One of the key aspects of the Chicago Board of Trade (CBoT)
deal to use Liffe Connect starting next January is the
inclusion of Clearing 21 technology in the package.
While executives of CBoT and current clearing partner Board
of Trade Clearing Corporation (BOTCC) are adamant that nothing
has changed, Clearing 21 could be used if CBoT wanted to launch
its own clearinghouse. BOTCC has always been CBoT's clearing
house, but it operates independently much like London Clearing
House. BOTCC offers clearing or trade processing services to a
variety of other exchanges. For example, BOTCC provides trade
processing services for CBoT rival BrokerTec. BrokerTec clears
trades through its own clearing house.
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