Centralised premises where direct clearers meet to sort and exchange cheques and other payment instruments drawn on each other. In Australian banking, many payment instruments are bilaterally exchanged between direct clearers at mutually agreed premises, although there are still specifically designated locations in each capital city where physical instruments are exchanged. In futures trading, a clearing house is an organisation that maintains a continuous record of futures market trading. The clearing house has a separate identity from the futures exchange, although many clearing houses are exchange-owned. clearing services for the Sydney Futures Exchange are provided by the Sydney Futures Exchange Clearing House (SFECH), a wholly-owned subsidiary of the SFE. See also: Australian Payments Clearing Association, International Commodities Clearing House, direct clearer, Sydney Futures Exchange Clearing House.
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