Clearing house, also known as clearing company, is an independent institution of futures exchange responsible for the delivery, hedging and settlement of futures contracts. Clearing house is a clearing and settlement institution established with the development of futures trading and the emergence of standardized futures contracts. In the development of futures trading, the establishment of clearing houses has improved the futures trading system. It ensures that futures trading can be carried out smoothly in the futures exchange, so it becomes the core of the operating mechanism of the futures market. Once a futures transaction is concluded, both parties to the transaction will have relations with the clearing house respectively. The clearing house is both a buyer and a seller of all futures contracts. Through the clearing house, the transfer, transaction and actual delivery of futures contracts can be carried out at any time without notifying the counterparty, and the clearing house is responsible for unified settlement, liquidation and handling of goods delivery procedures. This is the special "alternative function" of the clearing house. These actions of the clearing house can be successfully realized because of its strong financial resources and the implementation of the deposit system, which is a strict debt-free financial operation system.