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Clearing, Settlement and Custody, 2nd Edition by David Loader

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Chapter 1

The structure of clearing and settlement

Abstract

This chapter introduces the concepts of clearing and settlement. It discusses the process in respect of payments and securities identifying the key systems. The chapter also looks at the evolution of clearing and settlement and the key recommendations that have shaped the processes used today.

The role of the clearing house and an overview of the major providers of central clearing are explored including DTCC, Euroclear and Euroclear Great Britain and Ireland (CREST), Clearstream, LCH Clearnet, TARGET2.

We look at the flow for a transaction through to settlement seeing how each player is involved.

Keywords

clearing; settlement; clearing house; securities depositories; payments; central clearing; ...

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