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11150. Transactions "Ex-Interest" in Bonds Which Are Dealt in "Flat"

(a) Normal Ex-Interest Dates
All transactions, except "cash" transactions, in bonds or similar evidences of indebtedness which are traded "flat" shall be "ex-interest" as prescribed by the following provisions:
(1) On the first business day preceding the record date if the record date falls on a business day.

(2) On the second business day preceding the record date if the record date falls on a day other than a business day.

(3) On the second business day preceding the date on which an interest payment is to be made if no record date has been fixed.

(b) Late Information Re: Ex-Interest Dates
If notice of payment of interest is not made public sufficiently in advance of the record date or the payment date, as the case may be, to permit the security to be dealt in "ex-interest" in accordance with paragraph (a) of this Rule such security shall be dealt in "ex-interest" on the first business day which, in the opinion of the Committee, shall be practical having regard to the circumstances pertaining.
Amended by SR-FINRA-2016-047.
Amended by SR-FINRA-2010-030 eff. Dec. 15, 2010.
Amended by SR-NASD-94-56 eff. June 7, 1995.
Amended by SR-NASD-91-13 eff. Nov. 1, 1991.
Amended eff. Feb. 9, 1968; Mar. 18, 1983.

Selected Notices: 83-69, 91-63, 10-49.

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