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 315 ing fund of over $10,000,000 to which clearing members contribute in proportion as they employ the Corporation’s services. This fund is kept in the form of deposits in approved banks and trust companies. The fund carries with it an assess- able liability of 100% to every clearing member. The expenses of the Corporation are covered by charges to its members on the money value of such securities as are cleared, interest on money on deposit, charges on shares cleared in the Night Branch, and fines. Under its Constitution and rules, the Stock Clearing Corporation is administered by its President and a Board of Directors largely composed of members of the Governing Committee of the New York Stock Exchange. The Night and Day Branches.—The work of the Stock Clearing Corporation is performed by two different branches. Its Night Branch is the earlier “Clearing House of the New York Stock Exchange,” rechristened and modified in certain details so as to fit with the present more inclusive system of clearance and settlement. Its Day Branch, on the other hand, dates from 1920 and performs, as we shall see, a wide variety of functions and services. The names of these branches are derived from the fact that the former operates in the evening beginning about 6 p.m., while the latter performs its work in the daytime from g A.M. to about 5 P.M. Where the Night Branch clears both money and security amounts, the Day Branch clears only money amounts and for this reason more closely resembles a bank clearing house. Also, in the process of handling a given Stock Exchange contract, the Day Branch begins its operations where the Night Branch leaves off. The work of the Day Branch will be considered in Chapters XIII and XIV, while that of the N ight Branch will constitute the theme of the present chapter. Scope of the Night Branch Security Clearance. By no means all the securities listed on the New York Stock Ex- change are cleared in the Night Branch. Bond clearances are made only in the most active listed issues. Moreover, out of

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