Correspondent Clearing definition

Correspondent Clearing businesses other than in the ordinary course of business consistent with past practice, provided that the Company shall reasonably consult with Parent with respect to the results of the diligence process with respect to any such new Client prior to accepting any such new Client; or
View Source
Correspondent Clearing and "Private Asset Management" businesses, (iii) short-term borrowing in the ordinary course of business to finance trade settlements in the Company's brokerage business (to the extent clients have not funded their trades prior to the required settlement dates), (iv) intercompany indebtedness between the Company and any of its wholly owned Subsidiaries or between such wholly owned Subsidiaries or (v) as otherwise expressly permitted pursuant to Section 4.1(h);
View Source

Examples of Correspondent Clearing in a sentence

  • At the request of Correspondent, Clearing Broker may make available to Correspondent an interactive electronic trading system and data network (the ”Bond System”) which provides trade and quotation information and order execution capabilities relating to fixed income securities (the ”Securities”).

  • Net interest revenues decreased 40% in fiscal 1999, primarily reflecting the Company's sale of its Global Custody and Correspondent Clearing businesses in fiscal 1998.

  • The parties hereto are parties to a Severance and Correspondent Clearing Agreement (the "Agreement") signed April 17, 1998, to which this is the First Amendment.

  • At the request of Correspondent, Clearing Broker may make available to Correspondent an interactive electronic trading system and data network (the “Bond System”) which provides trade and quotation information and order execution capabilities relating to fixed income securities (the “Securities”).