Clearing 101: Exchanges, Clearinghouses and CCPs

The Institute for Financial Markets
Training overview
Professional Course
Virtual Classroom
2 days
From 225 USD
Start dates
225 USD

225 USD

Course description

Clearing 101: Exchanges, Clearinghouses and CCPs

Buyers and sellers in exchange transactions rely on clearinghouses to intermediate transactions and to manage credit risks between trading parties. As such, clearinghouses promote transparency, efficiency, and stability by providing market-based pricing, daily settlement, and ensuring adequate capitalization for markets to function. 

Join us for a workshop that explains the multilateral systems that provide the infrastructure for transferring, clearing and settling payments, derivatives and other financial transactions among financial institutions and end users. Additionally, the program will include relevant case studies to demonstrate clearinghouse functions and the impact and outcome of actual clearing events.  

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Who should attend?

Who Should Attend

The workshop is suited for a broad range of participants including:

  • Users of cleared derivatives markets such as institutional investors, money managers, producers/suppliers, as well as manufacturing and distribution companies
  • Support, operations, sales, and marketing personnel at FCMs
  • Public policy markers
  • Staff in trading, risk management, financial and legal departments
  • Potential users of futures, options and swaps markets

Course delivery details

Live, virtual instruction for 90 minutes per day on two (2) consecutive days.


$225 per attendee.

Group Discount: 10% off any registration with 3+ participants from same organization.

Certification / Credits

Learning Outcomes

After the course you will be able to:

  • Understand financial market infrastructure with an emphasis on the critical function and benefits of clearinghouse operations.
  • Describe the key roles of clearing parties including CCPs, clearing members, customers, and the U.S. Commodity Futures Trading Commission (CFTC).
  • Explain the principles of novation and how CCPs reduce processing costs, enable multilateral netting, prevent the accumulation of losses.
  • Describe the critical role that margin (both initial and variation) and the mandate of segregated funds play in ensure liquidity and market stability.
  • Know the basic portfolio margining methodologies at the CME, ICE and Options Clearing Corporation.
  • Understand the default management plans and resolution rules as required by CFTC.
  • Describe the CCP’s assessment powers and default waterfall used to satisfy a defaulting clearing member.
  • Be familiar with the cleared swaps and OTC markets, similarities, and differences.
  • Understand past bankruptcies and bankruptcy considerations.

Why choose IFM?

Nonprofit educational foundation founded that offers top-quality education at the lowest cost

Qualified instructors who have real world working experience at major films and regulatory agencies

IFM instructors are passionate to share the knowledge gained from real world working experience at major firms and regulatory bodies

About IFM

The Institute for Financial Markets (IFM)

Established in 1989, IFM is an nonprofit educational foundation and independent affiliate of the FIA -- the leading global trade organization for the futures, options and centrally cleared derivatives markets.  The IFM delivers high-quality education at the lowest price and...

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Contact info

The Institute for Financial Markets

2001 K Street N.W., Suite 725
20006 Washington, DC

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Average rating 5

Based on 6 reviews.

Will recommend because class is small. Interactive class was a huge (and unexpected) asset.
The course was well organized, interactive and very well presented.
The instructor was really engaging and knew the content well.
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