问题如下：
The benefits of multilateral netting versus bilateral netting are dependent on a number of factors. Which of the following factors most strongly suggest the need for fewer central counterparties (CCPs) in a global multilateral netting framework?
选项：
A. Reduction of risk exposures.
B. Differences in liquidity for asset
classes.
C. Jurisdictional fragmentation.
D. Reduction in severe systemic risk.
解释：
A One of the biggest benefits of multilateral netting is the reduction of risk exposures. With fewer CCPs a greater degree of risk reduction is realized due to lower dependencies within and across derivative products. This risk reduction helps mitigate systemic risk. Differences in asset classes related to liquidity would suggest more CCPs are needed to concentrate in specific asset classes. Jurisdictional fragmentation in a global market requires local clearing and thus more CCPs. A monopolistic framework with only a few CCPs could lead to severe systemic risk, in the event that margins and collateral are not sufficient to cover losses.
关于D选项，如果很多的ccp引起恶性竞争，不是更容易引发系统性风险吗？所以，应该是倾向于更少的CCP吧。
