A ratchet is the thingy that makes sure the reel only turns in one direction. Looks like your reel has a friction adjustment not a ratchet.
If you look at this article:
http://www.divernet.com/equipment/0701reelsextra.htm
in the reels at the top, the yellow lever thing that sticks into the jagged bit of the spool is the ratchet mechanism.
Suicide clips are something else altogether...