Disclosures & Policies

Partial Redemption of Callable Securities


Piper Jaffray & Co. utilizes a lottery process for a partial call, prerefund or defeasement that is a random process designed to allocate called securities on a fair and impartial basis. The lottery process is based on a mathematical formula to randomly select accounts for allocation.

For calls that are deemed favorable to the security-holder, firm accounts, as well as accounts of our associated persons, are excluded until all client positions have been allocated. A favorable call occurs when the call price exceeds the current market price. If no price is available, the call is presumed favorable.

If a call is deemed unfavorable to the security-holder, firm and associated persons' accounts are included in the lottery. An unfavorable call occurs when the call price is below the current market price.

If you have questions regarding the allocation of partial calls/redemptions, please contact your Registered Representative. Additional details concerning the lottery process will be provided upon request.