London Bankers' Clearing House

London Bankers' Clearing House
Formerly, the organization that daily set off all cheques drawn for and against the clearing banks in the UK. It was established in Lombard Street, in the City of London, in the 1770s. In 1985 it was superseded by the Association for Payment Clearing Services

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  • London Bankers' Clearing House — London Bank|ers Clear|ing House, the in the UK, an organization owned by the large banks which deals with all the payments made every day using cheques, ↑switch etc, in order to find out how much each bank owes other banks …   Dictionary of contemporary English

  • Clearing house (finance) — A clearing house is a financial institution that provides clearing and settlement services for financial and commodities derivatives and securities transactions. These transactions may be executed on a futures exchange or securities exchange, as… …   Wikipedia

  • clearing bank — A bank which is a member of the London Clearing House • • • Main Entry: ↑bank clearing bank noun A bank that is a member of the London Bankers Clearing House, through which it makes credit and cheque transfers to and from other banks • • • Main… …   Useful english dictionary

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