6160. Obligation to Honor Trades
This rule is no longer applicable. NASD Rule 6160 has been superseded by FINRA Rules 7250A and 7350. Please consult the appropriate FINRA Rules.
If a Participant is reported by the System as a party to a trade that has been treated as locked-in and sent to DTCC, notwithstanding any other agreement to the contrary, that party shall be obligated to act as a principal to the trade and shall honor such trade on the scheduled settlement date.
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Adopted by SR-NASD-2005-087 eff. Aug. 1, 2006. |