A

问题如下：

Assume three counterparties (A, B and C) are entered into bilateral derivative trades with the following net current replacement values: replacement value for A with respect to B = $10 million (i.e., if closed out immediately, B would owe $10 million to A); replacement value for B with respect to C = $10 million; replacement value for C with respect to A = $10 million. If these positions were immediately novated to central counterparty with multilateral netting, which of the following is implied?

选项：

A.

Counterparty exposures among A, B and C are each eliminated to zero; but each will have a $10 million exposure to the central counterparty.

B.

Counterparty exposures among A, B and C are each eliminated to zero; and each will have zero exposure to the central counterparty.

C.

Counterparty exposures among A, B and C are, in total, reduced from $30 million to $10 million; and the central counterparty assumes $20 million in exposure

D.

The total exposure is not reduced from $30 million; it is effectively transferred to the central counterparty