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Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
www.lch.com. LCH (originally London Clearing House) is a financial market infrastructure company headquartered in London that provides clearing services to major international exchanges and to a range of OTC markets. The LCH Group includes two main entities: LCH Limited based in London and LCH SA based in Paris (formally Banque Centrale de ...
Daily cheque clearing began around 1770 when the bank clerks met at the Five Bells, a tavern in Lombard Street in the City of London, to exchange all their cheques in one place and settle the balances in cash. This was the first bankers' clearing house.
Financial markets. In banking and finance, clearing refers to all activities from the time a commitment is made for a transaction until it is settled. This process turns the promise of payment (for example, in the form of a cheque or electronic payment request) into the actual movement of money from one account to another.
The Bank of London is a British clearing, correspondent and wholesale bank operating in the United Kingdom, the United States and Europe. [1] The bank was founded by Anthony Watson . [ 2 ] [ 3 ] In 2021, Harvey Schwartz was appointed as Group Chairperson and Non-executive Director . [ 4 ]
The London Clearing-House was established between 1750 and 1770 as a place where the clerks of the bankers of the city of London could assemble daily to exchange with one another the cheques drawn upon and bills payable at their respective houses. It replaced a system of clerks visiting every other banker in London. [6]
The London County Council was created in 1889 as the municipal authority in the County of London and in 1890 the Old Nichol in the East End of London was declared a slum and the Council authorized its clearance and the rebuilding of an area of some 15-acre (6.1 ha), including the Nichol and Snow estates, and a small piece on the Shoreditch side ...
Website. cityoflondon.gov.uk. The City of London, also known as the City, is a city, ceremonial county and local government district [note 1] that contains the ancient centre, and constitutes, along with Canary Wharf, the primary central business district (CBD) of London and one of the leading financial centres of the world. [2]