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Chicago Fed Letter, No. 87, November 1994
What is Multilateral Clearing and Who Cares?
To signify the importance of a financial news event, the media often present pictures of excited traders screaming their orders in the pits of the futures exchanges. But such events are transient. More important is the way these exchange trades are handled after leaving the pits: They are multilaterally cleared, that is, through a third-party clearinghouse.
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