Series 24 - Uniform Practice Code
UPC - correct answer ✔Uniform Practice Code
- Establishes rules for dealer to dealer practices in nonexempt securities
Regular Way Settlement - correct answer ✔Trade date + 3 (T+3)
Cash Settlement - correct answer ✔Same day settlement (before 2:30pm)
Seller's Option - correct answer ✔Seller, for good reason, cannot deliver
securities by the settlement date.
- Earliest seller can make delivery = T+4
- Notice must be given by seller before delivery at least one business day prior
to delivery
Physical delivery of securities made by... - correct answer ✔The seller
- To the office of the buyer
- One the prescrivbed settlement date
- Any expenses are borne by the seller
Clearly Erroneous Trades - correct answer ✔Member notifies Nasdaq
Market Operations within 30 minutes
- Can be appealed to the MORC within 30 minutes
Standard Reclamation Time - correct answer ✔15 days
- If stolen or counterfeit = 30 months
UPC - correct answer ✔Uniform Practice Code
- Establishes rules for dealer to dealer practices in nonexempt securities
Regular Way Settlement - correct answer ✔Trade date + 3 (T+3)
Cash Settlement - correct answer ✔Same day settlement (before 2:30pm)
Seller's Option - correct answer ✔Seller, for good reason, cannot deliver
securities by the settlement date.
- Earliest seller can make delivery = T+4
- Notice must be given by seller before delivery at least one business day prior
to delivery
Physical delivery of securities made by... - correct answer ✔The seller
- To the office of the buyer
- One the prescrivbed settlement date
- Any expenses are borne by the seller
Clearly Erroneous Trades - correct answer ✔Member notifies Nasdaq
Market Operations within 30 minutes
- Can be appealed to the MORC within 30 minutes
Standard Reclamation Time - correct answer ✔15 days
- If stolen or counterfeit = 30 months
