In the Event of a Default on One Side of a Futures

Multiple Choice

In the event of a default on one side of a futures trade,

A) the clearing member stands in for the defaulting party.
B) the clearing member will seek restitution for the defaulting party.
C) if the default is on the short side, a randomly selected long contract will not get paid. That party will then have standing to initiate a civil suit against the defaulting short.
D) both a and b