"clear"

in relation to a transaction or group of transactions in securities, means—

(a)	to calculate and determine, before each settlement process-

(i)	the exact number or nominal value of securities of each kind to be transferred by or on behalf of a seller; and

(ii)	the amount of money to be paid by or on behalf of a buyer, to enable settlement of a transaction or group of transactions; or

(b)	where applicable, the process by means of which-

(i)	the functions referred to in paragraph (a) are performed; and

(ii)	the due performance of the transaction or group of transactions by the buyer and the seller is underwritten from the time of trade to the time of settlement,

and "clearing" has a corresponding meaning;