For updates and guidance related to COVID-19 / Coronavirus, click here.
4618E. Clearance and Settlement
This rule is no longer applicable. NASD Rule 4618E has been superseded by FINRA Rule 6350B. Please consult the appropriate FINRA Rule.
(a) A Trade Reporting Facility Participant shall clear and settle transactions in designated securities through the facilities of a registered clearing agency that uses a continuous net settlement system. This requirement may be satisfied by direct participation, use of direct clearing services, or by entry into a correspondent clearing arrangement with another member that clears trades through such an agency.
(b) Notwithstanding paragraph (a), transactions in designated securities may be settled "ex-clearing" provided that both parties to the transaction agree.
Adopted by SR-NASD-2007-011 eff. April 18, 2007.