direct settlement

direct settlement
A term common in board of trade transactions, signifying the method of settlement consisting simply in setting off contracts to buy a certain amount of a given commodity at a certain time, against contracts to sell a like amount of it at the same time, and paying the difference of price in cash, at the end of the business day. Chicago Board of Trade v Christie Grain & Stock Co. 198 US 236, 247, 49 L Ed 1031, 1037, 25 S Ct 637.

Ballentine's law dictionary. . 1998.

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