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 XIII. Security delivieries, loans, and transfers

Collection:: Economics Books

360 THE WORK OF THE STOCK EXCHANGE would make all deliveries to it and receive all deliveries from it. This would make the Stock Clearing Corporation respon- sible for accepting delivery on all security certificates, in respect to their technical deliverability, and would in proportion lift this responsibility from its members. It might then be possible to establish a central depository, and allow Stock Exchange members to keep securities on deposit therein subject to check, just as is done by everyone every day with their money funds in bank deposits. Such a practice would enable Stock Exchange members. to withdraw securities by “cashing” a security check, and would also per- mit the delivery of a security from one member to another by the delivery of a security check to the receiver, who could then “cash” it and draw out the security, or “deposit” it to its security account. In this way, as in the Giro-Effekten-Depot of the Bank des Berliner Kassen-Vereins, securities could be kept securely guarded in vaults, instead of circulating round and round the financial district each day, even while the owner- ship of the securities was being constantly changed from one member’s account to another. A final step would be the inclu- sion in the system of the securities which serve as loan collateral. Radically novel as these ideas may perhaps sound to the veteran of Wall Street brokerage or banking, they have been actually practised to enormous advantage on the Berliner Borse and in the Bank des Berliner Kassen-Vereins for many years. There seems no inherent reason why some day listed securities in New York cannot be handled by these time-tested German methods with the enhanced convenience, safety, and economy which is already familiar to us all from the ever-present exam- ple of check and deposit banking. Clearance of Loans.—The Stock Clearing Corporation provides facilities for the clearance and settlement of security collateral loans as well as of Stock Exchange purchase and

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