- /klear"ing hows'/, n., pl. clearinghouses /-how'ziz/.1. a place or institution where mutual claims and accounts are settled, as between banks.2. a central institution or agency for the collection, maintenance, and distribution of materials, information, etc.Also, clearing house.[1825-35]
* * *Institution established by firms engaged in similar activities to enable them to offset transactions with one another in order to limit payment settlements to net balances.Clearinghouses play an important role in settling international payments and the transactions of banks, railroads, and stock and commodity exchanges. Bank clearinghouses are usually voluntary associations of local banks set up to simplify the exchange of checks, drafts, and notes, as well as to settle balances. Increasingly, the automated clearinghouse (ACH) is used to transfer funds electronically. The clearinghouse idea was applied to various forms of trade from an early time. The Amsterdam Exchange Bank, founded in 1609, became Europe's largest clearinghouse and made the city an international financial centre. The first modern bank clearinghouse was established in London in 1773. The first bank clearinghouse in the U.S. was established in 1853.
* * *▪ financeinstitution established by firms engaged in similar activities to enable them to offset transactions with one another in order to limit payment settlements to net balances. Clearinghouses play an important role in settling transactions related to banks, railroads, stock and commodity exchanges, and international payments.Bank clearinghouses are generally voluntary associations of local banks set up for the purpose of simplifying and facilitating the exchange of such items as checks, drafts, bills, and notes, as well as settling balances among banks. They also may serve as a medium for discussion and group action on matters of mutual interest, such as fixing service charges, exchanging credit information, gathering credit data, and regulating advertising.The first modern bank clearinghouse was established in London in 1773, although the clearinghouse idea had been applied to various forms of trade in such places as Tokyo, Florence, and Lyon many centuries earlier. The first bank clearinghouse in the United States was established in New York in 1853.
* * *
Look at other dictionaries:
clearinghouse — clear·ing·house / klir iŋ ˌhau̇s/ n: an institution that arranges for payment of checks owed by one bank to another Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. clearinghouse … Law dictionary
Clearinghouse — (spr. Klihringhaus), börsenartige Anstalt in London, welche zur Regulirung des Wechselverkehrs dient, indem daselbst die Londoner Bankers die auf sie gezogenen Wechsel durch Eintausch derselben gegen solche, die auf andere gezogen sind, einlösen … Pierer's Universal-Lexikon
Clearinghouse — (engl., spr. kliringhaus), Liquidations oder Abrechnungsbureau, Anstalt in London, wo Londoner Bankfirmen täglich durch ihre Kommis (Clearing clercs) gegenseitige Forderungen und Guthaben ausgleichen. Ähnliche Einrichtungen auch in andern Ländern … Kleines Konversations-Lexikon
Clearinghouse — (Klihringhous), Liquidationscomptoir, kaufmännisches Institut in London zur Abrechnung und Ausgleichung von gegenseitigen Wechselrechnungen; dazu hat jedes betreffende Haus einen bevollmächtigten Commis, den clearing clerc … Herders Conversations-Lexikon
clearinghouse — 1832, from CLEARING (Cf. clearing) + HOUSE (Cf. house). The original was established 1775 in London by the bankers for the adjustment of their mutual claims for checks and bills; later the word was extended to similar institutions … Etymology dictionary
clearinghouse — [klir′iŋhous΄] n. 1. an office maintained by a group of banks as a center for exchanging checks drawn against one another, balancing accounts, etc. 2. a central office, as for the collection and dissemination of information … English World dictionary
clearinghouse — n. a clearinghouse for (a clearinghouse for information) * * * a clearinghouse for (a clearinghouse for information) … Combinatory dictionary
clearinghouse — ˈ ̷ ̷ ̷ ̷ˌ ̷ ̷ noun 1. : an institution or establishment for carrying on the business of clearing 2. : an agency for collection, classification, and distribution especially of information or other matter or items requiring wide distribution… … Useful english dictionary
Clearinghouse — Ein Clearinghouse oder eine Clearinggesellschaft (im Englischen auch als Custody bezeichnet) ist ein Unternehmen oder eine Institution die im Finanzbereich für das Clearing und Settlement von Wertpapiertransaktionen zuständig ist und meist auch… … Deutsch Wikipedia
clearinghouse — An agency or separate corporation of a futures exchange that is responsible for settling trading accounts, clearing trades, collecting and maintaining margin monies, regulating delivery, and reporting trading data. Clearinghouses act as third… … Financial and business terms