This NASR Rule appears to possibly be relevant to your situation, especially as to the timing late in the day:
90-15 Subject: Amendment to Uniform Practice Code Regarding Buy-In Procedures, Effective February 1, 1990
Sec. 59 Close-Out Procedure “Buying-in”
A contract which has not been completed by the seller according to its terms may be closed by the buyer not sooner than the third business day following the date delivery was due, in accordance with the following procedure:
(a) Notice of “buy-in”
(1) (Text unchanged.)
(2) For purposes of this rule written notice shall include an electronic notice through a medium that provides for an immediate return receipt capability. Such electronic media shall include but not be limited to facsimile transmission, a computerized network facility, etc.
(b) Information contained in “buy-in” notice
1. Every notice of buy-in shall state the date of the contract to be closed, [and] the quantity and contract price of securities covered by said contract, the settlement date of said contract and any other information deemed necessary to properly identify the contract to be closed. [and] Such notice shall state further that unless delivery is effected at or before a certain specified time, which may not be prior to 11:30 A.M. local time in the community where the buyer maintain his office, the security may be “bought-in” on the date specified for the account of the seller. If the originator of a “buy-in” in a depository eligible security is a participant in a registered securities depository, the “buy-in” may not be executed prior to 2:30 P.M., Eastern Time. [Every notice of buy-in transmitted pursuant to a buy-in issued by a registered clearing agency must contain the “buy-in reference number,” if any, assigned by such registered clearing agency. This number, if preceded by the letters “EXT”, will also indicate that the buy-in has already been extended seven (7) calendar days past its original proposed execution date pursuant to Section 59(g) of the UPC.] Each “buy-in” notice shall also state the name and telephone number of the individual [with whom further discussions concerning the buy-in may be carried on or the telephone extension where an individual] authorized to pursue further discussions [can be reached] concerning the buy-in. |
