non-clearing member

non-clearing member definition - finance
A member of an organized exchange that does not have a trade clearing operation to match up buyers and sellers of futures and options contracts. In order to settle its trades, it has to pay a fee to another firm that is a clearing member.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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