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Investment Dealer Supervisors Course (IDSC) – AceCSE.com
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Question 1 of 30
1. Question
In the FINRA Rule 11150 (Transactions “Ex-Interest” in Bonds Which Are Dealt in “Flat”), what will be the ex-interest date for all transactions in bonds or similar evidence of indebtedness which are traded “flat” if the record date falls on a business day?
Correct
In the FINRA Rule 11150 (Transactions “Ex-Interest” in Bonds Which Are Dealt in “Flat”), all transactions except “cash” transactions, in bonds or similar evidence of indebtedness which are traded “flat” should be “ex-interest” as prescribed by the following provisions:-
(a) On the first business day preceding the record date if the record date falls on a business day.
(b) On the second business day preceding the record date if the record date falls on a day other than a business day.
(c) On the second business day preceding the date on which an interest payment is to be made if no record date has been fixed.Incorrect
In the FINRA Rule 11150 (Transactions “Ex-Interest” in Bonds Which Are Dealt in “Flat”), all transactions except “cash” transactions, in bonds or similar evidence of indebtedness which are traded “flat” should be “ex-interest” as prescribed by the following provisions:-
(a) On the first business day preceding the record date if the record date falls on a business day.
(b) On the second business day preceding the record date if the record date falls on a day other than a business day.
(c) On the second business day preceding the date on which an interest payment is to be made if no record date has been fixed. -
Question 2 of 30
2. Question
In the FINRA Rule 11150 (Transactions “Ex-Interest” in Bonds Which Are Dealt in “Flat”), what will be the ex-interest date for all transactions, except “cash” transactions, in bonds or similar evidence of indebtedness which are traded “flat” if the record date falls on a day other than a business day?
Correct
In the FINRA Rule 11150 (Transactions “Ex-Interest” in Bonds Which Are Dealt in “Flat”), all transactions, except “cash” transactions, in bonds or similar evidence of indebtedness which are traded “flat” shall be “ex-interest” as prescribed by the following provisions:-
(a) On the first business day preceding the record date if the record date falls on a business day.
(b) On the second business day preceding the record date if the record date falls on a day other than a business day.
(c) On the second business day preceding the date on which an interest payment is to be made if no record date has been fixed.Incorrect
In the FINRA Rule 11150 (Transactions “Ex-Interest” in Bonds Which Are Dealt in “Flat”), all transactions, except “cash” transactions, in bonds or similar evidence of indebtedness which are traded “flat” shall be “ex-interest” as prescribed by the following provisions:-
(a) On the first business day preceding the record date if the record date falls on a business day.
(b) On the second business day preceding the record date if the record date falls on a day other than a business day.
(c) On the second business day preceding the date on which an interest payment is to be made if no record date has been fixed. -
Question 3 of 30
3. Question
In the FINRA Rule 11150 (Transactions “Ex-Interest” in Bonds Which Are Dealt in “Flat”), what will be the ex-interest date for all transactions, except “cash” transactions, in bonds or similar evidence of indebtedness which are traded “flat” if no record date has been fixed?
Correct
In the FINRA Rule 11150 (Transactions “Ex-Interest” in Bonds Which Are Dealt in “Flat”), all transactions, except “cash” transactions, in bonds or similar evidence of indebtedness which are traded “flat” shall be “ex-interest” as prescribed by the following provisions:-
(a) On the first business day preceding the record date if the record date falls on a business day.
(b) On the second business day preceding the record date if the record date falls on a day other than a business day.
(c) On the second business day preceding the date on which an interest payment is to be made if no record date has been fixed.Incorrect
In the FINRA Rule 11150 (Transactions “Ex-Interest” in Bonds Which Are Dealt in “Flat”), all transactions, except “cash” transactions, in bonds or similar evidence of indebtedness which are traded “flat” shall be “ex-interest” as prescribed by the following provisions:-
(a) On the first business day preceding the record date if the record date falls on a business day.
(b) On the second business day preceding the record date if the record date falls on a day other than a business day.
(c) On the second business day preceding the date on which an interest payment is to be made if no record date has been fixed. -
Question 4 of 30
4. Question
In the FINRA Rule 11160 (“Ex” Liquidating Payments), which of the following type of transactions should be “ex” liquidating payments?
Correct
In the FINRA Rule 11160 (Sent by Each Party), all type of transactions except “cash” transactions in stocks, bonds or similar evidence of indebtedness shall be “ex” liquidating payments or payments on account of principal in accordance with the formula defined in the RINRA Rules 11140 and 11150.
Incorrect
In the FINRA Rule 11160 (Sent by Each Party), all type of transactions except “cash” transactions in stocks, bonds or similar evidence of indebtedness shall be “ex” liquidating payments or payments on account of principal in accordance with the formula defined in the RINRA Rules 11140 and 11150.
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Question 5 of 30
5. Question
In the FINRA Rule 11210, at what time each party to a transaction (other than a cash transaction) should send a uniform comparison or confirmation?
Correct
In the FINRA Rule 11210, each party to a transaction shall send a Uniform Comparison or Confirmation of the same on or before the first business day following the date of the transaction “other than a cash transaction”.
Incorrect
In the FINRA Rule 11210, each party to a transaction shall send a Uniform Comparison or Confirmation of the same on or before the first business day following the date of the transaction “other than a cash transaction”.
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Question 6 of 30
6. Question
In the FINRA Rule 11210, at what time comparisons or confirmations of cash transactions shall be exchanged?
Correct
In the FINRA Rule 11210, On the day of trade the comparisons or confirmations of cash transactions shall be exchanged.
Incorrect
In the FINRA Rule 11210, On the day of trade the comparisons or confirmations of cash transactions shall be exchanged.
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Question 7 of 30
7. Question
Which of the following type of transactions are not applicable under the FINRA Rule 11210?
Correct
The FINRA Rule 11210 shall not be applicable to transactions which clear through the National Securities Clearing Corporation or other clearing organizations registered under the Exchange Act.
Incorrect
The FINRA Rule 11210 shall not be applicable to transactions which clear through the National Securities Clearing Corporation or other clearing organizations registered under the Exchange Act.
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Question 8 of 30
8. Question
In the FINRA Rule 11210, at what time a party to transaction receives a comparison or confirmation or a signed DK, from the contra-member after sending a comparison or confirmation of a trade?
Correct
In the FINRA Rule 11210, a party to transaction receives a comparison or confirmation or a signed DK, from the contra-member by the close of one business day following the trade date of the transaction after sending a comparison or confirmation of a trade.
Incorrect
In the FINRA Rule 11210, a party to transaction receives a comparison or confirmation or a signed DK, from the contra-member by the close of one business day following the trade date of the transaction after sending a comparison or confirmation of a trade.
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Question 9 of 30
9. Question
In the FINRA Rule 11210, how much time shall have by the contra-member after the receipt of the “Don’t Know Notice” to either confirm or DK the transaction?
Correct
In the FINRA Rule 11210, after receipt of the “Don’t Know Notice”, the contra-member shall have two business days after the notice is received to either confirm or DK the transaction.
Incorrect
In the FINRA Rule 11210, after receipt of the “Don’t Know Notice”, the contra-member shall have two business days after the notice is received to either confirm or DK the transaction.
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Question 10 of 30
10. Question
In the FINRA Rule 11210, which copy of the “Don’t Know Notice” should be returned by the contra-member to the confirming member, which indicates clearly whether the contra-member desires to confirm or DK the transaction?
Correct
In the FINRA Rule 11210, if the contra-member desires to respond by messenger, it shall return to the confirming member the second and third copies of the notice which shall indicate clearly whether the contra-member desires to confirm or DK the transaction.
Incorrect
In the FINRA Rule 11210, if the contra-member desires to respond by messenger, it shall return to the confirming member the second and third copies of the notice which shall indicate clearly whether the contra-member desires to confirm or DK the transaction.
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Question 11 of 30
11. Question
In the FINRA Rule 11210, within how many days if the confirming member does not receive a response from the contra-member, such shall constitute a DK and the confirming member shall have no further liability for the trade?
Correct
In the FINRA Rule 11210, If the confirming member does not receive a response from the contra-member by the close of two business days after receipt by the confirming member of the fourth copy of the “Don’t Know Notice” if delivered by messenger, or the post office receipt if delivered by mail, such shall constitute a DK and the confirming member shall have no further liability for the trade.
Incorrect
In the FINRA Rule 11210, If the confirming member does not receive a response from the contra-member by the close of two business days after receipt by the confirming member of the fourth copy of the “Don’t Know Notice” if delivered by messenger, or the post office receipt if delivered by mail, such shall constitute a DK and the confirming member shall have no further liability for the trade.
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Question 12 of 30
12. Question
In the FINRA Rule 11210, which of the following office the “Don’t Know Notice” form may be ordered?
Correct
In the FINRA Rule 11210, The “Don’t Know Notice” form may be ordered through any office of FINRA. If the official form is not used, the form which is used must conform in every respect to the official form.
Incorrect
In the FINRA Rule 11210, The “Don’t Know Notice” form may be ordered through any office of FINRA. If the official form is not used, the form which is used must conform in every respect to the official form.
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Question 13 of 30
13. Question
In the FINRA Rule 11310 (Book-Entry Settlement), which of the following facilities should be used by a member for the book-entry settlement of all transactions in depository eligible securities with another member?
Correct
In the FINRA Rule 11310 (Book-Entry Settlement), a member shall use the facilities of a securities depository for the book-entry settlement of all transactions in depository eligible securities with another member or a member of a national securities exchange or a registered securities association.
Incorrect
In the FINRA Rule 11310 (Book-Entry Settlement), a member shall use the facilities of a securities depository for the book-entry settlement of all transactions in depository eligible securities with another member or a member of a national securities exchange or a registered securities association.
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Question 14 of 30
14. Question
In the FINRA Rule 11310 (Book-Entry Settlement), which of the following type of transactions a member should not effect in a depository eligible security with a customer unless the transaction is settled by book-entry using the facilities of a securities depository?
Correct
In the FINRA Rule 11310 (Book-Entry Settlement), a member shall not affect a delivery-versus-payment or receipt-versus payment transaction in a depository eligible security with a customer unless the transaction is settled by book-entry using the facilities of a securities depository.
Incorrect
In the FINRA Rule 11310 (Book-Entry Settlement), a member shall not affect a delivery-versus-payment or receipt-versus payment transaction in a depository eligible security with a customer unless the transaction is settled by book-entry using the facilities of a securities depository.
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Question 15 of 30
15. Question
In the FINRA Rule 11310 (Book-Entry Settlement), which of the following statement(s) is/are correct for the term “depository eligible securities”?
Correct
In the FINRA Rule 11310 (Book-Entry Settlement), the “depository eligible securities” describes by the following statements:-
(a) The securities that are part of an issue of securities that is eligible for deposit at a securities depository.
(b) The securities with respect to a particular transaction, are eligible for book-entry transfer at the depository at the time of settlement of the transaction.Incorrect
In the FINRA Rule 11310 (Book-Entry Settlement), the “depository eligible securities” describes by the following statements:-
(a) The securities that are part of an issue of securities that is eligible for deposit at a securities depository.
(b) The securities with respect to a particular transaction, are eligible for book-entry transfer at the depository at the time of settlement of the transaction. -
Question 16 of 30
16. Question
Which of the following condition the FINRA Rule 11310 (Book-Entry Settlement) shall not apply to any transactions where the securities to be delivered in settlement of the transaction are not on deposit at a securities depository?
Correct
The FINRA Rule 11310 (Book-Entry Settlement) shall not apply to any transactions where the securities to be delivered in settlement of the transaction are not on deposit at a securities depository on the following condition:-
(a) If the transaction is for same-day settlement, the deliverer is unable to deposit the securities in a securities depository prior to the cut-off time established by the depository for same-day crediting of deposited securities.
(b) The deliverer is unable to deposit the securities in a depository prior to the cut-off date established by the depository for that issue of securities.Incorrect
The FINRA Rule 11310 (Book-Entry Settlement) shall not apply to any transactions where the securities to be delivered in settlement of the transaction are not on deposit at a securities depository on the following condition:-
(a) If the transaction is for same-day settlement, the deliverer is unable to deposit the securities in a securities depository prior to the cut-off time established by the depository for same-day crediting of deposited securities.
(b) The deliverer is unable to deposit the securities in a depository prior to the cut-off date established by the depository for that issue of securities. -
Question 17 of 30
17. Question
In the FINRA Rule 11320 (Dates of Delivery), what should be the date of delivery at the office of the purchaser In connection with a transaction for “cash”?
Correct
In the FINRA Rule 11320 (Dates of Delivery), in connection with a transaction for “cash,” delivery shall be made at the office of the purchaser on the day of the transaction.
Incorrect
In the FINRA Rule 11320 (Dates of Delivery), in connection with a transaction for “cash,” delivery shall be made at the office of the purchaser on the day of the transaction.
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Question 18 of 30
18. Question
In the FINRA Rule 11320 (Dates of Delivery), what should be the date of delivery at the office of the purchaser In connection with a transaction for “regular way”?
Correct
In the FINRA Rule 11320 (Dates of Delivery), in connection with a transaction “regular way,” delivery shall be made at the office of the purchaser on, but not before, the second business day following the date of the transaction.
Incorrect
In the FINRA Rule 11320 (Dates of Delivery), in connection with a transaction “regular way,” delivery shall be made at the office of the purchaser on, but not before, the second business day following the date of the transaction.
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Question 19 of 30
19. Question
In the FINRA Rule 11320 (Dates of Delivery), what should be the date of delivery at the office of the purchaser In connection with a transaction for “Buyer’s Option”?
Correct
In the FINRA Rule 11320 (Dates of Delivery), in connection with a transaction “buyer’s option,” delivery shall be made at the office of the purchaser on the date on which the option expires.
Incorrect
In the FINRA Rule 11320 (Dates of Delivery), in connection with a transaction “buyer’s option,” delivery shall be made at the office of the purchaser on the date on which the option expires.
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Question 20 of 30
20. Question
In the FINRA Rule 11320 (Dates of Delivery), what should be the criteria for the contracts that due on a day other than a business day?
Correct
In the FINRA Rule 11320 (Dates of Delivery), the contracts shall mature on the next business day that are due on a day other than a business day.
Incorrect
In the FINRA Rule 11320 (Dates of Delivery), the contracts shall mature on the next business day that are due on a day other than a business day.
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Question 21 of 30
21. Question
In the FINRA Rule 11320 (Dates of Delivery), what should be the date of delivery at the office of the purchaser In connection with a transaction made for “Delayed-Delivery”?
Correct
In the FINRA Rule 11320 (Dates of Delivery), in connection with a transaction made for “delayed-delivery,” delivery shall be at the office of the purchaser on the date agreed upon at the time for the transaction.
Incorrect
In the FINRA Rule 11320 (Dates of Delivery), in connection with a transaction made for “delayed-delivery,” delivery shall be at the office of the purchaser on the date agreed upon at the time for the transaction.
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Question 22 of 30
22. Question
In the FINRA Rule 11361 (Units of Delivery-Stocks), which of the following statement(s) is/are correct for the stock certificates delivered in settlement of contracts?
Correct
In the FINRA Rule 11361 (Units of Delivery-Stocks), the following statements best describe the stock certificates delivered in settlement of contracts:-
(a) In which the transaction is for 100 shares may be in one certificate for the exact number of shares or certificates totaling 100 shares.
(b) In which the transaction is greater than 100 shares and a multiple of 100 shall be in the exact amount of the contract, or in multiples of 100 shares, or in amounts from which units of 100 shares can be made, or a combination thereof equaling the amount of the contract.
(c) In which the transaction is for more than 100 shares but not in a multiple of 100 shall be in multiples of 100 shares, or in amounts from which units of 100 shares can be made, or a combination thereof, plus either the exact amount for the odd lot or smaller amounts equaling the odd lot.
(d) In which the transaction is for less than 100 shares shall be in the exact amount of the contract or for smaller units aggregating the amount of the contract.Incorrect
In the FINRA Rule 11361 (Units of Delivery-Stocks), the following statements best describe the stock certificates delivered in settlement of contracts:-
(a) In which the transaction is for 100 shares may be in one certificate for the exact number of shares or certificates totaling 100 shares.
(b) In which the transaction is greater than 100 shares and a multiple of 100 shall be in the exact amount of the contract, or in multiples of 100 shares, or in amounts from which units of 100 shares can be made, or a combination thereof equaling the amount of the contract.
(c) In which the transaction is for more than 100 shares but not in a multiple of 100 shall be in multiples of 100 shares, or in amounts from which units of 100 shares can be made, or a combination thereof, plus either the exact amount for the odd lot or smaller amounts equaling the odd lot.
(d) In which the transaction is for less than 100 shares shall be in the exact amount of the contract or for smaller units aggregating the amount of the contract. -
Question 23 of 30
23. Question
In the FINRA Rule 11362 (Units of Delivery- Bonds), which of the following statement(s) is/are correct for each delivery of bonds or similar evidence of indebtedness in coupon bearer form “Coupon Bonds”?
Correct
In the FINRA Rule 11362 (Units of Delivery- Bonds), each delivery of bonds or similar evidence of indebtedness in coupon bearer form “Coupon Bonds” shall be made in denominations of $1,000 or in denominations of $100 or multiples thereof aggregating $1,000.
Incorrect
In the FINRA Rule 11362 (Units of Delivery- Bonds), each delivery of bonds or similar evidence of indebtedness in coupon bearer form “Coupon Bonds” shall be made in denominations of $1,000 or in denominations of $100 or multiples thereof aggregating $1,000.
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Question 24 of 30
24. Question
In the FINRA Rule 11362 (Units of Delivery- Bonds), which of the following statement(s) is/are correct for each delivery of bonds or similar evidence of indebtedness in fully registered bond “Registered Bonds”?
Correct
In the FINRA Rule 11362 (Units of Delivery- Bonds), each delivery of bonds or similar evidence of indebtedness in fully registered bond “Registered Bonds” issued shall be made in denominations of $1,000 or multiples thereof or in amounts of $100 or multiples aggregating $1,000 but in no event in denominations larger than $100,000.
Incorrect
In the FINRA Rule 11362 (Units of Delivery- Bonds), each delivery of bonds or similar evidence of indebtedness in fully registered bond “Registered Bonds” issued shall be made in denominations of $1,000 or multiples thereof or in amounts of $100 or multiples aggregating $1,000 but in no event in denominations larger than $100,000.
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Question 25 of 30
25. Question
In the FINRA Rule 11363 (Units of Delivery – Unit Investment Trust Securities), what should be the minimum unit of delivery for Unit Investment Trust Securities?
Correct
In the FINRA Rule 11363 (Units of Delivery – Unit Investment Trust Securities), for the Unit Investment Trust Securities the minimum unit of delivery shall be calculated as a single unit of the trust.
Incorrect
In the FINRA Rule 11363 (Units of Delivery – Unit Investment Trust Securities), for the Unit Investment Trust Securities the minimum unit of delivery shall be calculated as a single unit of the trust.
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Question 26 of 30
26. Question
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), which of the following statement is correct for the technical correctness of the signature to an assignment or power of substitution?
Correct
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), The signature to an assignment or power of substitution shall be technically correct; i.e., it shall correspond with the name as written upon the certificate in every particular without alteration or enlargement, or any change whatever, except that “and” or “&” “Company” or “Co.” may be written either way.
Incorrect
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), The signature to an assignment or power of substitution shall be technically correct; i.e., it shall correspond with the name as written upon the certificate in every particular without alteration or enlargement, or any change whatever, except that “and” or “&” “Company” or “Co.” may be written either way.
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Question 27 of 30
27. Question
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), what type of information should be included in a separate (detached) assignment that contains a provision for the irrevocable appointment of an attorney, with the power of substitution and a full description of the security?
Correct
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), provision for the irrevocable appointment of an attorney with the power of substitution and a full description of the security, including the name of the issuer, issue, certificate number, and amount (expressed in words and numerals) should be contained in a separate (detached) assignment.
Incorrect
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), provision for the irrevocable appointment of an attorney with the power of substitution and a full description of the security, including the name of the issuer, issue, certificate number, and amount (expressed in words and numerals) should be contained in a separate (detached) assignment.
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Question 28 of 30
28. Question
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), what is the requirement for a certificate (good delivery) that is registered in the names of two or more individuals or firms?
Correct
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), A certificate registered in the names of two or more individuals or firms shall be a good delivery only if signed by all the registered owners.
Incorrect
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), A certificate registered in the names of two or more individuals or firms shall be a good delivery only if signed by all the registered owners.
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Question 29 of 30
29. Question
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), what is the requirement for any alteration or correction in an assignment or power of substitution?
Correct
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), any alteration or correction in an assignment or power of substitution shall be accompanied by an explanation on the original instrument signed by the person or firm executing the same.
Incorrect
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), any alteration or correction in an assignment or power of substitution shall be accompanied by an explanation on the original instrument signed by the person or firm executing the same.
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Question 30 of 30
30. Question
In the FINRA Rule 11620 (Computation of Interest), what type of currency price added in the settlement of contracts in interest-paying securities other than for “cash”?
Correct
In the FINRA Rule 11620 (Computation of Interest), in the settlement of contracts in interest-paying securities other than for “cash,” there shall be added to the dollar price interest at the rate specified in the security, which shall be computed up to but not including the second business day following the date of the transaction. In transactions for “cash,” interest shall be added to the dollar price at the rate specified in the security up to but not including the date of transaction.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), in the settlement of contracts in interest-paying securities other than for “cash,” there shall be added to the dollar price interest at the rate specified in the security, which shall be computed up to but not including the second business day following the date of the transaction. In transactions for “cash,” interest shall be added to the dollar price at the rate specified in the security up to but not including the date of transaction.