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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIV. Money clearance and settlement

Collection:: Economics Books

CHAPTER XIV MONEY CLEARANCE AND SETTLEMENT The Concluding Phases of the Settlement Process.—QOf the five basic steps which compose the settlement process, com- parison and security clearance were described in Chapter XII, and security delivery in Chapter XIII. In the latter, loan clearance and the issuance of transfer receipts were also ex- plained. In the present chapter it remains to describe the last two stages of the settlement process—money clearance and money settlement, which are carried on in the Day Branch of the Stock Clearing Corporation. Quarters of the Stock Clearing Corporation.—It has been pointed out that the Night Branch of the Stock Clearing Cor- poration (including its Distributing Department and its Clear- ance Department) is located at 55 New Street. All the rest of the Stock Clearing Corporation offices are housed in the basement of the Stock Exchange building itself, immediately beneath the Exchange floor. Under the Wall Street extension of the floor is the Central Delivery Department, whose opera- tions have already been described. Beneath the old Board Room of the Exchange are the Day Branch headquarters; its outer walls are lined with the booths or cages for the large New York banking institutions whose operations in connection with loan clearance and non-member deliveries have been out- lined. The center of the room is occupied by a hollow square of banking cages in which the accounts of the clearing mem- bers are kept. Inside this square space is provided for sorting and checking the “three-way exchange tickets” on non-cleared securities, and also the charge and credit tickets, before these are sent to their appropriate cages and entered in the clearing

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