### Comment:
'To the extent that this structure is booked with the 
 CME Group Clearing House (CH), the buyer (or 
 effective lender) and seller (or effective borrower) of 
 the box are not exposed to the credit risk of the 
 counterparty. Rather, they are protected by the 
 financial safeguards offered through a centralized 
 counterparty (CCP) clearing mechanism. '

### REPLY:
It’s a guaranteed loan through the options clearing house, the box is a play on rho, it’s like owning t-bill but more flexible, assuming you use European style options, if you use US style the buyer should absolutely execute immediately and get his money 😂

### END.