*** CCP-Central Counter Party) *** CCP-central counter party, also known as central counter party or * * * same settlement counter party, refers to the institutions that intervene between buyers and sellers in securities trading and become "sellers of buyers" and "buyers of sellers" in the settlement process. Multilateral net settlement generally requires the settlement institution to intervene in the contractual relationship between the seller and the buyer as the counterparty and become the only settlement counterparty of all settlement participants. * * * The core content of the counterparty system is guaranteed delivery. * * * After the counterparty intervenes in the contractual relationship between the buyer and the seller, it shall undertake the performance obligations to the settlement participants, and it is not based on the normal performance of any counterparty. If one party in the sale fails to perform the contract with the counterparty normally, the counterparty should also perform the contract with the observant party first, and then take corresponding measures against the defaulting party according to the settlement rules to make up for the losses caused by its breach of contract.