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

MONEY CLEARANCE AND SETTLEMENT 387 the settlement day shows to what extent the given member will presumably incur liabilities in the ensuing actual money clear- ance and settlement. Non-Cleared Security Contingent Lists.—The Day Branch also requires the submission to it of similar credit as well as debit contingent lists for all non-cleared security trans- actions, which in practice consist at present of all bonds and inactive stocks. But a somewhat different method of procedure is employed than with cleared security debit contingent lists. In physical appearance, contingent credit and debit lists for non-cleared securities are very similar to the debit contingent list for cleared securities already described; credit lists (see Figure 44) are printed in red and debit lists in black. For convenience of handling, however, contingent lists for bonds are of yellow paper, and for non-cleared shares of green paper. We have seen* that for non-cleared security transactions made regular way, comparison is effected by the passage back and forth between deliverer and receiver of the so-called “three- way exchange ticket.” At the conclusion of this comparison, the receiver holds one of their “deliver” portions, and the deliverer the other “deliver” portion and the “receive’’ portion. We have also seen’ that for bond transactions made ‘“de- ferred delivery,” a comparison on the contract is made by passing the “deliver” and “receive” bond contract tickets of the “four-way ticket” between deliverer and receiver, and that before delivery and settlement the other two tickets of the form—namely, those labeled “Delayed Delivery (Bonds) ’— are again passed. Before the money clearance and settlement occurs, each deliverer therefore has in his possession the latter two forms, the “receive” form being signed by the receiver. Both the signed deliver and receive tickets of the ‘“‘three- way ticket” and the similar tickets of the “four-way ticket” not only serve as a means of effecting comparison, but also +See Chapter XII, p. 319.

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