Member
(21) Member shall have the meaning provided in section 3(a)(3) of the Act (15 U.S.C. 78c(a)(3)), and shall include persons registered under section 15(b)(11) of the Act (15 U.S.C. 78o(b)(11)) that are permitted to effect transactions on a national securities exchange without the services of another person acting as executing broker. (22) Money market mutual fund means any security issued by an investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8) that is considered a money market fund under 270.2a-7 of this chapter. (23) Persons associated with a broker or dealer shall have the meaning provided in section 3(a)(18) of the Act (15 U.S.C. 78c(a)(18)). (24) Regulation T means Regulation T promulgated by the Board of Governors of the Federal Reserve System, 12 CFR part 220, as amended from time to time. (25) Regulation T collateral value, with respect to a security, means the current market value of the security reduced by the percentage of required margin for a position in the security held in a margin account under Regulation T. (26) Related position, with respect to a security future, means any position in an account that is combined with the security future to create an offsetting position as provided in 242.403(b)(2) of this Regulation ( 242.400 through 242.406). (27) Related transaction, with respect to a position or transaction in a security future, means: (i) Any transaction that creates, eliminates, increases or reduces an offsetting position involving a security future and a related position, as provided in 242.403(b)(2) of this Regulation ( 242.400 through 242.406); or (ii) Any deposit or withdrawal of margin for the security future or a related position, except as provided in 242.405(b) of this Regulation ( 242.400 through 242.406). (28) Securities account shall have the meaning provided in 240.15c3-3(a) of this chapter. (29) Security futures intermediary means any creditor as defined in Regulation T with respect to its financial relations with any person involving security futures. (30) Self-regulatory authority means a national securities exchange registered under section 6 of the Act (15 U.S.C. 78f), a national securities association registered under section 15A of the Act (15 U.S.C. 78o-3), a contract market registered under Section 5 of the CEA (7 U.S.C. 7) or Section 5f of the CEA (7 U.S.C. 7b-1), or a derivatives transaction execution facility registered under Section 5a of the CEA (7 U.S.C. 7a). (31) Special margin requirement shall have the meaning provided in 242.404(e)(1)(ii) of this Regulation ( 242.400 through 242.406). (32) Variation settlement means any credit or debit to a customer account, made on a daily or intraday basis, for the purpose of marking to market a security future or any other contract that is: (i) Issued by a clearing agency that is registered under section 17A of the Act (15 U.S.C. 78q-1) or cleared and guaranteed by a derivatives clearing organization that is registered under Section 5b of the CEA (7 U.S.C. 7a-1); and (ii) Traded on or subject to the rules of a self-regulatory authority.