MONEY CLEARANCE AND SETTLEMENT 387
the settlement day shows to what extent the given member will
presumably incur liabilities in the ensuing actual money clear-
ance and settlement.
Non-Cleared Security Contingent Lists.—The Day
Branch also requires the submission to it of similar credit as
well as debit contingent lists for all non-cleared security trans-
actions, which in practice consist at present of all bonds and
inactive stocks. But a somewhat different method of procedure
is employed than with cleared security debit contingent lists.
In physical appearance, contingent credit and debit lists for
non-cleared securities are very similar to the debit contingent
list for cleared securities already described; credit lists (see
Figure 44) are printed in red and debit lists in black. For
convenience of handling, however, contingent lists for bonds
are of yellow paper, and for non-cleared shares of green paper.
We have seen* that for non-cleared security transactions
made regular way, comparison is effected by the passage back
and forth between deliverer and receiver of the so-called “three-
way exchange ticket.” At the conclusion of this comparison,
the receiver holds one of their “deliver” portions, and the
deliverer the other “deliver” portion and the “receive’’ portion.
We have also seen’ that for bond transactions made ‘“de-
ferred delivery,” a comparison on the contract is made by
passing the “deliver” and “receive” bond contract tickets of
the “four-way ticket” between deliverer and receiver, and that
before delivery and settlement the other two tickets of the
form—namely, those labeled “Delayed Delivery (Bonds) ’—
are again passed. Before the money clearance and settlement
occurs, each deliverer therefore has in his possession the latter
two forms, the “receive” form being signed by the receiver.
Both the signed deliver and receive tickets of the ‘“‘three-
way ticket” and the similar tickets of the “four-way ticket”
not only serve as a means of effecting comparison, but also
+See Chapter XII, p. 319.
