clearing organization
(2) Clearing organization The term “clearing organization” means a clearinghouse, clearing association, clearing corporation, or similar organization— (A) that provides clearing, netting, or settlement services for its members and— (i) in which all members other than the clearing organization itself are financial institutions or other clearing organizations; or (ii) which is registered as a clearing agency under the Securities Exchange Act of 1934 [ 15 U.S.C. 78a et seq.], or is exempt from such registration by order of the Securities and Exchange Commission; or (B) that is registered as a derivatives clearing organization under section 7a–1 of title 7 , that has been granted an exemption under section 6(c)(1) of title 7 , or that is a multilateral clearing organization (as defined in section 4421 1 of this title).