clearingstrukturer

Clearingstrukturer are the organizational and procedural frameworks through which financial trades are cleared and settled. The goal is to reduce counterparty credit risk by transferring bilateral obligations to a central clearing counterparty or by applying standardized post-trade processes, netting, and collateral management.

A typical clearing structure includes a central counterparty (CCP) that becomes the buyer to every seller and the seller to every buyer, clearing members who are financial institutions authorized to access the CCP, and clients of these members. The CCP requires margin from members, maintains default funds and a default waterfall, and conducts risk management, collateral optimization, and stress testing. Settlement follows the clearing process, often using a securities depository for asset transfers and payment systems for cash legs. Netting reduces the number of payments and exposures.

Clearing can be central (via CCPs) for standardized derivatives and some securities, or bilateral for other instruments. Central clearing is mandatory in many jurisdictions for sufficiently standardized products under regulatory regimes, whereas bilateral clearing remains for less liquid or customized trades. Clearing structures interact with other post-trade infrastructure, such as settlement systems and trade repositories.

Regulatory frameworks govern eligibility, risk controls, collateral, and reporting. In the EU, EMIR outlines requirements for CCPs, clearing members, and risk management; in the US, Dodd-Frank and related rules apply. International standards are shaped by CPSS-IOSCO principles for financial market infrastructures.