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Series 7 > Securities Markets > Flashcards

Securities Markets Flashcards

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Series 7 Top-off Exam flashcards
1
Q

OATS

A

Order audit trail system - tracks life of order entered OTC both listed and unlisted

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2
Q

GTC

A

Good Till Cancelled - expired last day of April or October

NYSE and Nasdaq no longer allow

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3
Q

SEC act of 1934 regulates:

A

Exchanges
Margin
Registration
Price manipulation

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4
Q

Stop limit order

A

Combination of both stop and limit orders, a first, then process

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5
Q

ACT

A

Automated confirmation transaction system - verifies details of all ORC transactions After execution

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6
Q

Limit orders

A

Executed at specific price or better

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7
Q

Manning rule

A

Customer Limit order protection rule, must execute order w/in 60 seconds, fill customer orders upto as many shares executed for own acct

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8
Q

Stop orders

A

Used for protection, only available through OTC, triggers then executes immediately

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9
Q

Exchanges

A

Auction markets, centralized trading, trading floor

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10
Q

AON

A

All Or Nothing - entire order executed same time, same price

Cannot break it up

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11
Q

Secondary market

A

Exchange or OTC

4 categories:
1st mkt - listed, on an exchange
2nd mkt - unlisted, OTC
3rd mkt - listed, OTC
4th mkt - ECN
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12
Q

Market order

A

Buy or sell a security, immediately, at best price available

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13
Q

Consolidated tape

A

Reports trades of Listed securities on different markets

Includes exchanges mkt and 3rd & 4th mkt,

does not include primary mkt or options mkt or bonds

ALREADY EXECUTED

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14
Q

SEC rule 104 stabilization

A

UW can buyback at or below POP for stabilization, no time limit

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15
Q

Stopping stock

A

DMm guarantees price up to 2 minutes

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16
Q

FOK

A

Fill or Kill - entire order executed, same time, same price or cancelled

Cannot be broken up

17
Q

ECN

A

Electronic communication network - 24 hrs, lower cost, more liquidity

18
Q

BLiSS

A

Stretch

19
Q

Inside market

A

Highest bid, lowest ask

20
Q

Threshold security

A

Heavily borrowed, difficult to borrow

21
Q

SEC rule 201 stock decline

A

10% stock decline - no more short selling the following day

22
Q

SLoBS

A

Stretch

23
Q

Broker

A

Stretch

24
Q

Size of the market

A

Shares available at the highest bid and the lowest ask

25
Q

Spread

A

Difference between highest bid and lowest ask

26
Q

Types of quotes

A
  1. Firm - market maker, guaranteed execution, used for OTC, exchanges
  2. Subject - nominal, subject to change, not guaranteed
  3. Fast market - high level of trading/volatility, may sell lower or higher
  4. Firm w/recall - i.e. 1 hr 5 min recall, give another dealer a chance to sell
27
Q

OTC

A

Negotiated markets, no location, no electronic exchange, brokerage to brokerage

Any security may trade otc

28
Q

NASDAQ access levels

A
  1. Shows inside market
  2. Quotes by all mkt makers
  3. Mkt maker entry
29
Q

IOC

A

Execute as much is possible and cancel the rest

Can be broken up

30
Q

Day order

A

Cancelled by end of day

31
Q

Selling short against the box

A

Shorting a security you own for tax deferral

32
Q

CQS

A

Consolidated Quotation Service - lists all OPEN TRADES, listed, bid/ask, all mkts

All trades reported w/in 10 seconds of execution

33
Q

Order of trading

A
  1. Priority - price
  2. Parity - time
  3. Precedence - size
34
Q

Dealer

A

Stretch

35
Q

UTP

A

Universal trading platform - keeps track of all stop and limit orders

36
Q

OTC pink mkt

A

Electronic quotes are firm
Printed are subject
Not an exchange
No 10k or 10q

37
Q

How long must UW keep prospectus available after public offering becomes available

A

40 days

38
Q

Reverse split impact on orders

A

All orders cancelled

i.e 1 for 2

Series 7 (13 decks)

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