3125. Fair pricing of over-the-counter securities

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    1. A Dealer Member must not:
      1. purchase over‑the-counter securities for its own account from a client or sell over‑the‑counter securities from its own account to a client except at an aggregate price (including any mark‑up or mark‑down) that is fair and reasonable, taking into consideration all relevant factors, including the following: 
        1. the fair market value of the securities at the time of the transaction and of any securities exchanged or traded in connection with the transaction, 
        2. the expense involved in effecting the transaction, 
        3. the fact that the Dealer Member is entitled to a profit, and
        4. the total dollar amount of the transaction, and
      2. purchase or sell over‑the-counter securities as agent for a client for a commission or service charge in excess of a fair and reasonable amount, taking into consideration all relevant factors, including the following: 
        1. the availability of the securities involved in the transaction, 
        2. the expense of executing or filling the client order, 
        3. the value of the services rendered by the Dealer Member, and
        4. the amount of any other compensation received or to be received by the Dealer Member in connection with the transaction.

    There is no history log for this rule.

    There is no history log for this rule.