Series 53: Close-Out By Purchaser

Close-Out by Purchaser

If the purchaser elects to close out a transaction, it must notify the seller through an inter-dealer communication system of its intention no earlier than the first business day following the settlement date (except for same-day settlement). This is called a close-out notice. The first day past settlement is three business days after the trade date and may be represented by T + 3. The notice will demand that the transaction be completed by a specified date and time or it will be closed out. The date specified must be no earlier than three business days after the notice (T + 6