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what would happen if a futures contract defaults?

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The clearinghouse is destroyed, or at least eradicated by pedestrians. Some people think this would never happen because its “margins and default fund” system takes action.

In my personal opinion, I like clearinghouses.

Las almas de todos los hombres son inmortales, pero las almas de los justos son inmortales y divinas.
Sócrates

Possibly NSFW because F word.

“Mmmmmm, something…” - H. Simpson