Standing Settlement Instructions (SSIs) are the agreements between two financial institutions which fix the receiving agents of each counterparty in ordinary trades of some type. These agreements allow traders to make faster trades since time used to settle the receiving agents is conserved. Limiting the trader to an SSI also lowers the likelihood of a fraud.
Read more about this topic: Financial Institution
Famous quotes containing the words standing, settlement and/or instructions:
“Cry cry what shall I cry?
The first thing to do is to form the committees:
The consultative councils, the standing committees, select committees and sub-committees.
One secretary will do for several committees.”
—T.S. (Thomas Stearns)
“[The Settlement House] must be grounded in a philosophy whose foundation is on the solidarity of the human race, a philosophy which will not waver when the race happens to be represented by a drunken woman or an idiot boy.”
—Jane Addams (1860–1935)
“They had supposed their formula was fixed.
They had obeyed instructions to devise
A type of cold, a type of hooded gaze.
But when the Negroes came they were perplexed.
These Negroes looked like men....”
—Gwendolyn Brooks (b. 1917)