Series 7: 17.5.2.1 Clearance And Settlement For Trades Cleared Electronically

Taken from our Series 7 Top-off Online Guide

17.5.2.1 Clearance and Settlement for Trades Cleared Electronically

The clearing and settlement process generally involves two steps: trade comparison and delivery. For securities traded on NASDAQ, trade comparison is made by each party’s clearing firm. NASDAQ’s Automated Confirmation Transaction Service (ACT) “locks in” the trade and sends it to the NSCC, which electronically clears and nets the trading activity for that day. From there, the Depository Trust and Clearing Corporation (DTCC) is assigned to settle the trade by transferring ownership of the

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