Series 52: 9.2.7. Close-Outs

Taken from our Series 52 Top Off Online Guide

9.2.7.Close-Outs

Sometimes a selling broker-dealer will fail to deliver securities by the settlement date, or a purchasing broker-dealer will improperly reject delivery. When this happens, transactions that have been confirmed but not completed may be closed out by either the purchaser or the seller. A close-out is a method for completing a transaction between broker-dealers that was confirmed, but then not settled through normal means. Only tra

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