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 395 a special form (Figure 45) which states the number, name, price, and value of the shares to be delivered, and agree that this delivery shall be made by transfer subject to the approval of the Stock Clearing Corporation, and that upon this approval the receiving member will immediately hand to the Corpora- tion a certified check to its order for the value of the stock placed in transfer. By rule of the Stock Clearing Corpora- tion (Rule 8A), the Corporation must be notified by 10 A. M. if the delivery is to be made through the Central Delivery De- partment. In practice, however, deliveries by transfer through the Stock Clearing Corporation are very rarely made, since members prefer to “fail to deliver” and settle “ex-Clearing House ”’ Actual Credits and Debits from Security Loans.—The clearance of security loans by the Stock Clearing Corporation was described as a separate process in Chapter XIII. In actual fact, however, debits and credits on a clearing member’s ac- count arising from such loans are handled together with those arising from security deliveries and also other operations. It was pointed out'® that clearing members may obtain credits on their Day Branch accounts by calling loans which they have made as lenders or contracting new loans as borrow- ers, and debits on their Day Branch accounts by making new loans as lenders or paying off old loans as borrowers. Before any such credits or debits can be established for their account at the Stock Clearing Corporation, however, the latter must be specifically ordered to do so on the appropriate forms by the clearing members in question. Chapter XIII has already described" how credits are established at the Stock Clearing Corporation for lending firms calling loans by the “pay-off loan credit tickets” (Figure 41a), and for borrowing firms contracting new loans by the “new loan credit tickets” (Figure 42a) or by the “new loan agreements” (Figure 40); in the 12 See Chapter XIII, p. 361.

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