Before revision:  The total cost of the clearance framework for a member of the clearinghouse , called CCVA for central clearing valuation adjustment, is decomposed into a nonstandard CVA corresponding to the cost of the losses on the default fund in case of defaults of other members, an FVA corresponding to the cost of funding its position (including all the margins ) and a KVA corresponding to the cost of regulatory capital (and for completeness we also incorporate a DVA term).
After revision:  The total cost of the clearance framework for a clearing member , called CCVA for central clearing valuation adjustment, is decomposed into a nonstandard CVA corresponding to the cost of the losses on the default fund in case of defaults of other members, an FVA corresponding to the cost of funding its position (including all the margins ) and a KVA corresponding to the cost of regulatory capital (and for completeness we also incorporate a DVA term).