Define: Clearing

This is more along the lines of defining what it is I actual do:

In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. Clearing is necessary because the speed of trades is much faster than the cycle time for completing the underlying transaction. In its widest sense clearing involves the management of post-trading, pre-settlement credit exposures, to ensure that trades are settled in accordance with market rules, even if a buyer or seller should become insolvent prior to settlement.

So, RIGHT as a trade is finished, I see it on my screen and I have to make sure everything matches exactly. When it all matches up (prices, lots, etc), I am responsible for "clearing" the trade and it is sent to get settled. I will know more after today! :)

xoxoxo