Accordingly, exchanges and clearing houses must appropriately manage and mitigate those concentrated risks so that futures and derivatives contracts traded on exchanges would be processed in a stable manner if there is another global financial crisis.
To this end, it is also important for exchanges and clearing houses to ensure that they have appropriate levels of loss-absorbing capacity through assessments based on stress testing.2  Technological Innovation Second, I would like to mention the effects of innovation in the field of financial technology. The remarkable development in information technology in recent years has dramatically accelerated order processing.