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 393 Through these methods, payment for securities delivered is effected on the members’ accounts at the Stock Clearing Cor- poration, rather than by the passing of checks between them as was done prior to 1920. For every actual credit entered for a member, there must be a corresponding debit for some other member. “Failures to Deliver.”—Of{ course there is always a possi- bility that for some reason or other a delivering member may find it impossible to make a security delivery, either as a whole or in part. Under the rules of the Stock Exchange (Chapter IV) and of the Stock Clearing Corporation (Rule 32), the failure of a member to deliver or receive securities on regular- way contracts by 2:15 p. M. of the next full business day after contract, may result in the securities being “bought in” or “sold out.” But if such a failure to deliver results from an agree- ment between the delivering and receiving member, it is con- sidered that they have entered into a new contract on which they alone are liable, and under which the securities must be delivered and paid for directly between themselves and not through the Stock Clearing Corporation. To the extent that such “failures to deliver” or “failures to receive” occur, the members’ contingent lists of credits and debits established at their cages in the Day Branch will not, of course, agree with the actual credits and actual debits which are established there by security deliveries actually made. It is therefore necessary for members failing to deliver or to receive to notify the Stock Clearing Corporation, so that the failed transactions can be removed from their records in the Day Branch. For this purpose, contingent lists of all kinds are furnished with a perforated strip, upon which the amount and money value of the failed securities is entered as the Stock Clearing Corporation is notified concerning them. The strip can then be torn off the contingent list, and sent to the cage where the account to which it applies is kept.

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