Codex · No. 1 · English Edition

Cover of Derivatives Clearing — a line drawing of a many-to-many network drawn through a single point, on cream

Derivatives
Clearing

A Comprehensive Guide — Risk Management, Regulation,
and the Future of the Markets

Shun Yanagisawa

Clearing is the layer of the market that almost no one sees, and that no market can do without.

When a trade is agreed, someone must stand between the two sides and make the promise good. That someone is a central counterparty, and the machinery it runs on — margin, default funds, auctions, and rules written in the aftermath of crises — determines whether a shock stays contained or spreads.

This book takes that layer apart. Drawing on more than two decades in front office and post-trade roles at global banks, it moves from first principles to the operational detail that practitioners actually work with: how cleared products differ, how the clearing process runs day to day, what the legal and regulatory framework requires, how risk is measured and mutualised, what onboarding and documentation demand, and where client clearing is heading.

It is written for the people who have to make clearing work — clearing brokers, buy-side operations and risk teams, treasury and collateral desks, regulators, and anyone who needs the whole structure rather than a fragment of it.

Availability

Kindle edition — now open for pre-order

Pre-orders are delivered on 15 August 2026.
The paperback (A5, 508 pages) follows from 22 August 2026.

Pre-order on Amazon Read a sample → 日本語版 →

Contents

  1. 1The Fundamentals of Clearing
  2. 2The Basics of Cleared Products
  3. 3The Clearing Process in Practice
  4. 4Legal and Regulatory Framework
  5. 5Risk Management in Clearing
  6. 6Onboarding and Documentation
  7. 7The Future of Client Clearing

With an introduction, twenty-six columns, and a glossary.

About the Author

Shun Yanagisawa is Director and Head of Futures, OTC Clearing, and FX Prime Brokerage at Citigroup Global Markets Japan, with over two decades across front office and post-trade. He chairs the FIA Japan Operations Committee and sits on the JSCC IRS Management Committee and the Risk.net board.

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