NO.PZ2019052801000094
问题如下：
The concept that the CCP steps in between parties to a transaction, replaces orignal contract with other contracts, and act as an insurer of counterparty risk in both direction is:
选项：
A.
Netting.
B.
Novation.
C.
Margining.
D.
loss mutualization.
解释：
B is correct.
考点：Novation
解析：Novation，更换、代替，指的是将一份OTC的双边合约替换成与CCP的合约。CCP作为清算中心，成为了交易双方的承保人，承担了两方的对手方风险。
A和C为啥不对呢，这也可以降低对手风险吧
