English translation: disbursing/paying/liquidating member vs. clearing member
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Spanish term or phrase:
miembro liquidador vs. miembro compensador
disbursing/paying/liquidating member vs. clearing member
Spanish to English translations [PRO] Bus/Financial - Finance (general) / Futures markets
Spanish term or phrase:miembro liquidador vs. miembro compensador
From Spain, a regulator's document covering futures markets. There are plenty of references for both "miembro liquidador" and "miembro compensador" (e.g. IATE), but all those I have been able to find are "clearing member" for each of them! Clearly there must be a difference... what would each one be (different types of clearing member I assume):
"... y el número de participantes es de [X] miembros negociadores, de los cuales [Y] pertenecen a grupos integrados, [Z1] miembros liquidadores y [Z2] miembros compensadores."