A clearing organization or similar entity that, in respect to a contract

(1) enables each party to the contract to substitute, through novation or otherwise, the credit of the derivatives clearing organization for the credit of the parties;

(2) arranges or provides, on a multilateral basis, for the settlement or netting of obligations resulting from such contracts; or

(3) otherwise provides clearing services or arrangements that mutualize or transfer among participants in the derivatives clearing organization the credit risk arising from such contracts.