Clearing house

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CLEARING HOUSE, com. law. Among the English bankers, the clearing house is a place in Lombard street, in London, where the bankers of that city daily settle with each other the balances which they owe, or to which they are entitled. Desks are placed around the room, one of which is appropriated to each banking house, and they are: occupied in alphabetical order. Each clerk has a box or drawer along side of him, and the name of the house he represents is inscribed over his head. A clerk of each house comes in about half past three o'clock in the afternoon, and brings the drafts or checks on the other bankers, which have been paid by his house that day, and deposits them in their proper drawers. The clerk at the desk credits their accounts separately which they have against him, as found in the drawer. Balances are thus struck from all the accounts, and the claims transferred from one to another, until they are so wound up and cancelled, that each clerk has only to settle with two or three others, and the balances are immediately paid. When drafts are paid at so late an hour that they cannot be cleared that day, they are sent to the houses on which they are drawn, to be marked, that is, a memorandum is made on them, and they are to be cleared the next day. See Gilbert's Practical Treatise on Banking, pp. 16-20, Babbage on the Economy of Machines, n. 173, 174; Kelly's Cambist; Byles, on Bills, 106, 110; Pulling's Laws and Customs of London, 437.

References in periodicals archive ?
We are delighted to be working with the Board of Trade Clearing Corporation and are extremely pleased that PurchasingNet-SQL was selected as its eProcurement solution," said Tim McEneny, president and CEO of PurchasingNet, Inc.
This venture builds upon and supports the previously announced bilateral agreements between "OPT4", "CMXchange" and the Clearing Corporation that lead to this innovative marketplace coming together.
He has been a member of the Board of Governors of the Philadelphia Stock Exchange, the Board of Directors of OCC and the Stock Clearing Corporation of Philadelphia.
CHICAGO & SYDNEY, Australia -- The Clearing Corporation (TCC), the world's only independent derivatives clearinghouse, and the new Financial and Energy Exchange (FEX) for Asian-based derivative products located in Sydney Australia, today announced that they have entered into an agreement for TCC to provide clearing and settlement services for derivatives products traded on FEX.
CHICAGO -- The Clearing Corporation (CCorp) today announced the completion of a corporate restructuring that results in ownership of CCorp by 17 stockholders, including 12 major global dealers, 3 leading inter-dealer brokers, Europe's largest derivatives exchange, and the foremost OTC service provider.
The financial firms and capital markets that we support around the world understand how critical the infrastructure is to bringing about greater efficiency, risk management and lower cost during a period when trading volumes are growing, when financial markets are increasingly looking to trade across national borders, and particularly at this time of acute market volatility," said Amarilis Prado Sardenberg, Chairman of CCP12, and Chief Operating Officer of the Brazilian Clearing Corporation and Depository (CBLC).
A leading Depository Trust & Clearing Corporation (DTCC) senior executive, Richard R.
NYPC clears interest rate products and will support the cross-margining of fixed income cash products from Depository Trust & Clearing Corporation's Fixed Income Clearing Corporation with their related, offsetting derivatives trades in a "single pot".
CHICAGO -- In light of recent market events and in response to related inquiries regarding the regulation of the credit default swap (CDS) market and the anticipated launch of a central clearing house for CDS transactions, The Clearing Corporation (TCC) today issued the following statement:
The Depository Trust & Clearing Corporation selected Tocquigny for the agency's deep expertise with measurement and the application of Six Sigma methodologies in marketing.