CLEARING is the process of reporting a trade to ACT for comparison of the details of the transaction between brokers prior to final settlement; the final exchange of securities for cash on delivery. Clearing operations, such as the National Securities Clearing Corporation (NSCC), facilitate the validation, delivery, and settlement of securities transactions. Trades are either reported by the broker to the clearing corporation directly or through a third party, usually another brokerage firm if a broker does not have a direct relationship with a clearing corporation.
COST REDUCTION is actions taken in the present designed to decrease costs in the present. See COST AVOIDANCE.
LOMBARD RATE is the rate at which the Bundesbank, the German central bank, lends funds to banks as short-term credit. It is normally at least one percentage point above the discount rate and is regarded as an important international indicator.
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