The Depository Trust and Clearing Corporation added its voice to the debate about how best to enhance the resiliency of clearinghouses (CCPs) through publication of its own white paper entitled “CCP Resiliency and Resources.” In general, DTCC called for regulators to institute transparent stress testing of CCPs utilizing standardized frameworks and “customized testing scenarios that target the diverse products cleared by different CCPs.” Although DTCC did not reference the term “skin in the game” in its white paper, it did support its CCPs’ (National Securities Clearing Corporation and Fixed Income Clearing Corporation) contribution of “meaningful first-loss layers in their default waterfalls.”