The futures options clearing house is the settlement guarantee institution of the futures options market, which is responsible for clearing the daily futures options contracts reached by the exchange, adjusting and balancing the margin accounts of clearing members, collecting performance bonds, supervising the due delivery and reporting the transaction data. In the United States, the clearing house is a subsidiary of the exchange, while in Europe and other regions, the clearing house has an independent status. [ 1]

The basic system of futures options clearing house is as follows: ① Registration and settlement system. Every contract must be registered and settled by the clearing house before it becomes law. (2) The clearing deposit system stipulates that each clearing house member must open a deposit account with the clearing house, deposits received, as a guarantee for clearing house members to settle their own accounts or act as agents for non-members. ③ Daily settlement system: after the end of each trading day, the clearing house calculates the settlement price according to the highest price and lowest price of the transaction within 10 second before the closing of the trading day, and calculates the profit and loss levels of both parties of each transaction on that day according to the settlement price, and makes adjustments in the traders' respective accounts. ④ Maximum contract quantity system. The clearing house stipulates the maximum number of contracts that each member can have in a certain period of time. If the limit is exceeded, the clearing house will limit it by raising the margin level. ⑤ Risk handling system. When a member goes bankrupt, the clearing house takes a series of measures to prevent the situation from getting worse and worse, such as liquidation, making up with margin or even guarantee money.