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Clearing, Settlement and Custody, 2nd Edition by David Loader

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Chapter 4

Equity clearing and settlement

Abstract

In this chapter we look at the Equity market and its main products and explore the clearing and settlement process.

We look at the characteristics of the products, the rights associated with equity ownership and how the securities are issued including IPOs and placements.

We consider the events that might occur on an equity product like dividend payments, benefit and income distribution and other corporate actions including new shares and voting at company meetings. We will identify the key dates “ex” date, record date and pay date, and begin to consider the role of the custodian and other parties in this process.

Keywords

equity; shares; stock; ordinary; preference; warrants; dividends; corporate ...

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