清算

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在银行和金融领域，清算是指所有金融交易从委托到结清的活动。

[编辑] Central counterparty

Clearing generally involves the use of a well capitalised financial institution known as a central counterparty (CCP). The CCP becomes a party to every trade, acting as buyer to market participant sellers, and seller to market participant buyers. In respect of unsettled trades, market participants therefore bear the standardised credit risk of the CCP, and not that of each other in a decentralised market.

In the United States, interbank clearing is done through the Automated Clearing House (ACH). Its rules and regulations are set by NACHA-The Electronic Payments Association, formerly the National Automated Clearing House Association, and the Federal Reserve. The ACH network acts as central clearing facility for all Electronic Fund Transfer (EFT) transactions. Interbank clearing of paper checks is done by correspondent banks and the Federal Reserve; they are ultimately settled between the 12 Federal Reserve Banks thru the Interdistrict Settlement Fund.