Series 24 STC - Chapter 12
Items to remember - correct answer ✔Set Alarm for 8:00am (market opens)
Snooze only 1 time for 15 min (report by 8:15)
Cannot set clock ahead
Synchronize clocks every day w/ NIST w/in 1 second
Office hours from 9:30am until 4pm and no sleeping on the job
When you are on the job must answer on the 1st ring (trade reporting) within
10 seconds
If you stay late, get the trade in by 8:15
Per FINRA Rules, do members need to report transactions in OTC equity
securities if the trade is already reported to a foreign regulator? - correct
answer ✔No, there is no requirement to report the trade again if already
reported to a foreign regulator. If it has NOT been reported to the foreign
regulators, then it must be reported in the US
How quickly does a trade need to be reported through ORF? - correct answer
✔w/in 10 seconds
What are the trade quote, execution, and reporting systems for Nasdaq and
CQS - correct answer ✔Nasdaq/CQS --> Nasdaq Market Center Execution
System --> TRF (Trade Reporting Facility
What is the trade quote, execution, and reporting system for ADF (NMS
securities only) - correct answer ✔ADF--> ATS-->ADF
, What are the trade quote, execution, and reporting systems for OTC or Pink
Markets? - correct answer ✔OTC --> Manual Fills or Proprietary Systems -->
OTC reporting facility (ORF)
What are the trade quote, execution, and reporting systems for Traditional
Floor Trading? - correct answer ✔Floor-->Exchange's proprietary Systems --
> Exchange Proprietary Reporting Mechanism
Is TRF an order execution system? - correct answer ✔No. it is Trade
Reporting Facility Trades have already been negotiated or executed in
another system.
What system is used to report transactions on the floor of the NYSE? - correct
answer ✔The Consolidated Tape
What is a step out method? - correct answer ✔Where BD has already
executed transactions but allocates part or all of transaction to a clearing firm
What is a give up arrangement? - correct answer ✔Arrangement between an
introducing BD and a clearing firm
Both firms must execute and submit written agreement to Nasdaq
Clearing firm submits trades to the TRF on behalf of the introducing BD
When is a trade considered "locked-in" - correct answer ✔When the trades
has been matched
either
order-entry side accepted the trade or
system matched the trade details entered by MM and order entry side
Items to remember - correct answer ✔Set Alarm for 8:00am (market opens)
Snooze only 1 time for 15 min (report by 8:15)
Cannot set clock ahead
Synchronize clocks every day w/ NIST w/in 1 second
Office hours from 9:30am until 4pm and no sleeping on the job
When you are on the job must answer on the 1st ring (trade reporting) within
10 seconds
If you stay late, get the trade in by 8:15
Per FINRA Rules, do members need to report transactions in OTC equity
securities if the trade is already reported to a foreign regulator? - correct
answer ✔No, there is no requirement to report the trade again if already
reported to a foreign regulator. If it has NOT been reported to the foreign
regulators, then it must be reported in the US
How quickly does a trade need to be reported through ORF? - correct answer
✔w/in 10 seconds
What are the trade quote, execution, and reporting systems for Nasdaq and
CQS - correct answer ✔Nasdaq/CQS --> Nasdaq Market Center Execution
System --> TRF (Trade Reporting Facility
What is the trade quote, execution, and reporting system for ADF (NMS
securities only) - correct answer ✔ADF--> ATS-->ADF
, What are the trade quote, execution, and reporting systems for OTC or Pink
Markets? - correct answer ✔OTC --> Manual Fills or Proprietary Systems -->
OTC reporting facility (ORF)
What are the trade quote, execution, and reporting systems for Traditional
Floor Trading? - correct answer ✔Floor-->Exchange's proprietary Systems --
> Exchange Proprietary Reporting Mechanism
Is TRF an order execution system? - correct answer ✔No. it is Trade
Reporting Facility Trades have already been negotiated or executed in
another system.
What system is used to report transactions on the floor of the NYSE? - correct
answer ✔The Consolidated Tape
What is a step out method? - correct answer ✔Where BD has already
executed transactions but allocates part or all of transaction to a clearing firm
What is a give up arrangement? - correct answer ✔Arrangement between an
introducing BD and a clearing firm
Both firms must execute and submit written agreement to Nasdaq
Clearing firm submits trades to the TRF on behalf of the introducing BD
When is a trade considered "locked-in" - correct answer ✔When the trades
has been matched
either
order-entry side accepted the trade or
system matched the trade details entered by MM and order entry side
