
To summarise the exchange and clearing process environment we
can say that:
1. Trades take place between exchange members.
2. Trades are made via the trading mechanism applicable to the
exchange.
3. Trades are matched either via the dealing system or through a
matching process.
4. The status of trades is often available in real time through a
trade processing/registration system or at a minimum by peri-
odic reports from the exchange.
5. Unmatched/alleged trades need to be resolved and repaired
within a set time frame or a member will incur fines.
6. Once matched both the buy and the sell elements of the trade
passes to the clearing ...