-7219	950	18	2020	2020	NUM
cblr-7219	951	1	among	among	ADP
cblr-7219	951	2	clearinghouse	clearinghouse	NOUN
cblr-7219	951	3	stakeholders	stakeholder	NOUN
cblr-7219	951	4	increases	increase	VERB
cblr-7219	951	5	clearinghouses	clearinghouse	NOUN
cblr-7219	951	6	’	'	PUNCT
cblr-7219	951	7	moral	moral	ADJ
cblr-7219	951	8	hazard	hazard	NOUN
cblr-7219	951	9	;	;	PUNCT
cblr-7219	951	10	the	the	DET
cblr-7219	951	11	limited	limited	ADJ
cblr-7219	951	12	equity	equity	NOUN
cblr-7219	951	13	contributions	contribution	NOUN
cblr-7219	951	14	and	and	CCONJ
cblr-7219	951	15	skin	skin	NOUN
cblr-7219	951	16	-	-	PUNCT
cblr-7219	951	17	inthe	inthe	ADJ
cblr-7219	951	18	-	-	PUNCT
cblr-7219	951	19	game	game	NOUN
cblr-7219	951	20	of	of	ADP
cblr-7219	951	21	shareholders	shareholder	NOUN
cblr-7219	951	22	,	,	PUNCT
cblr-7219	951	23	and	and	CCONJ
cblr-7219	951	24	the	the	DET
cblr-7219	951	25	imposition	imposition	NOUN
cblr-7219	951	26	of	of	ADP
cblr-7219	951	27	firms	firm	NOUN
cblr-7219	951	28	’	'	PUNCT
cblr-7219	951	29	entire	entire	ADJ
cblr-7219	951	30	loss	loss	NOUN
cblr-7219	951	31	-	-	PUNCT
cblr-7219	951	32	absorbing	absorb	VERB
cblr-7219	951	33	capacity	capacity	NOUN
cblr-7219	951	34	on	on	ADP
cblr-7219	951	35	clearing	clear	VERB
cblr-7219	951	36	members	member	NOUN
cblr-7219	951	37	—	—	PUNCT
cblr-7219	951	38	which	which	PRON
cblr-7219	951	39	do	do	AUX
cblr-7219	951	40	not	not	PART
cblr-7219	951	41	have	have	VERB
cblr-7219	951	42	,	,	PUNCT
cblr-7219	951	43	per	per	X
cblr-7219	951	44	se	se	X
cblr-7219	951	45	,	,	PUNCT
cblr-7219	951	46	any	any	DET
cblr-7219	951	47	control	control	NOUN
cblr-7219	951	48	rights	right	NOUN
cblr-7219	951	49	over	over	ADP
cblr-7219	951	50	firms	firm	NOUN
cblr-7219	951	51	’	’	PART
cblr-7219	951	52	risk	risk	NOUN
cblr-7219	951	53	management	management	NOUN
cblr-7219	951	54	—	—	PUNCT
cblr-7219	951	55	increase	increase	VERB
cblr-7219	951	56	the	the	DET
cblr-7219	951	57	risk	risk	NOUN
cblr-7219	951	58	of	of	ADP
cblr-7219	951	59	costs	cost	NOUN
cblr-7219	951	60	being	be	AUX
cblr-7219	951	61	externalized	externalize	VERB
cblr-7219	951	62	onto	onto	ADP
cblr-7219	951	63	clearing	clearing	NOUN
cblr-7219	951	64	members	member	NOUN
cblr-7219	951	65	.	.	PUNCT
cblr-7219	952	1	this	this	DET
cblr-7219	952	2	unbalanced	unbalanced	ADJ
cblr-7219	952	3	economic	economic	ADJ
cblr-7219	952	4	and	and	CCONJ
cblr-7219	952	5	organizational	organizational	ADJ
cblr-7219	952	6	structure	structure	NOUN
cblr-7219	952	7	,	,	PUNCT
cblr-7219	952	8	compounded	compound	VERB
cblr-7219	952	9	by	by	ADP
cblr-7219	952	10	the	the	DET
cblr-7219	952	11	systemic	systemic	ADJ
cblr-7219	952	12	role	role	NOUN
cblr-7219	952	13	of	of	ADP
cblr-7219	952	14	clearinghouses	clearinghouse	NOUN
cblr-7219	952	15	,	,	PUNCT
cblr-7219	952	16	creates	create	VERB
cblr-7219	952	17	a	a	DET
cblr-7219	952	18	new	new	ADJ
cblr-7219	952	19	manifestation	manifestation	NOUN
cblr-7219	952	20	of	of	ADP
cblr-7219	952	21	systemic	systemic	ADJ
cblr-7219	952	22	risk	risk	NOUN
cblr-7219	952	23	that	that	PRON
cblr-7219	952	24	has	have	AUX
cblr-7219	952	25	been	be	AUX
cblr-7219	952	26	ignored	ignore	VERB
cblr-7219	952	27	—	—	PUNCT
cblr-7219	952	28	or	or	CCONJ
cblr-7219	952	29	,	,	PUNCT
cblr-7219	952	30	more	more	ADV
cblr-7219	952	31	accurately	accurately	ADV
cblr-7219	952	32	,	,	PUNCT
cblr-7219	952	33	overlooked	overlook	VERB
cblr-7219	952	34	—	—	PUNCT
cblr-7219	952	35	by	by	ADP
cblr-7219	952	36	crisis	crisis	NOUN
cblr-7219	952	37	-	-	PUNCT
cblr-7219	952	38	driven	drive	VERB
cblr-7219	952	39	regulation.308	regulation.308	ADP
cblr-7219	952	40	the	the	DET
cblr-7219	952	41	obvious	obvious	ADJ
cblr-7219	952	42	next	next	ADJ
cblr-7219	952	43	step	step	NOUN
cblr-7219	952	44	in	in	ADP
cblr-7219	952	45	this	this	DET
cblr-7219	952	46	discussion	discussion	NOUN
cblr-7219	952	47	is	be	AUX
cblr-7219	952	48	to	to	PART
cblr-7219	952	49	determine	determine	VERB
cblr-7219	952	50	how	how	SCONJ
cblr-7219	952	51	clearinghouses	clearinghouse	NOUN
cblr-7219	952	52	can	can	AUX
cblr-7219	952	53	be	be	AUX
cblr-7219	952	54	made	make	VERB
cblr-7219	952	55	more	more	ADV
cblr-7219	952	56	resilient	resilient	ADJ
cblr-7219	952	57	and	and	CCONJ
cblr-7219	952	58	how	how	SCONJ
cblr-7219	952	59	moral	moral	ADJ
cblr-7219	952	60	hazard	hazard	NOUN
cblr-7219	952	61	can	can	AUX
cblr-7219	952	62	be	be	AUX
cblr-7219	952	63	reduced	reduce	VERB
cblr-7219	952	64	in	in	ADP
cblr-7219	952	65	clearinghouses	clearinghouse	NOUN
cblr-7219	952	66	with	with	ADP
cblr-7219	952	67	demutualized	demutualize	VERB
cblr-7219	952	68	ownership	ownership	NOUN
cblr-7219	952	69	but	but	CCONJ
cblr-7219	952	70	mutualized	mutualize	VERB
cblr-7219	952	71	losses	loss	NOUN
cblr-7219	952	72	.	.	PUNCT
cblr-7219	953	1	policymakers	policymaker	NOUN
cblr-7219	953	2	should	should	AUX
cblr-7219	953	3	have	have	AUX
cblr-7219	953	4	paid	pay	VERB
cblr-7219	953	5	more	more	ADJ
cblr-7219	953	6	attention	attention	NOUN
cblr-7219	953	7	to	to	ADP
cblr-7219	953	8	the	the	DET
cblr-7219	953	9	internal	internal	ADJ
cblr-7219	953	10	structure	structure	NOUN
cblr-7219	953	11	of	of	ADP
cblr-7219	953	12	clearinghouses	clearinghouse	NOUN
cblr-7219	953	13	and	and	CCONJ
cblr-7219	953	14	their	their	PRON
cblr-7219	953	15	historical	historical	ADJ
cblr-7219	953	16	evolution	evolution	NOUN
cblr-7219	953	17	when	when	SCONJ
cblr-7219	953	18	drafting	draft	VERB
cblr-7219	953	19	titles	title	NOUN
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cblr-7219	953	21	and	and	CCONJ
cblr-7219	953	22	viii	viii	NOUN
cblr-7219	953	23	of	of	ADP
cblr-7219	953	24	dodd	dodd	PROPN
cblr-7219	953	25	-	-	PUNCT
cblr-7219	953	26	frank	frank	PROPN
cblr-7219	953	27	.	.	PUNCT
cblr-7219	954	1	rather	rather	ADV
cblr-7219	954	2	than	than	ADP
cblr-7219	954	3	crystallizing	crystallize	VERB
cblr-7219	954	4	the	the	DET
cblr-7219	954	5	status	status	NOUN
cblr-7219	954	6	quo	quo	NOUN
cblr-7219	954	7	of	of	ADP
cblr-7219	954	8	the	the	DET
cblr-7219	954	9	for	for	ADP
cblr-7219	954	10	-	-	PUNCT
cblr-7219	954	11	profit	profit	NOUN
cblr-7219	954	12	organizational	organizational	ADJ
cblr-7219	954	13	structure	structure	NOUN
cblr-7219	954	14	of	of	ADP
cblr-7219	954	15	clearinghouses	clearinghouse	NOUN
cblr-7219	954	16	,	,	PUNCT
cblr-7219	954	17	policymakers	policymaker	NOUN
cblr-7219	954	18	should	should	AUX
cblr-7219	954	19	have	have	AUX
cblr-7219	954	20	more	more	ADV
cblr-7219	954	21	thoroughly	thoroughly	ADV
cblr-7219	954	22	investigated	investigate	VERB
cblr-7219	954	23	the	the	DET
cblr-7219	954	24	potential	potential	ADJ
cblr-7219	954	25	effects	effect	NOUN
cblr-7219	954	26	of	of	ADP
cblr-7219	954	27	decoupling	decouple	VERB
cblr-7219	954	28	final	final	ADJ
cblr-7219	954	29	risk	risk	NOUN
cblr-7219	954	30	-	-	PUNCT
cblr-7219	954	31	bearing	bear	VERB
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cblr-7219	954	33	and	and	CCONJ
cblr-7219	954	34	control	control	NOUN
cblr-7219	954	35	rights	right	NOUN
cblr-7219	954	36	on	on	ADP
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cblr-7219	954	38	risk	risk	NOUN
cblr-7219	954	39	-	-	PUNCT
cblr-7219	954	40	taking	take	VERB
cblr-7219	954	41	profile	profile	NOUN
cblr-7219	954	42	clearinghouses	clearinghouse	NOUN
cblr-7219	954	43	.	.	PUNCT
cblr-7219	955	1	recently	recently	ADV
cblr-7219	955	2	,	,	PUNCT
cblr-7219	955	3	the	the	DET
cblr-7219	955	4	industry	industry	NOUN
cblr-7219	955	5	has	have	AUX
cblr-7219	955	6	been	be	AUX
cblr-7219	955	7	more	more	ADV
cblr-7219	955	8	active	active	ADJ
cblr-7219	955	9	in	in	ADP
cblr-7219	955	10	trying	try	VERB
cblr-7219	955	11	to	to	PART
cblr-7219	955	12	advance	advance	VERB
cblr-7219	955	13	a	a	DET
cblr-7219	955	14	dialogue	dialogue	NOUN
cblr-7219	955	15	on	on	ADP
cblr-7219	955	16	the	the	DET
cblr-7219	955	17	open	open	ADJ
cblr-7219	955	18	issues	issue	NOUN
cblr-7219	955	19	pertaining	pertain	VERB
cblr-7219	955	20	to	to	ADP
cblr-7219	955	21	the	the	DET
cblr-7219	955	22	resilience	resilience	NOUN
cblr-7219	955	23	,	,	PUNCT
cblr-7219	955	24	recovery	recovery	NOUN
cblr-7219	955	25	,	,	PUNCT
cblr-7219	955	26	and	and	CCONJ
cblr-7219	955	27	resolution	resolution	NOUN
cblr-7219	955	28	of	of	ADP
cblr-7219	955	29	clearinghouses.309	clearinghouses.309	NOUN
cblr-7219	955	30	308	308	NUM
cblr-7219	955	31	as	as	ADP
cblr-7219	955	32	previously	previously	ADV
cblr-7219	955	33	discussed	discuss	VERB
cblr-7219	955	34	,	,	PUNCT
cblr-7219	955	35	in	in	ADP
cblr-7219	955	36	the	the	DET
cblr-7219	955	37	aftermath	aftermath	NOUN
cblr-7219	955	38	of	of	ADP
cblr-7219	955	39	the	the	DET
cblr-7219	955	40	financial	financial	ADJ
cblr-7219	955	41	crisis	crisis	NOUN
cblr-7219	955	42	,	,	PUNCT
cblr-7219	955	43	lawmakers	lawmaker	NOUN
cblr-7219	955	44	were	be	AUX
cblr-7219	955	45	effectively	effectively	ADV
cblr-7219	955	46	held	hold	VERB
cblr-7219	955	47	captive	captive	ADJ
cblr-7219	955	48	by	by	ADP
cblr-7219	955	49	the	the	DET
cblr-7219	955	50	political	political	ADJ
cblr-7219	955	51	pressure	pressure	NOUN
cblr-7219	955	52	to	to	PART
cblr-7219	955	53	heavily	heavily	ADV
cblr-7219	955	54	regulate	regulate	VERB
cblr-7219	955	55	and	and	CCONJ
cblr-7219	955	56	punish	punish	VERB
cblr-7219	955	57	derivatives	derivative	NOUN
cblr-7219	955	58	dealers	dealer	NOUN
cblr-7219	955	59	who	who	PRON
cblr-7219	955	60	,	,	PUNCT
cblr-7219	955	61	according	accord	VERB
cblr-7219	955	62	to	to	ADP
cblr-7219	955	63	the	the	DET
cblr-7219	955	64	crisis	crisis	NOUN
cblr-7219	955	65	narrative	narrative	NOUN
cblr-7219	955	66	,	,	PUNCT
cblr-7219	955	67	were	be	AUX
cblr-7219	955	68	the	the	DET
cblr-7219	955	69	main	main	ADJ
cblr-7219	955	70	cause	cause	NOUN
cblr-7219	955	71	of	of	ADP
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cblr-7219	955	74	crisis	crisis	NOUN
cblr-7219	955	75	.	.	PUNCT
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cblr-7219	956	3	.	.	PUNCT
cblr-7219	957	1	crisis	crisis	NOUN
cblr-7219	957	2	inquiry	inquiry	NOUN
cblr-7219	957	3	comm’n	comm’n	NOUN
cblr-7219	957	4	,	,	PUNCT
cblr-7219	957	5	supra	supra	ADJ
cblr-7219	957	6	note	note	NOUN
cblr-7219	957	7	191	191	NUM
cblr-7219	957	8	.	.	PUNCT
cblr-7219	958	1	see	see	VERB
cblr-7219	958	2	also	also	ADV
cblr-7219	958	3	supra	supra	ADJ
cblr-7219	958	4	notes	note	NOUN
cblr-7219	958	5	178–181	178–181	NUM
cblr-7219	958	6	and	and	CCONJ
cblr-7219	958	7	accompanying	accompany	VERB
cblr-7219	958	8	text	text	NOUN
cblr-7219	958	9	.	.	PUNCT
cblr-7219	959	1	this	this	PRON
cblr-7219	959	2	resulted	result	VERB
cblr-7219	959	3	in	in	ADP
cblr-7219	959	4	a	a	DET
cblr-7219	959	5	restrictive	restrictive	ADJ
cblr-7219	959	6	conception	conception	NOUN
cblr-7219	959	7	of	of	ADP
cblr-7219	959	8	derivative	derivative	ADJ
cblr-7219	959	9	dealers	dealer	NOUN
cblr-7219	959	10	’	’	PART
cblr-7219	959	11	governance	governance	NOUN
cblr-7219	959	12	rights	right	NOUN
cblr-7219	959	13	in	in	ADP
cblr-7219	959	14	clearinghouses	clearinghouse	NOUN
cblr-7219	959	15	.	.	PUNCT
cblr-7219	960	1	see	see	VERB
cblr-7219	960	2	supra	supra	PROPN
cblr-7219	960	3	notes	note	NOUN
cblr-7219	960	4	202–210	202–210	NUM
cblr-7219	960	5	and	and	CCONJ
cblr-7219	960	6	accompanying	accompany	VERB
cblr-7219	960	7	text	text	NOUN
cblr-7219	960	8	.	.	PUNCT
cblr-7219	961	1	309	309	NUM
cblr-7219	961	2	see	see	VERB
cblr-7219	961	3	abn	abn	NOUN
cblr-7219	961	4	-	-	PUNCT
cblr-7219	961	5	amro	amro	NOUN
cblr-7219	961	6	clearing	clearing	NOUN
cblr-7219	961	7	et	et	NOUN
cblr-7219	961	8	al	al	PROPN
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cblr-7219	961	13	forward	forward	ADV
cblr-7219	961	14	for	for	ADP
cblr-7219	961	15	ccp	ccp	PROPN
cblr-7219	961	16	resilience	resilience	PROPN
cblr-7219	961	17	,	,	PUNCT
cblr-7219	961	18	recovery	recovery	NOUN
cblr-7219	961	19	,	,	PUNCT
cblr-7219	961	20	and	and	CCONJ
cblr-7219	961	21	resolution	resolution	NOUN
cblr-7219	961	22	(	(	PUNCT
cblr-7219	961	23	2020	2020	NUM
cblr-7219	961	24	)	)	PUNCT
cblr-7219	961	25	,	,	PUNCT
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cblr-7219	962	4	;	;	PUNCT
cblr-7219	962	5	marnie	marnie	PROPN
cblr-7219	962	6	rosenberg	rosenberg	PROPN
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cblr-7219	962	12	balancing	balance	VERB
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cblr-7219	962	22	ccp	ccp	PROPN
cblr-7219	962	23	resilience	resilience	NOUN
cblr-7219	962	24	,	,	PUNCT
cblr-7219	962	25	recovery	recovery	NOUN
cblr-7219	962	26	and	and	CCONJ
cblr-7219	962	27	resolution	resolution	NOUN
cblr-7219	962	28	(	(	PUNCT
cblr-7219	962	29	2017	2017	NUM
cblr-7219	962	30	)	)	PUNCT
cblr-7219	962	31	,	,	PUNCT
cblr-7219	962	32	https://www.jpmorganchase.com/corporate/news/document/office-of-regulatory-affairs-ccp-white-paper.pdf?source=office-of-regulatory-affairs-ispgtile	https://www.jpmorganchase.com/corporate/news/document/office-of-regulatory-affairs-ccp-white-paper.pdf?source=office-of-regulatory-affairs-ispgtile	NOUN
cblr-7219	962	33	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	962	34	(	(	PUNCT
cblr-7219	962	35	do	do	AUX
cblr-7219	962	36	not	not	PART
cblr-7219	962	37	delete	delete	VERB
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cblr-7219	962	39	10/21/2020	10/21/2020	NUM
cblr-7219	962	40	11:22	11:22	NUM
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cblr-7219	962	48	521	521	NUM
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cblr-7219	962	50	can	can	AUX
cblr-7219	962	51	these	these	DET
cblr-7219	962	52	incentives	incentive	NOUN
cblr-7219	962	53	be	be	AUX
cblr-7219	962	54	better	well	ADV
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cblr-7219	962	56	?	?	PUNCT
cblr-7219	963	1	and	and	CCONJ
cblr-7219	963	2	how	how	SCONJ
cblr-7219	963	3	can	can	AUX
cblr-7219	963	4	moral	moral	ADJ
cblr-7219	963	5	hazard	hazard	NOUN
cblr-7219	963	6	be	be	AUX
cblr-7219	963	7	mitigated	mitigate	VERB
cblr-7219	963	8	?	?	PUNCT
cblr-7219	964	1	this	this	DET
cblr-7219	964	2	article	article	NOUN
cblr-7219	964	3	identifies	identify	VERB
cblr-7219	964	4	five	five	NUM
cblr-7219	964	5	possible	possible	ADJ
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cblr-7219	964	7	that	that	PRON
cblr-7219	964	8	could	could	AUX
cblr-7219	964	9	create	create	VERB
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cblr-7219	964	11	and	and	CCONJ
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cblr-7219	964	14	,	,	PUNCT
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cblr-7219	964	18	either	either	CCONJ
cblr-7219	964	19	implies	imply	VERB
cblr-7219	964	20	a	a	DET
cblr-7219	964	21	different	different	ADJ
cblr-7219	964	22	degree	degree	NOUN
cblr-7219	964	23	of	of	ADP
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cblr-7219	964	25	intervention	intervention	NOUN
cblr-7219	964	26	or	or	CCONJ
cblr-7219	964	27	would	would	AUX
cblr-7219	964	28	be	be	AUX
cblr-7219	964	29	triggered	trigger	VERB
cblr-7219	964	30	only	only	ADV
cblr-7219	964	31	in	in	ADP
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cblr-7219	964	34	of	of	ADP
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cblr-7219	964	39	distress	distress	NOUN
cblr-7219	964	40	of	of	ADP
cblr-7219	964	41	a	a	DET
cblr-7219	964	42	clearinghouse	clearinghouse	NOUN
cblr-7219	964	43	.	.	PUNCT
cblr-7219	965	1	the	the	DET
cblr-7219	965	2	first	first	ADJ
cblr-7219	965	3	two	two	NUM
cblr-7219	965	4	policy	policy	NOUN
cblr-7219	965	5	solutions	solution	NOUN
cblr-7219	965	6	fall	fall	VERB
cblr-7219	965	7	on	on	ADP
cblr-7219	965	8	the	the	DET
cblr-7219	965	9	extreme	extreme	ADJ
cblr-7219	965	10	ends	end	NOUN
cblr-7219	965	11	of	of	ADP
cblr-7219	965	12	the	the	DET
cblr-7219	965	13	spectrum	spectrum	NOUN
cblr-7219	965	14	and	and	CCONJ
cblr-7219	965	15	focus	focus	VERB
cblr-7219	965	16	on	on	ADP
cblr-7219	965	17	clearinghouses	clearinghouse	NOUN
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cblr-7219	965	21	:	:	PUNCT
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cblr-7219	965	23	remutualization	remutualization	NOUN
cblr-7219	965	24	of	of	ADP
cblr-7219	965	25	clearinghouses	clearinghouse	NOUN
cblr-7219	965	26	and	and	CCONJ
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cblr-7219	965	43	and	and	CCONJ
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cblr-7219	965	47	and	and	CCONJ
cblr-7219	965	48	governance	governance	NOUN
cblr-7219	965	49	rights	right	NOUN
cblr-7219	965	50	to	to	ADP
cblr-7219	965	51	the	the	DET
cblr-7219	965	52	stakeholders	stakeholder	NOUN
cblr-7219	965	53	who	who	PRON
cblr-7219	965	54	are	be	AUX
cblr-7219	965	55	likely	likely	ADJ
cblr-7219	965	56	to	to	PART
cblr-7219	965	57	be	be	AUX
cblr-7219	965	58	the	the	DET
cblr-7219	965	59	final	final	ADJ
cblr-7219	965	60	risk	risk	NOUN
cblr-7219	965	61	-	-	PUNCT
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cblr-7219	966	3	and	and	CCONJ
cblr-7219	966	4	fourth	fourth	ADJ
cblr-7219	966	5	policy	policy	NOUN
cblr-7219	966	6	solutions	solution	NOUN
cblr-7219	966	7	would	would	AUX
cblr-7219	966	8	address	address	VERB
cblr-7219	966	9	the	the	DET
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cblr-7219	966	11	resilience	resilience	NOUN
cblr-7219	966	12	of	of	ADP
cblr-7219	966	13	clearinghouses	clearinghouse	NOUN
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cblr-7219	966	16	shareholders	shareholder	NOUN
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cblr-7219	966	19	-	-	PUNCT
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cblr-7219	966	21	-	-	PUNCT
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cblr-7219	966	24	and	and	CCONJ
cblr-7219	966	25	members	member	NOUN
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cblr-7219	967	1	[	[	X
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cblr-7219	967	27	(	(	PUNCT
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cblr-7219	967	30	,	,	PUNCT
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cblr-7219	968	5	,	,	PUNCT
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cblr-7219	968	12	clearing	clearing	NOUN
cblr-7219	968	13	houses	house	NOUN
cblr-7219	968	14	are	be	AUX
cblr-7219	968	15	ripe	ripe	ADJ
cblr-7219	968	16	for	for	ADP
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cblr-7219	968	18	,	,	PUNCT
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cblr-7219	968	20	.	.	PUNCT
cblr-7219	969	1	times	times	PROPN
cblr-7219	969	2	(	(	PUNCT
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cblr-7219	969	4	.	.	PROPN
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cblr-7219	969	6	,	,	PUNCT
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cblr-7219	969	9	,	,	PUNCT
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cblr-7219	970	4	;	;	PUNCT
cblr-7219	970	5	philip	philip	PROPN
cblr-7219	970	6	stafford	stafford	PROPN
cblr-7219	970	7	,	,	PUNCT
cblr-7219	970	8	banks	bank	NOUN
cblr-7219	970	9	and	and	CCONJ
cblr-7219	970	10	investors	investor	NOUN
cblr-7219	970	11	push	push	VERB
cblr-7219	970	12	for	for	ADP
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cblr-7219	970	16	,	,	PUNCT
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cblr-7219	970	18	.	.	PUNCT
cblr-7219	971	1	times	times	PROPN
cblr-7219	971	2	(	(	PUNCT
cblr-7219	971	3	oct	oct	PROPN
cblr-7219	971	4	.	.	PROPN
cblr-7219	971	5	24	24	NUM
cblr-7219	971	6	,	,	PUNCT
cblr-7219	971	7	2019	2019	NUM
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cblr-7219	971	9	,	,	PUNCT
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cblr-7219	973	1	[	[	X
cblr-7219	973	2	https://perma.cc/nz9d-qnac	https://perma.cc/nz9d-qnac	X
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cblr-7219	973	4	.	.	PUNCT
cblr-7219	974	1	310	310	NUM
cblr-7219	974	2	these	these	DET
cblr-7219	974	3	policy	policy	NOUN
cblr-7219	974	4	solutions	solution	NOUN
cblr-7219	974	5	are	be	AUX
cblr-7219	974	6	modeled	model	VERB
cblr-7219	974	7	on	on	ADP
cblr-7219	974	8	the	the	DET
cblr-7219	974	9	discussion	discussion	NOUN
cblr-7219	974	10	in	in	ADP
cblr-7219	974	11	saguato	saguato	NOUN
cblr-7219	974	12	,	,	PUNCT
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cblr-7219	974	15	of	of	ADP
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cblr-7219	974	17	,	,	PUNCT
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cblr-7219	974	19	note	note	NOUN
cblr-7219	974	20	8	8	NUM
cblr-7219	974	21	,	,	PUNCT
cblr-7219	974	22	at	at	ADP
cblr-7219	974	23	658–61	658–61	NUM
cblr-7219	974	24	,	,	PUNCT
cblr-7219	974	25	665–66	665–66	NOUN
cblr-7219	974	26	.	.	PROPN
cblr-7219	975	1	311	311	NUM
cblr-7219	975	2	there	there	PRON
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cblr-7219	975	4	other	other	ADJ
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cblr-7219	975	6	of	of	ADP
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cblr-7219	975	8	-	-	PUNCT
cblr-7219	975	9	frank	frank	PROPN
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cblr-7219	975	11	require	require	VERB
cblr-7219	975	12	the	the	DET
cblr-7219	975	13	“	"	PUNCT
cblr-7219	975	14	risk	risk	NOUN
cblr-7219	975	15	producer	producer	NOUN
cblr-7219	975	16	”	"	PUNCT
cblr-7219	975	17	to	to	PART
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cblr-7219	975	20	-	-	PUNCT
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cblr-7219	975	22	-	-	PUNCT
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cblr-7219	975	24	-	-	PUNCT
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cblr-7219	975	26	to	to	PART
cblr-7219	975	27	reduce	reduce	VERB
cblr-7219	975	28	the	the	DET
cblr-7219	975	29	risk	risk	NOUN
cblr-7219	975	30	of	of	ADP
cblr-7219	975	31	moral	moral	ADJ
cblr-7219	975	32	hazard	hazard	NOUN
cblr-7219	975	33	and	and	CCONJ
cblr-7219	975	34	externalization	externalization	NOUN
cblr-7219	975	35	of	of	ADP
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cblr-7219	975	37	.	.	PUNCT
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cblr-7219	976	2	are	be	AUX
cblr-7219	976	3	one	one	NUM
cblr-7219	976	4	example	example	NOUN
cblr-7219	976	5	where	where	SCONJ
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cblr-7219	976	9	-	-	PUNCT
cblr-7219	976	10	in	in	ADP
cblr-7219	976	11	-	-	PUNCT
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cblr-7219	976	13	-	-	PUNCT
cblr-7219	976	14	game	game	NOUN
cblr-7219	976	15	by	by	ADP
cblr-7219	976	16	the	the	DET
cblr-7219	976	17	issuer	issuer	NOUN
cblr-7219	976	18	of	of	ADP
cblr-7219	976	19	the	the	DET
cblr-7219	976	20	securitized	securitized	ADJ
cblr-7219	976	21	assets	asset	NOUN
cblr-7219	976	22	,	,	PUNCT
cblr-7219	976	23	the	the	DET
cblr-7219	976	24	socalled	socalled	ADJ
cblr-7219	976	25	risk	risk	NOUN
cblr-7219	976	26	-	-	PUNCT
cblr-7219	976	27	retention	retention	NOUN
cblr-7219	976	28	rule	rule	NOUN
cblr-7219	976	29	.	.	PUNCT
cblr-7219	977	1	see	see	VERB
cblr-7219	977	2	standard	standard	ADJ
cblr-7219	977	3	risk	risk	NOUN
cblr-7219	977	4	retention	retention	NOUN
cblr-7219	977	5	,	,	PUNCT
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cblr-7219	977	8	.	.	PUNCT
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cblr-7219	978	3	(	(	PUNCT
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cblr-7219	978	6	.	.	PUNCT
cblr-7219	979	1	skin	skin	NOUN
cblr-7219	979	2	in	in	ADP
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cblr-7219	979	5	operates	operate	VERB
cblr-7219	979	6	as	as	ADP
cblr-7219	979	7	a	a	DET
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cblr-7219	979	9	to	to	PART
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cblr-7219	979	11	the	the	DET
cblr-7219	979	12	risk	risk	NOUN
cblr-7219	979	13	and	and	CCONJ
cblr-7219	979	14	cost	cost	NOUN
cblr-7219	979	15	of	of	ADP
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cblr-7219	979	17	of	of	ADP
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cblr-7219	979	22	.	.	PUNCT
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cblr-7219	980	3	,	,	PUNCT
cblr-7219	980	4	the	the	DET
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cblr-7219	980	6	of	of	ADP
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cblr-7219	980	8	,	,	PUNCT
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cblr-7219	980	10	note	note	NOUN
cblr-7219	980	11	8	8	NUM
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cblr-7219	980	13	at	at	ADP
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cblr-7219	981	1	312	312	NUM
cblr-7219	981	2	see	see	VERB
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cblr-7219	981	4	paolo	paolo	PROPN
cblr-7219	981	5	saguato	saguato	PROPN
cblr-7219	981	6	,	,	PUNCT
cblr-7219	981	7	comment	comment	NOUN
cblr-7219	981	8	letter	letter	NOUN
cblr-7219	981	9	on	on	ADP
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cblr-7219	981	12	on	on	ADP
cblr-7219	981	13	derivatives	derivative	NOUN
cblr-7219	981	14	clearing	clearing	NOUN
cblr-7219	981	15	organization	organization	NOUN
cblr-7219	981	16	general	general	ADJ
cblr-7219	981	17	provisions	provision	NOUN
cblr-7219	981	18	and	and	CCONJ
cblr-7219	981	19	core	core	NOUN
cblr-7219	981	20	principles	principle	NOUN
cblr-7219	981	21	2	2	NUM
cblr-7219	981	22	(	(	PUNCT
cblr-7219	981	23	sept	sept	PROPN
cblr-7219	981	24	.	.	PROPN
cblr-7219	981	25	13	13	NUM
cblr-7219	981	26	,	,	PUNCT
cblr-7219	981	27	2019	2019	NUM
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cblr-7219	981	29	,	,	PUNCT
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cblr-7219	982	1	[	[	X
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cblr-7219	982	3	]	]	X
cblr-7219	982	4	.	.	PUNCT
cblr-7219	983	1	1_2020.2_saguato	1_2020.2_saguato	NUM
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cblr-7219	983	14	review	review	NOUN
cblr-7219	984	1	[	[	X
cblr-7219	984	2	vol	vol	NOUN
cblr-7219	984	3	.	.	PUNCT
cblr-7219	984	4	2020	2020	NUM
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cblr-7219	984	6	.	.	PUNCT
cblr-7219	985	1	finally	finally	ADV
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cblr-7219	986	9	,	,	PUNCT
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cblr-7219	986	45	-	-	PUNCT
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cblr-7219	988	38	are	be	AUX
cblr-7219	988	39	an	an	DET
cblr-7219	988	40	insurmountable	insurmountable	ADJ
cblr-7219	988	41	barrier	barrier	NOUN
cblr-7219	988	42	for	for	ADP
cblr-7219	988	43	remutualization	remutualization	NOUN
cblr-7219	988	44	.	.	PUNCT
cblr-7219	989	1	also	also	ADV
cblr-7219	989	2	,	,	PUNCT
cblr-7219	989	3	as	as	SCONJ
cblr-7219	989	4	previously	previously	ADV
cblr-7219	989	5	mentioned	mention	VERB
cblr-7219	989	6	,	,	PUNCT
cblr-7219	989	7	clearinghouses	clearinghouse	NOUN
cblr-7219	989	8	are	be	AUX
cblr-7219	989	9	now	now	ADV
cblr-7219	989	10	part	part	NOUN
cblr-7219	989	11	of	of	ADP
cblr-7219	989	12	large	large	ADJ
cblr-7219	989	13	infrastructural	infrastructural	ADJ
cblr-7219	989	14	groups.317	groups.317	NOUN
cblr-7219	989	15	without	without	ADP
cblr-7219	989	16	a	a	DET
cblr-7219	989	17	regulatory	regulatory	ADJ
cblr-7219	989	18	intervention	intervention	NOUN
cblr-7219	989	19	that	that	PRON
cblr-7219	989	20	would	would	AUX
cblr-7219	989	21	incentivize	incentivize	VERB
cblr-7219	989	22	or	or	CCONJ
cblr-7219	989	23	force	force	VERB
cblr-7219	989	24	a	a	DET
cblr-7219	989	25	spin	spin	NOUN
cblr-7219	989	26	-	-	PUNCT
cblr-7219	989	27	off	off	NOUN
cblr-7219	989	28	of	of	ADP
cblr-7219	989	29	the	the	DET
cblr-7219	989	30	clearing	clearing	NOUN
cblr-7219	989	31	business	business	NOUN
cblr-7219	989	32	from	from	ADP
cblr-7219	989	33	the	the	DET
cblr-7219	989	34	larger	large	ADJ
cblr-7219	989	35	financial	financial	ADJ
cblr-7219	989	36	group	group	NOUN
cblr-7219	989	37	,	,	PUNCT
cblr-7219	989	38	it	it	PRON
cblr-7219	989	39	is	be	AUX
cblr-7219	989	40	difficult	difficult	ADJ
cblr-7219	989	41	to	to	PART
cblr-7219	989	42	imagine	imagine	VERB
cblr-7219	989	43	remutualization	remutualization	NOUN
cblr-7219	989	44	as	as	ADP
cblr-7219	989	45	an	an	DET
cblr-7219	989	46	economically	economically	ADV
cblr-7219	989	47	viable	viable	ADJ
cblr-7219	989	48	option.318	option.318	NOUN
cblr-7219	989	49	in	in	ADP
cblr-7219	989	50	the	the	DET
cblr-7219	989	51	market	market	NOUN
cblr-7219	989	52	environment	environment	NOUN
cblr-7219	989	53	in	in	ADP
cblr-7219	989	54	which	which	PRON
cblr-7219	989	55	clearing	clearing	NOUN
cblr-7219	989	56	fees	fee	NOUN
cblr-7219	989	57	are	be	AUX
cblr-7219	989	58	generating	generate	VERB
cblr-7219	989	59	substantial	substantial	ADJ
cblr-7219	989	60	revenues	revenue	NOUN
cblr-7219	989	61	for	for	ADP
cblr-7219	989	62	fmi	fmi	PROPN
cblr-7219	989	63	groups	group	NOUN
cblr-7219	989	64	,	,	PUNCT
cblr-7219	989	65	clearinghouse	clearinghouse	NOUN
cblr-7219	989	66	holding	hold	VERB
cblr-7219	989	67	companies	company	NOUN
cblr-7219	989	68	wo	will	AUX
cblr-7219	989	69	n’t	not	PART
cblr-7219	989	70	have	have	VERB
cblr-7219	989	71	any	any	DET
cblr-7219	989	72	313	313	NUM
cblr-7219	989	73	for	for	ADP
cblr-7219	989	74	a	a	DET
cblr-7219	989	75	more	more	ADJ
cblr-7219	989	76	in	in	ADP
cblr-7219	989	77	-	-	PUNCT
cblr-7219	989	78	depth	depth	NOUN
cblr-7219	989	79	discussion	discussion	NOUN
cblr-7219	989	80	of	of	ADP
cblr-7219	989	81	these	these	DET
cblr-7219	989	82	last	last	ADJ
cblr-7219	989	83	three	three	NUM
cblr-7219	989	84	policy	policy	NOUN
cblr-7219	989	85	options	option	NOUN
cblr-7219	989	86	,	,	PUNCT
cblr-7219	989	87	see	see	VERB
cblr-7219	989	88	saguato	saguato	NOUN
cblr-7219	989	89	,	,	PUNCT
cblr-7219	989	90	the	the	DET
cblr-7219	989	91	hidden	hidden	ADJ
cblr-7219	989	92	costs	cost	NOUN
cblr-7219	989	93	of	of	ADP
cblr-7219	989	94	clearinghouses	clearinghouse	NOUN
cblr-7219	989	95	,	,	PUNCT
cblr-7219	989	96	supra	supra	PROPN
cblr-7219	989	97	note	note	NOUN
cblr-7219	989	98	8	8	NUM
cblr-7219	989	99	(	(	PUNCT
cblr-7219	989	100	manuscript	manuscript	NOUN
cblr-7219	989	101	at	at	ADP
cblr-7219	989	102	39–54	39–54	NUM
cblr-7219	989	103	)	)	PUNCT
cblr-7219	989	104	.	.	PUNCT
cblr-7219	990	1	314	314	NUM
cblr-7219	990	2	for	for	ADP
cblr-7219	990	3	a	a	DET
cblr-7219	990	4	more	more	ADV
cblr-7219	990	5	elaborate	elaborate	ADJ
cblr-7219	990	6	discussion	discussion	NOUN
cblr-7219	990	7	on	on	ADP
cblr-7219	990	8	the	the	DET
cblr-7219	990	9	remutualization	remutualization	NOUN
cblr-7219	990	10	of	of	ADP
cblr-7219	990	11	clearinghouses	clearinghouse	NOUN
cblr-7219	990	12	,	,	PUNCT
cblr-7219	990	13	see	see	VERB
cblr-7219	990	14	saguato	saguato	NOUN
cblr-7219	990	15	,	,	PUNCT
cblr-7219	990	16	the	the	DET
cblr-7219	990	17	ownership	ownership	NOUN
cblr-7219	990	18	of	of	ADP
cblr-7219	990	19	clearinghouses	clearinghouse	NOUN
cblr-7219	990	20	,	,	PUNCT
cblr-7219	990	21	supra	supra	PROPN
cblr-7219	990	22	note	note	NOUN
cblr-7219	990	23	8	8	NUM
cblr-7219	990	24	,	,	PUNCT
cblr-7219	990	25	at	at	ADP
cblr-7219	990	26	659–61	659–61	NOUN
cblr-7219	990	27	.	.	PUNCT
cblr-7219	991	1	315	315	NUM
cblr-7219	991	2	see	see	NOUN
cblr-7219	991	3	peirce	peirce	NOUN
cblr-7219	991	4	,	,	PUNCT
cblr-7219	991	5	supra	supra	PROPN
cblr-7219	991	6	note	note	NOUN
cblr-7219	991	7	9	9	NUM
cblr-7219	991	8	,	,	PUNCT
cblr-7219	991	9	at	at	ADP
cblr-7219	991	10	655–57	655–57	NUM
cblr-7219	991	11	.	.	PUNCT
cblr-7219	992	1	316	316	NUM
cblr-7219	992	2	see	see	VERB
cblr-7219	992	3	dodd	dodd	PROPN
cblr-7219	992	4	-	-	PUNCT
cblr-7219	992	5	frank	frank	PROPN
cblr-7219	992	6	act	act	PROPN
cblr-7219	992	7	,	,	PUNCT
cblr-7219	992	8	pub	pub	NOUN
cblr-7219	992	9	.	.	PUNCT
cblr-7219	993	1	l.	l.	PROPN
cblr-7219	993	2	no	no	INTJ
cblr-7219	993	3	.	.	PROPN
cblr-7219	993	4	111	111	NUM
cblr-7219	993	5	-	-	SYM
cblr-7219	993	6	203	203	NUM
cblr-7219	993	7	,	,	PUNCT
cblr-7219	993	8	§	§	PROPN
cblr-7219	993	9	§	§	PROPN
cblr-7219	993	10	726	726	NUM
cblr-7219	993	11	,	,	PUNCT
cblr-7219	993	12	765	765	NUM
cblr-7219	993	13	,	,	PUNCT
cblr-7219	993	14	124	124	NUM
cblr-7219	993	15	stat	stat	NOUN
cblr-7219	993	16	.	.	PUNCT
cblr-7219	994	1	1376	1376	NUM
cblr-7219	994	2	,	,	PUNCT
cblr-7219	994	3	1695–1696	1695–1696	NUM
cblr-7219	994	4	,	,	PUNCT
cblr-7219	994	5	1796–1797	1796–1797	NUM
cblr-7219	994	6	(	(	PUNCT
cblr-7219	994	7	2010	2010	NUM
cblr-7219	994	8	)	)	PUNCT
cblr-7219	994	9	.	.	PUNCT
cblr-7219	995	1	see	see	VERB
cblr-7219	995	2	also	also	ADV
cblr-7219	995	3	supra	supra	ADJ
cblr-7219	995	4	note	note	PROPN
cblr-7219	995	5	201	201	NUM
cblr-7219	995	6	and	and	CCONJ
cblr-7219	995	7	accompanying	accompany	VERB
cblr-7219	995	8	text	text	NOUN
cblr-7219	995	9	.	.	PUNCT
cblr-7219	996	1	317	317	NUM
cblr-7219	996	2	see	see	VERB
cblr-7219	996	3	supra	supra	PROPN
cblr-7219	996	4	note	note	PROPN
cblr-7219	996	5	259	259	NUM
cblr-7219	996	6	and	and	CCONJ
cblr-7219	996	7	accompanying	accompany	VERB
cblr-7219	996	8	text	text	NOUN
cblr-7219	996	9	.	.	PUNCT
cblr-7219	997	1	318	318	NUM
cblr-7219	997	2	see	see	VERB
cblr-7219	997	3	generally	generally	ADV
cblr-7219	997	4	baker	baker	PROPN
cblr-7219	997	5	,	,	PUNCT
cblr-7219	997	6	supra	supra	PROPN
cblr-7219	997	7	note	note	PROPN
cblr-7219	997	8	295	295	NUM
cblr-7219	997	9	(	(	PUNCT
cblr-7219	997	10	elaborating	elaborate	VERB
cblr-7219	997	11	on	on	ADP
cblr-7219	997	12	recovery	recovery	NOUN
cblr-7219	997	13	mechanisms	mechanism	NOUN
cblr-7219	997	14	for	for	ADP
cblr-7219	997	15	clearinghouses	clearinghouse	NOUN
cblr-7219	997	16	and	and	CCONJ
cblr-7219	997	17	proposing	propose	VERB
cblr-7219	997	18	that	that	SCONJ
cblr-7219	997	19	in	in	ADP
cblr-7219	997	20	order	order	NOUN
cblr-7219	997	21	to	to	PART
cblr-7219	997	22	complete	complete	VERB
cblr-7219	997	23	the	the	DET
cblr-7219	997	24	mandatory	mandatory	ADJ
cblr-7219	997	25	central	central	ADJ
cblr-7219	997	26	clearing	clearing	NOUN
cblr-7219	997	27	regime	regime	NOUN
cblr-7219	997	28	,	,	PUNCT
cblr-7219	997	29	an	an	DET
cblr-7219	997	30	industry	industry	NOUN
cblr-7219	997	31	utility	utility	NOUN
cblr-7219	997	32	for	for	ADP
cblr-7219	997	33	central	central	ADJ
cblr-7219	997	34	clearing	clearing	NOUN
cblr-7219	997	35	services	service	NOUN
cblr-7219	997	36	should	should	AUX
cblr-7219	997	37	be	be	AUX
cblr-7219	997	38	created	create	VERB
cblr-7219	997	39	)	)	PUNCT
cblr-7219	997	40	.	.	PUNCT
cblr-7219	998	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	998	2	(	(	PUNCT
cblr-7219	998	3	do	do	AUX
cblr-7219	998	4	not	not	PART
cblr-7219	998	5	delete	delete	VERB
cblr-7219	998	6	)	)	PUNCT
cblr-7219	998	7	10/21/2020	10/21/2020	NUM
cblr-7219	998	8	11:22	11:22	NUM
cblr-7219	998	9	am	am	NOUN
cblr-7219	998	10	no	no	NOUN
cblr-7219	998	11	.	.	PUNCT
cblr-7219	999	1	2:449	2:449	NUM
cblr-7219	999	2	]	]	X
cblr-7219	999	3	unfinished	unfinished	ADJ
cblr-7219	999	4	business	business	NOUN
cblr-7219	999	5	523	523	NUM
cblr-7219	999	6	incentive	incentive	NOUN
cblr-7219	999	7	to	to	PART
cblr-7219	999	8	give	give	VERB
cblr-7219	999	9	up	up	ADP
cblr-7219	999	10	one	one	NUM
cblr-7219	999	11	of	of	ADP
cblr-7219	999	12	their	their	PRON
cblr-7219	999	13	more	more	ADV
cblr-7219	999	14	profitable	profitable	ADJ
cblr-7219	999	15	businesses	business	NOUN
cblr-7219	999	16	.	.	PUNCT
cblr-7219	1000	1	a	a	DET
cblr-7219	1000	2	back	back	ADJ
cblr-7219	1000	3	route	route	NOUN
cblr-7219	1000	4	to	to	ADP
cblr-7219	1000	5	remutualization	remutualization	NOUN
cblr-7219	1000	6	,	,	PUNCT
cblr-7219	1000	7	however	however	ADV
cblr-7219	1000	8	,	,	PUNCT
cblr-7219	1000	9	could	could	AUX
cblr-7219	1000	10	be	be	AUX
cblr-7219	1000	11	the	the	DET
cblr-7219	1000	12	result	result	NOUN
cblr-7219	1000	13	of	of	ADP
cblr-7219	1000	14	a	a	DET
cblr-7219	1000	15	clearinghouse	clearinghouse	NOUN
cblr-7219	1000	16	’s	’s	PART
cblr-7219	1000	17	failure	failure	NOUN
cblr-7219	1000	18	and	and	CCONJ
cblr-7219	1000	19	the	the	DET
cblr-7219	1000	20	intervention	intervention	NOUN
cblr-7219	1000	21	of	of	ADP
cblr-7219	1000	22	recovery	recovery	NOUN
cblr-7219	1000	23	tools	tool	NOUN
cblr-7219	1000	24	,	,	PUNCT
cblr-7219	1000	25	discussed	discuss	VERB
cblr-7219	1000	26	in	in	ADP
cblr-7219	1000	27	the	the	DET
cblr-7219	1000	28	following	follow	VERB
cblr-7219	1000	29	sections	section	NOUN
cblr-7219	1000	30	.	.	PUNCT
cblr-7219	1001	1	2	2	X
cblr-7219	1001	2	.	.	X
cblr-7219	1001	3	the	the	DET
cblr-7219	1001	4	nationalization	nationalization	NOUN
cblr-7219	1001	5	of	of	ADP
cblr-7219	1001	6	clearinghouses	clearinghouse	NOUN
cblr-7219	1001	7	the	the	DET
cblr-7219	1001	8	other	other	ADJ
cblr-7219	1001	9	“	"	PUNCT
cblr-7219	1001	10	extreme	extreme	ADJ
cblr-7219	1001	11	”	"	PUNCT
cblr-7219	1001	12	policy	policy	NOUN
cblr-7219	1001	13	solution	solution	NOUN
cblr-7219	1001	14	would	would	AUX
cblr-7219	1001	15	be	be	AUX
cblr-7219	1001	16	the	the	DET
cblr-7219	1001	17	nationalization	nationalization	NOUN
cblr-7219	1001	18	of	of	ADP
cblr-7219	1001	19	clearinghouses.319	clearinghouses.319	ADJ
cblr-7219	1001	20	this	this	DET
cblr-7219	1001	21	proposal	proposal	NOUN
cblr-7219	1001	22	shares	share	VERB
cblr-7219	1001	23	the	the	DET
cblr-7219	1001	24	same	same	ADJ
cblr-7219	1001	25	rationales	rationale	NOUN
cblr-7219	1001	26	of	of	ADP
cblr-7219	1001	27	the	the	DET
cblr-7219	1001	28	remutualization	remutualization	NOUN
cblr-7219	1001	29	option	option	NOUN
cblr-7219	1001	30	,	,	PUNCT
cblr-7219	1001	31	differing	differ	VERB
cblr-7219	1001	32	only	only	ADV
cblr-7219	1001	33	in	in	ADP
cblr-7219	1001	34	its	its	PRON
cblr-7219	1001	35	primary	primary	ADJ
cblr-7219	1001	36	assumption	assumption	NOUN
cblr-7219	1001	37	.	.	PUNCT
cblr-7219	1002	1	if	if	SCONJ
cblr-7219	1002	2	we	we	PRON
cblr-7219	1002	3	assume	assume	VERB
cblr-7219	1002	4	that	that	SCONJ
cblr-7219	1002	5	public	public	ADJ
cblr-7219	1002	6	money	money	NOUN
cblr-7219	1002	7	would	would	AUX
cblr-7219	1002	8	very	very	ADV
cblr-7219	1002	9	likely	likely	ADV
cblr-7219	1002	10	be	be	AUX
cblr-7219	1002	11	used	use	VERB
cblr-7219	1002	12	to	to	PART
cblr-7219	1002	13	sustain	sustain	VERB
cblr-7219	1002	14	a	a	DET
cblr-7219	1002	15	clearinghouse	clearinghouse	NOUN
cblr-7219	1002	16	if	if	SCONJ
cblr-7219	1002	17	it	it	PRON
cblr-7219	1002	18	faced	face	VERB
cblr-7219	1002	19	financial	financial	ADJ
cblr-7219	1002	20	distress	distress	NOUN
cblr-7219	1002	21	,	,	PUNCT
cblr-7219	1002	22	then	then	ADV
cblr-7219	1002	23	taxpayers	taxpayer	NOUN
cblr-7219	1002	24	—	—	PUNCT
cblr-7219	1002	25	as	as	ADP
cblr-7219	1002	26	the	the	DET
cblr-7219	1002	27	ultimate	ultimate	ADJ
cblr-7219	1002	28	risk	risk	NOUN
cblr-7219	1002	29	-	-	PUNCT
cblr-7219	1002	30	bearers	bearer	NOUN
cblr-7219	1002	31	of	of	ADP
cblr-7219	1002	32	clearinghouses	clearinghouse	NOUN
cblr-7219	1002	33	’	'	PUNCT
cblr-7219	1002	34	financial	financial	ADJ
cblr-7219	1002	35	risk	risk	NOUN
cblr-7219	1002	36	—	—	PUNCT
cblr-7219	1002	37	should	should	AUX
cblr-7219	1002	38	own	own	VERB
cblr-7219	1002	39	and	and	CCONJ
cblr-7219	1002	40	run	run	VERB
cblr-7219	1002	41	the	the	DET
cblr-7219	1002	42	business	business	NOUN
cblr-7219	1002	43	.	.	PUNCT
cblr-7219	1003	1	in	in	ADP
cblr-7219	1003	2	order	order	NOUN
cblr-7219	1003	3	to	to	PART
cblr-7219	1003	4	reach	reach	VERB
cblr-7219	1003	5	the	the	DET
cblr-7219	1003	6	point	point	NOUN
cblr-7219	1003	7	where	where	SCONJ
cblr-7219	1003	8	one	one	PRON
cblr-7219	1003	9	would	would	AUX
cblr-7219	1003	10	consider	consider	VERB
cblr-7219	1003	11	this	this	DET
cblr-7219	1003	12	solution	solution	NOUN
cblr-7219	1003	13	,	,	PUNCT
cblr-7219	1003	14	a	a	DET
cblr-7219	1003	15	clearinghouse	clearinghouse	NOUN
cblr-7219	1003	16	would	would	AUX
cblr-7219	1003	17	have	have	AUX
cblr-7219	1003	18	had	have	VERB
cblr-7219	1003	19	to	to	PART
cblr-7219	1003	20	fail	fail	VERB
cblr-7219	1003	21	.	.	PUNCT
cblr-7219	1004	1	because	because	SCONJ
cblr-7219	1004	2	a	a	DET
cblr-7219	1004	3	failure	failure	NOUN
cblr-7219	1004	4	of	of	ADP
cblr-7219	1004	5	a	a	DET
cblr-7219	1004	6	clearinghouse	clearinghouse	NOUN
cblr-7219	1004	7	would	would	AUX
cblr-7219	1004	8	reflect	reflect	VERB
cblr-7219	1004	9	on	on	ADP
cblr-7219	1004	10	the	the	DET
cblr-7219	1004	11	failure	failure	NOUN
cblr-7219	1004	12	of	of	ADP
cblr-7219	1004	13	the	the	DET
cblr-7219	1004	14	post	post	ADJ
cblr-7219	1004	15	-	-	ADJ
cblr-7219	1004	16	crisis	crisis	ADJ
cblr-7219	1004	17	derivative	derivative	ADJ
cblr-7219	1004	18	market	market	NOUN
cblr-7219	1004	19	regulatory	regulatory	ADJ
cblr-7219	1004	20	architecture	architecture	NOUN
cblr-7219	1004	21	,	,	PUNCT
cblr-7219	1004	22	nationalization	nationalization	NOUN
cblr-7219	1004	23	would	would	AUX
cblr-7219	1004	24	be	be	AUX
cblr-7219	1004	25	the	the	DET
cblr-7219	1004	26	only	only	ADJ
cblr-7219	1004	27	possible	possible	ADJ
cblr-7219	1004	28	path	path	NOUN
cblr-7219	1004	29	towards	towards	ADP
cblr-7219	1004	30	keeping	keep	VERB
cblr-7219	1004	31	the	the	DET
cblr-7219	1004	32	system	system	NOUN
cblr-7219	1004	33	afloat	afloat	ADJ
cblr-7219	1004	34	.	.	PUNCT
cblr-7219	1005	1	both	both	DET
cblr-7219	1005	2	radical	radical	ADJ
cblr-7219	1005	3	solutions	solution	NOUN
cblr-7219	1005	4	could	could	AUX
cblr-7219	1005	5	only	only	ADV
cblr-7219	1005	6	be	be	AUX
cblr-7219	1005	7	practically	practically	ADV
cblr-7219	1005	8	implemented	implement	VERB
cblr-7219	1005	9	during	during	ADP
cblr-7219	1005	10	or	or	CCONJ
cblr-7219	1005	11	after	after	ADP
cblr-7219	1005	12	a	a	DET
cblr-7219	1005	13	clearinghouse	clearinghouse	NOUN
cblr-7219	1005	14	crisis	crisis	NOUN
cblr-7219	1005	15	or	or	CCONJ
cblr-7219	1005	16	failure	failure	NOUN
cblr-7219	1005	17	,	,	PUNCT
cblr-7219	1005	18	once	once	SCONJ
cblr-7219	1005	19	the	the	DET
cblr-7219	1005	20	structural	structural	ADJ
cblr-7219	1005	21	fragilities	fragility	NOUN
cblr-7219	1005	22	of	of	ADP
cblr-7219	1005	23	the	the	DET
cblr-7219	1005	24	clearinghouse	clearinghouse	NOUN
cblr-7219	1005	25	’s	’s	PART
cblr-7219	1005	26	organizational	organizational	ADJ
cblr-7219	1005	27	structure	structure	NOUN
cblr-7219	1005	28	and	and	CCONJ
cblr-7219	1005	29	the	the	DET
cblr-7219	1005	30	failure	failure	NOUN
cblr-7219	1005	31	of	of	ADP
cblr-7219	1005	32	the	the	DET
cblr-7219	1005	33	regulatory	regulatory	ADJ
cblr-7219	1005	34	approach	approach	NOUN
cblr-7219	1005	35	were	be	AUX
cblr-7219	1005	36	exposed	expose	VERB
cblr-7219	1005	37	.	.	PUNCT
cblr-7219	1006	1	3	3	X
cblr-7219	1006	2	.	.	X
cblr-7219	1006	3	multi	multi	ADJ
cblr-7219	1006	4	-	-	ADJ
cblr-7219	1006	5	stakeholder	stakeholder	ADJ
cblr-7219	1006	6	boards	board	NOUN
cblr-7219	1006	7	the	the	DET
cblr-7219	1006	8	third	third	ADJ
cblr-7219	1006	9	and	and	CCONJ
cblr-7219	1006	10	fourth	fourth	ADJ
cblr-7219	1006	11	policy	policy	NOUN
cblr-7219	1006	12	solutions	solution	NOUN
cblr-7219	1006	13	share	share	VERB
cblr-7219	1006	14	the	the	DET
cblr-7219	1006	15	same	same	ADJ
cblr-7219	1006	16	premise	premise	NOUN
cblr-7219	1006	17	:	:	PUNCT
cblr-7219	1006	18	they	they	PRON
cblr-7219	1006	19	could	could	AUX
cblr-7219	1006	20	be	be	AUX
cblr-7219	1006	21	achieved	achieve	VERB
cblr-7219	1006	22	with	with	ADP
cblr-7219	1006	23	regulatory	regulatory	ADJ
cblr-7219	1006	24	action	action	NOUN
cblr-7219	1006	25	,	,	PUNCT
cblr-7219	1006	26	without	without	ADP
cblr-7219	1006	27	the	the	DET
cblr-7219	1006	28	need	need	NOUN
cblr-7219	1006	29	for	for	ADP
cblr-7219	1006	30	congress	congress	PROPN
cblr-7219	1006	31	’s	’s	PART
cblr-7219	1006	32	intervention	intervention	NOUN
cblr-7219	1006	33	.	.	PUNCT
cblr-7219	1007	1	critical	critical	ADJ
cblr-7219	1007	2	provisions	provision	NOUN
cblr-7219	1007	3	of	of	ADP
cblr-7219	1007	4	the	the	DET
cblr-7219	1007	5	dodd	dodd	PROPN
cblr-7219	1007	6	-	-	PUNCT
cblr-7219	1007	7	frank	frank	PROPN
cblr-7219	1007	8	act	act	PROPN
cblr-7219	1007	9	regarding	regard	VERB
cblr-7219	1007	10	firms	firm	NOUN
cblr-7219	1007	11	’	'	PUNCT
cblr-7219	1007	12	governance	governance	NOUN
cblr-7219	1007	13	and	and	CCONJ
cblr-7219	1007	14	potential	potential	ADJ
cblr-7219	1007	15	conflicts	conflict	NOUN
cblr-7219	1007	16	of	of	ADP
cblr-7219	1007	17	interest	interest	NOUN
cblr-7219	1007	18	have	have	AUX
cblr-7219	1007	19	not	not	PART
cblr-7219	1007	20	yet	yet	ADV
cblr-7219	1007	21	been	be	AUX
cblr-7219	1007	22	adopted	adopt	VERB
cblr-7219	1007	23	by	by	ADP
cblr-7219	1007	24	the	the	DET
cblr-7219	1007	25	competent	competent	ADJ
cblr-7219	1007	26	authorities	authority	NOUN
cblr-7219	1007	27	in	in	ADP
cblr-7219	1007	28	the	the	DET
cblr-7219	1007	29	ten	ten	NUM
cblr-7219	1007	30	years	year	NOUN
cblr-7219	1007	31	since	since	SCONJ
cblr-7219	1007	32	the	the	DET
cblr-7219	1007	33	financial	financial	ADJ
cblr-7219	1007	34	crisis.320	crisis.320	NOUN
cblr-7219	1007	35	319	319	NUM
cblr-7219	1007	36	for	for	ADP
cblr-7219	1007	37	a	a	DET
cblr-7219	1007	38	more	more	ADV
cblr-7219	1007	39	comprehensive	comprehensive	ADJ
cblr-7219	1007	40	discussion	discussion	NOUN
cblr-7219	1007	41	of	of	ADP
cblr-7219	1007	42	the	the	DET
cblr-7219	1007	43	nationalization	nationalization	NOUN
cblr-7219	1007	44	option	option	NOUN
cblr-7219	1007	45	,	,	PUNCT
cblr-7219	1007	46	see	see	VERB
cblr-7219	1007	47	saguato	saguato	NOUN
cblr-7219	1007	48	,	,	PUNCT
cblr-7219	1007	49	the	the	DET
cblr-7219	1007	50	ownership	ownership	NOUN
cblr-7219	1007	51	of	of	ADP
cblr-7219	1007	52	clearinghouses	clearinghouse	NOUN
cblr-7219	1007	53	,	,	PUNCT
cblr-7219	1007	54	supra	supra	PROPN
cblr-7219	1007	55	note	note	NOUN
cblr-7219	1007	56	8	8	NUM
cblr-7219	1007	57	,	,	PUNCT
cblr-7219	1007	58	at	at	ADP
cblr-7219	1007	59	665–66	665–66	NOUN
cblr-7219	1007	60	.	.	NOUN
cblr-7219	1007	61	320	320	NUM
cblr-7219	1007	62	see	see	NOUN
cblr-7219	1007	63	requirements	requirement	NOUN
cblr-7219	1007	64	for	for	ADP
cblr-7219	1007	65	derivatives	derivative	NOUN
cblr-7219	1007	66	clearing	clearing	NOUN
cblr-7219	1007	67	organizations	organization	NOUN
cblr-7219	1007	68	,	,	PUNCT
cblr-7219	1007	69	designated	designate	VERB
cblr-7219	1007	70	contract	contract	NOUN
cblr-7219	1007	71	markets	market	NOUN
cblr-7219	1007	72	,	,	PUNCT
cblr-7219	1007	73	and	and	CCONJ
cblr-7219	1007	74	swap	swap	NOUN
cblr-7219	1007	75	execution	execution	NOUN
cblr-7219	1007	76	facilities	facility	NOUN
cblr-7219	1007	77	regarding	regard	VERB
cblr-7219	1007	78	the	the	DET
cblr-7219	1007	79	mitigation	mitigation	NOUN
cblr-7219	1007	80	of	of	ADP
cblr-7219	1007	81	conflicts	conflict	NOUN
cblr-7219	1007	82	of	of	ADP
cblr-7219	1007	83	interest	interest	NOUN
cblr-7219	1007	84	,	,	PUNCT
cblr-7219	1007	85	75	75	NUM
cblr-7219	1007	86	fed	feed	VERB
cblr-7219	1007	87	.	.	PUNCT
cblr-7219	1008	1	reg	reg	PROPN
cblr-7219	1008	2	.	.	PUNCT
cblr-7219	1009	1	63,732	63,732	NUM
cblr-7219	1009	2	(	(	PUNCT
cblr-7219	1009	3	proposed	propose	VERB
cblr-7219	1009	4	oct	oct	PROPN
cblr-7219	1009	5	.	.	PROPN
cblr-7219	1009	6	18	18	NUM
cblr-7219	1009	7	,	,	PUNCT
cblr-7219	1009	8	2010	2010	NUM
cblr-7219	1009	9	)	)	PUNCT
cblr-7219	1009	10	(	(	PUNCT
cblr-7219	1009	11	to	to	PART
cblr-7219	1009	12	be	be	AUX
cblr-7219	1009	13	codified	codify	VERB
cblr-7219	1009	14	at	at	ADP
cblr-7219	1009	15	17	17	NUM
cblr-7219	1009	16	c.f.r	c.f.r	NOUN
cblr-7219	1009	17	.	.	PUNCT
cblr-7219	1010	1	pts	pt	NOUN
cblr-7219	1010	2	1	1	NUM
cblr-7219	1010	3	,	,	PUNCT
cblr-7219	1010	4	37–40	37–40	NUM
cblr-7219	1010	5	)	)	PUNCT
cblr-7219	1010	6	;	;	PUNCT
cblr-7219	1011	1	governance	governance	NOUN
cblr-7219	1011	2	requirements	requirement	NOUN
cblr-7219	1011	3	for	for	ADP
cblr-7219	1011	4	derivatives	derivative	NOUN
cblr-7219	1011	5	clearing	clearing	NOUN
cblr-7219	1011	6	organizations	organization	NOUN
cblr-7219	1011	7	,	,	PUNCT
cblr-7219	1011	8	designated	designate	VERB
cblr-7219	1011	9	contract	contract	NOUN
cblr-7219	1011	10	markets	market	NOUN
cblr-7219	1011	11	,	,	PUNCT
cblr-7219	1011	12	and	and	CCONJ
cblr-7219	1011	13	swap	swap	NOUN
cblr-7219	1011	14	execution	execution	NOUN
cblr-7219	1011	15	facilities	facility	NOUN
cblr-7219	1011	16	;	;	PUNCT
cblr-7219	1011	17	additional	additional	ADJ
cblr-7219	1011	18	requirements	requirement	NOUN
cblr-7219	1011	19	regarding	regard	VERB
cblr-7219	1011	20	the	the	DET
cblr-7219	1011	21	mitigation	mitigation	NOUN
cblr-7219	1011	22	of	of	ADP
cblr-7219	1011	23	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	1011	24	(	(	PUNCT
cblr-7219	1011	25	do	do	AUX
cblr-7219	1011	26	not	not	PART
cblr-7219	1011	27	delte	delte	VERB
cblr-7219	1011	28	)	)	PUNCT
cblr-7219	1011	29	10/21/2020	10/21/2020	NUM
cblr-7219	1011	30	11:22	11:22	NUM
cblr-7219	1011	31	am	be	AUX
cblr-7219	1011	32	524	524	NUM
cblr-7219	1011	33	columbia	columbia	PROPN
cblr-7219	1011	34	business	business	NOUN
cblr-7219	1011	35	law	law	PROPN
cblr-7219	1011	36	review	review	NOUN
cblr-7219	1011	37	[	[	X
cblr-7219	1011	38	vol	vol	NOUN
cblr-7219	1011	39	.	.	PUNCT
cblr-7219	1011	40	2020	2020	NUM
cblr-7219	1011	41	these	these	DET
cblr-7219	1011	42	pending	pende	VERB
cblr-7219	1011	43	rulemakings	rulemaking	NOUN
cblr-7219	1011	44	could	could	AUX
cblr-7219	1011	45	be	be	AUX
cblr-7219	1011	46	the	the	DET
cblr-7219	1011	47	right	right	ADJ
cblr-7219	1011	48	opportunity	opportunity	NOUN
cblr-7219	1011	49	for	for	SCONJ
cblr-7219	1011	50	regulators	regulator	NOUN
cblr-7219	1011	51	to	to	PART
cblr-7219	1011	52	complete	complete	VERB
cblr-7219	1011	53	the	the	DET
cblr-7219	1011	54	clearinghouse	clearinghouse	ADJ
cblr-7219	1011	55	regulatory	regulatory	ADJ
cblr-7219	1011	56	framework	framework	NOUN
cblr-7219	1011	57	,	,	PUNCT
cblr-7219	1011	58	address	address	VERB
cblr-7219	1011	59	the	the	DET
cblr-7219	1011	60	current	current	ADJ
cblr-7219	1011	61	issues	issue	NOUN
cblr-7219	1011	62	in	in	ADP
cblr-7219	1011	63	the	the	DET
cblr-7219	1011	64	system	system	NOUN
cblr-7219	1011	65	,	,	PUNCT
cblr-7219	1011	66	fix	fix	VERB
cblr-7219	1011	67	the	the	DET
cblr-7219	1011	68	existing	exist	VERB
cblr-7219	1011	69	rules	rule	NOUN
cblr-7219	1011	70	,	,	PUNCT
cblr-7219	1011	71	and	and	CCONJ
cblr-7219	1011	72	create	create	VERB
cblr-7219	1011	73	more	more	ADV
cblr-7219	1011	74	resilient	resilient	ADJ
cblr-7219	1011	75	clearinghouses.321	clearinghouses.321	NOUN
cblr-7219	1011	76	clearinghouses	clearinghouse	NOUN
cblr-7219	1011	77	should	should	AUX
cblr-7219	1011	78	adopt	adopt	VERB
cblr-7219	1011	79	a	a	DET
cblr-7219	1011	80	hybrid	hybrid	ADJ
cblr-7219	1011	81	governance	governance	NOUN
cblr-7219	1011	82	structure	structure	NOUN
cblr-7219	1011	83	that	that	PRON
cblr-7219	1011	84	would	would	AUX
cblr-7219	1011	85	reflect	reflect	VERB
cblr-7219	1011	86	their	their	PRON
cblr-7219	1011	87	double	double	ADJ
cblr-7219	1011	88	-	-	PUNCT
cblr-7219	1011	89	layered	layered	ADJ
cblr-7219	1011	90	capital	capital	NOUN
cblr-7219	1011	91	.	.	PUNCT
cblr-7219	1012	1	one	one	NUM
cblr-7219	1012	2	of	of	ADP
cblr-7219	1012	3	the	the	DET
cblr-7219	1012	4	core	core	ADJ
cblr-7219	1012	5	principles	principle	NOUN
cblr-7219	1012	6	of	of	ADP
cblr-7219	1012	7	the	the	DET
cblr-7219	1012	8	post	post	ADJ
cblr-7219	1012	9	-	-	ADJ
cblr-7219	1012	10	crisis	crisis	ADJ
cblr-7219	1012	11	regulatory	regulatory	ADJ
cblr-7219	1012	12	regime	regime	NOUN
cblr-7219	1012	13	is	be	AUX
cblr-7219	1012	14	the	the	DET
cblr-7219	1012	15	representation	representation	NOUN
cblr-7219	1012	16	of	of	ADP
cblr-7219	1012	17	market	market	NOUN
cblr-7219	1012	18	participants	participant	NOUN
cblr-7219	1012	19	on	on	ADP
cblr-7219	1012	20	clearinghouses	clearinghouse	NOUN
cblr-7219	1012	21	’	'	PUNCT
cblr-7219	1012	22	governing	govern	VERB
cblr-7219	1012	23	boards	board	NOUN
cblr-7219	1012	24	and	and	CCONJ
cblr-7219	1012	25	committees.322	committees.322	PRON
cblr-7219	1012	26	this	this	DET
cblr-7219	1012	27	policy	policy	NOUN
cblr-7219	1012	28	option	option	NOUN
cblr-7219	1012	29	would	would	AUX
cblr-7219	1012	30	result	result	VERB
cblr-7219	1012	31	in	in	ADP
cblr-7219	1012	32	greater	great	ADJ
cblr-7219	1012	33	market	market	NOUN
cblr-7219	1012	34	participants	participant	NOUN
cblr-7219	1012	35	representation	representation	NOUN
cblr-7219	1012	36	by	by	ADP
cblr-7219	1012	37	granting	grant	VERB
cblr-7219	1012	38	clearing	clear	VERB
cblr-7219	1012	39	members	member	NOUN
cblr-7219	1012	40	voting	vote	VERB
cblr-7219	1012	41	rights	right	NOUN
cblr-7219	1012	42	proportionate	proportionate	ADJ
cblr-7219	1012	43	to	to	ADP
cblr-7219	1012	44	the	the	DET
cblr-7219	1012	45	amount	amount	NOUN
cblr-7219	1012	46	of	of	ADP
cblr-7219	1012	47	contributions	contribution	NOUN
cblr-7219	1012	48	made	make	VERB
cblr-7219	1012	49	to	to	ADP
cblr-7219	1012	50	the	the	DET
cblr-7219	1012	51	guaranty	guaranty	NOUN
cblr-7219	1012	52	fund	fund	NOUN
cblr-7219	1012	53	.	.	PUNCT
cblr-7219	1013	1	as	as	SCONJ
cblr-7219	1013	2	investments	investment	NOUN
cblr-7219	1013	3	in	in	ADP
cblr-7219	1013	4	the	the	DET
cblr-7219	1013	5	equity	equity	NOUN
cblr-7219	1013	6	capital	capital	NOUN
cblr-7219	1013	7	of	of	ADP
cblr-7219	1013	8	clearinghouses	clearinghouse	NOUN
cblr-7219	1013	9	’	'	PUNCT
cblr-7219	1013	10	holding	hold	VERB
cblr-7219	1013	11	companies	company	NOUN
cblr-7219	1013	12	assign	assign	VERB
cblr-7219	1013	13	voting	voting	NOUN
cblr-7219	1013	14	rights	right	NOUN
cblr-7219	1013	15	to	to	ADP
cblr-7219	1013	16	firms	firm	NOUN
cblr-7219	1013	17	’	'	PUNCT
cblr-7219	1013	18	shareholders	shareholder	NOUN
cblr-7219	1013	19	,	,	PUNCT
cblr-7219	1013	20	so	so	ADV
cblr-7219	1013	21	should	should	AUX
cblr-7219	1013	22	contributions	contribution	NOUN
cblr-7219	1013	23	to	to	ADP
cblr-7219	1013	24	the	the	DET
cblr-7219	1013	25	guaranty	guaranty	NOUN
cblr-7219	1013	26	fund	fund	NOUN
cblr-7219	1013	27	assign	assign	NOUN
cblr-7219	1013	28	proportional	proportional	ADJ
cblr-7219	1013	29	and	and	CCONJ
cblr-7219	1013	30	special	special	ADJ
cblr-7219	1013	31	voting	voting	NOUN
cblr-7219	1013	32	rights	right	NOUN
cblr-7219	1013	33	to	to	ADP
cblr-7219	1013	34	clearing	clear	VERB
cblr-7219	1013	35	members	member	NOUN
cblr-7219	1013	36	.	.	PUNCT
cblr-7219	1014	1	a	a	DET
cblr-7219	1014	2	possible	possible	ADJ
cblr-7219	1014	3	mechanism	mechanism	NOUN
cblr-7219	1014	4	could	could	AUX
cblr-7219	1014	5	be	be	AUX
cblr-7219	1014	6	the	the	DET
cblr-7219	1014	7	following	following	NOUN
cblr-7219	1014	8	:	:	PUNCT
cblr-7219	1014	9	special	special	ADJ
cblr-7219	1014	10	hybrid	hybrid	ADJ
cblr-7219	1014	11	financial	financial	ADJ
cblr-7219	1014	12	instruments	instrument	NOUN
cblr-7219	1014	13	should	should	AUX
cblr-7219	1014	14	be	be	AUX
cblr-7219	1014	15	given	give	VERB
cblr-7219	1014	16	to	to	ADP
cblr-7219	1014	17	members	member	NOUN
cblr-7219	1014	18	,	,	PUNCT
cblr-7219	1014	19	and	and	CCONJ
cblr-7219	1014	20	voting	voting	NOUN
cblr-7219	1014	21	rights	right	NOUN
cblr-7219	1014	22	should	should	AUX
cblr-7219	1014	23	be	be	AUX
cblr-7219	1014	24	assigned	assign	VERB
cblr-7219	1014	25	for	for	ADP
cblr-7219	1014	26	the	the	DET
cblr-7219	1014	27	election	election	NOUN
cblr-7219	1014	28	of	of	ADP
cblr-7219	1014	29	members	member	NOUN
cblr-7219	1014	30	’	’	PART
cblr-7219	1014	31	representatives	representative	NOUN
cblr-7219	1014	32	to	to	ADP
cblr-7219	1014	33	the	the	DET
cblr-7219	1014	34	different	different	ADJ
cblr-7219	1014	35	risk	risk	NOUN
cblr-7219	1014	36	committees	committee	NOUN
cblr-7219	1014	37	and	and	CCONJ
cblr-7219	1014	38	to	to	ADP
cblr-7219	1014	39	the	the	DET
cblr-7219	1014	40	board	board	NOUN
cblr-7219	1014	41	itself	itself	PRON
cblr-7219	1014	42	.	.	PUNCT
cblr-7219	1015	1	one	one	NUM
cblr-7219	1015	2	-	-	PUNCT
cblr-7219	1015	3	third	third	NOUN
cblr-7219	1015	4	of	of	ADP
cblr-7219	1015	5	directors	director	NOUN
cblr-7219	1015	6	should	should	AUX
cblr-7219	1015	7	be	be	AUX
cblr-7219	1015	8	elected	elect	VERB
cblr-7219	1015	9	by	by	ADP
cblr-7219	1015	10	clearing	clear	VERB
cblr-7219	1015	11	members	member	NOUN
cblr-7219	1015	12	,	,	PUNCT
cblr-7219	1015	13	and	and	CCONJ
cblr-7219	1015	14	the	the	DET
cblr-7219	1015	15	board	board	NOUN
cblr-7219	1015	16	should	should	AUX
cblr-7219	1015	17	be	be	AUX
cblr-7219	1015	18	composed	compose	VERB
cblr-7219	1015	19	of	of	ADP
cblr-7219	1015	20	a	a	DET
cblr-7219	1015	21	majority	majority	NOUN
cblr-7219	1015	22	of	of	ADP
cblr-7219	1015	23	clearing	clearing	NOUN
cblr-7219	1015	24	member	member	NOUN
cblr-7219	1015	25	(	(	PUNCT
cblr-7219	1015	26	and	and	CCONJ
cblr-7219	1015	27	end	end	NOUN
cblr-7219	1015	28	-	-	PUNCT
cblr-7219	1015	29	user	user	NOUN
cblr-7219	1015	30	)	)	PUNCT
cblr-7219	1015	31	representatives.323	representatives.323	VERB
cblr-7219	1015	32	regulators	regulator	NOUN
cblr-7219	1015	33	and	and	CCONJ
cblr-7219	1015	34	clearinghouses	clearinghouse	NOUN
cblr-7219	1015	35	should	should	AUX
cblr-7219	1015	36	consider	consider	VERB
cblr-7219	1015	37	the	the	DET
cblr-7219	1015	38	importance	importance	NOUN
cblr-7219	1015	39	of	of	ADP
cblr-7219	1015	40	strengthening	strengthen	VERB
cblr-7219	1015	41	the	the	DET
cblr-7219	1015	42	role	role	NOUN
cblr-7219	1015	43	and	and	CCONJ
cblr-7219	1015	44	voice	voice	NOUN
cblr-7219	1015	45	of	of	ADP
cblr-7219	1015	46	risk	risk	NOUN
cblr-7219	1015	47	committees	committee	NOUN
cblr-7219	1015	48	.	.	PUNCT
cblr-7219	1016	1	their	their	PRON
cblr-7219	1016	2	decision	decision	NOUN
cblr-7219	1016	3	-	-	PUNCT
cblr-7219	1016	4	making	make	VERB
cblr-7219	1016	5	power	power	NOUN
cblr-7219	1016	6	should	should	AUX
cblr-7219	1016	7	be	be	AUX
cblr-7219	1016	8	made	make	VERB
cblr-7219	1016	9	more	more	ADV
cblr-7219	1016	10	binding	binding	ADJ
cblr-7219	1016	11	than	than	ADP
cblr-7219	1016	12	that	that	PRON
cblr-7219	1016	13	of	of	ADP
cblr-7219	1016	14	simple	simple	ADJ
cblr-7219	1016	15	advisory	advisory	ADJ
cblr-7219	1016	16	boards	board	NOUN
cblr-7219	1016	17	by	by	ADP
cblr-7219	1016	18	requiring	require	VERB
cblr-7219	1016	19	the	the	DET
cblr-7219	1016	20	governing	govern	VERB
cblr-7219	1016	21	board	board	NOUN
cblr-7219	1016	22	,	,	PUNCT
cblr-7219	1016	23	anytime	anytime	SCONJ
cblr-7219	1016	24	it	it	PRON
cblr-7219	1016	25	dissents	dissent	VERB
cblr-7219	1016	26	from	from	ADP
cblr-7219	1016	27	the	the	DET
cblr-7219	1016	28	decision	decision	NOUN
cblr-7219	1016	29	of	of	ADP
cblr-7219	1016	30	its	its	PRON
cblr-7219	1016	31	risk	risk	NOUN
cblr-7219	1016	32	committee	committee	NOUN
cblr-7219	1016	33	,	,	PUNCT
cblr-7219	1016	34	to	to	PART
cblr-7219	1016	35	provide	provide	VERB
cblr-7219	1016	36	formal	formal	ADJ
cblr-7219	1016	37	and	and	CCONJ
cblr-7219	1016	38	comprehensive	comprehensive	ADJ
cblr-7219	1016	39	conflicts	conflict	NOUN
cblr-7219	1016	40	of	of	ADP
cblr-7219	1016	41	interest	interest	NOUN
cblr-7219	1016	42	,	,	PUNCT
cblr-7219	1016	43	76	76	NUM
cblr-7219	1016	44	fed	fed	PROPN
cblr-7219	1016	45	.	.	PUNCT
cblr-7219	1017	1	reg	reg	NOUN
cblr-7219	1017	2	.	.	PUNCT
cblr-7219	1018	1	722	722	NUM
cblr-7219	1018	2	(	(	PUNCT
cblr-7219	1018	3	proposed	propose	VERB
cblr-7219	1018	4	jan	jan	PROPN
cblr-7219	1018	5	.	.	PROPN
cblr-7219	1018	6	6	6	NUM
cblr-7219	1018	7	,	,	PUNCT
cblr-7219	1018	8	2011	2011	NUM
cblr-7219	1018	9	)	)	PUNCT
cblr-7219	1018	10	(	(	PUNCT
cblr-7219	1018	11	to	to	PART
cblr-7219	1018	12	be	be	AUX
cblr-7219	1018	13	codified	codify	VERB
cblr-7219	1018	14	at	at	ADP
cblr-7219	1018	15	17	17	NUM
cblr-7219	1018	16	c.f.r	c.f.r	NOUN
cblr-7219	1018	17	.	.	PUNCT
cblr-7219	1019	1	pts	pt	NOUN
cblr-7219	1019	2	1	1	NUM
cblr-7219	1019	3	,	,	PUNCT
cblr-7219	1019	4	37–40	37–40	NUM
cblr-7219	1019	5	)	)	PUNCT
cblr-7219	1019	6	.	.	PUNCT
cblr-7219	1020	1	321	321	NUM
cblr-7219	1020	2	as	as	SCONJ
cblr-7219	1020	3	previously	previously	ADV
cblr-7219	1020	4	discussed	discuss	VERB
cblr-7219	1020	5	,	,	PUNCT
cblr-7219	1020	6	currently	currently	ADV
cblr-7219	1020	7	both	both	CCONJ
cblr-7219	1020	8	the	the	DET
cblr-7219	1020	9	cftc	cftc	PROPN
cblr-7219	1020	10	and	and	CCONJ
cblr-7219	1020	11	sec	sec	PROPN
cblr-7219	1020	12	regimes	regime	NOUN
cblr-7219	1020	13	fall	fall	VERB
cblr-7219	1020	14	short	short	ADJ
cblr-7219	1020	15	in	in	ADP
cblr-7219	1020	16	addressing	address	VERB
cblr-7219	1020	17	the	the	DET
cblr-7219	1020	18	misaligned	misaligned	ADJ
cblr-7219	1020	19	incentives	incentive	NOUN
cblr-7219	1020	20	of	of	ADP
cblr-7219	1020	21	clearinghouses	clearinghouse	NOUN
cblr-7219	1020	22	and	and	CCONJ
cblr-7219	1020	23	in	in	ADP
cblr-7219	1020	24	creating	create	VERB
cblr-7219	1020	25	robust	robust	ADJ
cblr-7219	1020	26	recovery	recovery	NOUN
cblr-7219	1020	27	and	and	CCONJ
cblr-7219	1020	28	resolution	resolution	NOUN
cblr-7219	1020	29	mechanisms	mechanism	NOUN
cblr-7219	1020	30	for	for	ADP
cblr-7219	1020	31	clearinghouses	clearinghouse	NOUN
cblr-7219	1020	32	in	in	ADP
cblr-7219	1020	33	distress	distress	NOUN
cblr-7219	1020	34	.	.	PUNCT
cblr-7219	1021	1	see	see	VERB
cblr-7219	1021	2	supra	supra	PROPN
cblr-7219	1021	3	section	section	NOUN
cblr-7219	1021	4	iv.a	iv.a	VERB
cblr-7219	1021	5	.	.	PUNCT
cblr-7219	1022	1	322	322	NUM
cblr-7219	1022	2	see	see	VERB
cblr-7219	1022	3	7	7	NUM
cblr-7219	1022	4	u.s.c	u.s.c	ADJ
cblr-7219	1022	5	.	.	PUNCT
cblr-7219	1023	1	§	§	PROPN
cblr-7219	1023	2	7a-1(c)(2)(q	7a-1(c)(2)(q	NUM
cblr-7219	1023	3	)	)	PUNCT
cblr-7219	1023	4	(	(	PUNCT
cblr-7219	1023	5	2018	2018	NUM
cblr-7219	1023	6	)	)	PUNCT
cblr-7219	1023	7	.	.	PUNCT
cblr-7219	1024	1	323	323	NUM
cblr-7219	1024	2	see	see	VERB
cblr-7219	1024	3	abn	abn	NOUN
cblr-7219	1024	4	-	-	PUNCT
cblr-7219	1024	5	amro	amro	NOUN
cblr-7219	1024	6	clearing	clearing	NOUN
cblr-7219	1024	7	et	et	NOUN
cblr-7219	1024	8	al	al	PROPN
cblr-7219	1024	9	.	.	PROPN
cblr-7219	1024	10	,	,	PUNCT
cblr-7219	1024	11	supra	supra	PROPN
cblr-7219	1024	12	note	note	PROPN
cblr-7219	1024	13	309	309	NUM
cblr-7219	1024	14	,	,	PUNCT
cblr-7219	1024	15	at	at	ADP
cblr-7219	1024	16	5–6	5–6	PROPN
cblr-7219	1024	17	(	(	PUNCT
cblr-7219	1024	18	advocating	advocate	VERB
cblr-7219	1024	19	for	for	ADP
cblr-7219	1024	20	governance	governance	NOUN
cblr-7219	1024	21	arrangements	arrangement	NOUN
cblr-7219	1024	22	that	that	PRON
cblr-7219	1024	23	capture	capture	VERB
cblr-7219	1024	24	input	input	NOUN
cblr-7219	1024	25	from	from	ADP
cblr-7219	1024	26	clearing	clear	VERB
cblr-7219	1024	27	members	member	NOUN
cblr-7219	1024	28	and	and	CCONJ
cblr-7219	1024	29	end	end	VERB
cblr-7219	1024	30	users	user	NOUN
cblr-7219	1024	31	)	)	PUNCT
cblr-7219	1024	32	.	.	PUNCT
cblr-7219	1025	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	1025	2	(	(	PUNCT
cblr-7219	1025	3	do	do	AUX
cblr-7219	1025	4	not	not	PART
cblr-7219	1025	5	delete	delete	VERB
cblr-7219	1025	6	)	)	PUNCT
cblr-7219	1025	7	10/21/2020	10/21/2020	NUM
cblr-7219	1025	8	11:22	11:22	NUM
cblr-7219	1025	9	am	am	NOUN
cblr-7219	1025	10	no	no	NOUN
cblr-7219	1025	11	.	.	PUNCT
cblr-7219	1026	1	2:449	2:449	NUM
cblr-7219	1026	2	]	]	X
cblr-7219	1026	3	unfinished	unfinished	ADJ
cblr-7219	1026	4	business	business	NOUN
cblr-7219	1026	5	525	525	NUM
cblr-7219	1026	6	explanations	explanation	NOUN
cblr-7219	1026	7	of	of	ADP
cblr-7219	1026	8	its	its	PRON
cblr-7219	1026	9	decision	decision	NOUN
cblr-7219	1026	10	to	to	ADP
cblr-7219	1026	11	the	the	DET
cblr-7219	1026	12	market	market	NOUN
cblr-7219	1026	13	participants	participant	NOUN
cblr-7219	1026	14	(	(	PUNCT
cblr-7219	1026	15	clearing	clear	VERB
cblr-7219	1026	16	members	member	NOUN
cblr-7219	1026	17	and	and	CCONJ
cblr-7219	1026	18	their	their	PRON
cblr-7219	1026	19	users	user	NOUN
cblr-7219	1026	20	)	)	PUNCT
cblr-7219	1026	21	and	and	CCONJ
cblr-7219	1026	22	the	the	DET
cblr-7219	1026	23	competent	competent	ADJ
cblr-7219	1026	24	regulator	regulator	NOUN
cblr-7219	1026	25	.	.	PUNCT
cblr-7219	1027	1	if	if	SCONJ
cblr-7219	1027	2	members	member	NOUN
cblr-7219	1027	3	were	be	AUX
cblr-7219	1027	4	empowered	empower	VERB
cblr-7219	1027	5	to	to	PART
cblr-7219	1027	6	govern	govern	VERB
cblr-7219	1027	7	and	and	CCONJ
cblr-7219	1027	8	police	police	VERB
cblr-7219	1027	9	the	the	DET
cblr-7219	1027	10	risk	risk	NOUN
cblr-7219	1027	11	profile	profile	NOUN
cblr-7219	1027	12	and	and	CCONJ
cblr-7219	1027	13	management	management	NOUN
cblr-7219	1027	14	of	of	ADP
cblr-7219	1027	15	clearinghouses	clearinghouse	NOUN
cblr-7219	1027	16	,	,	PUNCT
cblr-7219	1027	17	they	they	PRON
cblr-7219	1027	18	would	would	AUX
cblr-7219	1027	19	be	be	AUX
cblr-7219	1027	20	more	more	ADV
cblr-7219	1027	21	inclined	inclined	ADJ
cblr-7219	1027	22	,	,	PUNCT
cblr-7219	1027	23	or	or	CCONJ
cblr-7219	1027	24	at	at	ADP
cblr-7219	1027	25	least	least	ADJ
cblr-7219	1027	26	less	less	ADV
cblr-7219	1027	27	resistant	resistant	ADJ
cblr-7219	1027	28	,	,	PUNCT
cblr-7219	1027	29	to	to	PART
cblr-7219	1027	30	accept	accept	VERB
cblr-7219	1027	31	the	the	DET
cblr-7219	1027	32	operation	operation	NOUN
cblr-7219	1027	33	of	of	ADP
cblr-7219	1027	34	the	the	DET
cblr-7219	1027	35	loss	loss	NOUN
cblr-7219	1027	36	mutualization	mutualization	NOUN
cblr-7219	1027	37	mechanism	mechanism	NOUN
cblr-7219	1027	38	.	.	PUNCT
cblr-7219	1028	1	324	324	NUM
cblr-7219	1028	2	this	this	PRON
cblr-7219	1028	3	would	would	AUX
cblr-7219	1028	4	rebalance	rebalance	VERB
cblr-7219	1028	5	the	the	DET
cblr-7219	1028	6	for	for	ADP
cblr-7219	1028	7	-	-	PUNCT
cblr-7219	1028	8	profit	profit	NOUN
cblr-7219	1028	9	nature	nature	NOUN
cblr-7219	1028	10	of	of	ADP
cblr-7219	1028	11	clearinghouses	clearinghouse	NOUN
cblr-7219	1028	12	with	with	ADP
cblr-7219	1028	13	their	their	PRON
cblr-7219	1028	14	unique	unique	ADJ
cblr-7219	1028	15	lossallocation	lossallocation	NOUN
cblr-7219	1028	16	mechanisms	mechanism	NOUN
cblr-7219	1028	17	.	.	PUNCT
cblr-7219	1029	1	4	4	X
cblr-7219	1029	2	.	.	X
cblr-7219	1029	3	a	a	DET
cblr-7219	1029	4	new	new	ADJ
cblr-7219	1029	5	capital	capital	NOUN
cblr-7219	1029	6	structure	structure	NOUN
cblr-7219	1029	7	for	for	ADP
cblr-7219	1029	8	clearinghouses	clearinghouse	NOUN
cblr-7219	1029	9	:	:	PUNCT
cblr-7219	1029	10	convertible	convertible	ADJ
cblr-7219	1029	11	debt	debt	NOUN
cblr-7219	1029	12	and	and	CCONJ
cblr-7219	1029	13	capital	capital	NOUN
cblr-7219	1029	14	requirements	requirement	NOUN
cblr-7219	1029	15	in	in	ADP
cblr-7219	1029	16	order	order	NOUN
cblr-7219	1029	17	to	to	PART
cblr-7219	1029	18	have	have	AUX
cblr-7219	1029	19	their	their	PRON
cblr-7219	1029	20	risk	risk	NOUN
cblr-7219	1029	21	-	-	PUNCT
cblr-7219	1029	22	taking	take	VERB
cblr-7219	1029	23	incentives	incentive	NOUN
cblr-7219	1029	24	aligned	align	VERB
cblr-7219	1029	25	with	with	ADP
cblr-7219	1029	26	those	those	PRON
cblr-7219	1029	27	of	of	ADP
cblr-7219	1029	28	their	their	PRON
cblr-7219	1029	29	members	member	NOUN
cblr-7219	1029	30	,	,	PUNCT
cblr-7219	1029	31	clearinghouses	clearinghouse	NOUN
cblr-7219	1029	32	’	'	PUNCT
cblr-7219	1029	33	shareholders	shareholder	NOUN
cblr-7219	1029	34	should	should	AUX
cblr-7219	1029	35	be	be	AUX
cblr-7219	1029	36	subject	subject	ADJ
cblr-7219	1029	37	to	to	ADP
cblr-7219	1029	38	a	a	DET
cblr-7219	1029	39	contingent	contingent	ADJ
cblr-7219	1029	40	liability	liability	NOUN
cblr-7219	1029	41	regime.325	regime.325	PROPN
cblr-7219	1029	42	instead	instead	ADV
cblr-7219	1029	43	of	of	ADP
cblr-7219	1029	44	having	have	VERB
cblr-7219	1029	45	clearing	clearing	NOUN
cblr-7219	1029	46	members	member	NOUN
cblr-7219	1029	47	replenish	replenish	VERB
cblr-7219	1029	48	the	the	DET
cblr-7219	1029	49	exhausted	exhausted	ADJ
cblr-7219	1029	50	guaranty	guaranty	NOUN
cblr-7219	1029	51	fund	fund	NOUN
cblr-7219	1029	52	—	—	PUNCT
cblr-7219	1029	53	and	and	CCONJ
cblr-7219	1029	54	even	even	ADV
cblr-7219	1029	55	before	before	ADP
cblr-7219	1029	56	subjecting	subject	VERB
cblr-7219	1029	57	them	they	PRON
cblr-7219	1029	58	to	to	ADP
cblr-7219	1029	59	assessment	assessment	NOUN
cblr-7219	1029	60	rights	right	NOUN
cblr-7219	1029	61	or	or	CCONJ
cblr-7219	1029	62	imposing	impose	VERB
cblr-7219	1029	63	haircuts	haircut	NOUN
cblr-7219	1029	64	on	on	ADP
cblr-7219	1029	65	their	their	PRON
cblr-7219	1029	66	margins	margin	NOUN
cblr-7219	1029	67	—	—	PUNCT
cblr-7219	1029	68	clearinghouses	clearinghouse	NOUN
cblr-7219	1029	69	’	'	PUNCT
cblr-7219	1029	70	shareholders	shareholder	NOUN
cblr-7219	1029	71	should	should	AUX
cblr-7219	1029	72	be	be	AUX
cblr-7219	1029	73	responsible	responsible	ADJ
cblr-7219	1029	74	for	for	ADP
cblr-7219	1029	75	the	the	DET
cblr-7219	1029	76	re	re	NOUN
cblr-7219	1029	77	-	-	NOUN
cblr-7219	1029	78	funding	funding	NOUN
cblr-7219	1029	79	of	of	ADP
cblr-7219	1029	80	the	the	DET
cblr-7219	1029	81	guaranty	guaranty	NOUN
cblr-7219	1029	82	fund	fund	NOUN
cblr-7219	1029	83	.	.	PUNCT
cblr-7219	1030	1	in	in	ADP
cblr-7219	1030	2	doing	do	VERB
cblr-7219	1030	3	so	so	ADV
cblr-7219	1030	4	,	,	PUNCT
cblr-7219	1030	5	shareholders	shareholder	NOUN
cblr-7219	1030	6	would	would	AUX
cblr-7219	1030	7	have	have	VERB
cblr-7219	1030	8	contingent	contingent	ADJ
cblr-7219	1030	9	skinin	skinin	VERB
cblr-7219	1030	10	-	-	PUNCT
cblr-7219	1030	11	the	the	DET
cblr-7219	1030	12	-	-	PUNCT
cblr-7219	1030	13	game	game	NOUN
cblr-7219	1030	14	in	in	ADP
cblr-7219	1030	15	the	the	DET
cblr-7219	1030	16	business	business	NOUN
cblr-7219	1030	17	and	and	CCONJ
cblr-7219	1030	18	would	would	AUX
cblr-7219	1030	19	be	be	AUX
cblr-7219	1030	20	incentivized	incentivize	VERB
cblr-7219	1030	21	to	to	PART
cblr-7219	1030	22	effectively	effectively	ADV
cblr-7219	1030	23	monitor	monitor	VERB
cblr-7219	1030	24	the	the	DET
cblr-7219	1030	25	risk	risk	NOUN
cblr-7219	1030	26	of	of	ADP
cblr-7219	1030	27	the	the	DET
cblr-7219	1030	28	clearing	clearing	NOUN
cblr-7219	1030	29	business	business	NOUN
cblr-7219	1030	30	and	and	CCONJ
cblr-7219	1030	31	to	to	PART
cblr-7219	1030	32	implement	implement	VERB
cblr-7219	1030	33	robust	robust	ADJ
cblr-7219	1030	34	risk	risk	NOUN
cblr-7219	1030	35	models.326	models.326	VERB
cblr-7219	1030	36	a	a	DET
cblr-7219	1030	37	practical	practical	ADJ
cblr-7219	1030	38	implementation	implementation	NOUN
cblr-7219	1030	39	of	of	ADP
cblr-7219	1030	40	this	this	DET
cblr-7219	1030	41	solution	solution	NOUN
cblr-7219	1030	42	could	could	AUX
cblr-7219	1030	43	be	be	AUX
cblr-7219	1030	44	built	build	VERB
cblr-7219	1030	45	around	around	ADP
cblr-7219	1030	46	the	the	DET
cblr-7219	1030	47	issuance	issuance	NOUN
cblr-7219	1030	48	by	by	ADP
cblr-7219	1030	49	324	324	NUM
cblr-7219	1030	50	see	see	NOUN
cblr-7219	1030	51	saguato	saguato	NOUN
cblr-7219	1030	52	,	,	PUNCT
cblr-7219	1030	53	the	the	DET
cblr-7219	1030	54	ownership	ownership	NOUN
cblr-7219	1030	55	of	of	ADP
cblr-7219	1030	56	clearinghouses	clearinghouse	NOUN
cblr-7219	1030	57	,	,	PUNCT
cblr-7219	1030	58	supra	supra	PROPN
cblr-7219	1030	59	note	note	NOUN
cblr-7219	1030	60	8	8	NUM
cblr-7219	1030	61	,	,	PUNCT
cblr-7219	1030	62	at	at	ADP
cblr-7219	1030	63	664–65	664–65	NUM
cblr-7219	1030	64	.	.	PUNCT
cblr-7219	1031	1	325	325	NUM
cblr-7219	1031	2	this	this	DET
cblr-7219	1031	3	solution	solution	NOUN
cblr-7219	1031	4	to	to	ADP
cblr-7219	1031	5	the	the	DET
cblr-7219	1031	6	agency	agency	NOUN
cblr-7219	1031	7	costs	cost	NOUN
cblr-7219	1031	8	between	between	ADP
cblr-7219	1031	9	members	member	NOUN
cblr-7219	1031	10	and	and	CCONJ
cblr-7219	1031	11	shareholders	shareholder	NOUN
cblr-7219	1031	12	was	be	AUX
cblr-7219	1031	13	inspired	inspire	VERB
cblr-7219	1031	14	by	by	ADP
cblr-7219	1031	15	the	the	DET
cblr-7219	1031	16	seminal	seminal	ADJ
cblr-7219	1031	17	work	work	NOUN
cblr-7219	1031	18	of	of	ADP
cblr-7219	1031	19	professors	professor	NOUN
cblr-7219	1031	20	miller	miller	PROPN
cblr-7219	1031	21	and	and	CCONJ
cblr-7219	1031	22	macey	macey	VERB
cblr-7219	1031	23	on	on	ADP
cblr-7219	1031	24	the	the	DET
cblr-7219	1031	25	early	early	ADJ
cblr-7219	1031	26	19th	19th	ADJ
cblr-7219	1031	27	century	century	NOUN
cblr-7219	1031	28	double	double	ADJ
cblr-7219	1031	29	liability	liability	NOUN
cblr-7219	1031	30	regime	regime	NOUN
cblr-7219	1031	31	of	of	ADP
cblr-7219	1031	32	bank	bank	NOUN
cblr-7219	1031	33	’s	’s	PART
cblr-7219	1031	34	shareholders	shareholder	NOUN
cblr-7219	1031	35	.	.	PUNCT
cblr-7219	1032	1	see	see	VERB
cblr-7219	1032	2	jonathan	jonathan	PROPN
cblr-7219	1032	3	r.	r.	PROPN
cblr-7219	1032	4	macey	macey	PROPN
cblr-7219	1032	5	&	&	CCONJ
cblr-7219	1032	6	geoffrey	geoffrey	PROPN
cblr-7219	1032	7	p.	p.	PROPN
cblr-7219	1032	8	miller	miller	PROPN
cblr-7219	1032	9	,	,	PUNCT
cblr-7219	1032	10	bank	bank	NOUN
cblr-7219	1032	11	failures	failure	NOUN
cblr-7219	1032	12	,	,	PUNCT
cblr-7219	1032	13	risk	risk	NOUN
cblr-7219	1032	14	monitoring	monitoring	NOUN
cblr-7219	1032	15	,	,	PUNCT
cblr-7219	1032	16	and	and	CCONJ
cblr-7219	1032	17	the	the	DET
cblr-7219	1032	18	market	market	NOUN
cblr-7219	1032	19	for	for	ADP
cblr-7219	1032	20	bank	bank	NOUN
cblr-7219	1032	21	control	control	NOUN
cblr-7219	1032	22	,	,	PUNCT
cblr-7219	1032	23	88	88	NUM
cblr-7219	1032	24	colum	colum	NOUN
cblr-7219	1032	25	.	.	PUNCT
cblr-7219	1033	1	l.	l.	PROPN
cblr-7219	1033	2	rev	rev	PROPN
cblr-7219	1033	3	.	.	PROPN
cblr-7219	1033	4	1153	1153	NUM
cblr-7219	1033	5	,	,	PUNCT
cblr-7219	1033	6	1202–23	1202–23	NUM
cblr-7219	1033	7	(	(	PUNCT
cblr-7219	1033	8	1988	1988	NUM
cblr-7219	1033	9	)	)	PUNCT
cblr-7219	1033	10	;	;	PUNCT
cblr-7219	1033	11	jonathan	jonathan	PROPN
cblr-7219	1033	12	r.	r.	PROPN
cblr-7219	1033	13	macey	macey	PROPN
cblr-7219	1033	14	&	&	CCONJ
cblr-7219	1033	15	geoffrey	geoffrey	PROPN
cblr-7219	1033	16	p.	p.	PROPN
cblr-7219	1033	17	miller	miller	PROPN
cblr-7219	1033	18	,	,	PUNCT
cblr-7219	1033	19	double	double	ADJ
cblr-7219	1033	20	liability	liability	NOUN
cblr-7219	1033	21	of	of	ADP
cblr-7219	1033	22	bank	bank	NOUN
cblr-7219	1033	23	shareholders	shareholder	NOUN
cblr-7219	1033	24	:	:	PUNCT
cblr-7219	1033	25	history	history	NOUN
cblr-7219	1033	26	and	and	CCONJ
cblr-7219	1033	27	implications	implication	NOUN
cblr-7219	1033	28	,	,	PUNCT
cblr-7219	1033	29	27	27	NUM
cblr-7219	1033	30	wake	wake	VERB
cblr-7219	1033	31	forest	forest	PROPN
cblr-7219	1033	32	l.	l.	PROPN
cblr-7219	1033	33	rev	rev	PROPN
cblr-7219	1033	34	.	.	PROPN
cblr-7219	1033	35	31	31	NUM
cblr-7219	1033	36	(	(	PUNCT
cblr-7219	1033	37	1992	1992	NUM
cblr-7219	1033	38	)	)	PUNCT
cblr-7219	1033	39	;	;	PUNCT
cblr-7219	1033	40	jonathan	jonathan	PROPN
cblr-7219	1033	41	r.	r.	PROPN
cblr-7219	1033	42	macey	macey	PROPN
cblr-7219	1033	43	&	&	CCONJ
cblr-7219	1033	44	geoffrey	geoffrey	PROPN
cblr-7219	1033	45	p.	p.	PROPN
cblr-7219	1033	46	miller	miller	PROPN
cblr-7219	1033	47	,	,	PUNCT
cblr-7219	1033	48	double	double	ADJ
cblr-7219	1033	49	liability	liability	NOUN
cblr-7219	1033	50	of	of	ADP
cblr-7219	1033	51	bank	bank	NOUN
cblr-7219	1033	52	shareholders	shareholder	NOUN
cblr-7219	1033	53	:	:	PUNCT
cblr-7219	1033	54	a	a	DET
cblr-7219	1033	55	look	look	NOUN
cblr-7219	1033	56	at	at	ADP
cblr-7219	1033	57	the	the	DET
cblr-7219	1033	58	new	new	ADJ
cblr-7219	1033	59	data	datum	NOUN
cblr-7219	1033	60	,	,	PUNCT
cblr-7219	1033	61	28	28	NUM
cblr-7219	1033	62	wake	wake	VERB
cblr-7219	1033	63	forest	forest	PROPN
cblr-7219	1033	64	l.	l.	PROPN
cblr-7219	1033	65	rev	rev	PROPN
cblr-7219	1033	66	.	.	PROPN
cblr-7219	1033	67	933	933	NUM
cblr-7219	1033	68	(	(	PUNCT
cblr-7219	1033	69	1993	1993	NUM
cblr-7219	1033	70	)	)	PUNCT
cblr-7219	1033	71	.	.	PUNCT
cblr-7219	1034	1	for	for	ADP
cblr-7219	1034	2	a	a	DET
cblr-7219	1034	3	response	response	NOUN
cblr-7219	1034	4	to	to	ADP
cblr-7219	1034	5	the	the	DET
cblr-7219	1034	6	work	work	NOUN
cblr-7219	1034	7	of	of	ADP
cblr-7219	1034	8	professors	professor	NOUN
cblr-7219	1034	9	miller	miller	PROPN
cblr-7219	1034	10	and	and	CCONJ
cblr-7219	1034	11	macey	macey	PROPN
cblr-7219	1034	12	,	,	PUNCT
cblr-7219	1034	13	see	see	VERB
cblr-7219	1034	14	howell	howell	PROPN
cblr-7219	1034	15	e.	e.	PROPN
cblr-7219	1034	16	jackson	jackson	PROPN
cblr-7219	1034	17	,	,	PUNCT
cblr-7219	1034	18	losses	loss	NOUN
cblr-7219	1034	19	from	from	ADP
cblr-7219	1034	20	national	national	ADJ
cblr-7219	1034	21	bank	bank	NOUN
cblr-7219	1034	22	failures	failure	NOUN
cblr-7219	1034	23	during	during	ADP
cblr-7219	1034	24	the	the	DET
cblr-7219	1034	25	great	great	ADJ
cblr-7219	1034	26	depression	depression	NOUN
cblr-7219	1034	27	:	:	PUNCT
cblr-7219	1034	28	a	a	DET
cblr-7219	1034	29	response	response	NOUN
cblr-7219	1034	30	to	to	ADP
cblr-7219	1034	31	professors	professor	NOUN
cblr-7219	1034	32	macey	macey	VERB
cblr-7219	1034	33	and	and	CCONJ
cblr-7219	1034	34	miller	miller	PROPN
cblr-7219	1034	35	,	,	PUNCT
cblr-7219	1034	36	28	28	NUM
cblr-7219	1034	37	wake	wake	VERB
cblr-7219	1034	38	forest	forest	PROPN
cblr-7219	1034	39	l.	l.	PROPN
cblr-7219	1034	40	rev	rev	PROPN
cblr-7219	1034	41	.	.	PROPN
cblr-7219	1034	42	919	919	NUM
cblr-7219	1034	43	(	(	PUNCT
cblr-7219	1034	44	1993	1993	NUM
cblr-7219	1034	45	)	)	PUNCT
cblr-7219	1034	46	.	.	PUNCT
cblr-7219	1035	1	326	326	NUM
cblr-7219	1035	2	see	see	VERB
cblr-7219	1035	3	saguato	saguato	NOUN
cblr-7219	1035	4	,	,	PUNCT
cblr-7219	1035	5	the	the	DET
cblr-7219	1035	6	ownership	ownership	NOUN
cblr-7219	1035	7	of	of	ADP
cblr-7219	1035	8	clearinghouses	clearinghouse	NOUN
cblr-7219	1035	9	,	,	PUNCT
cblr-7219	1035	10	supra	supra	PROPN
cblr-7219	1035	11	note	note	NOUN
cblr-7219	1035	12	8	8	NUM
cblr-7219	1035	13	,	,	PUNCT
cblr-7219	1035	14	at	at	ADP
cblr-7219	1035	15	662–64	662–64	PROPN
cblr-7219	1035	16	.	.	PROPN
cblr-7219	1036	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	1036	2	(	(	PUNCT
cblr-7219	1036	3	do	do	AUX
cblr-7219	1036	4	not	not	PART
cblr-7219	1036	5	delte	delte	VERB
cblr-7219	1036	6	)	)	PUNCT
cblr-7219	1036	7	10/21/2020	10/21/2020	NUM
cblr-7219	1036	8	11:22	11:22	NUM
cblr-7219	1036	9	am	be	AUX
cblr-7219	1036	10	526	526	NUM
cblr-7219	1036	11	columbia	columbia	PROPN
cblr-7219	1036	12	business	business	NOUN
cblr-7219	1036	13	law	law	NOUN
cblr-7219	1036	14	review	review	NOUN
cblr-7219	1036	15	[	[	X
cblr-7219	1036	16	vol	vol	NOUN
cblr-7219	1036	17	.	.	PUNCT
cblr-7219	1037	1	2020	2020	NUM
cblr-7219	1037	2	clearinghouses	clearinghouse	NOUN
cblr-7219	1037	3	of	of	ADP
cblr-7219	1037	4	convertible	convertible	ADJ
cblr-7219	1037	5	contingent	contingent	NOUN
cblr-7219	1037	6	bonds	bond	NOUN
cblr-7219	1037	7	(	(	PUNCT
cblr-7219	1037	8	“	"	PUNCT
cblr-7219	1037	9	co	co	NOUN
cblr-7219	1037	10	-	-	NOUN
cblr-7219	1037	11	cos”)327	cos”)327	NOUN
cblr-7219	1037	12	to	to	ADP
cblr-7219	1037	13	their	their	PRON
cblr-7219	1037	14	shareholders	shareholder	NOUN
cblr-7219	1037	15	in	in	ADP
cblr-7219	1037	16	an	an	DET
cblr-7219	1037	17	amount	amount	NOUN
cblr-7219	1037	18	equal	equal	ADJ
cblr-7219	1037	19	to	to	ADP
cblr-7219	1037	20	the	the	DET
cblr-7219	1037	21	size	size	NOUN
cblr-7219	1037	22	of	of	ADP
cblr-7219	1037	23	their	their	PRON
cblr-7219	1037	24	guaranty	guaranty	NOUN
cblr-7219	1037	25	fund.328	fund.328	NOUN
cblr-7219	1037	26	shareholders	shareholder	NOUN
cblr-7219	1037	27	should	should	AUX
cblr-7219	1037	28	be	be	AUX
cblr-7219	1037	29	required	require	VERB
cblr-7219	1037	30	to	to	PART
cblr-7219	1037	31	purchase	purchase	VERB
cblr-7219	1037	32	and	and	CCONJ
cblr-7219	1037	33	hold	hold	VERB
cblr-7219	1037	34	the	the	DET
cblr-7219	1037	35	co	co	NOUN
cblr-7219	1037	36	-	-	NOUN
cblr-7219	1037	37	cos	cos	PROPN
cblr-7219	1037	38	,	,	PUNCT
cblr-7219	1037	39	which	which	PRON
cblr-7219	1037	40	would	would	AUX
cblr-7219	1037	41	pay	pay	VERB
cblr-7219	1037	42	interest	interest	NOUN
cblr-7219	1037	43	out	out	ADP
cblr-7219	1037	44	of	of	ADP
cblr-7219	1037	45	collected	collect	VERB
cblr-7219	1037	46	clearing	clearing	NOUN
cblr-7219	1037	47	fees	fee	NOUN
cblr-7219	1037	48	.	.	PUNCT
cblr-7219	1038	1	the	the	DET
cblr-7219	1038	2	proceeds	proceed	NOUN
cblr-7219	1038	3	of	of	ADP
cblr-7219	1038	4	the	the	DET
cblr-7219	1038	5	sales	sale	NOUN
cblr-7219	1038	6	of	of	ADP
cblr-7219	1038	7	the	the	DET
cblr-7219	1038	8	co	co	NOUN
cblr-7219	1038	9	-	-	PROPN
cblr-7219	1038	10	cos	cos	PROPN
cblr-7219	1038	11	should	should	AUX
cblr-7219	1038	12	be	be	AUX
cblr-7219	1038	13	kept	keep	VERB
cblr-7219	1038	14	as	as	ADP
cblr-7219	1038	15	reserves	reserve	NOUN
cblr-7219	1038	16	and	and	CCONJ
cblr-7219	1038	17	invested	invest	VERB
cblr-7219	1038	18	by	by	ADP
cblr-7219	1038	19	clearinghouses	clearinghouse	NOUN
cblr-7219	1038	20	in	in	ADP
cblr-7219	1038	21	safe	safe	ADJ
cblr-7219	1038	22	assets	asset	NOUN
cblr-7219	1038	23	,	,	PUNCT
cblr-7219	1038	24	secured	secure	VERB
cblr-7219	1038	25	financing	financing	NOUN
cblr-7219	1038	26	transactions	transaction	NOUN
cblr-7219	1038	27	,	,	PUNCT
cblr-7219	1038	28	or	or	CCONJ
cblr-7219	1038	29	in	in	ADP
cblr-7219	1038	30	deposit	deposit	NOUN
cblr-7219	1038	31	accounts	account	NOUN
cblr-7219	1038	32	.	.	PUNCT
cblr-7219	1039	1	co	co	NOUN
cblr-7219	1039	2	-	-	PROPN
cblr-7219	1039	3	cos	cos	PROPN
cblr-7219	1039	4	would	would	AUX
cblr-7219	1039	5	convert	convert	VERB
cblr-7219	1039	6	into	into	ADP
cblr-7219	1039	7	guaranty	guaranty	NOUN
cblr-7219	1039	8	fund	fund	NOUN
cblr-7219	1039	9	contributions	contribution	NOUN
cblr-7219	1039	10	when	when	SCONJ
cblr-7219	1039	11	a	a	DET
cblr-7219	1039	12	clearinghouse	clearinghouse	NOUN
cblr-7219	1039	13	taps	tap	NOUN
cblr-7219	1039	14	into	into	ADP
cblr-7219	1039	15	its	its	PRON
cblr-7219	1039	16	guaranty	guaranty	NOUN
cblr-7219	1039	17	fund	fund	NOUN
cblr-7219	1039	18	to	to	PART
cblr-7219	1039	19	cover	cover	VERB
cblr-7219	1039	20	losses	loss	NOUN
cblr-7219	1039	21	caused	cause	VERB
cblr-7219	1039	22	by	by	ADP
cblr-7219	1039	23	the	the	DET
cblr-7219	1039	24	default	default	NOUN
cblr-7219	1039	25	of	of	ADP
cblr-7219	1039	26	one	one	NUM
cblr-7219	1039	27	or	or	CCONJ
cblr-7219	1039	28	more	more	ADJ
cblr-7219	1039	29	of	of	ADP
cblr-7219	1039	30	its	its	PRON
cblr-7219	1039	31	clearing	clearing	NOUN
cblr-7219	1039	32	members	member	NOUN
cblr-7219	1039	33	.	.	PUNCT
cblr-7219	1040	1	at	at	ADP
cblr-7219	1040	2	that	that	DET
cblr-7219	1040	3	point	point	NOUN
cblr-7219	1040	4	,	,	PUNCT
cblr-7219	1040	5	the	the	DET
cblr-7219	1040	6	clearinghouse	clearinghouse	NOUN
cblr-7219	1040	7	would	would	AUX
cblr-7219	1040	8	be	be	AUX
cblr-7219	1040	9	required	require	VERB
cblr-7219	1040	10	to	to	PART
cblr-7219	1040	11	issue	issue	VERB
cblr-7219	1040	12	new	new	ADJ
cblr-7219	1040	13	co	co	NOUN
cblr-7219	1040	14	-	-	NOUN
cblr-7219	1040	15	cos	cos	PROPN
cblr-7219	1040	16	,	,	PUNCT
cblr-7219	1040	17	and	and	CCONJ
cblr-7219	1040	18	the	the	DET
cblr-7219	1040	19	non	non	ADJ
cblr-7219	1040	20	-	-	ADJ
cblr-7219	1040	21	defaulted	defaulted	ADJ
cblr-7219	1040	22	members	member	NOUN
cblr-7219	1040	23	would	would	AUX
cblr-7219	1040	24	,	,	PUNCT
cblr-7219	1040	25	in	in	ADP
cblr-7219	1040	26	turn	turn	NOUN
cblr-7219	1040	27	,	,	PUNCT
cblr-7219	1040	28	be	be	AUX
cblr-7219	1040	29	required	require	VERB
cblr-7219	1040	30	to	to	PART
cblr-7219	1040	31	purchase	purchase	VERB
cblr-7219	1040	32	the	the	DET
cblr-7219	1040	33	newly	newly	ADV
cblr-7219	1040	34	issued	issue	VERB
cblr-7219	1040	35	co	co	NOUN
cblr-7219	1040	36	-	-	PROPN
cblr-7219	1040	37	cos	cos	ADP
cblr-7219	1040	38	that	that	PRON
cblr-7219	1040	39	would	would	AUX
cblr-7219	1040	40	match	match	VERB
cblr-7219	1040	41	the	the	DET
cblr-7219	1040	42	amount	amount	NOUN
cblr-7219	1040	43	of	of	ADP
cblr-7219	1040	44	the	the	DET
cblr-7219	1040	45	converted	convert	VERB
cblr-7219	1040	46	ones.329	ones.329	NOUN
cblr-7219	1040	47	this	this	DET
cblr-7219	1040	48	policy	policy	NOUN
cblr-7219	1040	49	solution	solution	NOUN
cblr-7219	1040	50	would	would	AUX
cblr-7219	1040	51	directly	directly	ADV
cblr-7219	1040	52	affect	affect	VERB
cblr-7219	1040	53	clearinghouses	clearinghouse	NOUN
cblr-7219	1040	54	’	’	PART
cblr-7219	1040	55	resilience	resilience	NOUN
cblr-7219	1040	56	,	,	PUNCT
cblr-7219	1040	57	327	327	NUM
cblr-7219	1040	58	see	see	VERB
cblr-7219	1040	59	stefan	stefan	PROPN
cblr-7219	1040	60	avdjiev	avdjiev	VERB
cblr-7219	1040	61	et	et	PROPN
cblr-7219	1040	62	al	al	PROPN
cblr-7219	1040	63	.	.	PROPN
cblr-7219	1040	64	,	,	PUNCT
cblr-7219	1040	65	cocos	cocos	PROPN
cblr-7219	1040	66	:	:	PUNCT
cblr-7219	1040	67	a	a	DET
cblr-7219	1040	68	primer	primer	NOUN
cblr-7219	1040	69	,	,	PUNCT
cblr-7219	1040	70	bis	bis	PROPN
cblr-7219	1040	71	q.	q.	PROPN
cblr-7219	1040	72	rev	rev	PROPN
cblr-7219	1040	73	.	.	PROPN
cblr-7219	1040	74	,	,	PUNCT
cblr-7219	1040	75	sept	sept	PROPN
cblr-7219	1040	76	.	.	PROPN
cblr-7219	1040	77	2013	2013	NUM
cblr-7219	1040	78	,	,	PUNCT
cblr-7219	1040	79	at	at	ADP
cblr-7219	1040	80	43	43	NUM
cblr-7219	1040	81	.	.	PUNCT
cblr-7219	1040	82	328	328	NUM
cblr-7219	1040	83	for	for	ADP
cblr-7219	1040	84	a	a	DET
cblr-7219	1040	85	general	general	ADJ
cblr-7219	1040	86	discussion	discussion	NOUN
cblr-7219	1040	87	of	of	ADP
cblr-7219	1040	88	the	the	DET
cblr-7219	1040	89	role	role	NOUN
cblr-7219	1040	90	of	of	ADP
cblr-7219	1040	91	co	co	NOUN
cblr-7219	1040	92	-	-	PROPN
cblr-7219	1040	93	cos	cos	ADJ
cblr-7219	1040	94	in	in	ADP
cblr-7219	1040	95	banking	banking	NOUN
cblr-7219	1040	96	capital	capital	NOUN
cblr-7219	1040	97	,	,	PUNCT
cblr-7219	1040	98	see	see	VERB
cblr-7219	1040	99	john	john	PROPN
cblr-7219	1040	100	c.	c.	PROPN
cblr-7219	1040	101	coffee	coffee	PROPN
cblr-7219	1040	102	jr	jr	PROPN
cblr-7219	1040	103	.	.	PROPN
cblr-7219	1040	104	,	,	PUNCT
cblr-7219	1040	105	systemic	systemic	ADJ
cblr-7219	1040	106	risk	risk	NOUN
cblr-7219	1040	107	after	after	ADP
cblr-7219	1040	108	dodd	dodd	PROPN
cblr-7219	1040	109	-	-	PUNCT
cblr-7219	1040	110	frank	frank	ADJ
cblr-7219	1040	111	:	:	PUNCT
cblr-7219	1040	112	contingent	contingent	ADJ
cblr-7219	1040	113	capital	capital	NOUN
cblr-7219	1040	114	and	and	CCONJ
cblr-7219	1040	115	the	the	DET
cblr-7219	1040	116	need	need	NOUN
cblr-7219	1040	117	for	for	ADP
cblr-7219	1040	118	regulatory	regulatory	ADJ
cblr-7219	1040	119	strategies	strategy	NOUN
cblr-7219	1040	120	beyond	beyond	ADP
cblr-7219	1040	121	oversight	oversight	NOUN
cblr-7219	1040	122	,	,	PUNCT
cblr-7219	1040	123	111	111	NUM
cblr-7219	1040	124	colum	colum	NOUN
cblr-7219	1040	125	.	.	PUNCT
cblr-7219	1041	1	l.	l.	PROPN
cblr-7219	1041	2	rev	rev	PROPN
cblr-7219	1041	3	.	.	PROPN
cblr-7219	1041	4	795	795	NUM
cblr-7219	1041	5	(	(	PUNCT
cblr-7219	1041	6	2011	2011	NUM
cblr-7219	1041	7	)	)	PUNCT
cblr-7219	1041	8	;	;	PUNCT
cblr-7219	1041	9	charles	charles	PROPN
cblr-7219	1041	10	w.	w.	PROPN
cblr-7219	1041	11	calomiris	calomiris	PROPN
cblr-7219	1041	12	&	&	CCONJ
cblr-7219	1041	13	richard	richard	PROPN
cblr-7219	1041	14	j.	j.	PROPN
cblr-7219	1041	15	herring	herring	PROPN
cblr-7219	1041	16	,	,	PUNCT
cblr-7219	1041	17	how	how	SCONJ
cblr-7219	1041	18	to	to	PART
cblr-7219	1041	19	design	design	VERB
cblr-7219	1041	20	a	a	DET
cblr-7219	1041	21	contingent	contingent	ADJ
cblr-7219	1041	22	convertible	convertible	ADJ
cblr-7219	1041	23	debt	debt	NOUN
cblr-7219	1041	24	requirement	requirement	NOUN
cblr-7219	1041	25	that	that	PRON
cblr-7219	1041	26	helps	help	VERB
cblr-7219	1041	27	solve	solve	VERB
cblr-7219	1041	28	our	our	PRON
cblr-7219	1041	29	too	too	ADV
cblr-7219	1041	30	-	-	PUNCT
cblr-7219	1041	31	big	big	ADJ
cblr-7219	1041	32	-	-	PUNCT
cblr-7219	1041	33	tofail	tofail	NOUN
cblr-7219	1041	34	problem	problem	NOUN
cblr-7219	1041	35	,	,	PUNCT
cblr-7219	1041	36	25	25	NUM
cblr-7219	1041	37	j.	j.	PROPN
cblr-7219	1041	38	applied	applied	PROPN
cblr-7219	1041	39	corp	corp	PROPN
cblr-7219	1041	40	.	.	PROPN
cblr-7219	1041	41	fin	fin	PROPN
cblr-7219	1041	42	.	.	PUNCT
cblr-7219	1042	1	39	39	NUM
cblr-7219	1042	2	(	(	PUNCT
cblr-7219	1042	3	2013	2013	NUM
cblr-7219	1042	4	)	)	PUNCT
cblr-7219	1042	5	;	;	PUNCT
cblr-7219	1042	6	patrick	patrick	PROPN
cblr-7219	1042	7	bolton	bolton	PROPN
cblr-7219	1042	8	&	&	CCONJ
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cblr-7219	1042	11	,	,	PUNCT
cblr-7219	1042	12	capital	capital	NOUN
cblr-7219	1042	13	access	access	NOUN
cblr-7219	1042	14	bonds	bond	NOUN
cblr-7219	1042	15	:	:	PUNCT
cblr-7219	1042	16	contingent	contingent	ADJ
cblr-7219	1042	17	capital	capital	NOUN
cblr-7219	1042	18	with	with	ADP
cblr-7219	1042	19	an	an	DET
cblr-7219	1042	20	option	option	NOUN
cblr-7219	1042	21	to	to	PART
cblr-7219	1042	22	convert	convert	VERB
cblr-7219	1042	23	,	,	PUNCT
cblr-7219	1042	24	27	27	NUM
cblr-7219	1042	25	econ	econ	NOUN
cblr-7219	1042	26	.	.	PUNCT
cblr-7219	1043	1	pol’y	pol’y	NOUN
cblr-7219	1043	2	275	275	NUM
cblr-7219	1043	3	(	(	PUNCT
cblr-7219	1043	4	2012	2012	NUM
cblr-7219	1043	5	)	)	PUNCT
cblr-7219	1043	6	;	;	PUNCT
cblr-7219	1043	7	george	george	PROPN
cblr-7219	1043	8	m.	m.	PROPN
cblr-7219	1043	9	von	von	PROPN
cblr-7219	1043	10	furstenberg	furstenberg	PROPN
cblr-7219	1043	11	,	,	PUNCT
cblr-7219	1043	12	contingent	contingent	ADJ
cblr-7219	1043	13	capital	capital	NOUN
cblr-7219	1043	14	to	to	PART
cblr-7219	1043	15	strengthen	strengthen	VERB
cblr-7219	1043	16	the	the	DET
cblr-7219	1043	17	private	private	ADJ
cblr-7219	1043	18	safety	safety	NOUN
cblr-7219	1043	19	net	net	NOUN
cblr-7219	1043	20	for	for	ADP
cblr-7219	1043	21	financial	financial	ADJ
cblr-7219	1043	22	institutions	institution	NOUN
cblr-7219	1043	23	:	:	PUNCT
cblr-7219	1043	24	cocos	cocos	PROPN
cblr-7219	1043	25	to	to	ADP
cblr-7219	1043	26	the	the	DET
cblr-7219	1043	27	rescue	rescue	NOUN
cblr-7219	1043	28	?	?	PUNCT
cblr-7219	1044	1	(	(	PUNCT
cblr-7219	1044	2	deutsche	deutsche	PROPN
cblr-7219	1044	3	bundesbank	bundesbank	PROPN
cblr-7219	1044	4	series	series	PROPN
cblr-7219	1044	5	2	2	NUM
cblr-7219	1044	6	:	:	PUNCT
cblr-7219	1044	7	banking	banking	NOUN
cblr-7219	1044	8	and	and	CCONJ
cblr-7219	1044	9	fin	fin	NOUN
cblr-7219	1044	10	.	.	PUNCT
cblr-7219	1045	1	studies	study	NOUN
cblr-7219	1045	2	,	,	PUNCT
cblr-7219	1045	3	discussion	discussion	NOUN
cblr-7219	1045	4	paper	paper	NOUN
cblr-7219	1045	5	no	no	INTJ
cblr-7219	1045	6	.	.	PROPN
cblr-7219	1045	7	01	01	NUM
cblr-7219	1045	8	,	,	PUNCT
cblr-7219	1045	9	2011	2011	NUM
cblr-7219	1045	10	)	)	PUNCT
cblr-7219	1045	11	,	,	PUNCT
cblr-7219	1045	12	https://ssrn.com/abstract=2794056	https://ssrn.com/abstract=2794056	PROPN
cblr-7219	1046	1	[	[	X
cblr-7219	1046	2	https://perma.cc/3ppy-rq3j	https://perma.cc/3ppy-rq3j	X
cblr-7219	1046	3	]	]	X
cblr-7219	1046	4	;	;	PUNCT
cblr-7219	1046	5	suresh	suresh	PROPN
cblr-7219	1046	6	sundaresan	sundaresan	PROPN
cblr-7219	1046	7	&	&	CCONJ
cblr-7219	1046	8	zhenyu	zhenyu	PROPN
cblr-7219	1046	9	wang	wang	PROPN
cblr-7219	1046	10	,	,	PUNCT
cblr-7219	1046	11	on	on	ADP
cblr-7219	1046	12	the	the	DET
cblr-7219	1046	13	design	design	NOUN
cblr-7219	1046	14	of	of	ADP
cblr-7219	1046	15	contingent	contingent	ADJ
cblr-7219	1046	16	capital	capital	NOUN
cblr-7219	1046	17	with	with	ADP
cblr-7219	1046	18	a	a	DET
cblr-7219	1046	19	market	market	NOUN
cblr-7219	1046	20	trigger	trigger	NOUN
cblr-7219	1046	21	,	,	PUNCT
cblr-7219	1046	22	70	70	NUM
cblr-7219	1046	23	j.	j.	PROPN
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cblr-7219	1046	25	.	.	PROPN
cblr-7219	1046	26	881	881	NUM
cblr-7219	1046	27	(	(	PUNCT
cblr-7219	1046	28	2015	2015	NUM
cblr-7219	1046	29	)	)	PUNCT
cblr-7219	1046	30	;	;	PUNCT
cblr-7219	1046	31	robert	robert	PROPN
cblr-7219	1046	32	l.	l.	PROPN
cblr-7219	1046	33	mcdonald	mcdonald	PROPN
cblr-7219	1046	34	,	,	PUNCT
cblr-7219	1046	35	contingent	contingent	ADJ
cblr-7219	1046	36	capital	capital	NOUN
cblr-7219	1046	37	with	with	ADP
cblr-7219	1046	38	a	a	DET
cblr-7219	1046	39	dual	dual	ADJ
cblr-7219	1046	40	price	price	NOUN
cblr-7219	1046	41	trigger	trigger	NOUN
cblr-7219	1046	42	,	,	PUNCT
cblr-7219	1046	43	9	9	NUM
cblr-7219	1046	44	j.	j.	PROPN
cblr-7219	1046	45	fin	fin	PROPN
cblr-7219	1046	46	.	.	PUNCT
cblr-7219	1047	1	stability	stability	NOUN
cblr-7219	1047	2	230	230	NUM
cblr-7219	1047	3	(	(	PUNCT
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cblr-7219	1047	5	)	)	PUNCT
cblr-7219	1047	6	;	;	PUNCT
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cblr-7219	1047	8	a.	a.	PROPN
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cblr-7219	1047	10	,	,	PUNCT
cblr-7219	1047	11	bailouts	bailout	NOUN
cblr-7219	1047	12	,	,	PUNCT
cblr-7219	1047	13	capital	capital	NOUN
cblr-7219	1047	14	,	,	PUNCT
cblr-7219	1047	15	or	or	CCONJ
cblr-7219	1047	16	cocos	cocos	PROPN
cblr-7219	1047	17	:	:	PUNCT
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cblr-7219	1047	19	contingent	contingent	VERB
cblr-7219	1047	20	convertible	convertible	ADJ
cblr-7219	1047	21	bonds	bond	NOUN
cblr-7219	1047	22	help	help	VERB
cblr-7219	1047	23	banks	bank	NOUN
cblr-7219	1047	24	cope	cope	VERB
cblr-7219	1047	25	with	with	ADP
cblr-7219	1047	26	financial	financial	ADJ
cblr-7219	1047	27	stress	stress	NOUN
cblr-7219	1047	28	?	?	PUNCT
cblr-7219	1048	1	(	(	PUNCT
cblr-7219	1048	2	2019	2019	NUM
cblr-7219	1048	3	)	)	PUNCT
cblr-7219	1048	4	,	,	PUNCT
cblr-7219	1048	5	https://www.cato.org/publications/policy-analysis/bailoutscapital-or-cocos-can-contingent-convertible-bonds-help-banks	https://www.cato.org/publications/policy-analysis/bailoutscapital-or-cocos-can-contingent-convertible-bonds-help-bank	VERB
cblr-7219	1049	1	[	[	X
cblr-7219	1049	2	https://perma.cc/aye2-s6k6	https://perma.cc/aye2-s6k6	PROPN
cblr-7219	1049	3	]	]	PUNCT
cblr-7219	1049	4	;	;	PUNCT
cblr-7219	1049	5	fin	fin	NOUN
cblr-7219	1049	6	.	.	PUNCT
cblr-7219	1050	1	stability	stability	PROPN
cblr-7219	1050	2	oversight	oversight	PROPN
cblr-7219	1050	3	council	council	PROPN
cblr-7219	1050	4	,	,	PUNCT
cblr-7219	1050	5	report	report	VERB
cblr-7219	1050	6	to	to	ADP
cblr-7219	1050	7	congress	congress	PROPN
cblr-7219	1050	8	on	on	ADP
cblr-7219	1050	9	study	study	NOUN
cblr-7219	1050	10	of	of	ADP
cblr-7219	1050	11	contingent	contingent	ADJ
cblr-7219	1050	12	capital	capital	NOUN
cblr-7219	1050	13	requirement	requirement	NOUN
cblr-7219	1050	14	for	for	ADP
cblr-7219	1050	15	certain	certain	ADJ
cblr-7219	1050	16	nonbank	nonbank	PROPN
cblr-7219	1050	17	financial	financial	ADJ
cblr-7219	1050	18	companies	company	NOUN
cblr-7219	1050	19	and	and	CCONJ
cblr-7219	1050	20	bank	bank	NOUN
cblr-7219	1050	21	holding	hold	VERB
cblr-7219	1050	22	companies	company	NOUN
cblr-7219	1050	23	(	(	PUNCT
cblr-7219	1050	24	2012	2012	NUM
cblr-7219	1050	25	)	)	PUNCT
cblr-7219	1050	26	.	.	PUNCT
cblr-7219	1051	1	329	329	NUM
cblr-7219	1052	1	the	the	DET
cblr-7219	1052	2	issuance	issuance	NOUN
cblr-7219	1052	3	of	of	ADP
cblr-7219	1052	4	“	"	PUNCT
cblr-7219	1052	5	bail	bail	VERB
cblr-7219	1052	6	in”-able	in”-able	ADJ
cblr-7219	1052	7	long	long	ADJ
cblr-7219	1052	8	-	-	PUNCT
cblr-7219	1052	9	term	term	NOUN
cblr-7219	1052	10	debt	debt	NOUN
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cblr-7219	1052	14	also	also	ADV
cblr-7219	1052	15	envisioned	envision	VERB
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cblr-7219	1052	20	recapitalize	recapitalize	VERB
cblr-7219	1052	21	a	a	DET
cblr-7219	1052	22	clearinghouse	clearinghouse	NOUN
cblr-7219	1052	23	and	and	CCONJ
cblr-7219	1052	24	to	to	PART
cblr-7219	1052	25	complete	complete	VERB
cblr-7219	1052	26	the	the	DET
cblr-7219	1052	27	remutualization	remutualization	NOUN
cblr-7219	1052	28	of	of	ADP
cblr-7219	1052	29	the	the	DET
cblr-7219	1052	30	firm	firm	NOUN
cblr-7219	1052	31	by	by	ADP
cblr-7219	1052	32	requiring	require	VERB
cblr-7219	1052	33	clearing	clearing	NOUN
cblr-7219	1052	34	members	member	NOUN
cblr-7219	1052	35	to	to	PART
cblr-7219	1052	36	underwrite	underwrite	VERB
cblr-7219	1052	37	these	these	DET
cblr-7219	1052	38	issued	issue	VERB
cblr-7219	1052	39	convertible	convertible	ADJ
cblr-7219	1052	40	securities	security	NOUN
cblr-7219	1052	41	.	.	PUNCT
cblr-7219	1053	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	1053	2	(	(	PUNCT
cblr-7219	1053	3	do	do	AUX
cblr-7219	1053	4	not	not	PART
cblr-7219	1053	5	delete	delete	VERB
cblr-7219	1053	6	)	)	PUNCT
cblr-7219	1053	7	10/21/2020	10/21/2020	NUM
cblr-7219	1053	8	11:22	11:22	NUM
cblr-7219	1053	9	am	am	NOUN
cblr-7219	1053	10	no	no	NOUN
cblr-7219	1053	11	.	.	PUNCT
cblr-7219	1054	1	2:449	2:449	NUM
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cblr-7219	1054	3	unfinished	unfinished	ADJ
cblr-7219	1054	4	business	business	NOUN
cblr-7219	1054	5	527	527	NUM
cblr-7219	1054	6	increase	increase	NOUN
cblr-7219	1054	7	shareholders	shareholder	NOUN
cblr-7219	1054	8	’	'	PUNCT
cblr-7219	1054	9	skin	skin	NOUN
cblr-7219	1054	10	-	-	PUNCT
cblr-7219	1054	11	in	in	ADP
cblr-7219	1054	12	-	-	PUNCT
cblr-7219	1054	13	the	the	DET
cblr-7219	1054	14	-	-	PUNCT
cblr-7219	1054	15	game	game	NOUN
cblr-7219	1054	16	,	,	PUNCT
cblr-7219	1054	17	align	align	NOUN
cblr-7219	1054	18	members	member	NOUN
cblr-7219	1054	19	’	'	PUNCT
cblr-7219	1054	20	incentives	incentive	NOUN
cblr-7219	1054	21	to	to	ADP
cblr-7219	1054	22	those	those	PRON
cblr-7219	1054	23	of	of	ADP
cblr-7219	1054	24	shareholders	shareholder	NOUN
cblr-7219	1054	25	,	,	PUNCT
cblr-7219	1054	26	and	and	CCONJ
cblr-7219	1054	27	create	create	VERB
cblr-7219	1054	28	a	a	DET
cblr-7219	1054	29	counter	counter	ADJ
cblr-7219	1054	30	-	-	ADJ
cblr-7219	1054	31	cyclical	cyclical	ADJ
cblr-7219	1054	32	mechanism	mechanism	NOUN
cblr-7219	1054	33	to	to	PART
cblr-7219	1054	34	recapitalize	recapitalize	VERB
cblr-7219	1054	35	the	the	DET
cblr-7219	1054	36	clearinghouse	clearinghouse	NOUN
cblr-7219	1054	37	in	in	ADP
cblr-7219	1054	38	a	a	DET
cblr-7219	1054	39	situation	situation	NOUN
cblr-7219	1054	40	of	of	ADP
cblr-7219	1054	41	severe	severe	ADJ
cblr-7219	1054	42	financial	financial	ADJ
cblr-7219	1054	43	distress.330	distress.330	PROPN
cblr-7219	1054	44	5	5	NUM
cblr-7219	1054	45	.	.	PUNCT
cblr-7219	1054	46	ring	ring	NOUN
cblr-7219	1054	47	-	-	PUNCT
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cblr-7219	1054	49	and	and	CCONJ
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cblr-7219	1054	52	group	group	NOUN
cblr-7219	1054	53	guarantee	guarantee	VERB
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cblr-7219	1054	56	solutions	solution	NOUN
cblr-7219	1054	57	policymakers	policymaker	NOUN
cblr-7219	1054	58	should	should	AUX
cblr-7219	1054	59	consider	consider	VERB
cblr-7219	1054	60	are	are	AUX
cblr-7219	1054	61	:	:	PUNCT
cblr-7219	1054	62	(	(	PUNCT
cblr-7219	1054	63	i	i	NOUN
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cblr-7219	1054	65	requiring	require	VERB
cblr-7219	1054	66	clearinghouses	clearinghouse	NOUN
cblr-7219	1054	67	to	to	PART
cblr-7219	1054	68	be	be	AUX
cblr-7219	1054	69	ring	ring	NOUN
cblr-7219	1054	70	-	-	PUNCT
cblr-7219	1054	71	fenced	fence	VERB
cblr-7219	1054	72	entities	entity	NOUN
cblr-7219	1054	73	and	and	CCONJ
cblr-7219	1054	74	(	(	PUNCT
cblr-7219	1054	75	ii	ii	NOUN
cblr-7219	1054	76	)	)	PUNCT
cblr-7219	1054	77	requiring	require	VERB
cblr-7219	1054	78	clearinghouses	clearinghouse	NOUN
cblr-7219	1054	79	’	'	PUNCT
cblr-7219	1054	80	holding	hold	VERB
cblr-7219	1054	81	companies	company	NOUN
cblr-7219	1054	82	to	to	PART
cblr-7219	1054	83	guarantee	guarantee	VERB
cblr-7219	1054	84	the	the	DET
cblr-7219	1054	85	liability	liability	NOUN
cblr-7219	1054	86	and	and	CCONJ
cblr-7219	1054	87	solvability	solvability	NOUN
cblr-7219	1054	88	of	of	ADP
cblr-7219	1054	89	their	their	PRON
cblr-7219	1054	90	clearinghouses	clearinghouse	NOUN
cblr-7219	1054	91	.	.	PUNCT
cblr-7219	1055	1	ring	ring	NOUN
cblr-7219	1055	2	-	-	PUNCT
cblr-7219	1055	3	fencing	fencing	NOUN
cblr-7219	1055	4	would	would	AUX
cblr-7219	1055	5	prevent	prevent	VERB
cblr-7219	1055	6	the	the	DET
cblr-7219	1055	7	fmi	fmi	PROPN
cblr-7219	1055	8	group	group	NOUN
cblr-7219	1055	9	from	from	ADP
cblr-7219	1055	10	leveraging	leverage	VERB
cblr-7219	1055	11	the	the	DET
cblr-7219	1055	12	clearing	clearing	NOUN
cblr-7219	1055	13	business	business	NOUN
cblr-7219	1055	14	to	to	PART
cblr-7219	1055	15	invest	invest	VERB
cblr-7219	1055	16	in	in	ADP
cblr-7219	1055	17	risky	risky	ADJ
cblr-7219	1055	18	activities	activity	NOUN
cblr-7219	1055	19	,	,	PUNCT
cblr-7219	1055	20	but	but	CCONJ
cblr-7219	1055	21	it	it	PRON
cblr-7219	1055	22	would	would	AUX
cblr-7219	1055	23	also	also	ADV
cblr-7219	1055	24	reduce	reduce	VERB
cblr-7219	1055	25	the	the	DET
cblr-7219	1055	26	risk	risk	NOUN
cblr-7219	1055	27	of	of	ADP
cblr-7219	1055	28	spillovers	spillover	NOUN
cblr-7219	1055	29	from	from	ADP
cblr-7219	1055	30	the	the	DET
cblr-7219	1055	31	clearing	clearing	NOUN
cblr-7219	1055	32	business	business	NOUN
cblr-7219	1055	33	to	to	ADP
cblr-7219	1055	34	the	the	DET
cblr-7219	1055	35	rest	rest	NOUN
cblr-7219	1055	36	of	of	ADP
cblr-7219	1055	37	the	the	DET
cblr-7219	1055	38	fmi	fmi	PROPN
cblr-7219	1055	39	group	group	PROPN
cblr-7219	1055	40	’s	’s	PART
cblr-7219	1055	41	activities	activity	NOUN
cblr-7219	1055	42	and	and	CCONJ
cblr-7219	1055	43	vice	vice	NOUN
cblr-7219	1055	44	-	-	NOUN
cblr-7219	1055	45	versa	versa	ADJ
cblr-7219	1055	46	,	,	PUNCT
cblr-7219	1055	47	and	and	CCONJ
cblr-7219	1055	48	it	it	PRON
cblr-7219	1055	49	would	would	AUX
cblr-7219	1055	50	simplify	simplify	VERB
cblr-7219	1055	51	the	the	DET
cblr-7219	1055	52	oversight	oversight	NOUN
cblr-7219	1055	53	of	of	ADP
cblr-7219	1055	54	the	the	DET
cblr-7219	1055	55	clearing	clearing	NOUN
cblr-7219	1055	56	business.331	business.331	VERB
cblr-7219	1055	57	in	in	ADP
cblr-7219	1055	58	addition	addition	NOUN
cblr-7219	1055	59	,	,	PUNCT
cblr-7219	1055	60	policymakers	policymaker	NOUN
cblr-7219	1055	61	should	should	AUX
cblr-7219	1055	62	adopt	adopt	VERB
cblr-7219	1055	63	for	for	ADP
cblr-7219	1055	64	financial	financial	ADJ
cblr-7219	1055	65	market	market	NOUN
cblr-7219	1055	66	infrastructural	infrastructural	ADJ
cblr-7219	1055	67	groups	group	NOUN
cblr-7219	1055	68	the	the	DET
cblr-7219	1055	69	same	same	ADJ
cblr-7219	1055	70	approach	approach	NOUN
cblr-7219	1055	71	used	use	VERB
cblr-7219	1055	72	in	in	ADP
cblr-7219	1055	73	banking	banking	NOUN
cblr-7219	1055	74	groups	group	NOUN
cblr-7219	1055	75	and	and	CCONJ
cblr-7219	1055	76	embrace	embrace	VERB
cblr-7219	1055	77	the	the	DET
cblr-7219	1055	78	so	so	ADV
cblr-7219	1055	79	-	-	PUNCT
cblr-7219	1055	80	called	call	VERB
cblr-7219	1055	81	“	"	PUNCT
cblr-7219	1055	82	source	source	NOUN
cblr-7219	1055	83	of	of	ADP
cblr-7219	1055	84	strength	strength	NOUN
cblr-7219	1055	85	”	"	PUNCT
cblr-7219	1055	86	doctrine	doctrine	NOUN
cblr-7219	1055	87	,	,	PUNCT
cblr-7219	1055	88	which	which	PRON
cblr-7219	1055	89	requires	require	VERB
cblr-7219	1055	90	,	,	PUNCT
cblr-7219	1055	91	in	in	ADP
cblr-7219	1055	92	the	the	DET
cblr-7219	1055	93	banking	banking	NOUN
cblr-7219	1055	94	context	context	NOUN
cblr-7219	1055	95	,	,	PUNCT
cblr-7219	1055	96	holding	hold	VERB
cblr-7219	1055	97	companies	company	NOUN
cblr-7219	1055	98	to	to	PART
cblr-7219	1055	99	provide	provide	VERB
cblr-7219	1055	100	financial	financial	ADJ
cblr-7219	1055	101	support	support	NOUN
cblr-7219	1055	102	to	to	ADP
cblr-7219	1055	103	their	their	PRON
cblr-7219	1055	104	banking	banking	NOUN
cblr-7219	1055	105	subsidiaries.332	subsidiaries.332	NOUN
cblr-7219	1055	106	in	in	ADP
cblr-7219	1055	107	other	other	ADJ
cblr-7219	1055	108	words	word	NOUN
cblr-7219	1055	109	,	,	PUNCT
cblr-7219	1055	110	the	the	DET
cblr-7219	1055	111	listed	list	VERB
cblr-7219	1055	112	holding	hold	VERB
cblr-7219	1055	113	company	company	NOUN
cblr-7219	1055	114	that	that	PRON
cblr-7219	1055	115	controls	control	VERB
cblr-7219	1055	116	the	the	DET
cblr-7219	1055	117	clearinghouse	clearinghouse	NOUN
cblr-7219	1055	118	should	should	AUX
cblr-7219	1055	119	be	be	AUX
cblr-7219	1055	120	the	the	DET
cblr-7219	1055	121	last	last	ADJ
cblr-7219	1055	122	source	source	NOUN
cblr-7219	1055	123	of	of	ADP
cblr-7219	1055	124	safety	safety	NOUN
cblr-7219	1055	125	and	and	CCONJ
cblr-7219	1055	126	soundness	soundness	NOUN
cblr-7219	1055	127	for	for	ADP
cblr-7219	1055	128	the	the	DET
cblr-7219	1055	129	market	market	NOUN
cblr-7219	1055	130	infrastructure.333	infrastructure.333	NOUN
cblr-7219	1055	131	330	330	NUM
cblr-7219	1055	132	for	for	ADP
cblr-7219	1055	133	a	a	DET
cblr-7219	1055	134	more	more	ADV
cblr-7219	1055	135	comprehensive	comprehensive	ADJ
cblr-7219	1055	136	discussion	discussion	NOUN
cblr-7219	1055	137	on	on	ADP
cblr-7219	1055	138	capital	capital	NOUN
cblr-7219	1055	139	regulation	regulation	NOUN
cblr-7219	1055	140	and	and	CCONJ
cblr-7219	1055	141	on	on	ADP
cblr-7219	1055	142	how	how	SCONJ
cblr-7219	1055	143	to	to	PART
cblr-7219	1055	144	strengthen	strengthen	VERB
cblr-7219	1055	145	clearinghouses	clearinghouse	NOUN
cblr-7219	1055	146	’	'	PUNCT
cblr-7219	1055	147	economic	economic	ADJ
cblr-7219	1055	148	resilience	resilience	NOUN
cblr-7219	1055	149	,	,	PUNCT
cblr-7219	1055	150	see	see	VERB
cblr-7219	1055	151	saguato	saguato	NOUN
cblr-7219	1055	152	,	,	PUNCT
cblr-7219	1055	153	the	the	DET
cblr-7219	1055	154	hidden	hidden	ADJ
cblr-7219	1055	155	costs	cost	NOUN
cblr-7219	1055	156	of	of	ADP
cblr-7219	1055	157	clearinghouses	clearinghouse	NOUN
cblr-7219	1055	158	,	,	PUNCT
cblr-7219	1055	159	supra	supra	PROPN
cblr-7219	1055	160	note	note	NOUN
cblr-7219	1055	161	8	8	NUM
cblr-7219	1055	162	(	(	PUNCT
cblr-7219	1055	163	manuscript	manuscript	NOUN
cblr-7219	1055	164	at	at	ADP
cblr-7219	1055	165	50–54	50–54	NUM
cblr-7219	1055	166	)	)	PUNCT
cblr-7219	1055	167	.	.	PUNCT
cblr-7219	1056	1	331	331	NUM
cblr-7219	1056	2	see	see	VERB
cblr-7219	1056	3	generally	generally	ADV
cblr-7219	1056	4	steven	steven	PROPN
cblr-7219	1056	5	l.	l.	PROPN
cblr-7219	1056	6	schwarcz	schwarcz	PROPN
cblr-7219	1056	7	,	,	PUNCT
cblr-7219	1056	8	ring	ring	NOUN
cblr-7219	1056	9	-	-	PUNCT
cblr-7219	1056	10	fencing	fencing	NOUN
cblr-7219	1056	11	,	,	PUNCT
cblr-7219	1056	12	87	87	NUM
cblr-7219	1056	13	s.	s.	PROPN
cblr-7219	1056	14	cal	cal	PROPN
cblr-7219	1056	15	.	.	PUNCT
cblr-7219	1057	1	l.	l.	PROPN
cblr-7219	1057	2	rev	rev	PROPN
cblr-7219	1057	3	.	.	PROPN
cblr-7219	1057	4	69	69	NUM
cblr-7219	1057	5	(	(	PUNCT
cblr-7219	1057	6	2013	2013	NUM
cblr-7219	1057	7	)	)	PUNCT
cblr-7219	1057	8	.	.	PUNCT
cblr-7219	1058	1	332	332	NUM
cblr-7219	1058	2	see	see	VERB
cblr-7219	1058	3	statement	statement	NOUN
cblr-7219	1058	4	of	of	ADP
cblr-7219	1058	5	policy	policy	NOUN
cblr-7219	1058	6	concerning	concern	VERB
cblr-7219	1058	7	bank	bank	NOUN
cblr-7219	1058	8	holding	hold	VERB
cblr-7219	1058	9	companies	company	NOUN
cblr-7219	1058	10	engaging	engage	VERB
cblr-7219	1058	11	in	in	ADP
cblr-7219	1058	12	futures	future	NOUN
cblr-7219	1058	13	,	,	PUNCT
cblr-7219	1058	14	forward	forward	ADV
cblr-7219	1058	15	and	and	CCONJ
cblr-7219	1058	16	options	option	NOUN
cblr-7219	1058	17	contracts	contract	NOUN
cblr-7219	1058	18	on	on	ADP
cblr-7219	1058	19	u.s	u.s	PROPN
cblr-7219	1058	20	.	.	PROPN
cblr-7219	1058	21	government	government	PROPN
cblr-7219	1058	22	and	and	CCONJ
cblr-7219	1058	23	agency	agency	NOUN
cblr-7219	1058	24	securities	security	NOUN
cblr-7219	1058	25	and	and	CCONJ
cblr-7219	1058	26	money	money	NOUN
cblr-7219	1058	27	market	market	NOUN
cblr-7219	1058	28	instruments	instrument	NOUN
cblr-7219	1058	29	,	,	PUNCT
cblr-7219	1058	30	12	12	NUM
cblr-7219	1058	31	c.f.r	c.f.r	NOUN
cblr-7219	1058	32	.	.	PUNCT
cblr-7219	1059	1	§	§	PROPN
cblr-7219	1059	2	225.142	225.142	NUM
cblr-7219	1059	3	(	(	PUNCT
cblr-7219	1059	4	2020	2020	NUM
cblr-7219	1059	5	)	)	PUNCT
cblr-7219	1059	6	.	.	PUNCT
cblr-7219	1060	1	333	333	NUM
cblr-7219	1060	2	see	see	VERB
cblr-7219	1060	3	anat	anat	PROPN
cblr-7219	1060	4	r.	r.	PROPN
cblr-7219	1060	5	admati	admati	PROPN
cblr-7219	1060	6	et	et	PROPN
cblr-7219	1060	7	al	al	PROPN
cblr-7219	1060	8	.	.	PROPN
cblr-7219	1060	9	,	,	PUNCT
cblr-7219	1060	10	liability	liability	NOUN
cblr-7219	1060	11	holding	hold	VERB
cblr-7219	1060	12	companies	company	NOUN
cblr-7219	1060	13	,	,	PUNCT
cblr-7219	1060	14	59	59	NUM
cblr-7219	1060	15	ucla	ucla	PROPN
cblr-7219	1060	16	l.	l.	PROPN
cblr-7219	1060	17	rev	rev	PROPN
cblr-7219	1060	18	.	.	PROPN
cblr-7219	1060	19	852	852	NUM
cblr-7219	1060	20	,	,	PUNCT
cblr-7219	1060	21	873–84	873–84	NOUN
cblr-7219	1060	22	(	(	PUNCT
cblr-7219	1060	23	2012	2012	NUM
cblr-7219	1060	24	)	)	PUNCT
cblr-7219	1060	25	(	(	PUNCT
cblr-7219	1060	26	proposing	propose	VERB
cblr-7219	1060	27	the	the	DET
cblr-7219	1060	28	introduction	introduction	NOUN
cblr-7219	1060	29	of	of	ADP
cblr-7219	1060	30	a	a	DET
cblr-7219	1060	31	new	new	ADJ
cblr-7219	1060	32	type	type	NOUN
cblr-7219	1060	33	of	of	ADP
cblr-7219	1060	34	financial	financial	ADJ
cblr-7219	1060	35	institution	institution	NOUN
cblr-7219	1060	36	,	,	PUNCT
cblr-7219	1060	37	the	the	DET
cblr-7219	1060	38	“	"	PUNCT
cblr-7219	1060	39	limited	limited	ADJ
cblr-7219	1060	40	liability	liability	NOUN
cblr-7219	1060	41	holding	hold	VERB
cblr-7219	1060	42	company	company	NOUN
cblr-7219	1060	43	,	,	PUNCT
cblr-7219	1060	44	”	"	PUNCT
cblr-7219	1060	45	to	to	PART
cblr-7219	1060	46	guarantee	guarantee	VERB
cblr-7219	1060	47	the	the	DET
cblr-7219	1060	48	debts	debt	NOUN
cblr-7219	1060	49	of	of	ADP
cblr-7219	1060	50	systemically	systemically	ADV
cblr-7219	1060	51	important	important	ADJ
cblr-7219	1060	52	financial	financial	ADJ
cblr-7219	1060	53	institutions	institution	NOUN
cblr-7219	1060	54	)	)	PUNCT
cblr-7219	1060	55	.	.	PUNCT
cblr-7219	1061	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	1061	2	(	(	PUNCT
cblr-7219	1061	3	do	do	AUX
cblr-7219	1061	4	not	not	PART
cblr-7219	1061	5	delte	delte	VERB
cblr-7219	1061	6	)	)	PUNCT
cblr-7219	1061	7	10/21/2020	10/21/2020	NUM
cblr-7219	1061	8	11:22	11:22	NUM
cblr-7219	1061	9	am	be	AUX
cblr-7219	1061	10	528	528	NUM
cblr-7219	1061	11	columbia	columbia	PROPN
cblr-7219	1061	12	business	business	NOUN
cblr-7219	1061	13	law	law	PROPN
cblr-7219	1061	14	review	review	NOUN
cblr-7219	1061	15	[	[	X
cblr-7219	1061	16	vol	vol	NOUN
cblr-7219	1061	17	.	.	PUNCT
cblr-7219	1061	18	2020	2020	NUM
cblr-7219	1062	1	c.	c.	NOUN
cblr-7219	1062	2	recovery	recovery	NOUN
cblr-7219	1062	3	and	and	CCONJ
cblr-7219	1062	4	resolution	resolution	NOUN
cblr-7219	1062	5	mechanisms	mechanism	VERB
cblr-7219	1062	6	the	the	DET
cblr-7219	1062	7	final	final	ADJ
cblr-7219	1062	8	and	and	CCONJ
cblr-7219	1062	9	most	most	ADV
cblr-7219	1062	10	critical	critical	ADJ
cblr-7219	1062	11	aspect	aspect	NOUN
cblr-7219	1062	12	of	of	ADP
cblr-7219	1062	13	the	the	DET
cblr-7219	1062	14	current	current	ADJ
cblr-7219	1062	15	regulatory	regulatory	ADJ
cblr-7219	1062	16	regime	regime	NOUN
cblr-7219	1062	17	is	be	AUX
cblr-7219	1062	18	the	the	DET
cblr-7219	1062	19	approach	approach	NOUN
cblr-7219	1062	20	to	to	ADP
cblr-7219	1062	21	clearinghouses	clearinghouse	NOUN
cblr-7219	1062	22	’	’	PART
cblr-7219	1062	23	recovery	recovery	NOUN
cblr-7219	1062	24	and	and	CCONJ
cblr-7219	1062	25	resolution.334	resolution.334	NOUN
cblr-7219	1062	26	when	when	SCONJ
cblr-7219	1062	27	a	a	DET
cblr-7219	1062	28	clearinghouse	clearinghouse	NOUN
cblr-7219	1062	29	faces	face	VERB
cblr-7219	1062	30	recovery	recovery	NOUN
cblr-7219	1062	31	or	or	CCONJ
cblr-7219	1062	32	resolution	resolution	NOUN
cblr-7219	1062	33	,	,	PUNCT
cblr-7219	1062	34	the	the	DET
cblr-7219	1062	35	agency	agency	NOUN
cblr-7219	1062	36	costs	cost	NOUN
cblr-7219	1062	37	of	of	ADP
cblr-7219	1062	38	the	the	DET
cblr-7219	1062	39	separation	separation	NOUN
cblr-7219	1062	40	of	of	ADP
cblr-7219	1062	41	ownership	ownership	NOUN
cblr-7219	1062	42	and	and	CCONJ
cblr-7219	1062	43	control	control	NOUN
cblr-7219	1062	44	are	be	AUX
cblr-7219	1062	45	magnified	magnify	VERB
cblr-7219	1062	46	,	,	PUNCT
cblr-7219	1062	47	while	while	SCONJ
cblr-7219	1062	48	the	the	DET
cblr-7219	1062	49	interests	interest	NOUN
cblr-7219	1062	50	and	and	CCONJ
cblr-7219	1062	51	incentives	incentive	NOUN
cblr-7219	1062	52	of	of	ADP
cblr-7219	1062	53	shareholders	shareholder	NOUN
cblr-7219	1062	54	and	and	CCONJ
cblr-7219	1062	55	members	member	NOUN
cblr-7219	1062	56	polarize	polarize	VERB
cblr-7219	1062	57	.	.	PUNCT
cblr-7219	1063	1	when	when	SCONJ
cblr-7219	1063	2	all	all	DET
cblr-7219	1063	3	pre	pre	ADJ
cblr-7219	1063	4	-	-	ADJ
cblr-7219	1063	5	funded	funded	ADJ
cblr-7219	1063	6	financial	financial	ADJ
cblr-7219	1063	7	resources	resource	NOUN
cblr-7219	1063	8	have	have	AUX
cblr-7219	1063	9	been	be	AUX
cblr-7219	1063	10	used	use	VERB
cblr-7219	1063	11	to	to	PART
cblr-7219	1063	12	cover	cover	VERB
cblr-7219	1063	13	the	the	DET
cblr-7219	1063	14	losses	loss	NOUN
cblr-7219	1063	15	of	of	ADP
cblr-7219	1063	16	a	a	DET
cblr-7219	1063	17	defaulted	defaulted	ADJ
cblr-7219	1063	18	member	member	NOUN
cblr-7219	1063	19	and	and	CCONJ
cblr-7219	1063	20	a	a	DET
cblr-7219	1063	21	clearinghouse	clearinghouse	NOUN
cblr-7219	1063	22	is	be	AUX
cblr-7219	1063	23	facing	face	VERB
cblr-7219	1063	24	a	a	DET
cblr-7219	1063	25	situation	situation	NOUN
cblr-7219	1063	26	of	of	ADP
cblr-7219	1063	27	severe	severe	ADJ
cblr-7219	1063	28	financial	financial	ADJ
cblr-7219	1063	29	distress	distress	NOUN
cblr-7219	1063	30	,	,	PUNCT
cblr-7219	1063	31	then	then	ADV
cblr-7219	1063	32	recovery	recovery	NOUN
cblr-7219	1063	33	and	and	CCONJ
cblr-7219	1063	34	resolution	resolution	NOUN
cblr-7219	1063	35	tools	tool	NOUN
cblr-7219	1063	36	are	be	AUX
cblr-7219	1063	37	deployed	deploy	VERB
cblr-7219	1063	38	to	to	PART
cblr-7219	1063	39	support	support	VERB
cblr-7219	1063	40	the	the	DET
cblr-7219	1063	41	continuity	continuity	NOUN
cblr-7219	1063	42	of	of	ADP
cblr-7219	1063	43	the	the	DET
cblr-7219	1063	44	clearinghouse	clearinghouse	NOUN
cblr-7219	1063	45	’s	’s	PART
cblr-7219	1063	46	essential	essential	ADJ
cblr-7219	1063	47	services	service	NOUN
cblr-7219	1063	48	.	.	PUNCT
cblr-7219	1064	1	however	however	ADV
cblr-7219	1064	2	,	,	PUNCT
cblr-7219	1064	3	the	the	DET
cblr-7219	1064	4	package	package	NOUN
cblr-7219	1064	5	of	of	ADP
cblr-7219	1064	6	regulatory	regulatory	ADJ
cblr-7219	1064	7	solutions	solution	NOUN
cblr-7219	1064	8	to	to	PART
cblr-7219	1064	9	support	support	VERB
cblr-7219	1064	10	the	the	DET
cblr-7219	1064	11	continuation	continuation	NOUN
cblr-7219	1064	12	of	of	ADP
cblr-7219	1064	13	the	the	DET
cblr-7219	1064	14	clearing	clearing	NOUN
cblr-7219	1064	15	business	business	NOUN
cblr-7219	1064	16	of	of	ADP
cblr-7219	1064	17	a	a	DET
cblr-7219	1064	18	clearinghouse	clearinghouse	NOUN
cblr-7219	1064	19	in	in	ADP
cblr-7219	1064	20	severe	severe	ADJ
cblr-7219	1064	21	distress	distress	NOUN
cblr-7219	1064	22	is	be	AUX
cblr-7219	1064	23	incomplete	incomplete	ADJ
cblr-7219	1064	24	and	and	CCONJ
cblr-7219	1064	25	miscalibrated	miscalibrated	ADJ
cblr-7219	1064	26	.	.	PUNCT
cblr-7219	1065	1	in	in	ADP
cblr-7219	1065	2	addition	addition	NOUN
cblr-7219	1065	3	to	to	ADP
cblr-7219	1065	4	the	the	DET
cblr-7219	1065	5	operation	operation	NOUN
cblr-7219	1065	6	of	of	ADP
cblr-7219	1065	7	the	the	DET
cblr-7219	1065	8	default	default	NOUN
cblr-7219	1065	9	waterfall	waterfall	NOUN
cblr-7219	1065	10	,	,	PUNCT
cblr-7219	1065	11	the	the	DET
cblr-7219	1065	12	existing	exist	VERB
cblr-7219	1065	13	recovery	recovery	NOUN
cblr-7219	1065	14	tools	tool	NOUN
cblr-7219	1065	15	that	that	PRON
cblr-7219	1065	16	clearinghouses	clearinghouse	NOUN
cblr-7219	1065	17	have	have	VERB
cblr-7219	1065	18	in	in	ADP
cblr-7219	1065	19	their	their	PRON
cblr-7219	1065	20	rulebooks	rulebook	NOUN
cblr-7219	1065	21	—	—	PUNCT
cblr-7219	1065	22	namely	namely	ADV
cblr-7219	1065	23	,	,	PUNCT
cblr-7219	1065	24	assessment	assessment	NOUN
cblr-7219	1065	25	rights	right	NOUN
cblr-7219	1065	26	and	and	CCONJ
cblr-7219	1065	27	a	a	DET
cblr-7219	1065	28	variation	variation	NOUN
cblr-7219	1065	29	margin	margin	NOUN
cblr-7219	1065	30	gains	gain	NOUN
cblr-7219	1065	31	haircut	haircut	NOUN
cblr-7219	1065	32	(	(	PUNCT
cblr-7219	1065	33	“	"	PUNCT
cblr-7219	1065	34	vmgh”)—are	vmgh”)—are	PROPN
cblr-7219	1065	35	meant	mean	VERB
cblr-7219	1065	36	to	to	PART
cblr-7219	1065	37	support	support	VERB
cblr-7219	1065	38	the	the	DET
cblr-7219	1065	39	financial	financial	ADJ
cblr-7219	1065	40	viability	viability	NOUN
cblr-7219	1065	41	of	of	ADP
cblr-7219	1065	42	the	the	DET
cblr-7219	1065	43	firm	firm	NOUN
cblr-7219	1065	44	in	in	ADP
cblr-7219	1065	45	a	a	DET
cblr-7219	1065	46	distress	distress	NOUN
cblr-7219	1065	47	scenario	scenario	NOUN
cblr-7219	1065	48	.	.	PUNCT
cblr-7219	1066	1	however	however	ADV
cblr-7219	1066	2	,	,	PUNCT
cblr-7219	1066	3	as	as	SCONJ
cblr-7219	1066	4	previously	previously	ADV
cblr-7219	1066	5	discussed	discuss	VERB
cblr-7219	1066	6	,	,	PUNCT
cblr-7219	1066	7	they	they	PRON
cblr-7219	1066	8	do	do	AUX
cblr-7219	1066	9	not	not	PART
cblr-7219	1066	10	take	take	VERB
cblr-7219	1066	11	into	into	ADP
cblr-7219	1066	12	account	account	NOUN
cblr-7219	1066	13	the	the	DET
cblr-7219	1066	14	agency	agency	NOUN
cblr-7219	1066	15	costs	cost	NOUN
cblr-7219	1066	16	introduced	introduce	VERB
cblr-7219	1066	17	by	by	ADP
cblr-7219	1066	18	the	the	DET
cblr-7219	1066	19	separation	separation	NOUN
cblr-7219	1066	20	of	of	ADP
cblr-7219	1066	21	risk	risk	NOUN
cblr-7219	1066	22	and	and	CCONJ
cblr-7219	1066	23	control	control	NOUN
cblr-7219	1066	24	and	and	CCONJ
cblr-7219	1066	25	might	might	AUX
cblr-7219	1066	26	polarize	polarize	VERB
cblr-7219	1066	27	even	even	ADV
cblr-7219	1066	28	more	more	ADV
cblr-7219	1066	29	the	the	DET
cblr-7219	1066	30	tensions	tension	NOUN
cblr-7219	1066	31	between	between	ADP
cblr-7219	1066	32	clearing	clear	VERB
cblr-7219	1066	33	members	member	NOUN
cblr-7219	1066	34	and	and	CCONJ
cblr-7219	1066	35	clearinghouses	clearinghouse	NOUN
cblr-7219	1066	36	.	.	PUNCT
cblr-7219	1067	1	reforming	reform	VERB
cblr-7219	1067	2	the	the	DET
cblr-7219	1067	3	capital	capital	NOUN
cblr-7219	1067	4	structure	structure	NOUN
cblr-7219	1067	5	of	of	ADP
cblr-7219	1067	6	clearinghouses	clearinghouse	NOUN
cblr-7219	1067	7	,	,	PUNCT
cblr-7219	1067	8	increasing	increase	VERB
cblr-7219	1067	9	the	the	DET
cblr-7219	1067	10	amount	amount	NOUN
cblr-7219	1067	11	of	of	ADP
cblr-7219	1067	12	vmgh	vmgh	NOUN
cblr-7219	1067	13	is	be	AUX
cblr-7219	1067	14	an	an	DET
cblr-7219	1067	15	interesting	interesting	ADJ
cblr-7219	1067	16	,	,	PUNCT
cblr-7219	1067	17	but	but	CCONJ
cblr-7219	1067	18	potentially	potentially	ADV
cblr-7219	1067	19	highly	highly	ADV
cblr-7219	1067	20	destabilizing	destabilizing	ADJ
cblr-7219	1067	21	,	,	PUNCT
cblr-7219	1067	22	recovery	recovery	NOUN
cblr-7219	1067	23	option	option	NOUN
cblr-7219	1067	24	to	to	PART
cblr-7219	1067	25	rebalance	rebalance	VERB
cblr-7219	1067	26	a	a	DET
cblr-7219	1067	27	clearinghouse	clearinghouse	NOUN
cblr-7219	1067	28	’s	’s	PART
cblr-7219	1067	29	matched	match	VERB
cblr-7219	1067	30	book	book	NOUN
cblr-7219	1067	31	.	.	PUNCT
cblr-7219	1068	1	put	put	VERB
cblr-7219	1068	2	simply	simply	ADV
cblr-7219	1068	3	,	,	PUNCT
cblr-7219	1068	4	in	in	ADP
cblr-7219	1068	5	applying	apply	VERB
cblr-7219	1068	6	a	a	DET
cblr-7219	1068	7	vmgh	vmgh	NOUN
cblr-7219	1068	8	a	a	DET
cblr-7219	1068	9	clearinghouse	clearinghouse	NOUN
cblr-7219	1068	10	would	would	AUX
cblr-7219	1068	11	take	take	VERB
cblr-7219	1068	12	some	some	DET
cblr-7219	1068	13	collateral	collateral	NOUN
cblr-7219	1068	14	posted	post	VERB
cblr-7219	1068	15	by	by	ADP
cblr-7219	1068	16	its	its	PRON
cblr-7219	1068	17	non	non	ADJ
cblr-7219	1068	18	-	-	ADJ
cblr-7219	1068	19	defaulted	defaulted	ADJ
cblr-7219	1068	20	members	member	NOUN
cblr-7219	1068	21	as	as	ADP
cblr-7219	1068	22	margin	margin	NOUN
cblr-7219	1068	23	for	for	ADP
cblr-7219	1068	24	their	their	PRON
cblr-7219	1068	25	open	open	ADJ
cblr-7219	1068	26	positions	position	NOUN
cblr-7219	1068	27	and	and	CCONJ
cblr-7219	1068	28	use	use	VERB
cblr-7219	1068	29	that	that	DET
cblr-7219	1068	30	collateral	collateral	NOUN
cblr-7219	1068	31	to	to	PART
cblr-7219	1068	32	cover	cover	VERB
cblr-7219	1068	33	the	the	DET
cblr-7219	1068	34	remaining	remain	VERB
cblr-7219	1068	35	default	default	NOUN
cblr-7219	1068	36	losses	loss	NOUN
cblr-7219	1068	37	.	.	PUNCT
cblr-7219	1069	1	the	the	DET
cblr-7219	1069	2	need	need	NOUN
cblr-7219	1069	3	to	to	PART
cblr-7219	1069	4	use	use	VERB
cblr-7219	1069	5	this	this	DET
cblr-7219	1069	6	mechanism	mechanism	NOUN
cblr-7219	1069	7	would	would	AUX
cblr-7219	1069	8	not	not	PART
cblr-7219	1069	9	only	only	ADV
cblr-7219	1069	10	reveal	reveal	VERB
cblr-7219	1069	11	that	that	SCONJ
cblr-7219	1069	12	the	the	DET
cblr-7219	1069	13	clearinghouse	clearinghouse	NOUN
cblr-7219	1069	14	failed	fail	VERB
cblr-7219	1069	15	to	to	PART
cblr-7219	1069	16	adopt	adopt	VERB
cblr-7219	1069	17	appropriate	appropriate	ADJ
cblr-7219	1069	18	risk	risk	NOUN
cblr-7219	1069	19	models	model	NOUN
cblr-7219	1069	20	,	,	PUNCT
cblr-7219	1069	21	but	but	CCONJ
cblr-7219	1069	22	it	it	PRON
cblr-7219	1069	23	would	would	AUX
cblr-7219	1069	24	also	also	ADV
cblr-7219	1069	25	further	far	ADV
cblr-7219	1069	26	exacerbate	exacerbate	VERB
cblr-7219	1069	27	the	the	DET
cblr-7219	1069	28	moral	moral	ADJ
cblr-7219	1069	29	hazard	hazard	NOUN
cblr-7219	1069	30	of	of	ADP
cblr-7219	1069	31	the	the	DET
cblr-7219	1069	32	334	334	NUM
cblr-7219	1069	33	the	the	DET
cblr-7219	1069	34	recovery	recovery	NOUN
cblr-7219	1069	35	and	and	CCONJ
cblr-7219	1069	36	resolution	resolution	NOUN
cblr-7219	1069	37	toolbox	toolbox	NOUN
cblr-7219	1069	38	would	would	AUX
cblr-7219	1069	39	come	come	VERB
cblr-7219	1069	40	into	into	ADP
cblr-7219	1069	41	play	play	NOUN
cblr-7219	1069	42	at	at	ADP
cblr-7219	1069	43	the	the	DET
cblr-7219	1069	44	end	end	NOUN
cblr-7219	1069	45	of	of	ADP
cblr-7219	1069	46	the	the	DET
cblr-7219	1069	47	default	default	NOUN
cblr-7219	1069	48	waterfall	waterfall	NOUN
cblr-7219	1069	49	,	,	PUNCT
cblr-7219	1069	50	after	after	SCONJ
cblr-7219	1069	51	all	all	DET
cblr-7219	1069	52	margins	margin	NOUN
cblr-7219	1069	53	posted	post	VERB
cblr-7219	1069	54	by	by	ADP
cblr-7219	1069	55	the	the	DET
cblr-7219	1069	56	defaulted	defaulted	ADJ
cblr-7219	1069	57	member	member	NOUN
cblr-7219	1069	58	are	be	AUX
cblr-7219	1069	59	liquidated	liquidate	VERB
cblr-7219	1069	60	,	,	PUNCT
cblr-7219	1069	61	the	the	DET
cblr-7219	1069	62	resources	resource	NOUN
cblr-7219	1069	63	pledged	pledge	VERB
cblr-7219	1069	64	in	in	ADP
cblr-7219	1069	65	the	the	DET
cblr-7219	1069	66	guaranty	guaranty	NOUN
cblr-7219	1069	67	fund	fund	NOUN
cblr-7219	1069	68	are	be	AUX
cblr-7219	1069	69	depleted	deplete	VERB
cblr-7219	1069	70	,	,	PUNCT
cblr-7219	1069	71	and	and	CCONJ
cblr-7219	1069	72	the	the	DET
cblr-7219	1069	73	additional	additional	ADJ
cblr-7219	1069	74	contributions	contribution	NOUN
cblr-7219	1069	75	collected	collect	VERB
cblr-7219	1069	76	via	via	ADP
cblr-7219	1069	77	exercising	exercise	VERB
cblr-7219	1069	78	the	the	DET
cblr-7219	1069	79	assessment	assessment	NOUN
cblr-7219	1069	80	rights	right	NOUN
cblr-7219	1069	81	are	be	AUX
cblr-7219	1069	82	exhausted	exhaust	VERB
cblr-7219	1069	83	.	.	PUNCT
cblr-7219	1070	1	simply	simply	ADV
cblr-7219	1070	2	put	put	VERB
cblr-7219	1070	3	,	,	PUNCT
cblr-7219	1070	4	a	a	DET
cblr-7219	1070	5	clearinghouse	clearinghouse	NOUN
cblr-7219	1070	6	faces	face	VERB
cblr-7219	1070	7	a	a	DET
cblr-7219	1070	8	recovery	recovery	NOUN
cblr-7219	1070	9	and	and	CCONJ
cblr-7219	1070	10	resolution	resolution	NOUN
cblr-7219	1070	11	scenario	scenario	NOUN
cblr-7219	1070	12	only	only	ADV
cblr-7219	1070	13	if	if	SCONJ
cblr-7219	1070	14	its	its	PRON
cblr-7219	1070	15	risk	risk	NOUN
cblr-7219	1070	16	models	model	NOUN
cblr-7219	1070	17	were	be	AUX
cblr-7219	1070	18	completely	completely	ADV
cblr-7219	1070	19	wrong	wrong	ADJ
cblr-7219	1070	20	;	;	PUNCT
cblr-7219	1070	21	accordingly	accordingly	ADV
cblr-7219	1070	22	,	,	PUNCT
cblr-7219	1070	23	it	it	PRON
cblr-7219	1070	24	would	would	AUX
cblr-7219	1070	25	be	be	AUX
cblr-7219	1070	26	evident	evident	ADJ
cblr-7219	1070	27	that	that	SCONJ
cblr-7219	1070	28	the	the	DET
cblr-7219	1070	29	firm	firm	NOUN
cblr-7219	1070	30	took	take	VERB
cblr-7219	1070	31	on	on	ADP
cblr-7219	1070	32	too	too	ADV
cblr-7219	1070	33	much	much	ADJ
cblr-7219	1070	34	risk	risk	NOUN
cblr-7219	1070	35	.	.	PUNCT
cblr-7219	1071	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	1071	2	(	(	PUNCT
cblr-7219	1071	3	do	do	AUX
cblr-7219	1071	4	not	not	PART
cblr-7219	1071	5	delete	delete	VERB
cblr-7219	1071	6	)	)	PUNCT
cblr-7219	1071	7	10/21/2020	10/21/2020	NUM
cblr-7219	1071	8	11:22	11:22	NUM
cblr-7219	1071	9	am	am	NOUN
cblr-7219	1071	10	no	no	NOUN
cblr-7219	1071	11	.	.	PUNCT
cblr-7219	1072	1	2:449	2:449	NUM
cblr-7219	1072	2	]	]	X
cblr-7219	1072	3	unfinished	unfinished	ADJ
cblr-7219	1072	4	business	business	NOUN
cblr-7219	1072	5	529	529	NUM
cblr-7219	1072	6	current	current	ADJ
cblr-7219	1072	7	structure	structure	NOUN
cblr-7219	1072	8	of	of	ADP
cblr-7219	1072	9	clearinghouses	clearinghouse	NOUN
cblr-7219	1072	10	.	.	PUNCT
cblr-7219	1073	1	it	it	PRON
cblr-7219	1073	2	would	would	AUX
cblr-7219	1073	3	do	do	VERB
cblr-7219	1073	4	so	so	ADV
cblr-7219	1073	5	by	by	ADP
cblr-7219	1073	6	externalizing	externalize	VERB
cblr-7219	1073	7	onto	onto	ADP
cblr-7219	1073	8	clearing	clearing	NOUN
cblr-7219	1073	9	members	member	NOUN
cblr-7219	1073	10	,	,	PUNCT
cblr-7219	1073	11	and	and	CCONJ
cblr-7219	1073	12	not	not	PART
cblr-7219	1073	13	onto	onto	ADP
cblr-7219	1073	14	shareholders	shareholder	NOUN
cblr-7219	1073	15	,	,	PUNCT
cblr-7219	1073	16	the	the	DET
cblr-7219	1073	17	risks	risk	NOUN
cblr-7219	1073	18	and	and	CCONJ
cblr-7219	1073	19	losses	loss	NOUN
cblr-7219	1073	20	caused	cause	VERB
cblr-7219	1073	21	by	by	ADP
cblr-7219	1073	22	the	the	DET
cblr-7219	1073	23	firm	firm	NOUN
cblr-7219	1073	24	’s	’s	PART
cblr-7219	1073	25	failure	failure	NOUN
cblr-7219	1073	26	to	to	PART
cblr-7219	1073	27	set	set	VERB
cblr-7219	1073	28	effective	effective	ADJ
cblr-7219	1073	29	risk	risk	NOUN
cblr-7219	1073	30	models	model	NOUN
cblr-7219	1073	31	.	.	PUNCT
cblr-7219	1074	1	furthermore	furthermore	ADV
cblr-7219	1074	2	,	,	PUNCT
cblr-7219	1074	3	a	a	DET
cblr-7219	1074	4	vmgh	vmgh	NOUN
cblr-7219	1074	5	would	would	AUX
cblr-7219	1074	6	eventually	eventually	ADV
cblr-7219	1074	7	be	be	AUX
cblr-7219	1074	8	triggered	trigger	VERB
cblr-7219	1074	9	in	in	ADP
cblr-7219	1074	10	a	a	DET
cblr-7219	1074	11	systemic	systemic	ADJ
cblr-7219	1074	12	crisis	crisis	NOUN
cblr-7219	1074	13	after	after	SCONJ
cblr-7219	1074	14	all	all	DET
cblr-7219	1074	15	mutualization	mutualization	NOUN
cblr-7219	1074	16	resources	resource	NOUN
cblr-7219	1074	17	were	be	AUX
cblr-7219	1074	18	wiped	wipe	VERB
cblr-7219	1074	19	out	out	ADP
cblr-7219	1074	20	.	.	PUNCT
cblr-7219	1075	1	rather	rather	ADV
cblr-7219	1075	2	than	than	ADP
cblr-7219	1075	3	containing	contain	VERB
cblr-7219	1075	4	the	the	DET
cblr-7219	1075	5	crisis	crisis	NOUN
cblr-7219	1075	6	,	,	PUNCT
cblr-7219	1075	7	a	a	DET
cblr-7219	1075	8	vmgh	vmgh	NOUN
cblr-7219	1075	9	(	(	PUNCT
cblr-7219	1075	10	and	and	CCONJ
cblr-7219	1075	11	in	in	ADP
cblr-7219	1075	12	some	some	DET
cblr-7219	1075	13	ways	way	NOUN
cblr-7219	1075	14	,	,	PUNCT
cblr-7219	1075	15	but	but	CCONJ
cblr-7219	1075	16	in	in	ADP
cblr-7219	1075	17	different	different	ADJ
cblr-7219	1075	18	amounts	amount	NOUN
cblr-7219	1075	19	,	,	PUNCT
cblr-7219	1075	20	assessment	assessment	NOUN
cblr-7219	1075	21	rights	right	NOUN
cblr-7219	1075	22	)	)	PUNCT
cblr-7219	1075	23	would	would	AUX
cblr-7219	1075	24	act	act	VERB
cblr-7219	1075	25	counterproductively	counterproductively	ADV
cblr-7219	1075	26	as	as	ADP
cblr-7219	1075	27	procyclical	procyclical	ADJ
cblr-7219	1075	28	tools	tool	NOUN
cblr-7219	1075	29	,	,	PUNCT
cblr-7219	1075	30	exacerbating	exacerbate	VERB
cblr-7219	1075	31	the	the	DET
cblr-7219	1075	32	risk	risk	NOUN
cblr-7219	1075	33	of	of	ADP
cblr-7219	1075	34	fire	fire	NOUN
cblr-7219	1075	35	sales	sale	NOUN
cblr-7219	1075	36	and	and	CCONJ
cblr-7219	1075	37	weakening	weaken	VERB
cblr-7219	1075	38	already	already	ADV
cblr-7219	1075	39	fragile	fragile	ADJ
cblr-7219	1075	40	market	market	NOUN
cblr-7219	1075	41	dynamics.335	dynamics.335	NOUN
cblr-7219	1075	42	a	a	DET
cblr-7219	1075	43	final	final	ADJ
cblr-7219	1075	44	comment	comment	NOUN
cblr-7219	1075	45	on	on	ADP
cblr-7219	1075	46	the	the	DET
cblr-7219	1075	47	systemic	systemic	ADJ
cblr-7219	1075	48	resilience	resilience	NOUN
cblr-7219	1075	49	of	of	ADP
cblr-7219	1075	50	clearinghouses	clearinghouse	NOUN
cblr-7219	1075	51	and	and	CCONJ
cblr-7219	1075	52	the	the	DET
cblr-7219	1075	53	debate	debate	NOUN
cblr-7219	1075	54	on	on	ADP
cblr-7219	1075	55	their	their	PRON
cblr-7219	1075	56	recovery	recovery	NOUN
cblr-7219	1075	57	and	and	CCONJ
cblr-7219	1075	58	resolution	resolution	NOUN
cblr-7219	1075	59	.	.	PUNCT
cblr-7219	1076	1	as	as	SCONJ
cblr-7219	1076	2	previously	previously	ADV
cblr-7219	1076	3	mentioned	mention	VERB
cblr-7219	1076	4	,	,	PUNCT
cblr-7219	1076	5	a	a	DET
cblr-7219	1076	6	clearinghouse	clearinghouse	NOUN
cblr-7219	1076	7	failure	failure	NOUN
cblr-7219	1076	8	is	be	AUX
cblr-7219	1076	9	caused	cause	VERB
cblr-7219	1076	10	by	by	ADP
cblr-7219	1076	11	the	the	DET
cblr-7219	1076	12	failure	failure	NOUN
cblr-7219	1076	13	of	of	ADP
cblr-7219	1076	14	its	its	PRON
cblr-7219	1076	15	risk	risk	NOUN
cblr-7219	1076	16	models	model	NOUN
cblr-7219	1076	17	(	(	PUNCT
cblr-7219	1076	18	in	in	ADP
cblr-7219	1076	19	general	general	ADJ
cblr-7219	1076	20	)	)	PUNCT
cblr-7219	1076	21	,	,	PUNCT
cblr-7219	1076	22	but	but	CCONJ
cblr-7219	1076	23	is	be	AUX
cblr-7219	1076	24	usually	usually	ADV
cblr-7219	1076	25	triggered	trigger	VERB
cblr-7219	1076	26	by	by	ADP
cblr-7219	1076	27	the	the	DET
cblr-7219	1076	28	default	default	NOUN
cblr-7219	1076	29	of	of	ADP
cblr-7219	1076	30	one	one	NUM
cblr-7219	1076	31	of	of	ADP
cblr-7219	1076	32	its	its	PRON
cblr-7219	1076	33	clearing	clearing	NOUN
cblr-7219	1076	34	members.336	members.336	VERB
cblr-7219	1076	35	the	the	DET
cblr-7219	1076	36	current	current	ADJ
cblr-7219	1076	37	vmgh	vmgh	NOUN
cblr-7219	1076	38	approach	approach	NOUN
cblr-7219	1076	39	to	to	ADP
cblr-7219	1076	40	dealing	deal	VERB
cblr-7219	1076	41	with	with	ADP
cblr-7219	1076	42	recovery	recovery	NOUN
cblr-7219	1076	43	and	and	CCONJ
cblr-7219	1076	44	resolution	resolution	NOUN
cblr-7219	1076	45	inspires	inspire	VERB
cblr-7219	1076	46	skepticism	skepticism	NOUN
cblr-7219	1076	47	because	because	SCONJ
cblr-7219	1076	48	of	of	ADP
cblr-7219	1076	49	its	its	PRON
cblr-7219	1076	50	procyclical	procyclical	ADJ
cblr-7219	1076	51	nature	nature	NOUN
cblr-7219	1076	52	.	.	PUNCT
cblr-7219	1077	1	it	it	PRON
cblr-7219	1077	2	might	might	AUX
cblr-7219	1077	3	stabilize	stabilize	VERB
cblr-7219	1077	4	the	the	DET
cblr-7219	1077	5	clearinghouse	clearinghouse	NOUN
cblr-7219	1077	6	and	and	CCONJ
cblr-7219	1077	7	contain	contain	VERB
cblr-7219	1077	8	and	and	CCONJ
cblr-7219	1077	9	absorb	absorb	VERB
cblr-7219	1077	10	the	the	DET
cblr-7219	1077	11	losses	loss	NOUN
cblr-7219	1077	12	of	of	ADP
cblr-7219	1077	13	the	the	DET
cblr-7219	1077	14	default	default	NOUN
cblr-7219	1077	15	of	of	ADP
cblr-7219	1077	16	one	one	NUM
cblr-7219	1077	17	clearing	clearing	NOUN
cblr-7219	1077	18	member	member	NOUN
cblr-7219	1077	19	,	,	PUNCT
cblr-7219	1077	20	but	but	CCONJ
cblr-7219	1077	21	it	it	PRON
cblr-7219	1077	22	would	would	AUX
cblr-7219	1077	23	do	do	VERB
cblr-7219	1077	24	so	so	ADV
cblr-7219	1077	25	to	to	ADP
cblr-7219	1077	26	the	the	DET
cblr-7219	1077	27	detriment	detriment	NOUN
cblr-7219	1077	28	of	of	ADP
cblr-7219	1077	29	the	the	DET
cblr-7219	1077	30	clearinghouse	clearinghouse	NOUN
cblr-7219	1077	31	’s	’s	PART
cblr-7219	1077	32	members	member	NOUN
cblr-7219	1077	33	and	and	CCONJ
cblr-7219	1077	34	the	the	DET
cblr-7219	1077	35	markets	market	NOUN
cblr-7219	1077	36	in	in	ADP
cblr-7219	1077	37	general	general	ADJ
cblr-7219	1077	38	.	.	PUNCT
cblr-7219	1078	1	members	member	NOUN
cblr-7219	1078	2	would	would	AUX
cblr-7219	1078	3	bear	bear	VERB
cblr-7219	1078	4	all	all	DET
cblr-7219	1078	5	the	the	DET
cblr-7219	1078	6	costs	cost	NOUN
cblr-7219	1078	7	for	for	ADP
cblr-7219	1078	8	the	the	DET
cblr-7219	1078	9	mismanagement	mismanagement	NOUN
cblr-7219	1078	10	of	of	ADP
cblr-7219	1078	11	the	the	DET
cblr-7219	1078	12	clearinghouse	clearinghouse	NOUN
cblr-7219	1078	13	,	,	PUNCT
cblr-7219	1078	14	while	while	SCONJ
cblr-7219	1078	15	shareholders	shareholder	NOUN
cblr-7219	1078	16	would	would	AUX
cblr-7219	1078	17	not	not	PART
cblr-7219	1078	18	be	be	AUX
cblr-7219	1078	19	involved	involve	VERB
cblr-7219	1078	20	in	in	ADP
cblr-7219	1078	21	the	the	DET
cblr-7219	1078	22	risk	risk	NOUN
cblr-7219	1078	23	-	-	PUNCT
cblr-7219	1078	24	sharing	sharing	NOUN
cblr-7219	1078	25	.	.	PUNCT
cblr-7219	1079	1	in	in	ADP
cblr-7219	1079	2	the	the	DET
cblr-7219	1079	3	current	current	ADJ
cblr-7219	1079	4	regulatory	regulatory	ADJ
cblr-7219	1079	5	and	and	CCONJ
cblr-7219	1079	6	market	market	NOUN
cblr-7219	1079	7	environment	environment	NOUN
cblr-7219	1079	8	,	,	PUNCT
cblr-7219	1079	9	clearinghouses	clearinghouse	NOUN
cblr-7219	1079	10	’	'	PUNCT
cblr-7219	1079	11	shareholder	shareholder	NOUN
cblr-7219	1079	12	equity	equity	NOUN
cblr-7219	1079	13	remains	remain	VERB
cblr-7219	1079	14	completely	completely	ADV
cblr-7219	1079	15	shielded	shield	VERB
cblr-7219	1079	16	from	from	ADP
cblr-7219	1079	17	any	any	DET
cblr-7219	1079	18	possible	possible	ADJ
cblr-7219	1079	19	losses	loss	NOUN
cblr-7219	1079	20	;	;	PUNCT
cblr-7219	1079	21	clearing	clear	VERB
cblr-7219	1079	22	members	member	NOUN
cblr-7219	1079	23	are	be	AUX
cblr-7219	1079	24	on	on	ADP
cblr-7219	1079	25	the	the	DET
cblr-7219	1079	26	hook	hook	NOUN
cblr-7219	1079	27	and	and	CCONJ
cblr-7219	1079	28	are	be	AUX
cblr-7219	1079	29	required	require	VERB
cblr-7219	1079	30	to	to	PART
cblr-7219	1079	31	keep	keep	VERB
cblr-7219	1079	32	the	the	DET
cblr-7219	1079	33	clearinghouse	clearinghouse	NOUN
cblr-7219	1079	34	afloat	afloat	ADV
cblr-7219	1079	35	,	,	PUNCT
cblr-7219	1079	36	possibly	possibly	ADV
cblr-7219	1079	37	indefinitely.337	indefinitely.337	VERB
cblr-7219	1079	38	335	335	NUM
cblr-7219	1079	39	vmgh	vmgh	NOUN
cblr-7219	1079	40	would	would	AUX
cblr-7219	1079	41	be	be	AUX
cblr-7219	1079	42	triggered	trigger	VERB
cblr-7219	1079	43	after	after	ADP
cblr-7219	1079	44	a	a	DET
cblr-7219	1079	45	billion	billion	NUM
cblr-7219	1079	46	dollars	dollar	NOUN
cblr-7219	1079	47	’	'	PUNCT
cblr-7219	1079	48	worth	worth	NOUN
cblr-7219	1079	49	of	of	ADP
cblr-7219	1079	50	collateral	collateral	NOUN
cblr-7219	1079	51	has	have	AUX
cblr-7219	1079	52	already	already	ADV
cblr-7219	1079	53	been	be	AUX
cblr-7219	1079	54	sold	sell	VERB
cblr-7219	1079	55	on	on	ADP
cblr-7219	1079	56	the	the	DET
cblr-7219	1079	57	market	market	NOUN
cblr-7219	1079	58	,	,	PUNCT
cblr-7219	1079	59	likely	likely	ADV
cblr-7219	1079	60	at	at	ADP
cblr-7219	1079	61	a	a	DET
cblr-7219	1079	62	discount	discount	NOUN
cblr-7219	1079	63	price	price	NOUN
cblr-7219	1079	64	;	;	PUNCT
cblr-7219	1079	65	therefore	therefore	ADV
cblr-7219	1079	66	,	,	PUNCT
cblr-7219	1079	67	vmgh	vmgh	NOUN
cblr-7219	1079	68	would	would	AUX
cblr-7219	1079	69	be	be	AUX
cblr-7219	1079	70	triggered	trigger	VERB
cblr-7219	1079	71	in	in	ADP
cblr-7219	1079	72	a	a	DET
cblr-7219	1079	73	market	market	NOUN
cblr-7219	1079	74	with	with	ADP
cblr-7219	1079	75	pre	pre	ADJ
cblr-7219	1079	76	-	-	ADJ
cblr-7219	1079	77	existing	exist	VERB
cblr-7219	1079	78	fire	fire	NOUN
cblr-7219	1079	79	-	-	PUNCT
cblr-7219	1079	80	sale	sale	NOUN
cblr-7219	1079	81	activities	activity	NOUN
cblr-7219	1079	82	.	.	PUNCT
cblr-7219	1080	1	see	see	VERB
cblr-7219	1080	2	dermot	dermot	PROPN
cblr-7219	1080	3	turing	turing	PROPN
cblr-7219	1080	4	&	&	CCONJ
cblr-7219	1080	5	manmohan	manmohan	PROPN
cblr-7219	1080	6	singh	singh	PROPN
cblr-7219	1080	7	,	,	PUNCT
cblr-7219	1080	8	the	the	DET
cblr-7219	1080	9	morning	morning	NOUN
cblr-7219	1080	10	after	after	ADP
cblr-7219	1080	11	—	—	PUNCT
cblr-7219	1080	12	the	the	DET
cblr-7219	1080	13	impact	impact	NOUN
cblr-7219	1080	14	on	on	ADP
cblr-7219	1080	15	collateral	collateral	ADJ
cblr-7219	1080	16	supply	supply	NOUN
cblr-7219	1080	17	after	after	ADP
cblr-7219	1080	18	a	a	DET
cblr-7219	1080	19	major	major	ADJ
cblr-7219	1080	20	default	default	NOUN
cblr-7219	1080	21	9	9	NUM
cblr-7219	1080	22	(	(	PUNCT
cblr-7219	1080	23	int’l	int’l	NUM
cblr-7219	1080	24	monetary	monetary	ADJ
cblr-7219	1080	25	fund	fund	NOUN
cblr-7219	1080	26	,	,	PUNCT
cblr-7219	1080	27	working	working	NOUN
cblr-7219	1080	28	paper	paper	NOUN
cblr-7219	1080	29	no	no	INTJ
cblr-7219	1080	30	.	.	PUNCT
cblr-7219	1081	1	18/228	18/228	NUM
cblr-7219	1081	2	,	,	PUNCT
cblr-7219	1081	3	2018	2018	NUM
cblr-7219	1081	4	)	)	PUNCT
cblr-7219	1081	5	.	.	PUNCT
cblr-7219	1082	1	the	the	DET
cblr-7219	1082	2	result	result	NOUN
cblr-7219	1082	3	is	be	AUX
cblr-7219	1082	4	to	to	PART
cblr-7219	1082	5	require	require	VERB
cblr-7219	1082	6	even	even	ADV
cblr-7219	1082	7	more	more	ADJ
cblr-7219	1082	8	collateral	collateral	NOUN
cblr-7219	1082	9	to	to	PART
cblr-7219	1082	10	be	be	AUX
cblr-7219	1082	11	trimmed	trim	VERB
cblr-7219	1082	12	from	from	ADP
cblr-7219	1082	13	the	the	DET
cblr-7219	1082	14	already	already	ADV
cblr-7219	1082	15	-	-	PUNCT
cblr-7219	1082	16	pledged	pledge	VERB
cblr-7219	1082	17	margins	margin	NOUN
cblr-7219	1082	18	.	.	PUNCT
cblr-7219	1083	1	see	see	VERB
cblr-7219	1083	2	i	i	PRON
cblr-7219	1083	3	d.	d.	PROPN
cblr-7219	1083	4	as	as	ADP
cblr-7219	1083	5	a	a	DET
cblr-7219	1083	6	result	result	NOUN
cblr-7219	1083	7	,	,	PUNCT
cblr-7219	1083	8	the	the	DET
cblr-7219	1083	9	existing	exist	VERB
cblr-7219	1083	10	open	open	ADJ
cblr-7219	1083	11	positions	position	NOUN
cblr-7219	1083	12	with	with	ADP
cblr-7219	1083	13	the	the	DET
cblr-7219	1083	14	clearinghouse	clearinghouse	NOUN
cblr-7219	1083	15	are	be	AUX
cblr-7219	1083	16	left	leave	VERB
cblr-7219	1083	17	undercollateralized	undercollateralized	ADJ
cblr-7219	1083	18	,	,	PUNCT
cblr-7219	1083	19	which	which	PRON
cblr-7219	1083	20	exposes	expose	VERB
cblr-7219	1083	21	the	the	DET
cblr-7219	1083	22	clearinghouse	clearinghouse	NOUN
cblr-7219	1083	23	to	to	ADP
cblr-7219	1083	24	even	even	ADV
cblr-7219	1083	25	more	more	ADJ
cblr-7219	1083	26	fragility	fragility	NOUN
cblr-7219	1083	27	.	.	PUNCT
cblr-7219	1084	1	336	336	NUM
cblr-7219	1084	2	it	it	PRON
cblr-7219	1084	3	is	be	AUX
cblr-7219	1084	4	also	also	ADV
cblr-7219	1084	5	possible	possible	ADJ
cblr-7219	1084	6	that	that	SCONJ
cblr-7219	1084	7	a	a	DET
cblr-7219	1084	8	clearinghouse	clearinghouse	NOUN
cblr-7219	1084	9	would	would	AUX
cblr-7219	1084	10	fail	fail	VERB
cblr-7219	1084	11	because	because	SCONJ
cblr-7219	1084	12	of	of	ADP
cblr-7219	1084	13	operational	operational	ADJ
cblr-7219	1084	14	risk	risk	NOUN
cblr-7219	1084	15	.	.	PUNCT
cblr-7219	1085	1	337	337	NUM
cblr-7219	1085	2	see	see	VERB
cblr-7219	1085	3	dermot	dermot	PROPN
cblr-7219	1085	4	turing	ture	VERB
cblr-7219	1085	5	,	,	PUNCT
cblr-7219	1085	6	what	what	PRON
cblr-7219	1085	7	do	do	AUX
cblr-7219	1085	8	we	we	PRON
cblr-7219	1085	9	do	do	VERB
cblr-7219	1085	10	with	with	ADP
cblr-7219	1085	11	troubled	troubled	ADJ
cblr-7219	1085	12	ccps	ccp	NOUN
cblr-7219	1085	13	?	?	PUNCT
cblr-7219	1085	14	,	,	PUNCT
cblr-7219	1085	15	70	70	NUM
cblr-7219	1085	16	vand	vand	NOUN
cblr-7219	1085	17	.	.	PUNCT
cblr-7219	1086	1	l.	l.	PROPN
cblr-7219	1086	2	rev	rev	PROPN
cblr-7219	1086	3	.	.	PROPN
cblr-7219	1087	1	en	en	PROPN
cblr-7219	1087	2	banc	banc	PROPN
cblr-7219	1087	3	279	279	NUM
cblr-7219	1087	4	,	,	PUNCT
cblr-7219	1087	5	280	280	NUM
cblr-7219	1087	6	(	(	PUNCT
cblr-7219	1087	7	2017	2017	NUM
cblr-7219	1087	8	)	)	PUNCT
cblr-7219	1087	9	.	.	PUNCT
cblr-7219	1088	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	1088	2	(	(	PUNCT
cblr-7219	1088	3	do	do	AUX
cblr-7219	1088	4	not	not	PART
cblr-7219	1088	5	delte	delte	VERB
cblr-7219	1088	6	)	)	PUNCT
cblr-7219	1088	7	10/21/2020	10/21/2020	NUM
cblr-7219	1088	8	11:22	11:22	NUM
cblr-7219	1088	9	am	be	AUX
cblr-7219	1088	10	530	530	NUM
cblr-7219	1088	11	columbia	columbia	PROPN
cblr-7219	1088	12	business	business	NOUN
cblr-7219	1088	13	law	law	NOUN
cblr-7219	1088	14	review	review	NOUN
cblr-7219	1089	1	[	[	X
cblr-7219	1089	2	vol	vol	NOUN
cblr-7219	1089	3	.	.	PUNCT
cblr-7219	1089	4	2020	2020	NUM
cblr-7219	1089	5	reassessing	reassess	VERB
cblr-7219	1089	6	the	the	DET
cblr-7219	1089	7	unstable	unstable	ADJ
cblr-7219	1089	8	organizational	organizational	ADJ
cblr-7219	1089	9	structure	structure	NOUN
cblr-7219	1089	10	of	of	ADP
cblr-7219	1089	11	clearinghouses	clearinghouse	NOUN
cblr-7219	1089	12	should	should	AUX
cblr-7219	1089	13	be	be	AUX
cblr-7219	1089	14	a	a	DET
cblr-7219	1089	15	priority	priority	NOUN
cblr-7219	1089	16	for	for	ADP
cblr-7219	1089	17	policymakers	policymaker	NOUN
cblr-7219	1089	18	.	.	PUNCT
cblr-7219	1090	1	reducing	reduce	VERB
cblr-7219	1090	2	risk	risk	NOUN
cblr-7219	1090	3	-	-	PUNCT
cblr-7219	1090	4	taking	take	VERB
cblr-7219	1090	5	incentives	incentive	NOUN
cblr-7219	1090	6	and	and	CCONJ
cblr-7219	1090	7	containing	contain	VERB
cblr-7219	1090	8	agency	agency	NOUN
cblr-7219	1090	9	costs	cost	NOUN
cblr-7219	1090	10	between	between	ADP
cblr-7219	1090	11	members	member	NOUN
cblr-7219	1090	12	and	and	CCONJ
cblr-7219	1090	13	shareholders	shareholder	NOUN
cblr-7219	1090	14	would	would	AUX
cblr-7219	1090	15	reduce	reduce	VERB
cblr-7219	1090	16	the	the	DET
cblr-7219	1090	17	likelihood	likelihood	NOUN
cblr-7219	1090	18	of	of	ADP
cblr-7219	1090	19	initiating	initiate	VERB
cblr-7219	1090	20	recovery	recovery	NOUN
cblr-7219	1090	21	and	and	CCONJ
cblr-7219	1090	22	resolution	resolution	NOUN
cblr-7219	1090	23	actions	action	NOUN
cblr-7219	1090	24	.	.	PUNCT
cblr-7219	1091	1	when	when	SCONJ
cblr-7219	1091	2	recovery	recovery	NOUN
cblr-7219	1091	3	and	and	CCONJ
cblr-7219	1091	4	resolution	resolution	NOUN
cblr-7219	1091	5	tools	tool	NOUN
cblr-7219	1091	6	may	may	AUX
cblr-7219	1091	7	at	at	ADP
cblr-7219	1091	8	some	some	DET
cblr-7219	1091	9	point	point	NOUN
cblr-7219	1091	10	have	have	VERB
cblr-7219	1091	11	to	to	PART
cblr-7219	1091	12	be	be	AUX
cblr-7219	1091	13	deployed	deploy	VERB
cblr-7219	1091	14	,	,	PUNCT
cblr-7219	1091	15	they	they	PRON
cblr-7219	1091	16	should	should	AUX
cblr-7219	1091	17	allocate	allocate	VERB
cblr-7219	1091	18	all	all	DET
cblr-7219	1091	19	losses	loss	NOUN
cblr-7219	1091	20	onto	onto	ADP
cblr-7219	1091	21	a	a	DET
cblr-7219	1091	22	clearinghouse	clearinghouse	NOUN
cblr-7219	1091	23	’s	’s	PART
cblr-7219	1091	24	members	member	NOUN
cblr-7219	1091	25	,	,	PUNCT
cblr-7219	1091	26	leaving	leave	VERB
cblr-7219	1091	27	the	the	DET
cblr-7219	1091	28	firm	firm	NOUN
cblr-7219	1091	29	’s	’s	PART
cblr-7219	1091	30	shareholders	shareholder	NOUN
cblr-7219	1091	31	off	off	ADP
cblr-7219	1091	32	the	the	DET
cblr-7219	1091	33	hook	hook	NOUN
cblr-7219	1091	34	.	.	PUNCT
cblr-7219	1092	1	finally	finally	ADV
cblr-7219	1092	2	,	,	PUNCT
cblr-7219	1092	3	policymakers	policymaker	NOUN
cblr-7219	1092	4	should	should	AUX
cblr-7219	1092	5	focus	focus	VERB
cblr-7219	1092	6	their	their	PRON
cblr-7219	1092	7	attention	attention	NOUN
cblr-7219	1092	8	not	not	PART
cblr-7219	1092	9	just	just	ADV
cblr-7219	1092	10	on	on	ADP
cblr-7219	1092	11	the	the	DET
cblr-7219	1092	12	node	node	NOUN
cblr-7219	1092	13	of	of	ADP
cblr-7219	1092	14	the	the	DET
cblr-7219	1092	15	system	system	NOUN
cblr-7219	1092	16	—	—	PUNCT
cblr-7219	1092	17	the	the	DET
cblr-7219	1092	18	clearinghouse	clearinghouse	NOUN
cblr-7219	1092	19	—	—	PUNCT
cblr-7219	1092	20	but	but	CCONJ
cblr-7219	1092	21	also	also	ADV
cblr-7219	1092	22	on	on	ADP
cblr-7219	1092	23	its	its	PRON
cblr-7219	1092	24	links.338	links.338	NOUN
cblr-7219	1092	25	rather	rather	ADV
cblr-7219	1092	26	than	than	ADP
cblr-7219	1092	27	debating	debate	VERB
cblr-7219	1092	28	whether	whether	SCONJ
cblr-7219	1092	29	or	or	CCONJ
cblr-7219	1092	30	not	not	PART
cblr-7219	1092	31	clearinghouses	clearinghouse	NOUN
cblr-7219	1092	32	qualify	qualify	VERB
cblr-7219	1092	33	for	for	ADP
cblr-7219	1092	34	the	the	DET
cblr-7219	1092	35	special	special	ADJ
cblr-7219	1092	36	bankruptcy	bankruptcy	NOUN
cblr-7219	1092	37	regime	regime	NOUN
cblr-7219	1092	38	of	of	ADP
cblr-7219	1092	39	title	title	PROPN
cblr-7219	1092	40	ii	ii	PROPN
cblr-7219	1092	41	of	of	ADP
cblr-7219	1092	42	doddfrank	doddfrank	PROPN
cblr-7219	1092	43	,	,	PUNCT
cblr-7219	1092	44	policymakers	policymaker	NOUN
cblr-7219	1092	45	should	should	AUX
cblr-7219	1092	46	carve	carve	VERB
cblr-7219	1092	47	out	out	ADP
cblr-7219	1092	48	special	special	ADJ
cblr-7219	1092	49	rules	rule	NOUN
cblr-7219	1092	50	for	for	ADP
cblr-7219	1092	51	the	the	DET
cblr-7219	1092	52	treatment	treatment	NOUN
cblr-7219	1092	53	of	of	ADP
cblr-7219	1092	54	a	a	DET
cblr-7219	1092	55	clearing	clearing	NOUN
cblr-7219	1092	56	member	member	NOUN
cblr-7219	1092	57	’s	’s	PART
cblr-7219	1092	58	obligations	obligation	NOUN
cblr-7219	1092	59	to	to	ADP
cblr-7219	1092	60	its	its	PRON
cblr-7219	1092	61	clearinghouse	clearinghouse	NOUN
cblr-7219	1092	62	.	.	PUNCT
cblr-7219	1093	1	in	in	ADP
cblr-7219	1093	2	other	other	ADJ
cblr-7219	1093	3	words	word	NOUN
cblr-7219	1093	4	,	,	PUNCT
cblr-7219	1093	5	if	if	SCONJ
cblr-7219	1093	6	a	a	DET
cblr-7219	1093	7	clearinghouse	clearinghouse	NOUN
cblr-7219	1093	8	faced	face	VERB
cblr-7219	1093	9	distress	distress	NOUN
cblr-7219	1093	10	and	and	CCONJ
cblr-7219	1093	11	one	one	NUM
cblr-7219	1093	12	or	or	CCONJ
cblr-7219	1093	13	more	more	ADJ
cblr-7219	1093	14	of	of	ADP
cblr-7219	1093	15	its	its	PRON
cblr-7219	1093	16	members	member	NOUN
cblr-7219	1093	17	defaulted	default	VERB
cblr-7219	1093	18	,	,	PUNCT
cblr-7219	1093	19	it	it	PRON
cblr-7219	1093	20	is	be	AUX
cblr-7219	1093	21	very	very	ADV
cblr-7219	1093	22	likely	likely	ADJ
cblr-7219	1093	23	that	that	SCONJ
cblr-7219	1093	24	the	the	DET
cblr-7219	1093	25	whole	whole	ADJ
cblr-7219	1093	26	system	system	NOUN
cblr-7219	1093	27	would	would	AUX
cblr-7219	1093	28	be	be	AUX
cblr-7219	1093	29	facing	face	VERB
cblr-7219	1093	30	distress	distress	NOUN
cblr-7219	1093	31	,	,	PUNCT
cblr-7219	1093	32	including	include	VERB
cblr-7219	1093	33	and	and	CCONJ
cblr-7219	1093	34	especially	especially	ADV
cblr-7219	1093	35	clearing	clear	VERB
cblr-7219	1093	36	members	member	NOUN
cblr-7219	1093	37	.	.	PUNCT
cblr-7219	1094	1	regulators	regulator	NOUN
cblr-7219	1094	2	should	should	AUX
cblr-7219	1094	3	strengthen	strengthen	VERB
cblr-7219	1094	4	the	the	DET
cblr-7219	1094	5	legal	legal	ADJ
cblr-7219	1094	6	obligations	obligation	NOUN
cblr-7219	1094	7	of	of	ADP
cblr-7219	1094	8	members	member	NOUN
cblr-7219	1094	9	to	to	PART
cblr-7219	1094	10	fulfill	fulfill	VERB
cblr-7219	1094	11	their	their	PRON
cblr-7219	1094	12	assessment	assessment	NOUN
cblr-7219	1094	13	rights	right	NOUN
cblr-7219	1094	14	,	,	PUNCT
cblr-7219	1094	15	particularly	particularly	ADV
cblr-7219	1094	16	in	in	ADP
cblr-7219	1094	17	the	the	DET
cblr-7219	1094	18	case	case	NOUN
cblr-7219	1094	19	where	where	SCONJ
cblr-7219	1094	20	a	a	DET
cblr-7219	1094	21	clearing	clearing	NOUN
cblr-7219	1094	22	member	member	NOUN
cblr-7219	1094	23	is	be	AUX
cblr-7219	1094	24	under	under	ADP
cblr-7219	1094	25	a	a	DET
cblr-7219	1094	26	recovery	recovery	NOUN
cblr-7219	1094	27	and	and	CCONJ
cblr-7219	1094	28	resolution	resolution	NOUN
cblr-7219	1094	29	regime	regime	NOUN
cblr-7219	1094	30	.	.	PUNCT
cblr-7219	1095	1	a	a	DET
cblr-7219	1095	2	better	well	ADJ
cblr-7219	1095	3	alignment	alignment	NOUN
cblr-7219	1095	4	of	of	ADP
cblr-7219	1095	5	riskbearing	riskbeare	VERB
cblr-7219	1095	6	costs	cost	NOUN
cblr-7219	1095	7	and	and	CCONJ
cblr-7219	1095	8	control	control	NOUN
cblr-7219	1095	9	rights	right	NOUN
cblr-7219	1095	10	,	,	PUNCT
cblr-7219	1095	11	achieved	achieve	VERB
cblr-7219	1095	12	through	through	ADP
cblr-7219	1095	13	one	one	NUM
cblr-7219	1095	14	of	of	ADP
cblr-7219	1095	15	the	the	DET
cblr-7219	1095	16	four	four	NUM
cblr-7219	1095	17	policy	policy	NOUN
cblr-7219	1095	18	solutions	solution	NOUN
cblr-7219	1095	19	described	describe	VERB
cblr-7219	1095	20	above	above	ADV
cblr-7219	1095	21	,	,	PUNCT
cblr-7219	1095	22	would	would	AUX
cblr-7219	1095	23	increase	increase	VERB
cblr-7219	1095	24	firms	firm	NOUN
cblr-7219	1095	25	’	'	PUNCT
cblr-7219	1095	26	incentive	incentive	NOUN
cblr-7219	1095	27	to	to	PART
cblr-7219	1095	28	build	build	VERB
cblr-7219	1095	29	more	more	ADV
cblr-7219	1095	30	robust	robust	ADJ
cblr-7219	1095	31	buffers	buffer	NOUN
cblr-7219	1095	32	of	of	ADP
cblr-7219	1095	33	loss	loss	NOUN
cblr-7219	1095	34	-	-	PUNCT
cblr-7219	1095	35	absorbing	absorb	VERB
cblr-7219	1095	36	resources	resource	NOUN
cblr-7219	1095	37	and	and	CCONJ
cblr-7219	1095	38	to	to	PART
cblr-7219	1095	39	invest	invest	VERB
cblr-7219	1095	40	in	in	ADP
cblr-7219	1095	41	alternative	alternative	ADJ
cblr-7219	1095	42	risk	risk	NOUN
cblr-7219	1095	43	-	-	PUNCT
cblr-7219	1095	44	sharing	share	VERB
cblr-7219	1095	45	and	and	CCONJ
cblr-7219	1095	46	hedging	hedging	NOUN
cblr-7219	1095	47	mechanisms	mechanism	NOUN
cblr-7219	1095	48	—	—	PUNCT
cblr-7219	1095	49	i.e.	i.e.	X
cblr-7219	1095	50	,	,	PUNCT
cblr-7219	1095	51	insurance	insurance	NOUN
cblr-7219	1095	52	.	.	PUNCT
cblr-7219	1096	1	339	339	NUM
cblr-7219	1096	2	vi	vi	NOUN
cblr-7219	1096	3	.	.	PUNCT
cblr-7219	1096	4	conclusion	conclusion	NOUN
cblr-7219	1096	5	clearinghouses	clearinghouse	NOUN
cblr-7219	1096	6	are	be	AUX
cblr-7219	1096	7	the	the	DET
cblr-7219	1096	8	central	central	ADJ
cblr-7219	1096	9	nodes	node	NOUN
cblr-7219	1096	10	in	in	ADP
cblr-7219	1096	11	the	the	DET
cblr-7219	1096	12	post	post	ADJ
cblr-7219	1096	13	-	-	ADJ
cblr-7219	1096	14	crisis	crisis	ADJ
cblr-7219	1096	15	derivatives	derivative	NOUN
cblr-7219	1096	16	markets	market	NOUN
cblr-7219	1096	17	.	.	PUNCT
cblr-7219	1097	1	while	while	SCONJ
cblr-7219	1097	2	in	in	ADP
cblr-7219	1097	3	the	the	DET
cblr-7219	1097	4	pre	pre	ADJ
cblr-7219	1097	5	-	-	NOUN
cblr-7219	1097	6	crisis	crisis	ADJ
cblr-7219	1097	7	markets	market	NOUN
cblr-7219	1097	8	financial	financial	ADJ
cblr-7219	1097	9	risk	risk	NOUN
cblr-7219	1097	10	was	be	AUX
cblr-7219	1097	11	spread	spread	VERB
cblr-7219	1097	12	across	across	ADP
cblr-7219	1097	13	the	the	DET
cblr-7219	1097	14	system	system	NOUN
cblr-7219	1097	15	,	,	PUNCT
cblr-7219	1097	16	the	the	DET
cblr-7219	1097	17	risk	risk	NOUN
cblr-7219	1097	18	of	of	ADP
cblr-7219	1097	19	dealing	deal	VERB
cblr-7219	1097	20	in	in	ADP
cblr-7219	1097	21	derivatives	derivative	NOUN
cblr-7219	1097	22	is	be	AUX
cblr-7219	1097	23	now	now	ADV
cblr-7219	1097	24	concentrated	concentrate	VERB
cblr-7219	1097	25	in	in	ADP
cblr-7219	1097	26	clearinghouses	clearinghouse	NOUN
cblr-7219	1097	27	.	.	PUNCT
cblr-7219	1098	1	this	this	DET
cblr-7219	1098	2	new	new	ADJ
cblr-7219	1098	3	architecture	architecture	NOUN
cblr-7219	1098	4	makes	make	VERB
cblr-7219	1098	5	it	it	PRON
cblr-7219	1098	6	more	more	ADV
cblr-7219	1098	7	efficient	efficient	ADJ
cblr-7219	1098	8	for	for	ADP
cblr-7219	1098	9	regulators	regulator	NOUN
cblr-7219	1098	10	and	and	CCONJ
cblr-7219	1098	11	338	338	NUM
cblr-7219	1098	12	see	see	NOUN
cblr-7219	1098	13	saguato	saguato	NOUN
cblr-7219	1098	14	,	,	PUNCT
cblr-7219	1098	15	the	the	DET
cblr-7219	1098	16	hidden	hidden	ADJ
cblr-7219	1098	17	costs	cost	NOUN
cblr-7219	1098	18	of	of	ADP
cblr-7219	1098	19	clearinghouses	clearinghouse	NOUN
cblr-7219	1098	20	,	,	PUNCT
cblr-7219	1098	21	supra	supra	PROPN
cblr-7219	1098	22	note	note	NOUN
cblr-7219	1098	23	8	8	NUM
cblr-7219	1098	24	(	(	PUNCT
cblr-7219	1098	25	manuscript	manuscript	NOUN
cblr-7219	1098	26	at	at	ADP
cblr-7219	1098	27	55–59	55–59	NUM
cblr-7219	1098	28	)	)	PUNCT
cblr-7219	1098	29	(	(	PUNCT
cblr-7219	1098	30	analyzing	analyze	VERB
cblr-7219	1098	31	the	the	DET
cblr-7219	1098	32	recovery	recovery	NOUN
cblr-7219	1098	33	and	and	CCONJ
cblr-7219	1098	34	resolution	resolution	NOUN
cblr-7219	1098	35	mechanisms	mechanism	NOUN
cblr-7219	1098	36	and	and	CCONJ
cblr-7219	1098	37	the	the	DET
cblr-7219	1098	38	systemic	systemic	ADJ
cblr-7219	1098	39	resilience	resilience	NOUN
cblr-7219	1098	40	of	of	ADP
cblr-7219	1098	41	clearinghouses	clearinghouse	NOUN
cblr-7219	1098	42	within	within	ADP
cblr-7219	1098	43	the	the	DET
cblr-7219	1098	44	broader	broad	ADJ
cblr-7219	1098	45	network	network	NOUN
cblr-7219	1098	46	of	of	ADP
cblr-7219	1098	47	financial	financial	ADJ
cblr-7219	1098	48	markets	market	NOUN
cblr-7219	1098	49	)	)	PUNCT
cblr-7219	1098	50	.	.	PUNCT
cblr-7219	1099	1	339	339	NUM
cblr-7219	1099	2	see	see	VERB
cblr-7219	1099	3	i	i	PROPN
cblr-7219	1099	4	d.	d.	PROPN
cblr-7219	1099	5	(	(	PUNCT
cblr-7219	1099	6	manuscript	manuscript	NOUN
cblr-7219	1099	7	at	at	ADP
cblr-7219	1099	8	60–63	60–63	NUM
cblr-7219	1099	9	)	)	PUNCT
cblr-7219	1099	10	(	(	PUNCT
cblr-7219	1099	11	offering	offer	VERB
cblr-7219	1099	12	a	a	DET
cblr-7219	1099	13	comprehensive	comprehensive	ADJ
cblr-7219	1099	14	discussion	discussion	NOUN
cblr-7219	1099	15	of	of	ADP
cblr-7219	1099	16	clearinghouses	clearinghouse	NOUN
cblr-7219	1099	17	’	’	PART
cblr-7219	1099	18	proposals	proposal	NOUN
cblr-7219	1099	19	for	for	ADP
cblr-7219	1099	20	recovery	recovery	NOUN
cblr-7219	1099	21	and	and	CCONJ
cblr-7219	1099	22	resolution	resolution	NOUN
cblr-7219	1099	23	reform	reform	NOUN
cblr-7219	1099	24	)	)	PUNCT
cblr-7219	1099	25	.	.	PUNCT
cblr-7219	1100	1	1_2020.2_saguato	1_2020.2_saguato	NUM
cblr-7219	1100	2	(	(	PUNCT
cblr-7219	1100	3	do	do	AUX
cblr-7219	1100	4	not	not	PART
cblr-7219	1100	5	delete	delete	VERB
cblr-7219	1100	6	)	)	PUNCT
cblr-7219	1100	7	10/21/2020	10/21/2020	NUM
cblr-7219	1100	8	11:22	11:22	NUM
cblr-7219	1100	9	am	am	NOUN
cblr-7219	1100	10	no	no	NOUN
cblr-7219	1100	11	.	.	PUNCT
cblr-7219	1101	1	2:449	2:449	NUM
cblr-7219	1101	2	]	]	X
cblr-7219	1101	3	unfinished	unfinished	ADJ
cblr-7219	1101	4	business	business	NOUN
cblr-7219	1101	5	531	531	NUM
cblr-7219	1101	6	supervisors	supervisor	NOUN
cblr-7219	1101	7	to	to	PART
cblr-7219	1101	8	monitor	monitor	VERB
cblr-7219	1101	9	risk	risk	NOUN
cblr-7219	1101	10	and	and	CCONJ
cblr-7219	1101	11	eventually	eventually	ADV
cblr-7219	1101	12	intervene	intervene	VERB
cblr-7219	1101	13	.	.	PUNCT
cblr-7219	1102	1	however	however	ADV
cblr-7219	1102	2	,	,	PUNCT
cblr-7219	1102	3	it	it	PRON
cblr-7219	1102	4	makes	make	VERB
cblr-7219	1102	5	the	the	DET
cblr-7219	1102	6	firms	firm	NOUN
cblr-7219	1102	7	entrusted	entrust	VERB
cblr-7219	1102	8	with	with	ADP
cblr-7219	1102	9	keeping	keep	VERB
cblr-7219	1102	10	the	the	DET
cblr-7219	1102	11	market	market	NOUN
cblr-7219	1102	12	functioning	function	VERB
cblr-7219	1102	13	,	,	PUNCT
cblr-7219	1102	14	and	and	CCONJ
cblr-7219	1102	15	the	the	DET
cblr-7219	1102	16	management	management	NOUN
cblr-7219	1102	17	of	of	ADP
cblr-7219	1102	18	the	the	DET
cblr-7219	1102	19	risk	risk	NOUN
cblr-7219	1102	20	therein	therein	ADV
cblr-7219	1102	21	,	,	PUNCT
cblr-7219	1102	22	systemically	systemically	ADV
cblr-7219	1102	23	important	important	ADJ
cblr-7219	1102	24	.	.	PUNCT
cblr-7219	1103	1	ten	ten	NUM
cblr-7219	1103	2	years	year	NOUN
cblr-7219	1103	3	after	after	ADP
cblr-7219	1103	4	the	the	DET
cblr-7219	1103	5	crisis	crisis	NOUN
cblr-7219	1103	6	,	,	PUNCT
cblr-7219	1103	7	systemic	systemic	ADJ
cblr-7219	1103	8	risk	risk	NOUN
cblr-7219	1103	9	has	have	AUX
cblr-7219	1103	10	been	be	AUX
cblr-7219	1103	11	reduced	reduce	VERB
cblr-7219	1103	12	,	,	PUNCT
cblr-7219	1103	13	but	but	CCONJ
cblr-7219	1103	14	it	it	PRON
cblr-7219	1103	15	has	have	AUX
cblr-7219	1103	16	not	not	PART
cblr-7219	1103	17	disappeared	disappear	VERB
cblr-7219	1103	18	:	:	PUNCT
cblr-7219	1103	19	it	it	PRON
cblr-7219	1103	20	has	have	AUX
cblr-7219	1103	21	been	be	AUX
cblr-7219	1103	22	transformed	transform	VERB
cblr-7219	1103	23	and	and	CCONJ
cblr-7219	1103	24	centralized	centralize	VERB
cblr-7219	1103	25	in	in	ADP
cblr-7219	1103	26	systemic	systemic	ADJ
cblr-7219	1103	27	risk	risk	NOUN
cblr-7219	1103	28	managers	manager	NOUN
cblr-7219	1103	29	.	.	PUNCT
cblr-7219	1104	1	crisis	crisis	NOUN
cblr-7219	1104	2	-	-	PUNCT
cblr-7219	1104	3	driven	drive	VERB
cblr-7219	1104	4	reforms	reform	NOUN
cblr-7219	1104	5	,	,	PUNCT
cblr-7219	1104	6	which	which	PRON
cblr-7219	1104	7	focused	focus	VERB
cblr-7219	1104	8	on	on	ADP
cblr-7219	1104	9	reducing	reduce	VERB
cblr-7219	1104	10	the	the	DET
cblr-7219	1104	11	impact	impact	NOUN
cblr-7219	1104	12	and	and	CCONJ
cblr-7219	1104	13	role	role	NOUN
cblr-7219	1104	14	of	of	ADP
cblr-7219	1104	15	systemically	systemically	ADV
cblr-7219	1104	16	important	important	ADJ
cblr-7219	1104	17	financial	financial	ADJ
cblr-7219	1104	18	institutions	institution	NOUN
cblr-7219	1104	19	,	,	PUNCT
cblr-7219	1104	20	miscalibrated	miscalibrate	VERB
cblr-7219	1104	21	the	the	DET
cblr-7219	1104	22	regulation	regulation	NOUN
cblr-7219	1104	23	of	of	ADP
cblr-7219	1104	24	clearinghouses	clearinghouse	NOUN
cblr-7219	1104	25	’	’	PART
cblr-7219	1104	26	internal	internal	ADJ
cblr-7219	1104	27	governance	governance	NOUN
cblr-7219	1104	28	and	and	CCONJ
cblr-7219	1104	29	financial	financial	ADJ
cblr-7219	1104	30	capital	capital	NOUN
cblr-7219	1104	31	.	.	PUNCT
cblr-7219	1105	1	the	the	DET
cblr-7219	1105	2	agency	agency	NOUN
cblr-7219	1105	3	costs	cost	VERB
cblr-7219	1105	4	between	between	ADP
cblr-7219	1105	5	clearinghouses	clearinghouse	NOUN
cblr-7219	1105	6	’	’	PART
cblr-7219	1105	7	shareholders	shareholder	NOUN
cblr-7219	1105	8	and	and	CCONJ
cblr-7219	1105	9	members	member	NOUN
cblr-7219	1105	10	(	(	PUNCT
cblr-7219	1105	11	the	the	DET
cblr-7219	1105	12	former	former	ADJ
cblr-7219	1105	13	participating	participate	VERB
cblr-7219	1105	14	in	in	ADP
cblr-7219	1105	15	the	the	DET
cblr-7219	1105	16	profits	profit	NOUN
cblr-7219	1105	17	of	of	ADP
cblr-7219	1105	18	the	the	DET
cblr-7219	1105	19	business	business	NOUN
cblr-7219	1105	20	,	,	PUNCT
cblr-7219	1105	21	and	and	CCONJ
cblr-7219	1105	22	the	the	DET
cblr-7219	1105	23	latter	latter	ADJ
cblr-7219	1105	24	bearing	bear	VERB
cblr-7219	1105	25	its	its	PRON
cblr-7219	1105	26	final	final	ADJ
cblr-7219	1105	27	costs	cost	NOUN
cblr-7219	1105	28	)	)	PUNCT
cblr-7219	1105	29	increase	increase	VERB
cblr-7219	1105	30	the	the	DET
cblr-7219	1105	31	moral	moral	ADJ
cblr-7219	1105	32	hazard	hazard	NOUN
cblr-7219	1105	33	of	of	ADP
cblr-7219	1105	34	these	these	DET
cblr-7219	1105	35	institutions	institution	NOUN
cblr-7219	1105	36	and	and	CCONJ
cblr-7219	1105	37	threaten	threaten	VERB
cblr-7219	1105	38	clearinghouses	clearinghouse	NOUN
cblr-7219	1105	39	’	'	PUNCT
cblr-7219	1105	40	systemic	systemic	ADJ
cblr-7219	1105	41	resilience	resilience	NOUN
cblr-7219	1105	42	.	.	PUNCT
cblr-7219	1106	1	this	this	DET
cblr-7219	1106	2	article	article	NOUN
cblr-7219	1106	3	recommends	recommend	VERB
cblr-7219	1106	4	that	that	SCONJ
cblr-7219	1106	5	policymakers	policymaker	NOUN
cblr-7219	1106	6	more	more	ADV
cblr-7219	1106	7	effectively	effectively	ADV
cblr-7219	1106	8	reassess	reassess	VERB
cblr-7219	1106	9	the	the	DET
cblr-7219	1106	10	internal	internal	ADJ
cblr-7219	1106	11	organization	organization	NOUN
cblr-7219	1106	12	of	of	ADP
cblr-7219	1106	13	clearinghouses	clearinghouse	NOUN
cblr-7219	1106	14	in	in	ADP
cblr-7219	1106	15	order	order	NOUN
cblr-7219	1106	16	to	to	PART
cblr-7219	1106	17	better	well	ADV
cblr-7219	1106	18	align	align	VERB
cblr-7219	1106	19	the	the	DET
cblr-7219	1106	20	incentives	incentive	NOUN
cblr-7219	1106	21	of	of	ADP
cblr-7219	1106	22	shareholders	shareholder	NOUN
cblr-7219	1106	23	with	with	ADP
cblr-7219	1106	24	those	those	PRON
cblr-7219	1106	25	of	of	ADP
cblr-7219	1106	26	clearing	clear	VERB
cblr-7219	1106	27	members	member	NOUN
cblr-7219	1106	28	.	.	PUNCT