This is the correct answer and only one of two correct answers at the moment. Aside from the difference between the clearinghouse and the clearing broker, the

This is the correct answer and only one of two correct answers at the moment. Aside from the difference between the clearinghouse and the clearing broker, the difference between the executing broker and the clearing broker is also interesting. For example you might have bank A as your executing broker and they give up the trade to bank B which is your clearing broker. You might even have your own exchange membership and bank B clears the trade for you.