Series 24: 5.12.1. Close-Outs Of Uncompleted Exchange Trades

Taken from our Series 24 Online Guide

5.12.1. Close-Outs of Uncompleted Exchange Trades

Unlike the OTC close-outs we covered in our earlier discussion of the Uniform Practice Code, close-outs of exchange trades conducted under Regulation SHO aren’t divided into buy-ins and sell-outs. They are always the result of a seller’s fail-to-deliver. There are a couple reasons that Regulation SHO doesn’t have to deal with situations in which the buyer is at fault for a transaction not settling on time. The risk of a buyer

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