Clearing in simple words. Stages of settlement and clearing activities. What is a clearing company

Clearing activities– this is the activity of determining mutual obligations (assembling, reconciling, adjusting information on transactions with securities and preparing accounting documents for them) and their offset for the supply of securities and settlements on them.

This type of activity is carried out by settlement and depository organizations, clearing houses, banks and credit institutions.

The clearing process is very important for the development of exchange activities. The higher the degree of market organization, the more important the role of clearing systems for its participants.

The clearing process is important in that it ensures not only settlements between clearing participants, but also contains a mechanism for guaranteeing the fulfillment of the obligations of the parties on the exchange market, thereby improving the quality of the market, increasing its liquidity and maintaining integrity. The clearing organization (chamber) acts as a guarantor of fulfillment of obligations under transactions. Contractual obligations are with the clearing house, not with each other. This reduces transaction costs and allows markets to operate efficiently.

The clearing process is provided by clearing houses, which can be organized within the structure of the exchange itself or as separate organizations. The status of a clearing house is determined by what functions it will perform.

The development of exchange activities in Russia requires the creation of clearing institutions. Such experience already exists, in particular, on the Moscow exchanges. The initiator of the first clearing institution in St. Petersburg was the St. Petersburg Commodity and Stock Exchange. The clearing house, established by the exchange and a number of other organizations, will be a separate organization forming a legal entity.

The settlement, clearing and depository subsystems calculate the current positions of trading participants in funds, financial instruments (securities) and the final obligations of participants at the end of the trading session. The main goal of these subsystems is the implementation of the principle of the three “Ps” “delivery versus payment”, which means the simultaneous implementation of settlements for the obligations of the participants.

The information subsystem ensures the accumulation and delivery of exchange information or the results of analysis of the exchange process.

The administrative and control subsystem carries out “supervision” over the activities of all subsystems of the exchange and the activities of participants in the exchange process (brokers), as well as certain “tuning” of subsystems and exchange personnel.

Clearing (settlement) organizations at exchanges grew out of the practice of trading real goods. Their appearance was caused by the very development of exchange trading, the growth in the volume of exchange transactions and the increase in the number of participants in the exchange market.

Clearing houses have been established on most exchanges around the world primarily to ensure their financial integrity, as well as to protect the interests of their members and their clients.

The activities of clearing houses are aimed at organizing and conducting settlement and financial transactions between exchange trading participants, streamlining, simplifying and reducing the cost of settlements, ensuring the financial stability of exchange operations, and regulating the delivery procedure.

The settlement mechanism of exchanges is an important element of the market. Clearing houses are responsible for paying bills, clearing trades, collecting and maintaining margins, and providing market information reports. They act as a third party to all futures contracts and transactions, being the buyer for each clearing house member seller and the seller for each buyer. Sellers and buyers have no financial obligations to each other, but are responsible to the clearinghouse through their member firms. The clearing house, as it were, breaks the direct connection between the seller and the buyer, as a result of which each remains free and independent from each other when buying and selling. As a result, one seller (buyer) can be replaced by another who has concluded a transaction on the exchange and has contacts only with the clearing house. Such a replacement occurs without any special permission from the original transaction partner. But the most important thing is that financial guarantees for the fulfillment of contracts increase significantly. As a participant in every trade transaction, the clearing house is responsible as a guarantor of these transactions.

With an increase in the volume of speculative transactions and various types of economic shocks, bankruptcies of clients and their failure to fulfill obligations are possible, which may lead to the bankruptcy of members of the exchange and the cessation of its activities.

The concept of Clearing refers to a system of mutual settlements aimed at reducing the volume of payments made. A similar work scheme existed back in the USSR period and was used to offset mutual demands between supply, transport and production enterprises.

What is Clearing in simple words

Clearing refers to a system of non-cash payments between countries, companies, banks, and enterprises, when mutual offset of goods sold to each other is carried out. Real transfers cash are carried out only if there are differences in amounts (to compensate for debts). Subsequently, this practice moved mainly into the sphere of international business.

The use of clearing settlements allows reducing the costs of banking operations

There is another name - compensation payments, which better denote the system itself in the case when several organizations agree on mutual reconciliations and offset of debts of counterparties against work performed and goods supplied to them. Clearing organizations, which are divided into private and public, usually act as intermediaries in such negotiations.

Types of clearing

The presence of an intermediary significantly improves the quality of clearing and adds a link to guarantee the integrity of transactions. Clearing company experts often provide clients with audit specialists who are ready to review the clearing settlements provided for compensation. This system effective in many ways.

Clearing is used in almost all areas of business

The most common types of Clearing are:

• Simple. Two counterparties are being considered. Mutual settlements are carried out for each type business transaction(supply of raw materials/products).
• Multilateral. A whole chain of organizations is taken into account, starting with the supply of raw materials to production, ending with sales in retail networks. This takes into account the likelihood of returning inventory items and other options.
• Commodity. Offsetting of goods, securities or services supplied to each other is carried out.
• Foreign exchange. Applies between countries and eliminates the need for actual currency transfers.

The most common is clearing between banks, since the transfer large sums funds often requires the actual transportation of cash, which significantly increases the risks of financial transactions.

Licensing of clearing activities

The quality of services of intermediary companies and the accuracy of clearing settlements guarantee the legislative requirement for compulsory licensing of activities. This requirement laid down in No. 7-FZ of February 7, 2011 “On clearing, clearing activities and the central counterparty.”

Without a license from the Bank of Russia, clearing activities are prohibited

On the Bank of Russia website you can find a list of organizations that have been issued a license to carry out clearing activities, which simplifies the choice of a partner for carrying out mutual settlements with counterparties. Without confirmation of licensing, Clearing may lead to financial problems requiring the involvement of qualified and expensive accounting restoration specialists.

Clearing loans

As part of the relationship between counterparties in clearing mutual settlements, a number of specific services have appeared, one of them is a system of targeted lending on the part of the clearing organization, as well as through a partner bank. Such loans are issued only for making payments and repaying debt under Clearing. Thanks to this service, it is possible to reduce mutual settlements between counterparties to zero, but the debt remains only to the intermediary.

The advantage of clearing lending is that a special intra-bank currency is used, which is limited to “circulation” exclusively within the organization itself, which allows you to do without collateral assets and issue loans at a minimum interest rate, because the bank does not bear material costs on emission and other operations typical for real money.

A similar system is common in the European market. Loans to Russian companies from international clearing organizations are available subject to a list of conditions, such as market coverage of at least 30%, basing the business on their own know-how, and the availability of highly liquid assets for collateral. Lending is not particularly widespread in the Russian market; clearing organizations primarily work to reduce the costs of actually making payments and mutual deliveries of goods.

Advantages and disadvantages of Clearing

Turning to the services of clearing organizations is justified primarily by the enormous speed of transactions. Due to the lack of actual deliveries of goods or transfers of funds, the entire cycle of mutual settlements is completed in a matter of hours. The system also has other attractive advantages.

Insurance or guarantee funds can reduce the risks of clearing operations.

Advantages of clearing:

• Low costs for operations.
• Elimination of the influence of price fluctuations on the results of mutual settlements due to the high speed of registration.
• Ease of interaction with any counterparties, regardless of their actual location.

There are certain risks in the system. One of the counterparties may provide incorrect information about the existing debt, and the mutual settlement will proceed with an error that will have to be corrected, and this will not be possible without a thorough audit. If the calculation is carried out on assets with high volatility, participants may lose profits due to postings on unfavorable quotes.

How to reduce the risks of clearing operations

The clearing settlement system was originally created to reduce the risk of financial losses due to ongoing settlements. The intermediary provides more accurate calculations, a guarantee of timely provision of data and fast financial transactions. In many ways, the presence of risks depends on the service procedure or the methodology for resolving disputes.

Measures to reduce the risks of clearing operations are reduced to the following list of conditions:

• Shorten the billing period.
• Determine limits on the total volume of settlement transactions for each type (by commodity values, securities, credit debts).
• Possibility of canceling a clearing session if one of the counterparties determines that the data provided is unreliable.

The key point is the minimum period of operations. This approach guarantees the absence of losses due to bankruptcies, financial crises, and fraudulent actions on the part of any counterparties. Processing transactions within the established limit makes it possible to solve large transactions step by step financial matters, and canceling started transactions allows you to stop mutual settlements in a timely manner without the risk of losing money.

Clearing during periods of financial crises

The services of clearing organizations are most in demand during financial crises. One of the methods of stabilizing the situation is to reduce overhead costs for cash transactions and logistics of raw materials/goods. Clearing allows you to eliminate most of the costs and bring mutual settlements to zero or a minimum amount by taking into account existing receivables/payables.

The use of clearing loans partially helps resolve the crisis situation. Essentially internal banking is used payment system, which does not require emissions from the state. In this case, the intermediary assumes the risks, and its clients receive a significant installment plan for the actual fulfillment of obligations while maintaining good partnerships with other counterparties.

For the first time, to reduce the impact of the financial crisis, clearing operations were used in Switzerland at the beginning of the 20th century. Subsequently, the practice was applied whenever problems arose. negative consequences fluctuations in supply/demand on world markets or other signs of financial crises.

Clearing is a system of mutual non-cash payments for goods, securities and services provided, based on taking into account mutual financial claims and debts. Clearing is a form of countertrade.
In world practice, a distinction is made between interbank clearing, currency clearing and commodity clearing.
Interbank clearing takes place in almost every country with a developed banking infrastructure and is a system of non-cash payments between banks carried out through unified settlement centers. Banks can carry out mutual settlements without a clearing system by opening correspondent accounts with each other. In practice it might look like this: bank A opens a correspondent account with bank B and deposits a certain amount in it. Bank B, on behalf of Bank A, can make settlements within this amount.

The clearing system is based on the fact that all banks perform approximately the same functions.

Currency clearing applied in interstate settlements based on agreement between the governments of these states. Relations between the parties are based on the mutual offset of counterclaims and loans, resulting from the equality of value of goods supplied and services provided. Currency clearing includes a set of mandatory elements, such as: a system of clearing accounts, clearing volume (all payments for trade turnover or only part of them are subject to accounting), clearing currency, technical loan volume (the maximum permissible debt balance of one party to the other, calculated as a percentage of turnover or in the form of an absolute value), a system for equalizing payments, a scheme for the final equalization of balances upon expiration of the intergovernmental agreement.

Under commodity clearing understand the system of settlements between participants in the stock market, including both the company for offsetting their claims and debts to each other in one form or another, and the company directly for the settlements between them. In this system there is a third party for each concluded transaction, namely the Clearing (settlement ) the chamber that ensures its vital functions.

Clearing of futures transactions

For futures contracts, settlements are carried out as follows. When concluding a transaction, the seller and buyer of the contract submit a guarantee deposit to the Clearing House to secure the fulfillment of loans under the contract (LC). The amount of the guarantee deposit is determined by the Clearing House, based on the instability of prices and the time remaining until delivery of the product, and usually ranges from five to fifteen percent of the contract value. In case of unfavorable market conditions and when the delivery date approaches, the Clearing House may require an increase in the amount of the deposit to one hundred percent.

Daily by futures transactions, not liquidated at the end of the trading day, calculations are made, based on the results of which the chamber determines the amount of payments required to be deposited into the chamber account by sellers or buyers, depending on the price change: if the price increases, the party that sold the contract is obliged to cover the discount before the start of the next trading day between the closing value of the previous day and the closing value of the current day for all open positions; When the price decreases, the buyer contributes a margin.
Mutual settlements between participants in futures sales (clearing) are made based on the results of each trading day. During clearing:
For each participant bidding variable margin is calculated. In this case, the winning amounts are credited to the participant’s accounts, and the losing amounts are debited from them.
Based on the results of all transfers, the account balance of each member of the Clearing House is determined.
The number of open positions at the end of trading for each participant is counted and the amount of the initial deposit is calculated, which must be in the account of a member of the clearing house (the permissible minimum).
If the allowable account minimum exceeds the account balance, then the difference must be deposited by a member of the Clearing House into the clearing house account. If the account balance exceeds the permissible minimum, then the difference between them forms the free balance of funds in the account, which can be claimed from the Clearing House account.
Information about the clearing result is communicated to trading participants through reports prepared by the Clearing House.
A member of the clearing house is obliged to pay the debt to the clearing house before the start of trading on the next trading day.
If by the beginning of the next futures trading the participant has not deposited into the chamber account the amount necessary to maintain all open positions, then he must within sessions close unsupported positions.
If the complete closure of all positions does not lead to the liquidation of the participant’s loan to the Clearing House, then for these purposes the funds of the participants located in the Clearing House are attracted. If this is not enough, the chamber attracts funds from its other members or takes loan secured by the collateral funds it has accumulated.
In practice, all payments related to covering price discounts are made by the Clearing House itself at the expense of special funds or deposits made by each participant before the start of trading. With the introduction of a clearing system on stock market the quality of the market itself increases. Each seller and buyer on the stock exchange is most often intermediaries(brokers) and acts on behalf of and on behalf of their clients, the number of which is regulated by the relevant rules on the exchange. As a result of mutual settlements carried out by the Clearing House, the number and volumes of funds transferred for mutual debts of participants may be significantly reduced. stock market, which makes it more liquid and speeds up processes settlements between sellers and buyers.

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Typically, all trading operations on the financial market are carried out automatically. After the transaction is completed, funds are credited to the account or debited; this process begins after the so-called clearing.

Clearing is the procedure for making counter-obligations non-cash payments for goods, securities, etc., in other words, countertrade, when others are provided to the counter party for some goods or services.

During clearing, the amount of currency in the trader’s account changes when accounting for the proceeds or lost money during a financial transaction, that is, the financial result of the transaction is determined. Clearing is based on mutual financial requirements, taking into account debts and other obligations. At the same time, they try to reduce cash flows between counterparties to zero, this is especially important in international transactions. Clearing is good because it increases asset mobility and sales volumes, and also reduces.

Intermediaries in this type of service are specialized clearing organizations; they find buyers for suppliers and secure orders between them.

Types of clearing

There are several types of this form of countertrade:

• Bank clearing- this is a non-cash settlement between banks through clearing houses, Central Bank departments or well-known commercial banks
• - a method of international payments between the governments of countries, made in a special clearing currency, used only non-cash and with the help of international payment agreements concluded by the states participating in this process
• Commodity clearing– performing settlements between the exchange and the actual product market

There is also a distinction between simple and multilateral clearing, depending on the number of members of the procedure.

An integral part of clearing - netting, when the clientele’s monetary claims go against its financial obligations. Based on its outcome, the position is calculated - balance. It is carried out without the dynamics of funds, which allows you to significantly save on all sorts of bank commissions, etc. It can also be bilateral or multilateral, just like clearing.

• Another advantage of netting is the absence of the need to strictly determine the amount of money to be paid if the claims are monetary.

Clearing organization is an institution with a special license from the Federal Commission that conducts clearing work on the exchange. It is obliged to approve the rules for conducting its activities and register them.

Clearing houses are formed to guarantee the financial integrity of exchanges and ensure the interests of clients. They organize, simplify and make calculations cheaper, taking on a huge array of information, thereby regulating market transactions. This is an intermediary for transactions with contracts,which need to be calculated daily, and later calculate the number of payments. The clearing house assigns positions to an individual partner and forms claims against “debtors” for the transfer of funds. Clearing is carried out every day based on the results of purchases and sales.

In futures transactions, a variable margin is accrued for an individual trader; based on the results of transfers of winnings or losses, the number of open positions an individual transaction participant has is recalculated, and the amount of money that should be held by the clearing organization is calculated. All bidders are notified of this. If one of them has not registered the required amount, then he must close the position during the session. If closing all positions of a given participant does not cover the costs, then the missing funds are deducted from all members of the clearing house, or a loan is taken out. To reduce such risks, funds are pre-formed, minimum size which are established by the Central Bank. The dynamics of funds occurs only within the organization, this ensures liquidity of the securities market and speeds up settlement processes, improving the quality of the bank.

The guarantee of settlements by the clearing house is usually called “novation”; it provides for the closure of all long positions within a specified period of time, regardless of the receipt of funds from participants in short positions.

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Using futures as an example, let's look at how clearing occurs. Let's say there is a buyer and a seller, each of them has $100 thousand in their account. The client purchases a futures contract from the seller for 120 thousand points. Before the first clearing, the price became 121 thousand points, which means the financial result will be as follows:

(121,000 – 120,000)/10 (price step) * 6 (average price step, depending on the dollar exchange rate) = 600

The buyer is in the black, the seller is in the minus by 600 monetary units, but they have not yet been withdrawn from the account and not credited, but written off to accumulated income.

The second clearing becomes decisive. Let’s say the futures price fell in front of it and became 119,000. Then the situation will be as follows:

600 +(119 000 – 121 000)/10 * 6 = — 600

That is, 600 monetary units will be deducted from the buyer and transferred to the seller. Thus, it is better not to count on accumulated income.

Clearing activity in general is the process of establishing mutual agreements that occur on the exchange between sellers and buyers of shares.

The transaction process can be described in several stages:

• transmission of instructions to the broker to carry out a certain operation
• an agreement is concluded between brokers
• the clauses of the transaction agreement are checked and the balance is calculated
• execution of a transaction (exchange of securities and currency)
• payment of commission to intermediaries and other persons facilitating trade.

Clearing functions:

• collecting information on completed contracts, adjusting the collected data
• review of registered contracts
• distribution of mutual responsibilities for deliveries and payments
• transfer of shares from seller to buyer
• carrying out cash settlements for transactions
• provision of guarantees.

Clearing can be divided into several stages.

1. Conducting a transaction by a trader, which is the basis for clearing.
2. Checking the terms of the contract, during which the indicators of performed actions are compared by size, price, etc. Documents provided by two (or more) parties are compared. If inconsistencies are identified, the conditions are adjusted.
3. The transaction is registered and confirmed.
4. The sales volume, payment amount and commissions to the contributing organizations are determined.
5. In one session, many purchase, sale and resale transactions are carried out, and the resale is sometimes not re-registered to the investor. Information on transactions is accumulated and subsequently sent to the clearing house.
6. Exchange of goods or services for currency.
7. Preparation of papers for re-registration from one client to the account of another.

The shorter the settlement period, the better the foreign exchange market performs.

To calculate it, use the formula

t+n

• t- period of the transaction
• n- days during which the transaction will be completed

Sometimes the settlement period is equal to t + 0, i.e., the delivery of securities to the buyer and the crediting of currency to the seller occur on the day of the transaction.

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