L' Allemagne économique ou histoire du Zollverein Allemand

The work of the Stock Exchange

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Monograph

Identifikator:: 832279064

URN:: urn:nbn:de:zbw-retromon-64432

Document type:: Monograph

Author:: Worms, Émile

Title:: L' Allemagne économique ou histoire du Zollverein Allemand

Place of publication:: Paris

Publisher:: Ainé

Year of publication:: 1874

Scope:: 1 Online-Ressource (VII, 631 S)

Collection:: Economics Books

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396 THE WORK OF THE STOCK EXCHANGE same chapter it was also explained how debits were established at the Stock Clearing Corporation for lending firms making new loans by the “new loan charge tickets” (Figure 41b), and for borrowing firms paying off old loans by the “pay-off loan charge tickets” (Figure 42b) or by the “return loan agree- ments” (Figure 37). As these different forms come to the cage where the given clearing member’s account is kept, his account is respectively credited or charged in accordance with them, since the forms in each case are signed orders from him to the Stock Clearing Corporation. Actual Credits and Debits from “W. I.” Settlements.— In addition to its regular settlements, the Stock Clearing Cor- poration sometimes effects special settlements; this is done usually with securities which are traded in upon the Stock Exchange “when, as, and if issued’—that is, before actual security certificates for the issue are available for delivery. Occasionally such trading “w.i.”” as it is called, may last for some time,'® and under these circumstances daily deliveries of securities “regular way’ are of course impossible. In order to avoid large open contracts and commitments from accumu- lating thereby, the Stock Clearing Corporation will settle such contracts by a final special settlement when security certificates become available for delivery, and meanwhile (if the “w.i.” trading is sufficiently protracted and extensive) may conduct interim intermediate settlements and markings to the market. In either case, a settlement price is fixed, and contracts are cleared at this price. With any firm which has commitments in the “w.i.”’ securities, there will be money differences between this settlement price to which the contracts are thus marked, and the actual prices at which the contracts were made on the Exchange. If a clearing member is in debit for such differ- ences on his whole commitments, he pays the respective amount into his account at the Stock Clearing Corporation, while if 15 See Appendix XIVb.

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