Which of the following is a general rule regarding the way clearing members must record their trades?
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a) Separate accounts must be used for option purchases and option sales.
- b) Separate accounts must be used for transactions in which the clearing member acts as a broker and for transactions on the clearing member's own account.
Yes. This distinction is necessary for the clearing house to keep control of a member's positions. For instance, in this way customer positions cannot be offset with the member's own positions.
c) The position in every option series must be recorded net (i.e. no simultaneous long and short positions in the same option series).