Series 53: 6.2.5. Close-Outs

Taken from our Series 53 Online Guide

6.2.5. 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 w

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