Series 27: Procedures For Closing Of Contracts

Procedures for Closing of Contracts

A seller that has received a buy-in notice or re-transmitted notice and has not rejected or stayed the notice must deliver the securities to the purchaser at or before 3:00 p.m. ET on the execution date of the buy-in notice, unless otherwise agreed by the issuing party.

If the seller fails to deliver in accordance with the buy-in notice or to obtain a stay, the buyer may close the contract by purchasing in the market all or part of the securities necessary to satisfy the amount requested in the notice.

In the event that a buy-in is not completed on the day specified i