NO.PZ2024050101000116
问题如下：
Peisong Liu askes Dragon Roaringsky the order of the CCP loss waterfall, and Dragon Roaringsky made three statements. What is the proper order of the CCP loss waterfall?
• I. Non-defaulting member’s default fund contributions are exhausted.
• II. Defaulting member’s collateral and default fund contributions are exhausted.
• III. CCP taps an amount of its equity that enables them to function normally.
选项：
A.I, II, III. B.II, I, III. C.II, III, I. D.III, II, I.解释：
The first layer in the loss waterfall is for the defaulting member’s collateral and default fund contributions to be exhausted. The next layer is for the CCP to tap into its own equity to the point where it could still function normally. Nondefaulting members will then have their default funds exhausted before moving to the rights of assessment.
II. Defaulting member’s collateral and default fund contributions are exhausted. 是第一层。
然后是skin-in-the-game，再来是 I. Non-defaulting member’s default fund contributions are exhausted.
loss allocation以后才是： III. CCP taps an amount of its equity that enables them to function normally.
如有误。。请纠正一下我的理解。。
