 If the loss is so large that the exchange cannot cover it, then the members of the exchange make up the loss.Another mitigating factor to consider is that a commonly traded liquid asset, such as gold, wheat, or the S&P 500 stock index, is extremely unlikely to have a future value of $0; thus the counter-party risk is limited to something substantially less than the nominal value.The financial sector is a key industry in developed economies, in which it represents a sizeable share of the GDP and an important source of employment.