Clearing of over-the-counter (OTC) derivatives is an essential part of the financial market infrastructure and performs a critical function catering for the need of market participants to hedge risks or generating returns by using OTC derivatives. As a response to the financial crisis, central clearing has also added greater safety and transparency in the financial sector. Nevertheless, although the main risks have been addressed, they have not disappeared. This book aims to offer a comprehensive and practical guide to the legal, regulatory, and operational aspects of the OTC derivatives clearing industry in Europe. The book consists of six parts, which provide an in-depth analysis of all relevant aspects of the entire operation of clearing OTC derivatives. Part I provides a general introduction and description of the background, reason, and general operation of OTC derivatives clearing before and after the introduction of the mandatory clearing regime. Part II deals with central counterparty (CCP) membership structures where end users (may) have an option to become a direct clearing member, access the CCP through a clearing member (CM) (client clearing) or through another intermediary (indirect clearing). Part III examines the CCP’s default management. Part IV analyses clearing within the transaction chain, particularly the relationship between clearing and trading venues and settlement organizations. Part V addresses cross-border issues and the consequences of Brexit for the OTC derivatives clearing industry. Part VI focuses on future developments, including the impact of distributed ledger technologies (DLT). The book is an indispensable companion for anyone involved with financial market infrastructure and OTC derivatives.