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01
Definitions #
The process of setting obligations between derivative counterparties, often through a central counterparty that guarantees performance.
Technical The post-trade process by which a CCP interposes itself between counterparties, novating trades, collecting margins, and ensuring settlement of obligations to reduce systemic risk.
Example The clearing of standardized OTC interest rate swaps is mandatory under EU and US regulations.
02
Etymology #
From the verb to clear, in the sense of settling accounts, plus -ing, used in financial markets from the early 20th century.
03
Collocations #
- central clearing 中央清算
- clearing house 清算所
- clearing obligation 清算义务
- clearing member 清算会员
04
Real Business Examples #
- The clearing of standardized OTC interest rate swaps is mandatory under EU and US regulations.
- Margin is posted with the CCP to cover mark-to-market exposure in derivatives clearing.
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05
Register & Variants #
- Register: formal
- BrE/AmE: 全球通用（英式常用 clearing，美式亦可同用）
06
Synonyms & Antonyms #
- Synonyms: central clearing, CCP clearing
- Antonyms: bilateral settlement, bilateral clearing
07
Common Errors #
- 把 clearing 与 settlement 混淆 clearing 指确定双方义务、匹配交易；settlement 是资金与证券的实际交付。
- 忽略 clearing 中 margin 的 dual nature 初始保证金覆盖潜在敞口，变动保证金反映每日市值变化，两者不同。
08
Confusable Terms #
- netting vs derivatives clearing
- netting 是抵消多重债权债务的过程，clearing 更广，包含 netting 和 CCP 担保。
09
Frequently Asked Questions
clearing 的目的是什么??
降低对手方风险，确保交易履行，避免违约连带的系统性风险。
是否所有衍生品都需中央清算??
仅标准化、流动性充足的合约强制；定制化合约可双边清算。
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