Chapter 04 · Section 4.1

Recording Trades

Which of the following is a general rule regarding the way clearing members must record their trades?

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.
• c) The position in every option series must be recorded net (i.e. no simultaneous long and short positions in the same option series).
  No. Not for all kinds of positions. The positions held for the member's own account are generally net. Agent positions are usually kept gross.

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