September 2005
Intermediate to advanced
272 pages
9h 8m
English
Content preview from Clearing and Settlement of Derivatives
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Clearing System functions
The following functions are performed within the Clearing System:
• Settlement
• Position maintenance
• Margin calculation
• Deliveries (values, batch allocations) and option exercise allocation
processing.
The TRS and CPS facilities allow a clearing member to reconcile
and monitor the transactions being created and placed into their
account at the clearing house and for which they will be liable for
settlement the next day.
Risk management
A very significant role of the clearing house is managing the risk cre-
ated by the transactions on the exchange. From setting the criteria
for membership ...
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