On 11 June 2020, the World Federation of Exchanges (WFE) issued industry guidance which addresses the treatment of non-default losses. The WFE chair notes that non-default losses may not be the main risk faced by central counterparties (CCPs) but it is still important to have a structured approach to dealing with them. In this way CCPs can devote more time to their day job, ensuring that uncertainty over counterparty credit exposures does not threaten the integrity of the financial system.