Series 7: 17.5.2.2 Clearance And Settlement For Trades Cleared Manually

Taken from our Series 7 Top-off Online Guide

17.5.2.2 Clearance and Settlement for Trades Cleared Manually

For over-the-counter securities that do not meet the financial and liquidity requirements to be cleared electronically through a clearinghouse such as the NSCC, clearance and settlement must be done manually by brokerage firms’ purchase and sales departments. The Uniform Practice Code describes the process that must be followed.

Over-the-counter debt transactions between members must be cleared through a registered clearing agency.

For trades that are

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