payment, clearing, or settlement activity
Defined in 1 dictionary — U.S. Code
United States Code
12 U.S.C. § 5462 — in this subchapter (2 versions over time)
The term “payment, clearing, or settlement activity” means an activity carried out by 1 or more financial institutions to facilitate the completion of financial transactions, but shall not include any offer or sale of a security under the Securities Act of 1933 (15 U.S.C. 77a et seq.), or any quotation, order entry, negotiation, or other pre-trade activity or execution activity.