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Series 6

Unit 3 QQ3.G Brokerage Office Procedures

QuestionAnswer
Settlement Date Date on which ownership changes between buyer and seller. Ther Uniform Practice Code standardizes settlement provisions.
Uniform Practice Code FINRA policies that establish guidelines for member firms business dealings in securities with other member firms and customers
Regular Way A settlement cont that calls for delivery and pymt within a standard pymt period from the date of the trade. The Uniform Practice Code sets the standard payment period. The type of security being traded determines the amount of time allowed for reg pymt.
Cash Settlement Same day settl, req delivery of sec from the seller and pymt from the buyer on the same day a trade is exe. Stock/bonds sold for cash settlement must be available on the spot for del to buyer. Settlment occurs no later than 2:30 or 30 min after if after 2
Regulation T Fed Reserve Board reg that governs customer cash acct and the amount of credit that brokerage firms/dealers may extend to customers for pur of sec. Reg currently sets loan value of marginable sec @50% and pymt deadline @2 days beyond reg way settlement.
Extensions If a buyer cannot pay for a trade within the time limit prescribed under the reg T, the broker/dealer may request this from its designated examinig authority before the deadline. DEAs include FINRA and various exchanges.
Close-Out Transaction If the customer cannot pay by the end of the extension or the extension reques is denied, the broker/dealer sells the sec in this way.
Created by: ericjrolon