Clearing is a fundamental benefit in the futures markets. Long before a trade is cleared through a clearing house, clearing firms check the financial strength of both parties to the trade, whether they’re a big institution or an individual trader. 

Clearing: 

The procedure through which a clearing house becomes the buyer to each seller of a futures contract and the seller to each buyer, and assumes the responsibility of ensuring that each buyer and seller performs on each contract. 

Clearing houses provide clearing and settlement services for futures traded at an exchange. They act as the neutral counterparty between every buyer and seller, ensuring the soundness and integrity of every trade.

 A country can do without a central bank if it is on fixed exchange rates, such as the gold standard, or otherwise gives up discretionary monetary policy, as when countries dollarize or adopt a foreign currency as their own. In such cases, other institutions fulfill central banking functions: government departments regulate financial institutions, commercial banks safeguard the government’s deposits, a currency board administers the fixed exchange rate mechanism, clearinghouses established by banks clear checks, and so forth.