The NOS service is a neutral clearing service open to all brokers and regulated marketplaces. You may trade cleared freight and fuel oil products through either your Direct Clearing Membership with NOS or through one of our General Clearing Members (GCM). You can find the list of GCMs here.
NOS offers the opportunity to trade through an approved OTC broker and report the trade to NOS for clearing. Reporting OTC trades for clearing is given that the two counterparties are clearing members with NOS. The OTC broker sends NOS the transaction details, where upon receiving these details, NOS calls the two counterparties for confirmation. When the deal is confirmed by both parties and NOS has made sure that both parties have sufficient collateral on their accounts, the trade will be cleared and registered on the clearing members' accounts with NOS. All cleared trades will be netted on the member's clearing account irrespective of transaction source.
A trade matched between two clearing members without a broker involved, may also be reported in for clearing with NOS.