clearing
as defined in Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing…, Article 3, point (32) (Definitions)
all processes preceding the opening of the bidding window, during the bidding window and following the closing of the bidding window until settlement, involving the management of any risks arising during that interval, including margining, netting, or novation, or any other services, carried out possibly by a clearing or settlement system
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Also defined in
- Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central… 32012R0648, Article 2, point (3)
the process of establishing positions, including the calculation of net obligations, and ensuring that financial instruments, cash, or both, are available to secure the exposures arising from those positions