マルチラテラル・ネッティング

CCPが多数の参加者の取引を一手に引き受け、参加者どうしの債権債務を全参加者の間で相殺する仕組み。二者間だけで完結する相殺と異なり、CCPへの集約を通じて相手ごとの境界を越え、決済額とエクスポージャーを一つの純額へ圧縮する。

The process by which a CCP interposes itself among the trades of many participants and offsets their claims and obligations across the whole membership, rather than counterparty by counterparty. Where bilateral netting is confined to a single counterparty relationship, multilateral netting folds obligations spanning many participants into one net settlement amount and exposure per participant.