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 ?
Our aim is to see more diversity in the financial sector workforce," said David Johnson, a Clearing Corporation Charitable Foundation board member and longtime supporter of Roosevelt University.
A Clearing Corporation is an institution that provides clearing and settlement services for financial and commodities derivatives and securities transactions.
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".
The Clearing Corporation is currently in the process of establishing a wholly-owned, limited purpose, New York trust bank that will be regulated by the Federal Reserve Bank of New York and the New York State Banking Department and serve as a central clearing house with respect to CDS transactions.
The Depository Trust & Clearing Corporation selected Tocquigny for the agency's deep expertise with measurement and the application of Six Sigma methodologies in marketing.
The Japan Securities Clearing Corporation and the Tokyo Stock Exchange, Inc.
CCorp plans to work closely with The Depository Trust & Clearing Corporation (DTCC) by acting as central counterparty for CCorp's eligible clearing participants with respect to certain Credit Default Swap transactions registered within DTCC's Deriv/SERV Trade Information Warehouse.
Dawley, Chairman of TCC, said "The Clearing Corporation is pleased to join with FEX and to expand TCC's clearing presence to the Australian and Asian markets.
equity markets, when a plunge in the Chinese stock market and worries about economic growth at home and abroad sparked a sudden sell off, resulting in the highest volumes ever experienced by the clearing corporation.
Offered by DTCC's National Securities Clearing Corporation subsidiary, Mutual Fund Profile Service also includes features that provide users with data about fund distributions, as well as contact information and the processing capabilities of funds and firms.
Provided by DTCC's National Securities Clearing Corporation, Networking also offers centralized settlement of cash dividends and capital gains distributions.
The warehouse is a centralised global infrastructure for the post-trade processing of over-the-counter (OTC) derivatives launched by The Depository Trust & Clearing Corporation (DTCC) in November 2006.

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