Series 53: Executing A Close-out

Taken from our Series 53 Online Guide

Executing a Close-out

The purchaser may execute a close-out in one of three ways: (1) It may purchase the securities at the current market price for the account and liability of the seller (“buy-in”); (2) it may accept delivery of municipal securities that are comparable to those originally bought in quantity, quality, yield, or price, and maturity from the sell

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