Some big customers maintain accounts at the settlement banks, making the process that much easier.

Essentially, the settlement banks had to decide if they could commit the money that was expected to come flowing through the clearing system from New York.

In a process akin to swimming downstream toward the customers, the settlement banks then call the brokerage firms to tell them how much money is still owed.

Following agreement with a number of settlement banks, payment for gilt-edged stock transferred within the CGO is guaranteed.

It has proved a costly purchase: this is the third settlement Bank of America has made relating to Countrywide in the past six months.

The firms then call the customers, who must authorize their banks to send money to the firms, which pass the money on to the settlement banks.

It also ensured that payment was assured by the buyer's settlement bank to that of the seller on the same way as the transfer of stock.

- Along with the Bank's Sterling Markets Division he is also responsible for the provision of liquidity to the market and settlement banks.

Bank of India is the settlement bank for this network, which started with just 6 public sector banks but later expanded to admit private sector banks.

CHAPS is used by 19 settlement banks including the Bank of England and over 400 sub-member financial institutions.

In 1998 listed stocks were separated in two tiers, the exchange introduced daily trading and the National Bank of Romania became the settlement bank.

PNB acts as Settlement Bank for MITR Network.

The newly introduced settlement formula is through a settlement bank (Central Bank) with a Settlement Guarantee Fund (SGF).

Cashnet is India's largest private shared ATM network with IDBI Bank acting as the Settlement Bank.

In February 2002, the Bank was granted a universal banking license and later appointed a settlement bank by the Central Bank of Nigeria (CBN) in 2003.

Caribbean Exchange Network misses start-up date An agreement in 2008 to have the Bank of Nova Scotia as the settlement bank for regional stock market trades also later fell through.

C2 Bank of America Settlement Bank of America agreed to pay $460.5 million in a settlement with investors who bought WorldCom's stock and bonds before the company filed for bankruptcy in 2002.

Where any of the intermediaries is unable to provide the settlement amount, the SGF would transfer the deficit to the settlement bank on behalf of the intermediary and then collect the same from the intermediary.

In December 2009, ICBC (Asia) acquired a 10% equity stake in the company, and said it intends to participate extensively in the exchange's operations as a trading and clearing member, as well as a settlement bank.

"In October, we were being pressed with very large settlement decisions during the morning and during the days," said Mark R. Smith, a vice president and head of the commodities division at the First National Bank of Chicago, one of the settlement banks.

Inter-Korean Cooperation Fund (IKCF): The IKCF oversees an economic cooperation program with North Korea and serves as a clearing settlement bank with the Foreign Trade Bank of North Korea.

Iran hostage crisis: The Federal Reserve Bank of New York transferred to the N.V. Settlement Bank of the Netherlands the amount of $2,038,000,000 of Iranian assets to conclude the Algiers Agreement reached in January.

The creation of the Commission stimulated Poles to take countermeasures, that gradually turned into a competition of the Polish minority against the German state with Poles running their own settlement banks and settlement societies, resulting in a "battle for soil" (Kampf um den Boden).

Instead of a single settlement bank, each member dealer will now have to make arrangement to get their transaction settled either with their local national central bank or any other commercial bank of choice Up to 2008, the Jamaica, Barbados and Trinidad & Tobago stock exchanges had collectively invested US$150,000 on the project.