Series 26: Settlement And Delivery Instructions

Settlement and Delivery Instructions

A trade is cleared when the trade confirmations from each side are compared to make sure that they match. A clearinghouse, also called a clearing facility or a clearing corporation, is the entity that clears trades for an exchange. The National Securities Clearing Corporation (NSCC) is the largest clearinghouse. It clears all trades executed on the two largest exchanges in the U.S., the NASDAQ and the New York Stock Exchange (NYSE). It also clears over-the-counter trades for NASDAQ an