Series 24: 5.11.2. Close-Outs Of Uncompleted OTC Trades

Taken from our Series 24 Online Guide

5.11.2. Close-Outs of Uncompleted OTC Trades

A close-out is a procedure for terminating a trade that has not settled the regular way. There are different kinds of close-outs depending on the type of trade and why it wasn’t completed. For OTC trades, the UPC specifies how and when a close-out may be performed. Close-outs for exchange trades are governed by the SEC’s Regulation SHO, which is discussed later in the chapter.

There are two kinds of close-outs for OTC trades. A close-out performed by a buyer because of a fail-to-deliver by the seller is called a buy-in. The buyer must first provide the seller a written or electronic notice that it intends to do a buy-in. Assuming a re

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