Ex-Clearing is a manual comparison process that is performed by the brokerage firm’s Purchase and Sales Department when the traded security does not meet the eligibility standards of the designated clearing corp.
On settlement date, the firm’s Settlement area will create a Fail Record on the firm’s accounting books and records to represent the open receivable or deliverable. The Settlements area will ‘set-up’ a Fail-to-Deliver for securities sold and a Fail-to-Receive for securities purchased.
The transaction is concluded when the selling firm delivers the sold securities to the buying firm, and the buying firm pays the selling firm for the delivered securities. At such time, the open fail record is removed from the firm’s books and records. The ultimate removal of the open receivable or deliverable is referred to as a "Clean-Up".
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