A member firm of a clearing house. Each clearing member must also be a member of the exchange. Not all members of the exchange, however, are members of the clearing organization. All trades of a non-clearing member must be registered with, and eventually settled through, a clearing member.
Nearby TermsClearing house funds Clearing House Interbank Payments System (CHIPS) Clearing member Clearing Member Trade Agreement (CMTA) Clearinghouse
Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University