Counterparty Risk Purpose Guide the measurement and management of counterparty credit risk in securities trading and OTC transactions. Covers counterparty exposure calculation, credit risk assessment, netting and close-out arrangements, collateral management, ISDA master agreement structures, central clearing mandates, and counterparty risk monitoring. Enables building or evaluating systems and processes that manage the risk that a trading counterparty fails to meet its obligations. Layer 11 — Trading Operations (Order Lifecycle & Execution) Direction both When to Use - Measuring current and…