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CLEARING

Clearing Services:
Maintaining records of mutual positions in the exchange of cash and securities between counterparties or among a group of participants and effecting orderly settlement of their obligations on a net basis.

Clearing Services

Derivatives Clearing: Exchange-traded Futures:
Clearing services include handling futures contracts traded on a recognized exchange. Some clients wish to trade in futures, more usually those which are exchange-traded. Service providers offering derivatives handling capability must ensure that their staff are knowledgeable and that their systems are geared to recording derivatives trades (the purchase/sale and pending receipt/delivery of underlying securities on maturity), marking positions to market, accounting for margin payments as necessary and reporting to clients.

Derivatives Clearing: Exchange-traded Futures

Derivatives Clearing: Exchange-traded Options:
Clearing services include handling options contracts traded on a recognized exchange. Some clients wish to trade in options, more usually those which are exchange-traded. Service providers offering derivatives handling capability must ensure that their staff are knowledgeable and that their systems are geared to recording derivatives trades (the purchase/sale and pending receipt/delivery of underlying securities on maturity), marking positions to market, accounting for margin payments as necessary and reporting to clients.

Derivatives Clearing: Exchange-traded Options

Derivatives Clearing: OTC Futures:
Handling the additional complexity of futures contracts which are not traded on an officially-recognized exchange (so-called, "over the counter" or OTC trades).

Derivatives Clearing: OTC Futures

Derivatives Clearing: OTC Options:
Handling "over the counter" options contracts.

Derivatives Clearing: OTC Options

Derivatives Clearing: OTC Forwards:
Handling "over the counter" forward contracts.

Derivatives Clearing: OTC Forwards

Derivatives Clearing: OTC Interest Rate Swaps:
Handling "over the counter" interest rate swap contracts.

Derivatives Clearing: OTC Interest Rate Swaps

Derivatives Clearing: OTC FX Swaps:
Handling "over the counter" foreign exchange swap contracts.

Derivatives Clearing: OTC FX Swaps

Overdraft Facilities:
Credit facilities are offered to ensure that trade settlement and cash transactions do not fail because of insufficient funds on the client's cash account. Credit lines are made available by the service provider at its discretion.

Overdraft Facilities

Overdraft Reporting:
Prompt reporting when an overdraft arises (or exceeds a limit specified by the client) to allow the client to see who is causing the unplanned overdraft.

Overdraft Reporting

Other Cash Financing:
A clearing service typically entails offering a wide array of credit products, such as secured and unsecured loans, overnight loans, day loans, letter of credit, revolving credit intraday credit, committed facilities, letters of credit, deposits, etc., all subject to appropriate written agreements.

Other Cash Financing

Equity Finance:
Provision of a range of financing and investment solutions using securities (for example, securities lending, securities borrowing, equity repos, buy sell back), all subject to appropriate written agreements.

Equity Finance

Collateral Management:
Collateral comprises assets given as a guarantee by a borrower to secure a loan or other credit, and subject to seizure in the event of default. Collateral Management refers to the handling of all tasks related to the monitoring of collateral posted by a borrower (collateral reporting, processing of margin calls and returns, monitoring of collateral substitution, notification of corporate events, processing of securities transfers on behalf of the client, etc.)

Collateral Management