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Summary
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Two
types of clearing agencies
- Clearing
corporations and depositories
- Self-regulatory organizations
- Required to
register with the SEC
Clearing
corporations
- Compare member transactions
(or report to members the results of comparison operations)
- Clear those trades
- Prepare instructions for automated settlement
- Act as intermediaries in making those settlements
- National Securities Clearing Corporation
- Fixed Income Clearing Corporation
- Options Clearing Corporation
Depositories
- Hold securities certificates in bulk form for
their participants
- Maintain ownership records for such securities
- Depository Trust Company DTC
SEC webpage
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Clearing Agency Defined
SEC_CODE_REF_0090001192884
Statute
Exchange Act
§ 17A
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SEC Rules
17Ab2-1 Registration of clearing agencies |
SEC Forms
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