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To: Brady B. who wrote (16473)	11/30/1998 7:33:00 PM
From: kemosabe	Respond to of 18444

The NSCC is a securities clearing organization formed in 1977 by merging subsidiaries of the New York and American Stock Exchanges with the National Clearing Corporation. More to come (I hope) kemosabe

To: Brady B. who wrote (16473)	11/30/1998 7:40:00 PM
From: kemosabe	Read Replies (1) \| Respond to of 18444

Continuos Net Settlement (CNS) method of securities clearing and settlement that eliminates multiple fails in the same securities. This is accomplished by using a clearing house, such as the NSCC, and a depository, such as the Depository Trust Company, to match transactions to securities available in the firm's position, resulting in one net receive or deliver position at the end of the day. By including the previous day's fail position in the next day's selling trades, the firm's position is always up to date and money settlement or withdrawals can be made at any time with the clearing house.