September 2002
Intermediate to advanced
256 pages
6h 37m
English
Content preview from Clearing, Settlement and Custody
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Chapter 2
The role of the clearing house
and central securities
depositories
I
n Chapter 1 we determined that whenever a trade takes place in
the financial markets there is an associated settlement process.
That process involves several procedures ranging from matching to
settlement instructions being actioned. We also saw that clearing
therefore can be described as the process of matching and recording
transactions prior to the settlement of those transactions. A clearing
house is the organization that deals with the logistics of this process
and while it is often part of the exchange itself it provides an element
of independence from the exchange. The ...
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