The process of transmitting, reconciling and, in some cases, confirming payment orders or security transfer instructions prior to settlement, possibly including the netting of instructions and the establishment of final positions for settlement. Sometimes the term is used (imprecisely) to include settlement.
CLEARING
Meaning of CLEARING in English
European Central Bank English Glossary. Английский глоссарий Европейского Центрального Банка. 2012