The Commodity Futures Trading Commission (CFTC) defines a “Clearing Organization” as an entity through which futures and other derivatives transactions are cleared and settled. It is also charged with assuring the proper conduct of each contract’s delivery procedures and the adequate financing of trading. A clearing organization may be a division of a particular exchange, an adjunct or affiliate thereof, or a freestanding entity, and is also called a clearing house, multilateral clearing organization or clearing association.
- CME Group
As the counterparty to every trade, CME Clearing settles accounts, clears trades, collects and maintains performance bonds/margins, regulates delivery and reports data. It is the world’s largest derivatives clearing facility, processing more than one billion trades per year.
- ICE Clear
ICE Clear U.S. is the designated clearinghouse for ICE Futures U.S. ICE Clear U.S. was originally organized in 1915 as the New York Cotton Exchange Clearing Association and later became the Commodity Clearing Corporation. Although an ICE Futures U.S. subsidiary, ICE Clear U.S. has its own separate membership, Board of Directors, elected officers and operating staff.
- The Clearing Corporation
The Clearing Corporation is a Delaware corporation owned by 17 stockholders, many of whom represent the world-wide derivatives marketplace participants and market makers, and is the only active independent futures clearinghouse in the world. In 1925, The Clearing Corporation (“CCorp”), then named The Board of Trade Clearing Corporation (BOTCC), became the first independent clearinghouse for futures markets in the United States.
- The Options Clearing Corporation
The Options Clearing Corporation (OCC), founded in 1973, is the world’s largest equity derivatives clearing organization. Although it began as a clearinghouse for listed equity options, the OCC has grown into a globally recognized entity that clears a multitude of diverse and sophisticated products. OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC).