bilateral clearing

基本解释

Trading through clearing houses will break the “too interconnected to fail” paradigm, reduce the systemic risk inherent in the bilateral OTC marketplace and provide transparency.
通过清算行进行交易，将打破“相互关系过于紧密，以至于不能破产”的模式，同时降低双边场外市场所固有的系统性风险，并提供透明度。
blog.sina.com.cn

Most of the problem that we got ourselves into would be solved by eliminating bilateral clearing, centrally clearing these instruments and then using exchanges or other mechanisms who are in the data distribution business already to report the transactions that are taking place.
FORBES: New York Portfolio Clearing Gets A Leader
Instead of a single bilateral contract, there will be two—one between a clearing-house and the original seller, and the other between the clearing-house and the original buyer.
ECONOMIST: The risk in clearing-houses
There is still further to go in the structural reorganization of the danger from derivatives, but he believes clearing derivatives contracts on exchanges and the decline in bilateral transactions has reduced an element of risk.
FORBES: There Could Still Be Runs on Money Market Funds