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 643 more for bank deliveries to Stock Exchange firms than for deliveries from the latter to the former. Subsequently in 1929 and under a revised and improved system, additional leading banks entered into agreements with the Stock Clearing Corporation to employ the service. The Stock Clearing Corporation first obtains notification from the hanks that they will deliver through it, and contingent lists of the tems to be delivered are put at its disposal. Comparison on all items 0 be delivered is effected by the passage of a “three-way” ticket from Exchange firms to the banks, who keep one part of the ticket and return the other two to the Stock Clearing Corporation. The Central Delivery Department then acts as intermediary between the banks and the cages of the Day Branch; in behalf of Stock Exchange firms it receives security deliveries from the banks, in each case turns hose securities over to the cage where the receiving Stock Exchange member’s account is kept, obtains at the same time from the cage sufficient funds from the member’s accommodation there to pay for he securities, and pays the bank for the security deliveries with its sown checks. Stock Exchange member accounts in the Day Branch cages are debited by means of deliver tickets made out by the Central Delivery Department on behalf of the banks. When a Stock Exchange firm delivers securities to a bank through ‘he Central Delivery Department, after a contingent list is furnished to the Stock Clearing Corporation and comparison on its items effected, the Exchange firm delivers the securities to the Central Delivery Department and obtains credit for their money amount at its cage in the Day Branch. When the bank calls at the Central Delivery De- partment, the securities are turned over to it against its payment for them by its own check. The purpose of this bank-Stock Exchange centralized security delivery system, with its accompanying money clearance and settle- ment, is to effect economies in time, labor and credit, and to afford to both deliverers and receivers superior protection and safeguards. To anyone familiar with the source and extent of such economies in other phases of the work of the Stock Clearing Corporation, as set forth in preceding pages of the present study, the usefulness of these particular operations should be obvious. It has been the practical demonstration of these benefits which has subsequently led the lead- ing New York banking institutions to avail themselves of the facilities ‘hus placed at their disposal by the Stock Clearing Corporation. Re- cently, the facilities of the Central Delivery Department have been similarly extended to non-Stock Exchange member banking institu- tions of New York for handling security deliveries between themselves.

Access restriction

Copyright

fullscreen: The work of the Stock Exchange

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation