Page | 1
SERIES 24 - CHEAT SHEET 2025 BRAND
NEW ACTUAL EXAM WITH 100% VERIFIED
QUESTIONS AND CORRECT SOLUTIONS|
GUARANTEED VALUE PACK| ACE YOUR
GRADES.
1. What is the markup policy? - correct answer - 5% calculated
from inside market price for active competitive markets
2. When is sub penny pricing permitted in stocks? - correct
answer - stocks under $1
3. What is rule 605? - correct answer - monthly execution quality
reports required
4. What is the manning rule? - correct answer - firms cannot trade
ahead of customer limit orders
, Page | 2
5. If market maker receives better price than expected, what must
they do? - correct answer - pass that benefit along to customer
6. How long for market maker to improve order display after
receiving better order? - correct answer - 30 seconds
7. What is regulation SHO? - correct answer - mandates locate
requirement prior to short sale of any security
8. What is TRACE? - correct answer - trade reporting and
compliance engine
9. What are considered penny stocks? - correct answer - non-
NMS stocks trading under $5 per share
10. How much does a qualified international buyer need to buy?
- correct answer - $100 million
, Page | 3
11. What is the Nasdaq book? - correct answer - order display
and execution system for nasdaq listed securities
12. What do attributable orders show? - correct answer - firm
that entered order
13. Whatis MPID NSDQ? - correct answer - anonymous order
on the nasdaq book
14. What is the max order/quote size for nasdaq book - correct
answer - 999,999
15. On the open orders can be entered until when? - correct
answer - 2 minutes before market opens
16. What is used to report OTC trades? - correct answer - TRF,
ADF, ORF
SERIES 24 - CHEAT SHEET 2025 BRAND
NEW ACTUAL EXAM WITH 100% VERIFIED
QUESTIONS AND CORRECT SOLUTIONS|
GUARANTEED VALUE PACK| ACE YOUR
GRADES.
1. What is the markup policy? - correct answer - 5% calculated
from inside market price for active competitive markets
2. When is sub penny pricing permitted in stocks? - correct
answer - stocks under $1
3. What is rule 605? - correct answer - monthly execution quality
reports required
4. What is the manning rule? - correct answer - firms cannot trade
ahead of customer limit orders
, Page | 2
5. If market maker receives better price than expected, what must
they do? - correct answer - pass that benefit along to customer
6. How long for market maker to improve order display after
receiving better order? - correct answer - 30 seconds
7. What is regulation SHO? - correct answer - mandates locate
requirement prior to short sale of any security
8. What is TRACE? - correct answer - trade reporting and
compliance engine
9. What are considered penny stocks? - correct answer - non-
NMS stocks trading under $5 per share
10. How much does a qualified international buyer need to buy?
- correct answer - $100 million
, Page | 3
11. What is the Nasdaq book? - correct answer - order display
and execution system for nasdaq listed securities
12. What do attributable orders show? - correct answer - firm
that entered order
13. Whatis MPID NSDQ? - correct answer - anonymous order
on the nasdaq book
14. What is the max order/quote size for nasdaq book - correct
answer - 999,999
15. On the open orders can be entered until when? - correct
answer - 2 minutes before market opens
16. What is used to report OTC trades? - correct answer - TRF,
ADF, ORF
