Clearing House 1

Clearing House 1

Clearing House. 1. A regional association of banks through which claims between banks arising from the issue of cheques, etc., are settled. In Britain the chief clearing house is in London (it was established in 1775) there are others in the main provincial centres which deal with local bank clearings; cheques outside a given radius are cleared through London. The business of clearing inter-bank indebtedness in London comprises Town Clearing (relating to the City financial district) and General Clearing, which deals with the remainder.

2. Any organization through which deliveries of goods, services or financial facilities are made, e.g. the London Clearing House for the International Air Transport Association provides periodic settlements by airlines; the Railway Clearing House settles inter-regional accounts, passenger traffic arrangements, lost luggage recovery, etc.; a clearing house associated with the New York Stock Exchange arranges delivery of securities.

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