The term “clearing office for securities dealt” was also used

A service provider at the securities exchanges, frequently mentioned in older financial terminology, which offset claims and liabilities between exchange members so that only the balance had to be settled. Instead of netting, older documents sometimes also mention exequitation. – In London, a good ninety percent of mutual obligations were settled in this way between 1900 and 1914.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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