September 2002
Intermediate to advanced
256 pages
6h 37m
English
Content preview from Clearing, Settlement and Custody
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Broker X sold 100, 300 and 500 securities ABC and purchased 50
and 200 units of the same issue. The clearing system will net the
transactions and debit X with 650 units (–900 + 250 = 650) against
the total cash amount. This enables reduction of the number of
movements and thus the costs.
Clearing organization The clearing organization acts as the
guarantor of the performance and settlement of contracts that are
traded on an exchange.
Clearing system System established to clear transactions.
Clearstream CSD and clearing house based in Luxembourg and
Frankfurt.
Closing day In a new bond issue, the day when securities are
delivered against payment by syndicate ...
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