Completing the Transaction
If prior to the execution of a close-out the seller can complete the transaction within two business days, the seller must give immediate notice to the purchaser that delivery will be made within that time. On receiving such notice, the purchaser may not execute the close-out, but must extend the close-out period by two business days. Delivery of the securities in accordance with such notice will cancel the close-out notice.
This also applies to any other selling party to whom a notice has been retransmitted. Suppose a seller has sent a retransmittal notice to a third party from whom it had initially purchased the security. If that third party can complete the transaction within two business days of the execution of the close-out notice, it will notify the seller. The seller, in turn, must immediately notify the purchaser, who must extend the execution of the close-out for the two business days.
MSRB Rule G-12(h)(i)
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