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 XIV. Money clearance and settlement

Collection:: Economics Books

390 THE WORK OF THE STOCK EXCHANGE his record sheet in its “contingent credit” column, and similarly the total contingent debits from his debit list are put on his record sheet in its “contingent debit” column. In cleared securities, which are all delivered through the Central Delivery Department, only actual credit lists are used and therefore the only contingent items entered on the member's record sheet for cleared balances are debits. By reason of these practices with the various kinds of con- tingent lists, the Stock Clearing Corporation is in a position to know to about what extent each of its members may be expected to participate in the day’s money settlement, and is well pre- pared for its actual business of effecting a money clearance and settlement for its members. As a preliminary assurance of accuracy, each cage makes a record of all stock balances contingently deliverable and receiv- able by members whose accounts are kept there, together with their resultant contingent money credits and debits. Total con- tingent credits for balances on cleared securities are obtained from the Night Branch while total contingent debits on cleared securities come to the Day Branch on the appropriate debit con- tingent lists for cleared security balances. The “Proof Depart- ment” of the Day Branch adds up total stock balances and their money values, for all clearing members. Total stock balances to deliver must of course equal total stock balances to receive,’ and thus the money value of the one (or the contingent credits of all members) must equal the money value of the other (or the contingent debits of all members). If such is found to be the case, the accuracy of the contingent lists sent to the Day Branch is “proved.” If the totals do not “prove,” then there is opportunity for the Day Branch to run down the error in the contingent lists to its source, inform the respective members, and obtain corrected lists from them before the actual money clearance and settlement begins. The Stock Clearing Corpora- tion will not undertake to make corrections of any kind on its own responsibility. 8 See Chapter XII. p. 338.

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