Modules 8-10 Flashcards
ECN
Electronic communications network
“flat”
Day trader, no open positions
UTMA
Uniform Transfer to Minors Act
UGMA
Uniform Gift to Minors Act
Custodian
UTMA
UGMA
A firm that holds assets in a qualified retirement account such as an IRA
IA
Investment advisor
RR
Registered representative
SRO
Self-regulatory organization
DTCC
Depository Trust & Clearing Corporation
A member of the Federal Reserve System
CNS
Continuous net settlement system
Market maker
A dealer willing to accept the risk of holding a particular security in its own account to facilitate trading in that security
Double-auction markets
Both buyers and sellers call out their best bids and offers in an attempt to transact business
DMM
Designated market maker.
The dealer on the floor for a specific security.
FT, RFT
Floor traders, registered floor traders
Buy and sell for the firm’s accounts, not for customers
SIP
Securities information providers
FinCEN
Financial Crimes Enforcement Network
FDIC
Federal Deposit Insurance Corporation
SIPA
Securities Investor Protection Act of 1970
Created the SIPC
Securities Investor Protection Corporation
AML
Anti-money laundering
SIPC
Securities Investors Protection Corporation
USA
Uniform Securities Act (1956)
Template for states
NASAA
North American Securities Administrators Association
FINRA rules
Conduct
Code of Procedure (COP) - rule violations
Department of Enforcement (DOE)
appeal to National Adjudicatory Council (NAC),
then the SEC, then the appellate courts
Uniform Practice Code (UPC) - technical issues
Code of Arbitration (COA) - monetary disputes
