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The examples and perspective in this article deal primarily with the United States and do not represent a
of the subject. Please
and discuss the issue on the . (December 2010)
Central Counterparty Clearing (CCC) is a process by which financial transactions in equities are cleared by a single (i.e., "central") counterparty. (Please see
for general information about clearing. This article contains specifics about the process as it applies to non-centrally cleared equity markets in the U.S.)
In the , there is a separation between the Clearing Broker and the Depository. This means that there will be multiple clearing brokers that have to reconcile shares and money against other clearing brokers. It also means that the clearing brokers bear the risk of default on the leg of the transaction that they are servicing. Contrast this with the options market with its , which is a true central clearing counterparty and which bears all default risk (by distributing it evenly among its members).
To better understand , a relatively new process, in the U.S. equity markets, first consider the lifecycle of a trade before Central Counterparty Clearing:
Orders are routed from the investment firms (one is a buyer, the other is a seller) to their respective Executing Brokers.
The Executing Brokers send the orders to the appropriate Marketplace for the security being traded. The Marketplaces respond with executions ("fills").
The Executing Brokers send the fills to the Clearing Broker that was designated by the investment firms. Many Executing Brokers are themselves Clearing Brokers, a term which is called "self-clearing".
The Marketplace(s) and the Clearing Brokers compare their shares/money to make sure that they match. This is referred to as "Street-Side matching".
The Investment Managers inform their respective Custodians what they should expect to receive from/deliver to the Clearing Brokers, and the Custodians perform this comparison. This is referred to as "Customer-Side matching". This occurs the day of the trade (T+0).
On Settlement Date (which is usually up to 3 days after Trade Date, the date when the actual trade occurred), the Clearing Brokers will deliver/receive the match amount of shares/money to settle the trade with both Investment firms.
Further Overview:
Federal Reserve Bank of Chicago
Firms providing Central Counterparty Clearing (may be incomplete):
Other links:
Good, Bad, or Inevitable? A whitepaper on the Introduction of CCP's in Securities Lending (PDF),
: Hidden categories:Stock Broker Clearing Firms
What does a clearing firm do?& Which clearing firm does my broker use?& Does it matter which clearing firm my broker uses?& Site visitors have asked us these types of questions for years so give us a few minutes of your time and we will cover everything once and for all.
Clearing Firms
Clearing firms, also referred to as clearing agents or clearing partners, act as an intermediary between brokers and exchanges.& The primary duty of a clearing firm is to handle back office tasks such as trade execution, processing, confirmation, settlement and regulatory compliance.& Clearing firms are members of an exchange's clearing house and thus
are authorized to clear trades for its broker customers.
Brokers can clear through a non-affiliated company, one of their own subsidiaries or self clear.& Brokers can also utilize different clearing firms to handle trades over different exchanges.& For example,
self clears US traded securities but utilizes Apex Clearing (formally Penson Financial Services, Inc.) for clearing securities on Canadian exchanges.
Clearing Firms By Broker
Here are the main clearing firms used by our reviewed brokers for US traded securities:
BrokerClearing Firm
E*TRADE Clearing LLC
FirstSouthwest Company
National Financial Services LLC (a subsidiary of Fidelity)
Apex Clearing
self clearing
Legent Clearing LLC
Apex Clearing
Charles Schwab Clearing Services
Merrill Lynch
Charles Schwab Clearing Services
self clearing (except advanced options orders which clear through Apex Clearing)
Pershing LLC
Apex Clearing
TD Ameritrade Clearing, Inc.
Apex Clearing
self clearing
First Clearing, LLC (a subsidiary of Wells Fargo Advisors)
Apex Clearing
As you can see, the majority of our reviewed brokers either self clear or clear through one of their own subsidiaries.& Of those that clear via an external party, Apex Clearing (formally Penson Financial Services, Inc.) is the leader.
Largest Clearing Firms
According to , the 10 largest clearing firms ranked by broker-dealer clients are:
Pershing LLC
Apex Clearing (formally Penson Financial Services, Inc.)
National Financial Services LLC (a subsidiary of Fidelity Investments)
Broadcort & Merrill Lynch Professional Clearing Corp. (Bank of America Merrill Lynch)
J.P. Morgan Clearing Corp.
Goldman Sachs Execution and Clearing LP
RBC Correspondent Services
Southwest Securities Inc.
Wedbush Securities Inc.
Sterne Agee Clearing Inc.
What Difference Does It Make?
The clearing firm utilized by your broker affects many areas of service but all clearing firms provide the same basic functionality.& From an end user standpoint, choose the broker that fits your needs regardless of the clearing firm.& All clearing firms reviewed on this site (and the brokers themselves) are equally safe as they offer security protection via .& Any issues with specific clearing firms should be uncovered by .
Related Articles:clearing house cheque的用法和样例：
Helsinki Securities and Derivatives Exchange, Clearing House Ltd.
赫尔辛基证券及衍生商品交易所及结算所有限公司。
We balance these interbank obligations through the clearing house .
我们通过票据交换所来平衡这些银行之间的债务。
A clearing house is an office where banks exchange checksdrafts.
票据交换所是银行交换支票、汇票的地方。
Hobson:What is meant by the term Clearing House Association ?
霍布森：票据交换是什么意思？
A clearing house is an office where banks exchange checks and drafts.
票据交换所是银行交换支票、汇票的地方。
clearing house cheque的海词问答与网友补充：
clearing house cheque的相关资料：
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Clearing Firms
Clearing Firm
FC Stone, LLC
Rabo Securities USA Inc.
RDG Trading
Santander Investment Securities Inc.
Scotia Capital (USA) Inc.
UOBBF Clearing Limited +
+ - Denotes Firm is Not Actively Clearing&
Clearing Firm
FC Stone, LLC
Rabo Securities USA Inc.
RDG Trading
Santander Investment Securities Inc.
Scotia Capital (USA) Inc.
UOBBF Clearing Limited +
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