correspondent clearing corporation definition
correspondent clearing corporation. ’ means the National Securities Clearing Corporation or any successor thereto which, by agreement with the Corporation, provides facilities for settlements in respect of exercised option contracts or BOUNDs (i.e., securities issued by OCC pursuant to Article XXIV of OCC’s By-Laws and Chapter XXV of OCC’s Rules) or in respect of delivery obligations arising from physically-settled stock futures. See supra note 4.