An FMI measures, monitors and manages its credit exposures to participants and those arising from payment, clearing and settlement, and keeps enough financial resources to cover each participant's exposure fully with a high degree of confidence. A payment or securities settlement system covers current and potential future exposure fully; a deferred net settlement system without a guarantee covers at least its two largest participants with affiliates. A central counterparty uses margin and prefunded resources, and adds resources for stress, covering the default of the two largest participants (more complex or multi-jurisdiction CCPs) or the single largest (others) in extreme but plausible conditions. A CCP stress tests daily, reviews scenarios monthly and validates its model at least annually, and every FMI has explicit rules for allocating uncovered credit losses and replenishing resources.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.