> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cdp.coinbase.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Welcome to Coinbase Clearing

Coinbase Clearing (CBC) is the derivatives clearing organization (DCO) that clears and settles trades executed on [Coinbase Derivatives: Predictions](/derivatives-predictions/welcome.md): it receives trade reports and the instrument catalog from the exchange, keeps positions by account, runs end-of-day valuation, position and balance snapshots, and settles determined contracts in USDC.

> [!NOTE]
>
> Programmatic APIs, downloads, and Sandbox access are coming soon. Exchange API integration and clearing are separate. Trades executed on the exchange are reported to Coinbase Clearing automatically.

## Participants

| Role | Description |
| :- | :- |
| FCM | Carries accounts for one or more Sponsored Firms, posts USDC collateral, and is the counterparty to Coinbase Clearing for its Sponsored Firms' positions. |
| Self-Clearing Member (SCM) | Trades on the exchange and clears its own trades directly with Coinbase Clearing, posting its own USDC collateral. |
| Sponsored Firm | Trades on the exchange and clears through its FCM. |

## Services

* **Clearing Portal** — browser-based access for clearing members to accounts, positions, balances, and end-of-day reports.
* **Position keeping and settlement** — positions are maintained per account from exchange trade reports. Each determined contract settles in USDC at a settlement price between 0 and 1. A YES outcome settles at 1, a NO outcome at 0, and a SCALAR outcome at the determined value. A Yes position receives the settlement price per contract and the opposite side receives 1 minus the settlement price. Amended settlements are reprocessed.
* **End of day** — a daily cutoff fences the trading day, then valuation, position snapshots, and balance snapshots are produced for the business date.