Hello Again All
and thank you for showing interest in this question. Well to be honest the reason I did not mention the application was that I don't have access to the other parts. but it's part of the transfer mechanism in a cold forming of bolts - machine, that as I have mentioned how it functions before, so there is another clamp that is screwed under the above clamp, which has an arm that is connected to a mechanism to grab the peices to move them between the dies of different steps.
the pieces are very small and not a big force is required to hold them so as in one of the post it's mentioned by a sketch , which is represented correctly, you might first close the clamps , the insert the thumbscrew. the slot is only to let the threads of the shaft to expand obviously. so the only factor that has made this machanism be applied , is that probably the high speed of the movement, causes the screw to loosen. and maybe the guy who designed this, had an experience in automotive or jig and fixture design. but I don't find an standard to say how it is designed