Rule 287. Liability of Succeeding Parties
This rule is no longer applicable effective November 11, 2008.
The closing of a contract pursuant to the Rules of the Exchange or pursuant to the rules of a Qualified Clearing Agency shall be for the account and liability of each succeeding party in interest in such contract, and, in case notice that such contract will be closed has been re-transmitted, as provided in Rule 285, such closing shall also automatically close all contracts with respect to which such re-transmitted notice shall have been delivered prior to the closing.
Re-establishment of contract
If such re-transmitted notice is sent by a member or member organization before the contract has been closed, but is not received until after such closing, the member or member organization who sent the same may, unless otherwise agreed, promptly re-establish, by a new sale, the contract with respect to which such notice has been sent.
Payment of money difference
Any money difference resulting from the closing of a contract, or from the re-establishment of a contract as herein provided, shall be paid not later than 3:00 p.m. on the following business day to the member or member organization entitled to receive the same.
June 28, 1978;
February 27, 2006, effective March 8, 2006 (NYSE-2005-77).
Deleted by SR-FINRA-2008-036 eff. Nov. 11, 2008.
Selected Notice: 08-64.