Margining flexibility for institutional clients: approved securities and early pay-in reduce margin obligations, exchanges to implement systems. Permits institutional clients to maintain entire margin in approved securities subject to prescribed haircuts; requires exchanges to enable early pay-in of funds so positions covered by early pay-in are excluded from margin computation; mandates systems to allow adjustment of members' pay-in obligations from the cash component of deposited liquid assets; and directs exchanges to issue guidelines, test systems, amend bye-laws, notify members, and report monthly on implementation.
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Provisions expressly mentioned in the judgment/order text.
Margining flexibility for institutional clients: approved securities and early pay-in reduce margin obligations, exchanges to implement systems.
Permits institutional clients to maintain entire margin in approved securities subject to prescribed haircuts; requires exchanges to enable early pay-in of funds so positions covered by early pay-in are excluded from margin computation; mandates systems to allow adjustment of members' pay-in obligations from the cash component of deposited liquid assets; and directs exchanges to issue guidelines, test systems, amend bye-laws, notify members, and report monthly on implementation.
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