This is where the clearinghouse protects AIG, whose winning contract with BofA nets out against Bear’s losing contract with BofA. The clearinghouse here eliminates counterparty risk for these three, but only by transferring the risk to Citibank, which, instead of losing $50 million, ends up losing the full $100 million.
如果AIG具有系统重要性，无法全额收回1亿美元将导致它破产。这时清算所可以站出来保护AIG，其与美国银行的盈利合约抵消了贝尔斯登与美国银行的亏损合约。在这个例子中，清算所消除了三家机构的对手方风险，但只是将风险转移给了花旗银行，后者原本只损失5000万美元，现在，所有的1亿美元损失都要由它来承担。