Clearing

(eng. clearing from clear - to make a settlement) - 1) a system of non-cash settlements for counter obligations between countries, banks, companies, enterprises for goods delivered, sold to each other, securities and services rendered, based on the terms of the balance of payments. Banking cash is a system of interbank non-cash settlements carried out through clearing houses and based on the mutual offset of equal payments to each other. Currency exchange represents the procedure for conducting international settlements between countries, based on the mutual offset of payments for goods and services of equal value, calculated in the so-called clearing currency at agreed prices; 2) the procedure for settlements through the clearing house, acting as a consolidated seller to all buyers in exchange transactions, thereby guaranteeing the execution of concluded contracts and insuring their participants against possible financial losses; 3) mutual offset of payments on checks within one state.