Clearingstelle

Clearingstelle is a term used in German finance for an institution or unit that handles clearance and settlement of financial transactions. Such activities are typically performed by a central counterparty or by a clearing house within a market infrastructure. Clearingstellen reduce counterparty risk by netting obligations and guaranteeing settlement, which increases efficiency and stability in capital markets. In many markets, clearing houses operate as central counterparties (CCPs).

Typical tasks include trade matching, calculating net obligations between counterparties, settling transfers of securities and cash, and managing collateral and margins. They maintain risk controls, run default procedures, and oversee dispute resolution and record-keeping. Clearingstellen can be standalone entities or divisions of exchanges, banks, or financial infrastructures.

Regulation and supervision are common, with membership requirements, capital and liquidity rules, and risk-management standards. In the European Union, clearing obligations and CCP supervision are governed by frameworks such as EMIR, and national authorities supervise clearing institutions and their participation agreements. Notable examples of clearing organizations in Europe include Eurex Clearing, Clearstream, and Euroclear.

In addition to securities and derivatives markets, clearingstellen may also appear in payment systems or other market infrastructures where the clearing of transactions is organized to ensure final settlement.