4428. Moving certificates and securities between branches

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    1. A Dealer Member must record the location of certificates in transit between its offices in separate transit accounts on its security position records. The Dealer Member must reconcile these accounts monthly.

    2. When securities are in transit, a Dealer Member must book out the securities from the branch account and book them into the transit account. When the securities are physically received at a branch, the Dealer Member must book them out of the transit account and into the receiving branch’s account.

    3. The receiving branch must check securities received against the accompanying transit sheet.

    4. The methods of transportation a Dealer Member chooses for securities in transit must:

      1. comply with insurance policy terms, and

      2. take into account the value, negotiability, urgency, and cost factors.

    There is no history log for this rule.

    There is no history log for this rule.