NO.PZ2020020601000037
问题如下：
What is the difference between the criteria for setting initial margin in the cleared market versus the uncleared market?
解释：
In the cleared market, CCPs want initial margin to cover five-day price changes with 99% certainty. In the uncleared market, it is anticipated that close-outs will take longer and initial margin covers ten-day price changes with 99% certainty.
什么是cleared market and uncleared market?
