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U.S. Exchanges Clearing &amp; Settlement

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Primer on U.S. exchanges clearing and settlement process.

Willard John Thomas Associates May 2010

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U.S. Exchanges Clearing &amp; Settlement

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  10. 10. UA#SAf$V$U#22$ •!@(,$U#22@4)5,$2):8/4,$)*5$W,:?41*+$#,4^0',$:4?^05,-$X?4$8(,$:4?',--0*+$?X$5?7,-1'$)*5$ X?4,0+*$,./08<$84)*-)'1?*-$,&,'/8,5$0*$8(,$U)-5).$#8?']$B)4],8$)*5$;<$f/)30b,5$#,4^0',$ W,:4,-,*8)1^,-$df#W-e"$ •!$A$f#W$7/-8$;,$?*$?*,$-05,$?X$,^,4<$84)*-)'1?*$-/;706,5$8?$U#22$)*5$7/-8$:4,-'40;,$8?$ U#22n-$f#W$4/3,-$)*5$4,+/3)1?*-$$U)-5).$)*5$Y^,4i8(,i2?/*8,4$84)5,$5)8)$0-$^)305)8,5$)*5$ 8(,*$4,:?48,5$8?$:)41'0:)*8-$?*$Q*84)i5)<$)*5$,*5i?Xi5)<$'?*84)'8$?/8:/8$X?4$4,'?*'030)1?*$ :/4:?-,-"$ •!R?4$-,'/401,-$,30+0;3,$)8$8(,$5,:?-08?4<Z$84)5,$5)8)$0-$X?4O)45,5$8?$U#22n-$2?*1*/?/-$U,8$ #,63,7,*8$)::30')1?*$X?4$-,63,7,*8$)-$O,33$)-$40-]$7)*)+,7,*8$-<-8,7-$X?4$40-]$'?*84?3"$ •!@(,$-,4^0',$:4?^05,-$)$*/7;,4$?X$?:,4)1?*)3$)5^)*8)+,-_$ –!W,)3i17,$5)8)$-/;70--0?*-$0*8?$U#22$X4?7$U)-5).$)33?O-$X?4$X)-8$)*5$,'0,*8$ :4?',--0*+"$ –!@4)5,$4,'?450*+$0-$)^)03);3,$X?4$)33$Y^,4i8(,i2?/*8,4$-,'/401,-$0*'3/50*+$U)-5).$ U)1?*)3$B)4],8$dUUBeZ$U)-5).$#7)33$2):$)*5$a/33,1*$a?)45V90*]$#(,,8$0--/,-"$ –!#,63,7,*8$0-$',*84)30m,5$0*$U#22n-$2U#$)::30')1?*$X?4$2U#$,30+0;3,$-,'/401,-"$ –!Q*84)i5)<$?/8:/8$0-$4,:?48,5$8?$:)41'0:)*8-$?*$8(,$IEEi;<8,$/*0^,4-)3$84)5,$ 4,'?450*+$7)'(0*,i4,)5);3,$?/8:/8"$S)8)$0-$'/44,*83<$4,:?48,5$8?$:)41'0:)*8-$8,*$ 17,-$)$5)<"$ •!U#22$)'',:8-$84)5,$5)8)$0*$4,)3i17,$?4$?*$)$7/31i;)8'($;)-0-"$@(,$-,4^0',$8(,*$^)305)8,-$ ^)40?/-$84)5,$5)8)$,3,7,*8-$)*5$4,:?48-$8(,$84)5,$5,8)03-$8?$U#22$:)41'0:)*8-$?*$)*$0*84)i 5)<$)*5$,*5i?Xi5)<$;)-0-"$$ •!#?/4',_$(6:_VVOOO"58''"'?7V:4?5/'8-V'-V,./01,-h'3,)4)*',V8'4h?8'8:":(:$ =033)45$>?(*$@(?7)-$A--?'0)8,-$ FE$
  11. 11. aA@#$V$U#22$ •! 9/4-/)*8$8?$8(,$)::4?^)3$?X$aA@#$%&'()*+,Z$Q*'"$ d8(,$uaA@#$%&'()*+,ve$)-$)$#,3X$W,+/3)8?4<$ Y4+)*0m)1?*$d#WYeZ$aA@#$%&'()*+,$7?^,5$X4?7$ %2U$8?$%&'()*+,$-8)8/-$?^,4$)$8O?$O,,]$:,40?5$ ;,+0**0*+$?*$R405)<Z$Y'8?;,4$DIZ$DEEK"$$ •! Y*$R405)<Z$Y'8?;,4$DIZ$DEEKZ$U)1?*)3$#,'/401,-$ 23,)40*+$2?4:?4)1?*$dU#22e$,*()*',5$08-$ W,+0?*)3$Q*8,4X)',$Y/8:/8$dWQYe$0*84)i5)<$ B)'(0*,$W,)5);3,$Y/8:/8$dBWYe$2?*84)'8$#(,,8$ )*5$'?44,-:?*50*+$,*5i?Xi5)<$940*8$Q7)+,$@4)5,$ ?/8:/8$8?$0*'3/5,$,./08<$84)5,-$,&,'/8,5$?*$8(,$ aA@#$%&'()*+,"$$$$$$$$$ •! A33$aA@#$%&'()*+,$,./08<$84)5,-$)4,$4,:?48,5$ O08($8(,$2?*84)$23,)40*+$R047$*/7;,4$?X$KHED$ )*5$2?*84)$%&,'/1*+$a4?],4$dB9QSe$uAUYUv$0*$ -/::?48$?X$:?-8$84)5,$)*?*<708<"$Q*$)5501?*Z$ U#22$7?50b,5$08-$2?*-?305)8,5$@4)5,$#/77)4<$ d2@#e$B)'(0*,$W,)5);3,$)*5$940*8$Q7)+,$?/8:/8$ 8?$/*0./,3<$05,*1X<$8(,$aA@#$%&'()*+,"$$ •! #?/4',_$(6:_VVOOO"58''"'?7V5?O*3?)5-V3,+)3V 07:h*?1',-VDEEKV*-''V)HHLH":5X$ =033)45$>?(*$@(?7)-$A--?'0)8,-$ FF$
  12. 12. U#g$V$U#22$ •! Y*',$8O?$?45,4-$7)8'($?*$U#gZ$)$ 4,:?48$0-$-,*8$8?$U)1?*)3$ #,'/401,-$23,)4)*',$2?4:"$dU#22e$ X?4$'3,)4)*',$)*5$-,63,7,*8"$A33$ 84)5,-$)4,$4,:?48,5$8?$U#22$ )*?*<7?/-3<"$ •! A33$?45,4-$)4,$'3,)4,5$ )*?*<7?/-3<$O08($U#g$#,'/401,-$ [[2$dU#g#e$)-$8(,$'?*84)$-05,$8?$ 8(,-,$84)5,-"$ •! #?/4',_$(6:_VVOOO"-,'"+?^V 4/3,-V-4?V*-&VcIiMEKLK":5X$ =033)45$>?(*$@(?7)-$A--?'0)8,-$ FD$
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  14. 14. W,X,4,*',-$ •! !"#"$%&'()*+,-$ –! (6:_VV,*"O0]0:,50)"?4+VO0]0V 2)8,+?4<_#8?']h,&'()*+,-h0*h8(,h!*08,5h#8)8,-$ •! @4)5,$R3?O$ –! (6:_VVOOO"58''"'?7V5?O*3?)5-V);?/8VR?33?O0*+kDE)kDE@4)5,":5X$$ •! S@22$V$U#22$ –! (6:_VV,*"O0]0:,50)"?4+VO0]0VS,:?-08?4<h@4/-8hkDHh23,)40*+h2?4:?4)1?*$ –! (6:_VVOOO"58''"'?7V5?O*3?)5-V);?/8VQ*84?5/'1?*h8?hS@22":5X$ –! (6:_VVOOO"58''"'?7V);?/8V-/;-V*-''":(:$ –! _(6:_VVOOO"58''"'?7V'/-8?7,4V504,'8?40,-V*-''":(:$ •! UC#%$ –! (6:_VVOOO"58''"'?7V:4?5/'8-V'-V,./01,-h'3,)4)*',V8'4h*<-,":(:$ •! UA#SAf$ –! (6:_VVOOO"58''"'?7V:4?5/'8-V'-V,./01,-h'3,)4)*',V8'4h?8'8:":(:$ –! (6:_VVOOO"-0X7)-?5"?4+V)6)'(7,*8-V'?*8,*87)*)+,4-VJDV #QRBA%S![!U2zkDER,;MDEEK"::8$ •! UA#SAf$U22$ –! (6:_VVOOO"84)5,4-7)+)m0*,"'?7V*,O-VFEDDHciF"(873$ –! (6:_VVOOO")'',--7<30;4)4<"'?7V'?7-DV-/77)4<hEDKHicHIIIFJKhQ@B$ –! (6:_VVOOO"-0X7)-?5"?4+V)6)'(7,*8-V'?*8,*87)*)+,4-VJDV #QRBA%S![!U2zkDER,;MDEEK"::8$ •! aA@#$ –! (6:_VVOOO"58''"'?7V5?O*3?)5-V3,+)3V07:h*?1',-VDEEKV*-''V)HHLH":5X$ •! U#g$ –! (6:_VVOOO"-,'"+?^V4/3,-V-4?V*-&VcIiMEKLK":5X$ =033)45$>?(*$@(?7)-$A--?'0)8,-$ FI$

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