Clearing Firm/ Broker

Does any body know the differance between a clearing firm and a broker?
Interbank group goes through a clearing firm. What I am trying to figure out is, is this the same as a broker or is it true interbank trading.
I have asked for there clearing firm names so I can check them out.

Thanks

Dave

I just found my own answer

https://infocenter.inetats.com/handl...e=clearing.pdf


This chart shows clearing firm as the top. And that is who the brokers deal with.

I think this tells me what I need.
Interbank groupe makes money only on part of the spread. And your trade goes in directly with the clearing firm. By-passing broker manipulation. I think.


If any one can add to this please do.

Dave

Clearing firms are those who actually settle trades from different sources, and sometimes taking large positions for themselves....In the stocks, bonds & futures exchanges, clearing firms are the big guys in which almost all the orders from the floor end up at....On the interbanking system, I assume that clearing firms are actually the big banks, this is just what I think...


Thanks,

Nader