48-hour rule

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48-hour rule

PSA Uniform Practices requirement that all pool information in a to be announced (TBA) transaction be communicated by the seller to the buyer before 3 p.m. EST on the business day 48 hours prior to the agreed-upon trade date.

48-Hour Rule

A rule under the PSA Uniform Practices requiring that all information about the mortgages underlying a forward contract on a mortgage-backed security be communicated from a seller to a buyer by 3 p.m. two days before the delivery takes place. This contract is known as TBA.
References in periodicals archive ?
The 48 hour rule will prevent any clubs involved in cup replays or the Setanta Cup from fulfilling fixtures on Thursday nights.
Ponteland mart company secretary Bob Johnson said: "Every Thursday we hold a non-dedicated slaughter market and the 48 hour rule does not apply to us in the same way as it does at Acklington in that we can keep sheep for longer than 48 hours.
We are now waiting to see what response we get,but the 48 hour rule makes it very difficult to organise such an important trip.