After the company needing currency-risk protection makes its euro-dollar trade with a bank, each of them turns its side of the trade over to the clearinghouse. The resulting obligations between the company and bank become obligations to and from a middleman, the clearinghouse.
当需要货币风险保护的公司与银行做了一笔欧元-美元交易后，双方都会把各自的合约交给清算所。公司和银行之间的权利义务关系就成了双方对中间人，也就是清算所的权利义务关系。