Chapter 04 · Section 4.1

Contractual Counterpart

The clearing house does not write a guarantee for every option position on the exchange. As soon as a trade is cleared, the clearing house becomes the contractual counterpart of:

a) every option holder and every option writer for their net positions;
• b) every option clearing member for the positions they carry with the clearing house.
  Yes. The clearing house recognizes the positions carried by a clearing member in its own name and as a broker (agent). Continue