(See "Ticket-Day." ) When a sale of ""a "registered" or "inscribed" security is made upon the London Stock Exchange, the member who has made the purchase prepares a document, which upon "ticket-day" he delivers to the seller. This "ticket," as it is called, is passed on by the latter to the one from whom he made the purchase, and so on until it reaches the member who has the security for sale. So, finally, the ultimate seller and buyer, for all intents and purposes, come into direct contact and all intermediaries are eliminated.

The "ticket" states the amount and denomination of the security to be transferred; the name, address and description of the transferee in full; the price, the date and the name of the member to whom the "ticket" is issued.. Each intermediate seller, in succession, to whom such "ticket" shall be passed, shall endorse thereon the name of his seller.

There are many instances where the original amount sold becomes split up among two or more final purchasers, necessitating a dividing or "splitting" of the "ticket." Whoever does this, retains the original ticket, and passes on the requisite number of new tickets, carrying the name of the issuer of the former. He also bears any increased cost of transfer stamps or registration fees incurred on account thereof.

"Tickets" must be delivered before a certain fixed time, according to the nature of the security, on "ticket-day" - in the case of securities dealt in in the mining markets, "tickets" shall be passed upon the preceding day - otherwise, the buyer may be "sold out," which corresponds to the American custom of selling "under the rule." (See that subject.)

"Bearer securities" require no "tickets."

In case of English consols the "ticket" must be made out on forms supplied by the Bank of England.