21.11.3. Acme FinCorp (A), Bitarion Inc (B), and Congrezio LLC (C) have entered into many derivative transactions. When transactions between A and B are netted, the net value to A is -12; the net value to B is +12. When transactions between B and C are netted, the net value to B is -9; the net value to C is +9. When transactions between A and C are netted, the net value to A is +17; the net value to C is -17. Symbolically, in the direction of positive exposure:

• A -> B = +12
• B -> C = +9
• C -> A = +17

The total credit exposure of all three parties is equal to 12 + 9 + 17 = 38. Suppose that all transactions are cleared through a central counterparty (CCP) rather than bilaterally. After clearing through the CCP, what is the total credit exposure of all three (A + B + C) parties?