LSE, thinks the European Commission in Brussels should go further and impose a single European clearing and settlement system like America's.
The European Central Bank, which ought to see the big picture, is in favour of a clearing and settlement system, or network of systems, within the euro area, but is wary of letting a new monopoly develop.
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Universities and colleges across the country are on standby for calls from students who have either not gained or surpassed the grades they were expecting and want to search for a university place via the Clearing system.
He also said the Fed is encouraging the development of a central counterparty clearing system for trading in credit default swaps and working on strengthening the resiliency of the short-term secured funding markets that left Bear in the lurch in March.
In the mid-1980s, when MasterCard entered the market, the clearing system between banks in different cities was (and is) almost non-existent: a cheque could take up to a month to clear, and many sellers would not release goods until it did.
If these products that got to be so large can have that much impact on systemic risk in the U.S. financial system, I think the dealers have to accept that central clearing and some transparency is a price of wanting to be in those businesses.
It has plans to modernise the undercapitalised banking system, which currently has no facilities for electronic payments and only a rudimentary process for cheque-clearing.
There is more of a market this year in student places and some Russell Group universities have never previously offered places through Clearing - the system which matches students to vacancies.
"We are the victims of our own success: We have created a very efficient check-deposit system, " said Elliott McEntee, president and CEO of the National Automated Clearing House Association in Herndon, Va.
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