The International Securities and Derivatives Association, Inc. issued five “key principles” regarding clearinghouses’ loss-mitigation resources and recovery and resolution. Among other measures, ISDA called for greater transparency regarding clearinghouses’ initial margin methodologies and practices, default fund contributions, and “quantitative disclosures” regarding concentrations to and exposures of individual clearing members so that market participants can better assess potential risks; the implementation of mandatory standardized stress tests to assess clearinghouses’ risk on a consistent basis; the requirement of “material and substantial” skin in the game by all clearinghouses; and the encouragement of clearinghouses’ recovery contingent upon the establishment of “robust” default management plans. ISDA argues that “where [default funds] are not fully prefunded, additional calls to [clearing members] should be pre-defined, limited, quantifiable and fully transparent.”