Running account settlement mandates periodic actual payment, permits limited retention after margin pledge adjustment, and requires client notification. TMs must periodically effect actual settlement of clients' running account funds, considering end-of-day obligations across exchanges; where clients have outstanding positions, TMs may retain pay-in obligations for T and T 1 and a capped multiple of end-of-day margin liability after first adjusting collateral accepted as margin pledge (with haircuts). Excess client-identifiable collateral need not be unpledged. Settlement requires actual payment to the client's bank account; journal entries do not substitute for settlement. Exchanges must monitor compliance via online systems and reporting.
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Provisions expressly mentioned in the judgment/order text.
Running account settlement mandates periodic actual payment, permits limited retention after margin pledge adjustment, and requires client notification.
TMs must periodically effect actual settlement of clients' running account funds, considering end-of-day obligations across exchanges; where clients have outstanding positions, TMs may retain pay-in obligations for T and T 1 and a capped multiple of end-of-day margin liability after first adjusting collateral accepted as margin pledge (with haircuts). Excess client-identifiable collateral need not be unpledged. Settlement requires actual payment to the client's bank account; journal entries do not substitute for settlement. Exchanges must monitor compliance via online systems and reporting.
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