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Winnipeg Commodity Clearing Ltd.
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The Winnipeg Commodity Clearing Ltd. was a commodity futures clearing business. It was incorporated in June 1901 under the Corporations Act of the Province of Manitoba as the Winnipeg Grain and Produce Clearing Association. Its sole purpose upon inception was to clear trades effected through the Winnipeg Commodity Exchange. It began doing so in February 1904. In later years, the WCCL cleared Commodity Futures and Options transactions for the Winnipeg Commodity Exchange. This function included ensuring that every trade had an appropriate counter-party, paying and collecting funds as a result of trading, and arranging for the delivery or exercise of items traded.
The Winnipeg Commodity Clearing Ltd. was a member-owned company consisting of numerous shareholders. Only good standing members of the Winnipeg Commodity Exchange could become shareholders. The WCCL was governed by the Canadian Grain Commission, as well as by a Board of Directors, all of whom were representatives of clearing members or clearing members themselves with the exception of one who was an outside director. Board members were elected by shareholders on an annual basis.
In August 1998, the Winnipeg Commodity Exchange ended its nearly century-long association with the Winnipeg Commodity Clearing Ltd. when it announced that their new clearing provider would be the Canadian Derivatives Clearing Corporation (CDCC). The Winnipeg Commodity Clearing Ltd. dissolved and ceased operations on July 31, 1999.
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Created by Brett Lougheed (August 2003). Revised by N. Courrier (October 2019).