68                                                      3

3.6.1      

          -
  (clearing house).     ,   
 .       
         .   
        
.       ,     
    .       
   ,      ,   -
    .

  ,    -
      ,    
  ,   -    
   .      
.         -
    .      ,
     , ,  ,  
   .

,    ,   
,    ,      -
.          . 
         (Depository Trust
Company, DTC),       
     .     -
       DTC      
 -.       
          
  . ,     DTC  ,
          .

      ,   1975 ..   
      ,  
        .  
          -
     ,   
  ,    .  ,   
     ,    -
         -
 .



  60-        
  .        
 .       ,   -
     (fails to deliver}.   ,   -
          
.

   ,    ,  
           .