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Clearing |
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Clearing The procedure by which an organization acts as an intermediary and assumes the role of a buyer and seller for transactions in order to reconcile orders between transacting parties. Notes: Clearing is necessary for the matching of all buy and sell orders in the market. It provides smoother and more efficient markets, as parties can make transfers to the clearing corporation, rather than to each individual party with whom they have transacted. |
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He wanted the firm to take responsibility for his losses since they were the clearing agent. SEC Regulation SHO, under the Securities Exchange Act of 1934, mandates that, if a clearing agent has had a fail-to-deliver position for 13 consecutive settlement days, that clearing agent, and the broker/dealer it clears for, must purchase securities to close out its fail to deliver position. When a penny-stock promoter failed in February 1995, the resulting mess unexpectedly claimed its clearing agent as well, leaving stock speculators and a bankruptcy trustee at war over the wreckage, and the blame. |
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clearing agent
