(15)Transactions not cleared by a CCP might be uncollateralised and therefore each trading venue member or trading party bears the counterparty risk. Moving that risk to other entities, such as participants of a CSD, would force the participants to cover their exposure to counterparty risk with collateral, which could lead to a disproportionate increase in the costs of securities settlement. The failing trading venue member or the failing trading party, as applicable, should therefore bear responsibility for the payment of the price difference, the cash compensation and the buy-in costs.