Rule 325 Capital Requirements
This rule interpretation is no longer applicable effective February 8, 2010.
In computing net capital, a long put option or a long call option which is not an obligation of a clearing agency registered under the Securities Exchange Act of 1934 or has not been endorsed or guaranteed by a member organization shall have no value and shall not operate to increase net capital under any provision of this Rule.
If the terms and conditions of the interim no-action letter are strictly adhered to and solely for such period of time as the no-action letter remains in effect, the Exchange will permit recognition of unlisted option instruments as detailed in the commission's no-action letter as consisting and conforming with Rule 325(c)(1) and the purpose for which it was adopted. See NYSE Interpretation memo No. 90-3 dated May 22, 1990.
(No. 90-3, May, 1990)