The degree of disentanglement of a futures contract from those who initially entered into it depends on the clearing mechanism in place (Mille, Muniesa, Panourgias, and Scott, forthcoming). Moser (2000) describes the evolution of clearing on the Chicago Board of Trade from "direct clearing" of bilateral contracts, via "ring clearing," to "complete clearing" in which the clearinghouse itself became the counterparty in all contracts. This last is now the standard situation in derivatives exchanges.

Donald MacKenzie, An Engine, Not a Camera, loc. 1399