Forgive me I don't know a lot about this. I think he is talking about protecting intermediaries like the clearing houses and the exchanges themselves. The excha

Forgive me I don't know a lot about this. I think he is talking about protecting intermediaries like the clearing houses and the exchanges themselves. The exchanges only work if counter party risk doesn't exist. To solve this, the exchanges back stop every trade and act as one common counter party [0]. He is concerned that there is a $15 billion loss out there due to options on GME. This could wipe out the intermediates guaranteeing the trades. Further that $15 billion can grow arbitrarily as GME is in a short squeeze and disconnected from reality. [0] - https://www.cmegroup.com/clearing/risk-management.html https://www.cmegroup.com/clearing/risk-management.html