What are my firms regulatory responsibiilties regarding the maintenance of my clearance account and related margin requirements?
Broker Dealers designated to the Exchange for regulatory responsibility must: • Notify the Examinations Department of all clearing arrangements and any change in clearing arrangements. • Provide the Examinations Department with all letters of guarantee for the market makers and all error account agreements for the floor brokers. All non-specialist and non market maker activity must be carried in a customer account at the clearing firm. Please note; if you are not a specialist or market maker for a security that you hold in your trading, market making or proprietary account the position is subject to margin requirements. For specific information on margin requirements please refer to Regulation T and PHLX Rules 721 through 725.
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