Running account settlement of client funds required on designated monthly or quarterly first Fridays, with exchanges enforcing compliance. Settlement of clients' running accounts is limited to funds and must be carried out by trading members on a uniform schedule: quarterly settlements for clients with the default mandate on the first Friday of each quarter (or the preceding trading day if that Friday is a holiday), and monthly settlements on the first Friday of every month (or the preceding trading day if that Friday is a holiday). Exchanges must notify members, amend rules, monitor timely settlement, ensure excess funds are not retained, require TM reporting, and report implementation status to the regulator.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Running account settlement of client funds required on designated monthly or quarterly first Fridays, with exchanges enforcing compliance.
Settlement of clients' running accounts is limited to funds and must be carried out by trading members on a uniform schedule: quarterly settlements for clients with the default mandate on the first Friday of each quarter (or the preceding trading day if that Friday is a holiday), and monthly settlements on the first Friday of every month (or the preceding trading day if that Friday is a holiday). Exchanges must notify members, amend rules, monitor timely settlement, ensure excess funds are not retained, require TM reporting, and report implementation status to the regulator.
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