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clearing

(Encyclopedia)clearing, in banking, the periodic settling of bankers' claims against each other, for which local banks establish clearinghouse associations. Clearinghouses are said to have existed in Florence by a....

scrip

(Encyclopedia)scrip, temporary substitute for money, securities, or other valuable claims. Business enterprises and municipalities have at times, especially when short of cash, paid employees in scrip, and communit...

corner

(Encyclopedia)corner, securing of all or nearly all the supply of any commodity or stock so that its buyers are forced to pay exorbitant prices. Corners may be planned deliberately or may be brought about unintenti...

Economic and Social Council

(Encyclopedia)Economic and Social Council, constituent organ of the United Nations. It was established by the UN Charter and has 54 (18 before 1965) member nations elected for three-year terms (one third every year...

Kennedy, Joseph Patrick

(Encyclopedia)Kennedy, Joseph Patrick, 1888–1969, U.S. ambassador to Great Britain (1937–40), b. Boston, grad. Harvard, 1912. The founder of an American dynasty, he was the father of nine children, including Jo...

hedge fund

(Encyclopedia)hedge fund, in finance, a largely unregulated investment device with a relatively small number of investors that aims to outperform the markets. Originating in the 1950s, the funds “hedge” by offs...

margin requirement

(Encyclopedia)margin requirement, that part of a security's price that a buyer must pay for in cash. The balance of the price is met by the broker, who, in effect, is supplying a client with a loan. The smaller the...

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