Within financial part carries out the functions consisting in accumulation of money in the special funds providing to a guarantee of performance of obligations of the parties according to the concluded bargains and financial integrity of the market.
The approved transactions became a key element in the markets of the USA. So two thirds of volume of trade of the New York stock exchange (NYSE) and a half of volume of trade of the American stock exchange (Amex), and also 30% of the off-exchange market consist.
After the conclusion of the transaction the members of system participating in it give full information on the transaction in day of the conclusion (day of T), or the latest before trade the next morning to T+. In an ideal various ways of input of information have to be available. They can include direct link the computer computer, a magnetic tape, a diskette, on-line terminal systems, service bureaus, through external representatives or on paper. In actively operating markets communication the computer computer undoubtedly is the most effective approach.
Clearing in the exchange market has the specifics connected with type of the exchange and the operations performed on it. Along with the existing commodity and stock exchanges, there were future exchanges at which business in financial instruments is done and covers both the share, and commodity markets.
Understand the system of calculations between participants of the exchange market including as the organization of offset of their requirements and obligations to each other in this or that form, and the organization of directly calculations between them as commodity clearing. At this system there is a third party according to each concluded bargain, namely the Clearing (settlement) chamber providing it activity.
Process of clearing is provided by clearing chambers which can be organized in structure of the exchange or as the separate organizations. The status of clearing chamber is defined by what functions it will carry out.
If the admissible minimum of the account exceeds balance of the account, the difference has to be deposited by the member of Clearing chamber to the account of chamber. If the balance of the account exceeds an admissible minimum, the difference between them forms free balance on the account which can be demanded from the account of Clearing chamber.
If by the beginning of the following future auction the participant did not deposit to the account of chamber the sum necessary for maintenance of all positions opened for them, it has to close not supported positions during trading session.
Clearing (raschetna of chamber at the exchanges grew from practice of trade in real goods. Their emergence was caused by development of exchange trade, growth of volumes of operations on the stock exchange and increase in number of participants of the exchange market.
Despite advantages of multilateral offset, some problems remain. Offset with transactions of the next days after all it is not made, thereby there is a significant amount of possible failures of transactions and need to lead them to the market. Such system cannot provide also guaranteeing the dividend, i.e. opportunity for the bought broker to receive the relying dividend according to the remaining open transaction.
Clearing activity — activities for definition of mutual obligations (collecting, verification, updating of information on transactions with securities and preparation of accounting documents on them) and to offset on deliveries of securities and calculations for them.
The system of NZI is developed for achievement of full automation and the maximum use of offset when processing transactions on securities. By data together of the greatest number of transactions of NZI reduces to a minimum of the obligation for delivery of securities. It demands, however, use of automatic system of non-cash accounts in highly centralized and
As bilateral, or paired, as offset is called the offset happening between the same parties. This way maintains integrity of trade between the parties and reduces the volume of operations in comparison with single approach. It is so possible to reach essential increase of efficiency, but only at a large number of transactions on rather narrow circle of papers.