clearing agreement. A contract whose purpose is to facilitate the collective settlement of monetary claims be-tween creditors and debtors in different currency areas, without resort to foreign-exchange reserves.
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clearinghouse. 1. A place where banks exchange checks and drafts and settle their daily balances; an association of banks or other payors regularly clearing items. See UCC § 4-104(a)(4). [Cases: Banks and Banking 318–323. C.J.S. Banks and Banking §§ 647–649.] 2. A stock-and-commodity exchange where the daily transactions of the brokers are cleared. 3. Any
A corporation whose capital stock is held by or for a national security exchange or association registered under federal law such as the Securities Exchange Act of 1934.
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copyright clearinghouse. An organization that licenses members’ works to applicants for specific purposes. • A clearinghouse usu. licenses only one type or class of works, such as songs, photographs, cartoons, or written materials.
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stock clearing corporation. A New York Stock Exchange subsidiary that is a central agency for securities deliveries and payments between member firms.
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Securities. A person or company acting as an intermediary in a securities transaction or providing facilities for comparing data with respect to securities transactions. • The term includes a custodian of securities in connection with the central handling of securities. Securities Exchange Act § 3(a)(23)(A) (15 USCA § 78c(a)(23)(A)). — Also termed clearing agency.
central clearing system. A method of facilitating securities transactions in which an agent or subsidiary of an exchange acts as a clearinghouse for member brokerage firms by clearing their checks, settling their accounts, and delivering their payments. • Most transactions are reflected solely by computerized book entries, and clearing-house statements are submitted showing the net
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clearings. Banking. Checks or other items drawn on a local bank and presented for payment through a clearing-house or directly to the drawee bank. See CLEARINGHOUSE(1). [Cases: Banks and Banking 137, 168, 320. C.J.S. Banks and Banking §§ 327–328, 330, 406–407, 420, 422–424, 649.]
stock clearing. The actual exchange of money and stock between buyer and seller, typically performed by a clearing corporation.