结算日, all trades due to settle are netted by issue to a net long (buy) or a net short (sell) position, and then are further netted with any new miscellaneous activities, 包括身份证网上交易, 和前一天的平仓.
The 中枢神经系统 automatic delivery process occurs in two cycles: the “night cycle,从定居的前一天晚上开始, 以及结算日的“日循环”.
中枢神经系统空头头寸, which represent securities owed by Members to NSCC, are compared against their 直接转矩 accounts to determine availability. 如果有股份的话, they are delivered from the Member's account at 直接转矩 to NSCC's account at 直接转矩 to cover Members' short obligations to 中枢神经系统. Members can use 中枢神经系统 exemptions to control the automatic delivery of securities from their 直接转矩 accounts (partial settlements are permissible).
中枢神经系统多头头寸, 哪些代表澳门赌场欠会员的证券, are processed in an order determined by an algorithm. Securities are automatically allocated to users' long positions as they are received by NSCC. Members can request priority for some or all issues on a standing or override basis. Buy-in submission notices also will affect the priority of a Member's long position.
Daily money settlement is based on the value of all settled trades plus or minus mark-to-the-market calculations for all open 中枢神经系统 positions.
中枢神经系统 System provides the following three ancillary services:
- The Fully-Paid-for-Account provides Members with a "good control location", as required by the Customer Protection Rule (Section 15c3-3 of the Exchange Act) for Members' fully-paid-for customer securities in the event of a deficit that results from deliveries made outside 中枢神经系统 in anticipation of 中枢神经系统 receives.
- Reorganization sub-accounts allow Members to take part in voluntary tender and exchange offers in an automated environment.
- Members may issue buy-in intents to 中枢神经系统 once a security has failed. 在中枢神经系统获得收购后, the issuing Member will be placed on high priority to receive the securities. Members who owe shares to 中枢神经系统 will be passed liability for the shares of the buy-in.