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.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Comparison and security clearance

Collection:: Economics Books

COMPARISON AND SECURITY CLEARANCE 31g “Three-Way Exchange Tickets.”—Comparison is made for all transactions in non-cleared stocks, and for all transac- tions in non-cleared bonds made for “regular way” delivery, by means of the “three-way exchange tickets.” This form on buff paper consists, as its name implies, of three detachable tickets: (1) a form retained by the receiver; (2) a receiver's exchange ticket; and (3) a deliverer’s exchange ticket. The first and third parts are printed in red, the second in black (Figure 26). By means of carbon paper all three are made out at once by the deliverer, except of course for the receiving member’s signature. The deliverer then sends the triple form to the receiver, who retains one of its “deliver” tickets and returns the remaining “deliver” and “receive” tickets to the deliverer ; this is done through the Distributing Department of the Night Branch, and serves as a comparison. For the re- ceiver will not sign the receiver’s exchange ticket until he ascer- tains that the seller’s notation on it as to the identity, amount and price of the securities upon it agrees with his own records of the transaction. The “exchange tickets” are not an order by the firms on the Stock Clearing Corporation to deliver or receive for them, since the securities in this case are not cleared at its Night Branch. They are, as we shall presently see, used later on in connection with the establishment of the firms contingent credits and debits in the Day Branch money clear- ance and settlement. “Four-Way Deferred Delivery Bond Contract Tickets.” —It has been pointed out’? that in bond transactions, a system of deferred delivery is frequently employed, whereby the delivery is made on the seventh full business day following the day of contract, but may be made on any full business day prior thereto upon one day’s notice by the seller. Such deferred delivery transactions in bonds make necessary a special method of comparison, in which a quadruplicate blue form is used: (1) a deliver bond contract; (2) a receive bond contract; (3) 1 See Chapter XIV, p. 385. 12 See Chapter X, p. 270.

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