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  "notes": "This slide describes the operational and risk management strategies for intercompany derivative transactions and inter-affiliate risk.",
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      "text": "Because all affiliates that engage in external derivatives activity under ISDA Master Agreements have signed the 2015 and 2018 ISDA Resolution Stay Protocols (\"ISDA Resolution Stay Protocols\"), their derivatives with adhering counterparties (including all intercompany derivatives) are subject to a stay on certain cross-default and early termination rights in standard ISDA derivative, repo and securities lending contracts in the event of resolution.",
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      "text": "We have taken steps to move counterparties to face the risk management entity, where possible.",
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      "text": "Where possible, we continue to compress derivative contracts, including intercompany contracts, for example through mutually agreed multilateral compressions, coupon blending and solo risk free netting. We have built compression capability with an external vendor to specifically target and reduce intercompany notional and trades.",
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      "text": "By establishing central clearing arrangements between material operating entities, a large percentage of our intercompany derivative transactions are now centrally cleared and no longer present \"interconnectedness risk.\"",
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      "text": "Our systems for the monitoring and control of inter-affiliate risk have been designed and built to offer all of the measurement, monitoring, analysis, and reporting capabilities available for the management of counterparty risk. We recognize that inter-affiliate risk differs from counterparty risk in that the financial distress of an affiliate, particularly of a material entity, poses distinct risk management challenges because it is likely to be accompanied by financial and operational challenges for us as a whole. We supplement our usual counterparty risk management practices",
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      "text": "We have taken several steps to mitigate the increased interconnectivity resulting from intercompany derivative transactions:",
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      "text": "A significant portion of intercompany transactions arise because of our business-as-usual practice of centralizing market risk by product or inventory category in a small number of material operating entities: when the client-facing entity is not also the market risk-managing entity, each transaction with a client generates an additional intercompany transaction to transfer the risk to the risk management entity. This practice has numerous benefits from a business-as-usual risk management perspective; in particular, it maximizes the internal netting of market risk exposures, which results in fewer external hedging transactions with the market.",
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      "text": "We have the ability to provide highly granular reporting for each of our entities with derivatives portfolios. This allows us to evaluate the significance of each material operating entity with respect to our current activity and preferred wind-down strategy.",
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      "text": "2023 Resolution Plan",
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