Even

When a broker has bought and sold the same amount of the same stock he is even and has not to re- ~ ceive or deliver that particular stock if it is on the list of stocks cleared at the New York Stock Exchange clearing house. If his transactions are not in stocks on the clearing house list, then he has to receive and deliver the stocks. If, however, he has bought from and sold to the same broker the same stock he can pair off—neither receive nor deliver, but simply settle differences. On the*London Stock Exchange the continuation rate on a security is even when no charge—backwardation or contango— is made for continuing bargains until the next settlement. See At even.