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Clearing House Automated Payments System (CHAPS)
A computerized clearing system for sterling funds that began operations in 1984. It includes 14 member
banks, nearly 450 participating banks, and is one of the clearing companies within the structure of the
Association for Payment Clearing Services (A.P.A.C.S.).
Clearing House Electronic Subregister System (CHESS)
C.H.E.S.S. is the automatic transfer and settlement system for the majority of Australian Stock Exchange
(A.S.X.) listed securities.
Clearing House Interbank Payments System (CHIPS)
An international wire transfer system for high-value payments operated by a group of major banks.
Clearing member
A member firm of a clearing house. Each clearing member must also be a member of the exchange. Not all
members of the exchange, however, are members of the clearing organization. All trades of a non-clearing
member must be registered with, and eventually settled through, a clearing member.
Clientele effect
The grouping of investors who have a preference that the firm follow a particular financing policy, such as
the amount of leverage it uses.
Close, the
The period at the end of the trading session. Sometimes used to refer to closing price. Related: Opening,
the.
Close a position
Used in the context of general equities. Eliminate an investment from ones portfolio, by either selling a long
position or covering a short position.
Closed-end fund
An investment company that sells shares like any other corporation and usually does not redeem its shares.
A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net
asset value. Related: Open-end fund.
Closed-end mortgage
Mortgage against which no additional debt may be issued.
Closely held company
A company who has a small group of controling shareholders. In contrast, a widely-held firm has many
shareholders. It is difficult or impossible to wage a proxy battle for any closely-held firm.
Closing purchase
A transaction in which the purchasers intention is to reduce or eliminate a short position in a stock, or in a
given series of options.
Closing range
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