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Complete clearing is one of three styles of clearing used before the launching of the Board of Trade Clearing Corporation in 1925. It interposes the clearinghouse as a counterparty to each side of every exchange-traded contract. The Minneapolis Chamber of Commerce Clearing Association was the U.S.'s first "complete clearing" clearinghouse.
Contracts traded on the exchange and accepted for clearing require the clearinghouse to take the buy side of every contract to sell and the sell side of every contract to buy. This role substitutes the credit risk of the clearinghouse for the credit risk of individual counterparties. Thus, contracts exchanged in a complete clearing system are completely fungible.