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Clearing Corporation

Founded Year

1925

Stage

Acquired | Acquired

About Clearing Corporation

Clearing Corporation provides financial services including clearing, OTC, derivatives, and futures.On October 30, 2008, The Clearing Corporation was acquired by Intercontinental Exchange. The terms of the transaction were not disclosed.

Headquarters Location

353 North Clark Street Suite 3100

Chicago, Illinois, 60654,

United States

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Clearing Corporation Patents

Clearing Corporation has filed 1 patent.

The 3 most popular patent topics include:

  • Banking technology
  • Payment systems
  • Interbank networks
patents chart

Application Date

Grant Date

Title

Related Topics

Status

5/3/2018

9/6/2022

Payment systems, Banking technology, Banking, Mobile payments, Interbank networks

Grant

Application Date

5/3/2018

Grant Date

9/6/2022

Title

Related Topics

Payment systems, Banking technology, Banking, Mobile payments, Interbank networks

Status

Grant

Latest Clearing Corporation News

What Is The Wholesale E-Rupee And Why Do We Need It? BQ Explains

Nov 21, 2022

BQ Explains The successful introduction of a wholesale CBDC will likely absorb risk from the financial system and boost market liquidity. 12:59 PM IST, 21 Nov 2022 12:59 PM IST, 21 Nov 2022 12:59 PM IST, 21 Nov 2022 Save ADVERTISEMENT On an average day in October, government bonds worth over Rs 35,000 crore were traded on Indian markets. However, these transactions were settled on 'T+1' basis, meaning the transaction is only completed a full day after the trade is logged.That could be in for an overhaul, with settlement done instantly, if the digital money that the RBI has been quietly tinkering with succeeds.Even though most people don't deal with inter-bank tran... On an average day in October, government bonds worth over Rs 35,000 crore were traded on Indian markets. However, these transactions were settled on 'T+1' basis, meaning the transaction is only completed a full day after the trade is logged. That could be in for an overhaul, with settlement done instantly, if the digital money that the RBI has been quietly tinkering with succeeds. Even though most people don't deal with inter-bank transactions in government securities very often, the wholesale central bank digital currency is likely to have a systemic effect. Instant settlement will absorb risk from the financial system and could boost market liquidity as well. But getting there will also involve a change in market participant behaviour that may very well have a teething clock, and some of the pains that come with it. The ongoing pilot of India's wholesale central bank digital currency has been progressing smoothly, according to bank executives and people familiar with the pilot. Government securities worth at least Rs 200 crore were traded each day during the pilot's first week, a blockchain industry executive speaking on the condition of anonymity told BQ Prime. While reducing settlement times is the immediate aim for the wholesale CBDC, the pilot is only the first step towards checking how well the digital money pipes work, according to a private banker familiar with the pilot. "Wholesale CBDC has the potential to transform the settlement systems for financial transactions and make them more efficient and secure," the RBI noted in its concept note released in October. Making settlement instantaneous removes the need for settlement guarantee infrastructure, according to a person familiar with the pilot. This will not only reduce counter-party risk, but will also make the Clearing Corporation of India's job easier. The CCIL clears and settles transactions in government securities and other assets. The Transaction Flow  Settlement times have been compressing throughout history, easing from "T+5" in the 1960s to "T+2" or "T+1" currently, depending on the market. The desire to reduce settlement times was also partly prompted by the Black Monday market crash of 1987, which demonstrated how extreme volatility can choke markets and leave transactional assets in the fray as brokers or counterparties go under. Under the pilot, the CCIL's role is switched to more of a technology facilitator than a clearing house for trades. Here's how the transaction flow looks according to the banker familiar with the pilot: A bank sends a request to the RBI via the National Payments Corporation of India to convert a specified amount of money from their main deposit with the central bank. The banks then use a dedicated portal built by CCIL for the transactions which relies on a request for quote mechanism as opposed to the public broadcasting of a bid done currently. Once a bid is accepted, the details are forwarded to RBI which uses an automated system to the balances of cash and securities with the relavent parties. If the required checks are successful, the transaction is then executed and settled instantly. While the CBDC's transaction flow is markedly different from the existing system—especially when it comes to the bidding process—it's likely that the two systems will converge once a wide rollout happens, the banker said. ALSO READ

Clearing Corporation Frequently Asked Questions (FAQ)

  • When was Clearing Corporation founded?

    Clearing Corporation was founded in 1925.

  • Where is Clearing Corporation's headquarters?

    Clearing Corporation's headquarters is located at 353 North Clark Street, Chicago.

  • What is Clearing Corporation's latest funding round?

    Clearing Corporation's latest funding round is Acquired.

  • Who are the investors of Clearing Corporation?

    Investors of Clearing Corporation include Intercontinental Exchange.

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