The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Comparison and security clearance

Collection:: Economics Books

COMPARISON AND SECURITY CLEARANCE 317 tickets” for non-cleared bonds to be settled for deferred deliverv. Exchange Tickets.—When a transaction has occurred in a cleared stock, in the buyer's office, a yellow “receive exchange ticket” (Figure 24) printed in black is prepared, and in the seller’s office a white “deliver exchange ticket” (F igure 25a) printed in red. The seller's “deliver exchange ticket” is pro- vided with a detachable sales ticket (Figure 2 5b), upon which are affixed the Federal and State stock sales tax stamps ;*° the sales ticket is then torn off by the delivering member and sent to the Stock Clearing Corporation by 11 o’clock the next day. No. io Ow time Number hues STOCK CLEARING CORPORA! RECEIVE FROM . - "27 THT g Ram 7 venry LOO shares ¥.. for account of the ur Thelr Line Numt Tigure 2 Receive Exchange 1C These “exchange tickets” derive their name from the fact that they are exchanged, the “deliver” ticket going to the receiving member, and the “receive” ticket to the delivering member; this exchange is effected through the Distributing Department of the Night Branch. Since the tickets are mem- oranda of the same transaction, their exchange serves to effect a comparison between the two parties as to its terms. But “exchange tickets” are also positive and legally binding orders upon the Stock Clearing Corporation, stamped with the issuing firm’s name, to deliver or to receive the specified stock to or from the other indicated firm. Thus the Stock Clearing Cor- poration obtains from both firms the authority to effect in their behalf deliveries and receipts of cleared securities, for which the “exchange tickets” are exclusively used. 10 See Chapter VIII, p. 207

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