clearinginfrastructuur

Clearinginfrastructuur refers to the set of systems, institutions, and processes that support the clearing and settlement of trades in financial markets. It encompasses central counterparties (CCPs), clearing houses, settlement venues, central securities depositories (CSDs), and associated payment and collateral systems. Together, these elements enable post-trade risk management, efficient netting, and the final transfer of ownership and funds.

The main components include CCPs, which guarantee trades and manage defaults through margin requirements and default procedures; settlement systems that finalize the transfer of securities and cash; CSDs that hold and register securities; and payment systems that move funds, often using real-time gross settlement. Collateral management, risk management, and data reporting are integral, as are the legal and contractual frameworks that govern rights and obligations. IT platforms and interoperability between different infrastructures also play a critical role.

Functions and benefits of clearing infrastructure include reducing counterparty risk and systemic risk, enabling multilateral netting to improve liquidity, ensuring settlement finality, and providing greater price transparency and regulatory reporting. By standardizing and automating post-trade processes, clearing infrastructure supports market integrity and efficiency while aiding compliance with regulatory requirements.

Governance and regulation of clearing infrastructure vary by jurisdiction but are typically anchored in international standards and national rules. Principles from CPSS-IOSCO guide risk management and resilience, while regional frameworks such as EMIR (EU) or equivalent regimes in other regions shape clearing obligations and oversight. CCPs and CSDs operate under strict oversight, with requirements for capital, stress testing, recovery planning, and operational continuity.

Recent trends include increased central clearing for a broader set of products, cross-border interoperability among infrastructures, and ongoing improvements in cyber resilience, operational efficiency, and data analytics to support post-trade processing.