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 ?
Under the draft regulations, the financial resource requirements for a clearing house are proposed to be increased to an adequate level, given the critical functions being performed by a clearing house.
In addition, as ICE Endex Dutch TTF futures continue to grow in liquidity and relevance, the number of firms actively trading the market has increased to 90, compared with 49 firms in 2013, prior to the migration to the ICE trading platform and clearing house.
5 February 2013 - SGX, the Singapore stock exchange, is holding talks about buying a stake in UK clearing house LCH.Clearnet Group Ltd, the Financial Times reported today citing three insiders.
Nasdaq OMX has challenged moves by other exchange groups towards a vertically-integrated model of exchange and clearing house, urging investment from other trading venues into central counterparty EMCF.
ICE Clear Europe was established in 2008 as the UKs first new clearing house in over a century and today it provides clearing for thousands of futures and options products across a wide range of asset classes, as well as Credit Default Swaps (CDS).
Global Banking News-September 11, 2014--ICE to acquire majority stake in Holland Clearing House
Under the original EUR463m offer, unveiled in March, the buyer proposed EUR19.00 apiece and a EUR1.00 special dividend, which valued the clearing house at EUR813m.
19 December 2012 - London Stock Exchange Plc (LON:LSE) is continuing discussions about potential changes in the commercial terms of a EUR463m (USD615.5m) deal to buy up to a 60% stake of domestic clearing house LCH.Clearnet Group Ltd, the pair said today.
13 May 2014 -- US-based exchange and clearing house operator IntercontinentalExchange Group (NYSE: ICE) said it has launched 64 new energy futures and options contracts on May 12 2014 subject to the completion of necessary regulatory and governance processes.
The LSOC with Excess model gives clients the ability to ensure their excess collateral is held at the clearing house and not at the clearing broker.
13 February 2014 -- Atlanta US-based exchange and clearing house operator IntercontinentalExchange Group (NYSE: ICE) has declared a USD 0.65 per share dividend for the first quarter of 2014.
The new requirements significantly impact many aspects of how hedge funds and asset managers conduct business, including how they finance portfolios, manage collateral, and choose clearing houses and DCMs.

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