The minimum Dealer Member inventory margin and client account margin requirements for securities subject to redemption call or offer are as follows:
Minimum margin required
Securities called for cash redemption according to their terms and conditions
Securities subject to a binding cash offer, for which all conditions have been met
Cash offer for all the issued and outstanding class of securities
No margin required provided the market value of the position is no greater than the amount of the cash offer
Cash offer for a fraction of the issued and outstanding class of securities
For fraction subject to cash offer, no margin required provided the market value of the fractional position is no greater than the amount of the cash offer.
For remainder of the position, normal margin (as determined elsewhere in Rules 5200 through 5900) would apply.
5411. - 5419. Reserved.