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English definition of “clearing house”

clearing house

noun [C]     (also clearer)
FINANCE, STOCK MARKET an organization that other organizations use for managing payments relating to buying and selling investments: All members of an exchange are required to clear their trades through the clearing house at the end of each trading session. The International Commodities Clearing House is based in London.
(also clearing agent) BANKING an organization that is responsible for exchanging cheques between banks: Electronic payments include credit and debit cards, as well as automated clearing house payments. The New York Clearing House Association is the nation’s first and largest bank clearing house.
(Definition of clearing house noun from the Cambridge Business English Dictionary © Cambridge University Press)
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