1. Banking: Affiliated agency or a facility operated by banks within a geographical area to act as a central site for collection, exchange, and settlement of checks drawn on each other. Modern clearance houses also clear electronic funds transfers.
2. Futures: Agency or affiliate of a governing exchange (such as a stock exchange) which, as a counter-party to every transaction on that exchange, is responsible for guaranteeing, reconciling, settling, collecting, and clearing, on all trades.
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