A business where mutual claims are settled between the accounts of member depository institutions. Banking clearinghouses manage check-clearing activities along with electronic fund transfers. A clearinghouse in the futures industry assists the transfer of funds and contracts between members who execute trades. A clearinghouse is a central point for depositing and paying out funds that need to be credited or debited into the accounts of its member firms. A futures clearinghouse also guarantees the performance of the futures contract, despite what the individual member may do. If a member defaults, the collective resources of the members are used to satisfy the claim as necessary. Another role that a futures clearinghouse undertakes is assigning and overseeing the deliveries of future contracts at maturity. In order to be a member of a clearinghouse, a firm generally must be a member of the futures exchange.