< Workflow of Clearing of OTC Derivatives Trades >
- Trade Execution
- Directly between parities or via an inter-dealer broker (IDB)
주의IDB : Inter-dealer Broker - Trade Confirmation
- Confirmation through KRX-provided system or a company providing trade confirmation service like Markit Wire (MarkitSERV)
- Clearing at the CCP
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- Clearing confirmation by KRX
Checking clearing requirements such as adequate contract specification, position limits, etc. for the clearing of eligible transactions - Clearing: assumption of obligations, netting and confirmation and notification of settlement details
주의Through the assumption of clearing obligations by the CCP (KRX), the transaction between “Dealer A - Dealer B” converts into the transaction between “Dealer A- KRX” and the transaction between “KRX - Dealer B.”
- Clearing confirmation by KRX