RBC Capital Markets - About RBCCM - Executive Team Mark HughesDeputy Chief Risk Officer, RBC Mr. Hughes is the Royal Bank of Canada’s Deputy Chief Risk Officer, and will become Chief Risk Officer, reporting to Gordon M.
Clearing house (finance) Once a trade has been executed by two counterparties either on an exchange, or in the OTC markets, the trade can be handed over to a clearing house, which then steps between the two original traders' clearing firms and assumes the legal counterparty risk for the trade. This process of transferring the trade title to the clearing house is called novation. It can take fractions of seconds in highly liquid futures markets; or days, or even weeks in some OTC markets.
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