derivatives clearing organization
(B)The term “derivatives clearing organization” does not include an entity, facility, system, or organization solely because it arranges or provides for— (i)settlement, netting, or novation of obligations resulting from agreements, contracts, or transactions, on a bilateral basis and without a central counterparty; (ii)settlement or netting of cash payments through an interbank payment system; or (iii)settlement, netting, or novation of obligations resulting from a sale of a commodity in a transaction in the spot market for the commodity.