Clearing is the process of reconciling and determining the amounts that participants in a financial transaction must deliver or receive before those amounts are finally paid or transferred. It may involve aggregating transactions, offsetting reciprocal claims, and using an intermediary or other organised arrangement. Settlement is the later stage in which the resulting cash or securities movements are actually completed.
Passende Formel
Source: European Central Bank (ECB) (source). This glossary entry is an independently worded adaptation of the cited information.