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.
Investors need to gauge whether the exchange has a good investor protection mechanism, a good clearing corporation with adequate capital and a settlement guarantee fund.
Insurance & Retirement Services, a unit of the Depository Trust & Clearing Corporation, New York, released these results in its Analytic Reporting for Annuities online information service, which leverages data from the transactions that DTCC processes for the industry.
"As a leading international bank with a strong presence of 90 years in Bahrain, Standard Chartered Bank is an ideal partner for the BFX and its clearing corporation.
government securities and repurchase transactions and seek to clarify their obligations to counterparties in the event of a future temporary disruption at a clearing bank; and (2) ensure that the Fixed Income Clearing Corporation's existing netting and guaranteed settlement services are used as much as practical.
Mr Fisher and his wife run MDF Clearing Corporation in Manhattan.
securities being held with a central repository, the Depository Trust & Clearing Corporation. Further, a consolidation among nominees has enabled the creation of a central clearing and settlement operation, known as National Security Clearing Corp.
The Depository Trust & Clearing Corporation (DTCC) has selected Percussion Software's Rhythmyx Content Manager V4.0 to streamline the creation of online content and automate its publishing across the enterprise.
The first undertaking of ACORD--a global, nonprofit insurance association--and DTCC will be the completion of the "Product Profile" standard, which will allow carriers, distributors and vendors to share product information using a standard format via DTCC's clearing corporation subsidiary's Insurance Processing Service.
An operator of global markets, TMX Group's key operations include the Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, Canadian Depository for Securities, Montreal Exchange, Canadian Derivatives Clearing Corporation and Trayport which provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services.
IFSC Clearing Corporation Limited (NICCL), a wholly owned subsidiary of NSE Clearing Limited (formerly known as National Securities Clearing Corporation Limited) has been granted recognition by European Securities & Markets Authority (ESMA) as a "third- country CCP" under European Market Infrastructure Regulation (EMIR).
BANKING AND CREDIT NEWS-March 14, 2019--Deutsche Bank joins China's NetsUnion Clearing Corporation network

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