Check clearingThe movement of a check from the depository institution at which it was deposited back to the institution on which it was written; the movement of funds in the opposite direction and the corresponding credit and debit to the involved accounts. The Federal Reserve operates a nationwide check-clearing system.
Nonclearing memberNonclearing member
An exchange member firm that is not able to clear transactions, and must pay another member firm to carry out its clearing operations.
London Clearing HouseLondon Clearing House
The organisation founded in 1888 to clear sugar and coffee trades in London, originally known as the London Produce Clearing House. Once LCH has registered a trade, it becomes the buyer to every LCH Member who sells and seller to every LCH Member who buys, thereby guaranteeing that the financial obligations of trades are met.The LCH clears trades conducted on the International Petroleum Exchange (IPE), the London International Financial Futures Exchange (LIFFE) incorporating the London Commodity Exchange (LCE), the London Stock Exchange and the London Metal Exchange (LME). It is owned by the major UK clearing banks (Barclays, LloydsTSB, HSBC, NatWest, Royal Bank of Scotland and Standard Chartered) and is a Recognised Clearing House under the regulatory supervision of the Financial Services Authority (FSA).
Cheque clearingCheque clearing
A system which enables cheques to be transmitted between banks (and between branches) in order to transfer funds.
Clearing corporationsClearing corporations
Organizations that are affiliated with exchanges and are used to complete securities transactions by taking care of validation, delivery, and settlement.
Clearing House Interbank Payments System (CHIPS)Clearing House Interbank Payments System (CHIPS)
An international wire transfer system for high-value payments operated by a group of major banks.
Joint clearing members
Options Clearing Corporation
Options Clearing Corporation (OCC)
National Securities Clearing Corporation
National Securities Clearing Corporation (NSCC)
Mortgage Backed Securities Clearing Corporation (MBSCC)
Recognised Clearing House
clearing house interbank payment system
Clearing House Electronic Subregister System (CHESS)
Clearing house funds
clearing house automated payment system
inter branch clearing
Bankers Automated Clearing Services
Clearing House Automated Payments System (CHAPS)
Automated Clearing House (ACH)
inter bank clearing