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nonclearing member

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non·clear·ing member   (nŏn-klîr'ĭng)   
n.  A member of a securities exchange that does not belong to the exchange's clearing facility but pays another firm to provide the service.
The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Financial Dictionary

nonclearing member

A member of a securities exchange that does not belong to the exchange's clearing facility. Rather, the nonclearing member pays another firm to provide the service.

Wall Street Words: An A to Z Guide to Investment Terms by David L. Scott.
Copyright © 2003. Published by Houghton Mifflin.
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