At this point, Amazon is essentially a central clearing house for the myriad wine retailers out there.

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It is creating a central clearing house for foreign investors to directly access the Russian securities market without having to have a local broker.

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Geithner noted that derivatives trading firms were meeting to work out comprehensive infrastructure reforms for that market, including a central clearing house, reducing outstanding contracts, and regulatory changes including higher margin and collateral requirements.

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The important benefit of exchange clearing is a clearing house acts as the central counterparty to both sides of a CDS transaction, thereby reducing risk on both sides of the transaction.

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Euronext, a continental stock exchange that offers central counterparty and netting services via its clearing house, Clearnet, says it is happy to discuss partnerships with other European clearing houses to find a pan-European solution.

ECONOMIST: The London Stock Exchange