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Non-clearing member  (NCM) - Financial definition

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Translations:      FR  adhĂ©rent non compensateur (n.m.)     ES  miembro no compensador (n.m.)     DE  Nicht-Clearing-Mitglied (n.n.) 

  Concise definition of the term non-clearing member

A non-clearing member is an exchange participant that does not possess a license to settle or clear transactions.

  Comprehensive definition of the term non-clearing member

Such a participant must enter into a clearing agreement with clearing member who carries out the clearing actions on his behalf.

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