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Four derivative counterparties have established bilateral netting agreements. The table below provides a summary of their bilateral mark-to-market (MtM) trades. Assuming netting agreements are in place for all pairs of counterparties listed, what is the correct ranking of net exposure per counterparty, from highest to lowest?

A
P, Q, S, R
B
Q, R, S, P
C
R, Q, P, S
D
S, P, Q, R