Sentence:  As long as the stay did not prevent the CCP from making preparations for the auctions, conditioned on the debtor's <WSD>nonassumption</WSD> of the derivatives (and I would advocate that the stay be defined to explicitly permit these kinds of preparations), I believe the effect of a stay on the CCP would therefore be limited enough to be manageable. 
Meaning of the word marked with <WSD> tags:  The failure to take up, adopt, or take responsibility for.