Ferdinand Lassalle

Bibliographic data

Monograph

Identifikator:: 890175551

URN:: urn:nbn:de:zbw-retromon-11398

Document type:: Monograph

Author:: Großmann, Stefan http://d-nb.info/gnd/118542664

Title:: Ferdinand Lassalle

Place of publication:: Berlin

Publisher:: Verlag Ullstein & Co

Year of publication:: 1919

Scope:: 1 Online-Ressource (260 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Aus Lassalles heroischer Zeit

Collection:: Economics Books

368 THE WORK OF THE STOCK EXCHANGE clearing member to withdraw such certificates from his col- lateral “free”’—that is, without at the same time having to give in return to the Corporation his certified check or equivalent securities for the value of the securities withdrawn—up to the limit of the credit accommodation to which the given member is entitled at the Stock Clearing Corporation on the basis of his contribution to its clearing fund. But in addition to this ordi- nary credit accommodation, the member can obtain additional accommodation at the Stock Clearing Corporation by making an additional temporary contribution to its clearing fund, or by reducing his existing accommodation by establishing actual credits at the Corporation through delivering securities to other members, by contracting new collateral loans from the banks through the Corporation, or by delivering securities or sending funds direct to his account at the Corporation. The form used in withdrawing securities is shown in Figure 39. Thus, the value of securities delivered “free” in this way is treated as unsecured accommodation extended temporarily to the member by the Stock Clearing Corporation, and hence it is debited to his account there along with other unsecured debits which he incurs by receiving securities, etc. The mem- ber’s “record sheet” upon which such debits are entered will be described in the next chapter.’ Of course, the clearing mem- ber, whether for security balances received or for securities withdrawn free, is not permitted to obtain a greater total of unsecured accommodation from the Corporation than the amount which it allows him. The member can, however, obtain special accommodation in giving his certified check or securi- ties to the Stock Clearing Corporation. Consequently, if the member were to withdraw securities from his collateral unnec- essarily, he would to the extent of their value needlessly in- crease the amount of his debit for unsecured accommodation extended to him by the Corporation. In an active day particu- larly, it is necessary for the clearing member to keep this TT See Chanter XIV. pb. 401.

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