clearing system
as defined in Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing…, Article 3, point (31) (Definitions)
one or more infrastructure connected to the auction platform that can provide clearing, margining, netting, management of collateral, settlement and delivery, and any other services, carried out by a central counterparty, accessed either directly or indirectly through members of the central counterparty who act as intermediaries between their clients and the central counterparty