Business of acting as the principal to a novated trade, with the Central Counterparty as the other principle and managing the associated risks. Clearing is governed by the ASX Clear Operating Rules and operated by ASX Clearing CorporationThe process by which the clearing house (ASX Clear Pty Ltd) becomes the central counterparty to market contracts that are eligible for “novation” under the ASX Clear Operating Rules. Novation is a contractual mechanism whereby the clearing house becomes the buyer to every seller and the seller to every buyer. |