The work of the Stock Exchange

Bibliographic data

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.

APPENDIX 641 of the Stock Clearing Corporation, went abroad to make a survey of security handling and settlement practices in London, Paris, Berlin, and Vienna, which, among other things, made apparent to many Stock Exchange Governors here the theoretical benefits of centralizing secur- ity deliveries. The war period for some years interrupted the develop- ment of this idea. On September 10, 1924, a special committee upon Security Centralization was appointed, to investigate broadly the possibilities of improving New York security handling practice. Care- ful surveys were made of the transfer and registration of shares, their delivery, “substitutions” in loans, and many other such phases of the problem. In 1926 the Economist to the New York Stock Exchange went abroad to make a thorough survey of security handling and settlement practices under the London Stock Exchange, the Berliner Borse, and the Paris Parquet and Coulisse. In London as in New York, security deliveries are made direct between offices, although the Share and Loan Department of the London Stock Exchange maintains facilities for the handling of con- tracts in securities which are temporarily tied up in the process of transfer. In the Giro-Verkehr (or “Turnover Department”) of the Bank des Berliner Kassen-Vereins, facilities are established for the centralization of security deliveries between members of the Berlin Stock Exchange; the Kassen-Verein, however, takes no responsibility for the goodness of such deliveries, and simply serves as a “post- office” system to economize the employment of time and messengers in making Stock Exchange security deliveries. The Compagnie des Agents de Change in Paris has established the best centralized security delivery that the writer has ever studied, since here the central author- ity passes upon and accepts responsibility for the legitimacy and deliverable character of the security certificates passing through it. But in making this comparison between French and German methods, it is only fair to point out that the Berlin term clearing organization— the Liquidationskasse A. G.—assumes full liability on all Borse mem- bers’ cleared term security balances, and that the check and deposit department (Giro-Effekten-Depot) of the Kassen-Vereins has strict rules and thorough surveillance over security certificates accepted by it for deposit. The main reasons why the centralization of security deliveries has been developed in Paris and Berlin but not in London and New York are: (1) the predominant use of bearer shares and bonds in France and Germany has made such an evolution obvious and easy there, while the prevailing use of registered bonds and shares in London, and of registered shares in New York, has inhibited anv such spontaneous

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