Many of these alternatives use the ubiquitous Visa/MasterCard payment systems to settle transactions.

The recent terrorist attacks and military buildup have increased demand for these securities, even as market participants struggle to restore trading and settle transactions.

By 2004, the Securities and Exchange Commission is pressing the industry to settle transactions within 24 hours instead of the three days now allowed.

Among the items for discussion will be the establishment of a clearing house to settle institutional transactions, currently 80 per cent of the market total by value.

The Eurosystem has already announced its aim of settling standard delivery-versus-payment transactions at a lower cost than any other current domestic settlement platform in Europe.

All these arguments illustrate that market trade supplies no specific moral norms of its own, beyond the (contractual) obligations necessary to settle transactions.

Other establishments that may settle transactions for different amounts than were originally authorized include hotels and car rental agencies.

The other will be in settling transactions with other institutions.

Profits were reduced, however, by an unexpected $51 million charge to settle leveraged derivative transactions.

Many banks and brokerage firms have carried out elaborate rehearsals in conjunction with companies that settle transactions.