Series 27: Physical Delivery

Taken from our Series 27 Online Guide

Physical Delivery

When a broker-dealer physically delivers a security, it has the right to require immediate payment by certified check, cashier’s check, bank draft, or cash. Brokerage firms that do not “self-clear,” however, are prohibited from accepting checks, cash, or securities from their customers. Checks must be forwarded instead to their clearing firms.

FINRA Rule 11330

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