International Commodities Clearing House

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International Commodities Clearing House

An agency in London that settles futures contracts for exchanges worldwide. The ICCH matches orders together, ensures that delivery is made to the correct party and collects margin money. It is owned six British banks.

Because so many trades take place on an exchange in a given day, the ICCH determines what each party owes or is owed in a central location (in London) so that the fewest securities and the least amount of money actually change hands. Primarily, it works for exchanges in the United Kingdom in Europe.