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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIV. Money clearance and settlement

Collection:: Economics Books

384 THE WORK OF THE STOCK EXCHANGE members’ records in the manner presently to be described. Along the outer walls of the floor are cages for the banks, and also the managerial offices of the Day Branch. Adjoining the Day Branch offices are the offices of the President and Board of Directors of the Stock Clearing Corporation. On a lower floor the Transfer Department is located. : Since a considerable amount of securities flows through the Day Branch offices, and since any sudden interruption of its daily activities would seriously interfere with the smooth accomplishment of the whole settlement, the Stock Clearing Corporation headquarters are closely guarded, and are equipped with the most modern and complete lighting, ventilating, and protective devices. Keeping of Member Accounts.—The primary function of the Day Branch is to facilitate the clearance and settlement of money accounts between the clearing members. Each clearing member is, as we have seen,’ assigned a “clearing number,” and his account is known by this number rather than by name throughout the whole process of settlement. Each of the eleven Day Branch cages has a theoretical capacity of 60 different accounts, and thus they are numbered 1-60, 61-120, etc. Thus any given clearing member’s account is kept in the cage whose numbers include his clearing number. For each member accoynt a “record sheet’ is kept, upon which are entered all the credit or debit items incurred by him during the day, either from delivery or receipt of security deliveries, or from loans shifted, or from other causes. Thus all these transactions, which would otherwise cause the issuance and delivery of money checks between Stock Exchange firms, are handled by book entries on the record sheets of their accounts at the Stock Clearing Corporation. At the end of the day, each member’s account is balanced; if he has a debit balance he sends a single check to the Stock Clearing Corpora- tion to settle his whole account with it, while if he has a credit TT {See Chapter XIL p. 329.

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