Clearance

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Clearance

The process of settling transactions. Most exchanges have one or more clearing houses, which are charged with matching orders together, ensuring that deliveries are made to the correct parties, and collecting margin money. Because so many trades take place on an exchange in a given day, clearing houses exist to process what each party owes or is owed in a central location so the fewest securities actually change hands. For example, suppose that a broker-dealer buys 1000 shares of a security and then, in a completely separate transaction, sells 700 of the same shares. At the end of the trading day, the clearing house would determine that the broker-dealer must only buy 300 shares as the other 700 belong to another party. Clearing houses receive a clearing fee in exchange for clearance services.

Clearance.

Clearance is the first half of the process that completes your order to buy or sell a security. During clearance, the details on both sides of the transaction are compared electronically to ensure that the order to buy and the order to sell correspond.

For example, in a stock transaction, the Committee on Uniform Securities Identification Procedures (CUSIP) number, the number of shares, and the price per share must match.

Next, transactions within each broker-dealer are netted down, or offset, by matching its clients' buy orders against sell orders from others of its clients or among a group of affiliated firms. Their records are then updated to reflect the new ownership and account balances.

Any unmatched orders are forwarded to the National Securities Clearing Corporation (NSCC), which instructs selling broker-dealers to provide the relevant securities and the buying broker-dealer to send the cash.

References in periodicals archive ?
Inulin clearance evidenced that renal function is impaired when using the 2/3 reduction model of renal mass, and that it is directly related to both the pressure and the pneumoperitoneum exposure time.
Comparison between inulin clearance and endogenous creatinine clearence in newborn normal weight and growth restricted newborn piglets.
This study would have been impossible without the diligent work of the pediatric nursing staff of VU Medical Center performing the inulin clearance studies.
Typically, in sampling strategy 2, we observed a bias at low inulin clearance values: the predicted clearance was larger than the reference clearance.
4 are Bland--Altman plots of the inulin clearance for sampling strategies 9 (90/240 min) and 10 (240 min).
In contrast to the results for adults, the results obtained with Schwartz CrCl values in children and infants are significantly higher (in our series up to twofold higher in 4 of 23 cases) than inulin clearances when the compensated Jaffe or enzymatic creatinine method is used.
We retrospectively examined the performance of CysC and SCr in 60 pediatric patients (4-19 years of age) with renal disease for whom GFR determined by inulin clearance was available (46).
The serum cystatin c concentration measured by particle-enhanced immunonephelometry is well correlated with inulin clearance in patients with various types of glomerulonephritis [Letter].
96 years) had undergone an inulin clearance examination between 1985 and 1995 at the Department of Pediatric Nephrology at Hannover Medical School.
1] and were similar to inulin clearances reported for the freshwater snail Lymnaea stagnalis (de With and van der Schors, 1984).