Capital Outpost

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clearing

2 articles.

Markets & Infrastructure

What a Central Counterparty Actually Does

A CCP does not remove risk from a market. It concentrates it deliberately in one heavily capitalised place, then defends that place with margin, a default fund and a published waterfall.

·8 min read

Explainers

What Settlement Finality Actually Means

A payment that has 'gone through' has not necessarily finished. Finality is the moment a transfer becomes unconditional and irrevocable, and it arrives at a different point on every rail.

·7 min read