※ ‘Clearing’ includes trade confirmation, position fixing, assuming obligations, confirmation of securities and amount of settlement, notice of settlement details, confirmation of settlement finalization, etc.
|Classification||Jan. 4th (A’s new selling transaction to B)||Mar. 5th (A’s offsetting transaction from C)|
|A’s open interest||1 sell open interest||1 buy open interest|
|Netting||Impossible if there is no CCP|
→ If the multi-party relations are converted into two-party relations between a CCP and members, netting is possible between repeated selling and buying transactions during a day or between initial and offsetting transactions on different dates.