Getting Started
Gemini Clearing™ is a fully electronic settlement solution for off-exchange or over-the-counter (OTC) crypto trades.
Gemini Clearing™ allows two institutional accounts to settle trades that are negotiated off-exchange or OTC. Such trades can either be arranged bilaterally between two parties or brokered via a third party to help to ensure timely settlements and mitigate counterparty risk. An institutional account will initiate the settlement ticket for the counterparty to confirm prior to settlement.
Gemini Clearing™ Benefits:
- Settlement— a trade settles immediately or inside an approved settlement window.
- Counterparty Risk— no funds are transferred between Gemini accounts until both parties of the trade are fully funded.
- Regulatory/Compliance— each party is subject to Gemini’s robust KYC and BSA/AML program.
- Privacy— trade details are known only to the parties involved and are not published via Gemini’s market data feed.
- Continuous Funding Check—Gemini checks for funding every 30 seconds throughout the settlement window through a user-defined expiry.
System Overview
Gemini Clearing™ is available via our Web Clearing UI. On the Exchange homepage, click “Account” at the top of the screen and select “Active Trader.”
The user can then navigate to the Web UI by clicking the “Clearing” button at the top of the trading window.
Bilateral Clearing Screen Overview
The “Clearing” tab will grant institutional account users access to the Bilateral Clearing Entry screen.
- Settlement Window - Orders will settle shortly after the counterparty confirms the trade and both sides are fully funded, provided this occurs before the expiry time. If the confirmation does not occur prior to expiry, the ticket will be cancelled and funds will no longer be transferred. Note: Gemini checks for funding every 30 seconds and clearing will occur as soon as funding is detected.
- Counterparty ID - Optional but recommended for clearing tickets with another Gemini Institutional Account. This will be the opposing side’s Counterparty ID, which appears as “Gemini ID” from the Clearing screen. If specified, only the opposing counterparty can match with you, and they will see a pending clearing trade that only requires them to hit a green “Accept” button instead of manually entering a clearing ID on their end. If omitted, the opposing counterparty will need to manually enter a Clearing ID as seen in Option 2 below.
Submitting a Bilateral Clearing Order
Option 1: Enter Counterparty ID
If the Counterparty ID of the other party is used on entry, a pending clearing order should be seen on screen. Click the green “accept” button from the clearing screen.
Option 2: Manually enter a Clearing ID
If the order is entered without a Counterparty ID, note the Clearing ID from the leftmost column and provide it to counterparty.
Once the counterparty has the clearing ID, they should click “+Add Trade Via Gemini Clearing ID” in the upper right of the clearing screen.
This will open an input screen where they can enter the provided Clearing ID.
Once the trade is accepted, it should show as “Confirmed” for both parties. The state will remain as “Confirmed” until it is settled. The system checks every 30 seconds for settlement funding.
Disclaimer
The information within this guide has been compiled by Gemini for general, informational purposes only and is subject to change without notice.
While we strive to ensure that all information contained in this guide is accurate and up-to-date, no warranty or representation is made as to its accuracy, reliability, or completeness. Users of this guide should not rely solely on the information contained herein for making any decisions related to the product or its use.
All product names, logos, and brands mentioned in this guide are the property of their respective owners and are used for identification purposes only.
By using this guide, you acknowledge that it is not intended to serve as a legal document or binding agreement. The actual terms and conditions governing the use of our product may differ from what is described in this guide and are detailed in separate legal documentation provided at the time of purchase or as part of another agreement that you enter into with Gemini.
Gemini assumes no responsibility for any errors or omissions. Additionally, all examples in this manual are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience.
We disclaim all liabilities arising out of any discrepancies between the content of this guide and actual product performance or behavior. We further disclaim all liabilities for any direct, indirect, incidental, or consequential damages, including, but not limited to, loss of profits, arising out of or related to the use or reliance on the content of this guide.