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 XIV. Money clearance and settlement

Collection:: Economics Books

MONEY CLEARANCE AND SETTLEMENT" 38g constitute orders upon the Stock Clearing Corporation to credit a member’s account for the money value of securities which he delivers, and to charge his account for the money value of securities which he receives. Checking of Non-Cleared Security Contingent Lists.— It was pointed out® that the Night Branch, in the course of its security clearance, audits all Stock Exchange transactions in cleared securities. A comparable service is afforded transac- tions in non-cleared securities by the Day Branch. Each morning each clearing member sends to the Day Branch his contingent lists for non-cleared securities, together with the exchange tickets for the items which they record. Clerks in the Day Branch check every item on every such con- tingent list against the signed exchange ticket for it sent in by the other party to the transaction. This process resembles the checking in the Night Branch of every member's “Night sheet” by the exchange tickets of the other parties sent in with it.” Due to it, the Stock Clearing Corporation is assured that every transaction in non-cleared securities has been com- pared and acknowledged by the two parties to it. The footings of the debit sheets are then checked, since these constitute the charges against members’ accounts which will be made that day, subject to “failures to deliver.” The contingent lists are passed to racks as they are checked, and then to the cages where the member accounts to which they apply are kept. Since non- cleared stocks are delivered through the Central Delivery De- partment, contingent lists for them are made out in duplicate and the extra copy is sent to the Central Delivery Department. Establishment of Contingent Credits and Debits.— The cages where member accounts are kept obtain the contingent lists in cleared securities of their respective clearing members by 10 A.M. With each account, the total contingent credits as shown on the member’s contingent credit lists are entered on ¥See Chapter XII, p. 344

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