Clearing contract

A type of trading method on an exchange. It is contrasted with spot trading (a transaction in which the actual product and the payment are delivered). It is a trading method in which the actual product is delivered at a certain deadline, but it is also possible to settle only the difference between the selling price and the buying price by reselling or buying back by that deadline. Clearing transactions are conducted to make a profit by taking advantage of market movements or for the purpose of insurance (hedge).

The settlement deadline is the expiration month system (most often within six months) whereby settlement occurs at the end of the month determined at the time of the sales contract. In the case of a three-month system, the one that is settled in the month of the contract is called the current limit, the one that is settled at the end of the following month is called the mid-term limit, and the one that is settled at the end of the month after next is called the forward limit. Generally, the market price is indicated as XX yen for XX month. There are brand transactions and standard product transactions, but the former is rare and the latter is more common. With standard product transactions, the contract is made at the price of the standard product, but at the time of delivery, a different grade or brand may be substituted as long as it is the same variety, and settlement can be made by exchanging the difference (difference) with the standard product according to a predetermined grading.

Clearing transactions are broadly divided into commodity clearing transactions and securities clearing transactions. Commodity clearing transactions are conducted at commodity exchanges, but legally they are called futures transactions. At securities exchanges, stock futures and bond futures are classified as clearing transactions.

[Mitsuo Morimoto]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

取引所における売買方法の一種。実物取引（現物と代金を受渡しする取引）に対照される。一定期限に現物の受渡しもするが、またその期限までに転売や買戻しをすることによって売値と買値の差額だけを決済することもできる取引方法をいう。清算取引は、相場の動きを利用して差益を得たり、保険つなぎ（ヘッジ）の目的で行われる。

　決済期限については、売買契約時に定めた月の月末に決済する限月(げんげつ)制（6か月以内がもっとも多い）がとられる。3か月制の場合、契約した月に決済するものを当限(とうぎり)、翌月末決済のものを中限(なかぎり)、翌々月末決済のものを先限(さきぎり)という。一般に相場を表示する場合には、○月限(きり)××円という。取引の種類としては、銘柄取引と標準物取引とがあるが、前者はまれで、後者が主である。標準物取引によれば、契約は標準品の値段で行うが、受渡しのときに同一品種であれば等級や銘柄の異なるもので代用してもよく、あらかじめ定めてある格づけにしたがって、標準品との差額（差金）を授受して決済することができる。

　清算取引は、商品の清算取引と有価証券の清算取引に大別される。商品の清算取引は、商品取引所において行われているが、法律上は先物(さきもの)取引とよばれている。証券取引所では、株式先物と債券先物が清算取引に該当する。

［森本三男］

出典　小学館　日本大百科全書(ニッポニカ)日本大百科全書(ニッポニカ)について　情報 | 凡例