Clearing Company Definition
Any outstanding unsettled net stock positions of a Participant at the end of a settlement day are carried forward to the next settlement day and continuously netted against any opposite stock positions due for settlement in the same security. OCC would use Eligible Securities that are included in Clearing Fund contributions by Clearing Members and margin deposits of any Clearing Member that has been suspended by OCC for the repurchase arrangements. OCC Rule 1006 and OCC Rule 1104 authorize OCC to use these sources to obtain funds from third parties through securities repurchases. The officers who may exercise this authority include the Executive Chairman, Chief Executive Officer, and Chief Operating Officer. A “material adverse change” is typically defined contractually as a change that would have a materially adverse effect on the business or financial condition of a company. The OFR/GPO partnership is committed to presenting accurate and reliable regulatory information on FederalR...