This joint clearing arrangement, which was implemented in January 1998, reduced the processing time from 14 days to two days.

这项联合结算机制于一九九八年一月开始运作，使支票处理时间由14日缩短至2日。

youdao

So what we try to do is find a way to maintain the high levels of risk management of a clearing house, but also provide capital efficiency to the people who are participating in the clearing house arrangement.

FORBES: Magazine Article

If so did such an arrangement effectively bar access to the market for other clearing houses?

FORBES: Collusion Detected In Credit Default Swaps