A clearing house is financial-market infrastructure that helps members determine what they owe one another after trades or payment instructions are submitted. It may offset or net those obligations, establish settlement amounts and timings, and manage the procedures and safeguards needed to complete them. Where it operates as a central counterparty, it interposes itself between trading parties and manages the resulting credit, liquidity and operational risks.
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Source: European Central Bank (ECB) (source). This glossary entry is an independently worded adaptation of the cited information.