Series 52: Ex-clearing Trades

Taken from our MSRB Municipal Securities Representative Qualification Examination

Definition of the term Ex-clearing Trades...

transactions involving securities that are ineligible for automated comparison, which are generally securities that are not fully registered (bearer bonds) or are not fully transferable. Unlike other trades, ex-clearing trades are handled by the trading parties outside of the scope of the National Securities Clearing Corporation (NSCC).

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