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TFX has an in-house clearing function. In all transactions made at the TFX market, TFX as a clearinghouse acts as a counter party and ensure the performance of the obligations by the other party. TFX as a clearinghouse collects margins from market participants to secure the reliability of trading and undertakes clearing of all the contracts made at the TFX market.

Market derivatives transactions are usually liquidated by cash settlement. Margin shall be deposited with TFX by market participants to ensure performance of payment obligations of market pariticipant's transactions.Mark-to-market is daily revaluation of futures positions of each market participant, using daily settlement prices, to determine and settle profits or losses on a day-to-day basis. If there arises deficiency in the margin actually deposited as a result of mark-to-market, an additional margin will be collected.
For calculation of margin amounts, TFX adopts SPAN®, standing for Standard Portfolio ANalysi of risk(SPAN), developed by CME (Chicago Mercantile Exchange Inc.) in the US .
In the method of SPAN®, margin amount is calculated based on each market participant's position, i.e., the risk inherent in the overall portfolio of that market participant. SPAN® is adopted by leading exchanges worldwide.

SPAN® used herein is a registered trademark of Chicago Mercantile Exchange Inc. and used herein under license. Chicago Mercantile Exchange Inc. assumes no liability in connection with the use of SPAN® by any person or entity.

TFX adopts a segregation scheme of customer funds for protection of customers. Under this scheme, each TFX member deposits its customers' margins with TFX, separately from the member's own margin. On this basis, TFX takes custody of each member's customers' margins and the member's proprietary margins separately.

Give-up is a mechanism that a certain Interest Rate Futures contract is executed by one member and clearing (including handling of margins and profit/loss) of the said contract is undertaken by another member. TFX was the first exchange to adopt a give-up mechanism in Japan.

A member who is instructed by a customer to execute a contract is called an executing member, and a member who is instructed by the customer to clear and settle the contract is called a carrying member. By utilizing give-up, a customer can concentrate clearing of its contracts to a specific member, assign execution and clearing functions to the different members respectively, or diversify its positions to multiple members.