See " Underlie."

Under the Rule. The meaning of this term may be best explained by using this rule of the New York Stock Exchange as an example: " When the insolvency of a member or firm is announced to the Exchange, members having contracts subject to the rules of the Exchange with the member or firm, shall without unnecessary delay proceed to close the same. If the contracts involve securities admitted to quotation upon the Exchange the closing must be in the Exchange, either officially by the chairman, or by personal purchase or sale. If the contracts involve securities not dealt in on the Exchange, the purchase or sale of such securities must be promptly made in the best available market. Should a contract not be closed, as above provided, the price of settlement shall be fixed by the price current at the time when such contract should have been closed under this rule."

Although the rules of other exchanges may vary somewhat from the above, the intent is substantially the same.

Securities bought or sold as above are frequently quoted upon the "tape accompanied by the letters " U. R."