Can a central counterparty fail?

Certainly, I'd be happy to oblige. Here's a question based on the paragraph "Can a central counterparty fail?": "In the world of finance, central counterparties play a crucial role in facilitating trades and mitigating risks. But, given their importance, can a central counterparty ever fail? What are the potential factors that could lead to such a failure, and what measures are in place to prevent or mitigate the consequences if one were to occur?" This question seeks to understand the potential vulnerabilities of central counterparties, as well as the safeguards in place to ensure their stability and resilience in the face of potential challenges.