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Question 1 of 10
1. Question
Which of the following Published Trading Information will be presented on FINRA’s web site?
I. Trading Information will be aggregated no earlier than one month following the end of the Trading Information month, aggregate volume totals across all NMS stocks
II. Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day across all NMS stocks during the applicable Trading Information period
III. Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day in an NMS stock during the applicable Trading Information period
IV. Trading Information will be aggregated for all Market Participant Identifiers (MPIDs) used by a single member (excluding, if applicable, any MPIDs used by the member for reporting trades executed in its alternative trading system)
Correct
INRA Rule 6110 — Trading Otherwise than on an Exchange
6110. Trading Otherwise than on an Exchange
(2) Published Trading Information will be presented on FINRA’s web site as follows:
(A) Trading Information will be aggregated for all Market Participant Identifiers (MPIDs) used by a single member (excluding, if applicable, any MPIDs used by the member for reporting trades executed in its alternative trading system).
(B) Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day across all NMS stocks during the applicable Trading Information period.
(C) Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day in an NMS stock during the applicable Trading Information period.
Incorrect
INRA Rule 6110 — Trading Otherwise than on an Exchange
6110. Trading Otherwise than on an Exchange
(2) Published Trading Information will be presented on FINRA’s web site as follows:
(A) Trading Information will be aggregated for all Market Participant Identifiers (MPIDs) used by a single member (excluding, if applicable, any MPIDs used by the member for reporting trades executed in its alternative trading system).
(B) Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day across all NMS stocks during the applicable Trading Information period.
(C) Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day in an NMS stock during the applicable Trading Information period.
Question 2 of 10
2. Question
For each security in which an ADF Trading Center displays a bid and offer (for Registered Reporting ADF Market Makers), or a bid or offer (for Registered Reporting ADF ECNs), in the ADF, it must:
I. Provide other ADF Trading Centers direct electronic access
II. Provide a level and cost of access to its quotations in an NMS stock displayed in the ADF that is substantially equivalent to the level and cost of access to quotations displayed by SRO trading facilities in that NMS stock
III. Demonstrate that it has sufficient technology to automatically update its quotations and immediately respond to orders for execution directly against the individual ADF Trading Center’s best bid or offer
IV. Ensure that it does not impose unfairly discriminatory terms that prevent or inhibit any person, through a registered broker-dealer, from obtaining efficient access to such quotations
Correct
FINRA Rule 6250. Quote and Order Access Requirements
For each security in which an ADF Trading Center displays a bid and offer (for Registered Reporting ADF Market Makers), or a bid or offer (for Registered Reporting ADF ECNs), in the ADF, it must:
I. Provide other ADF Trading Centers direct electronic access
II. Provide a level and cost of access to its quotations in an NMS stock displayed in the ADF that is substantially equivalent to the level and cost of access to quotations displayed by SRO trading facilities in that NMS stock
III. Demonstrate that it has sufficient technology to automatically update its quotations and immediately respond to orders for execution directly against the individual ADF Trading Center’s best bid or offer
IV. Ensure that it does not impose unfairly discriminatory terms that prevent or inhibit any person, through a registered broker-dealer, from obtaining efficient access to such quotations
Incorrect
FINRA Rule 6250. Quote and Order Access Requirements
For each security in which an ADF Trading Center displays a bid and offer (for Registered Reporting ADF Market Makers), or a bid or offer (for Registered Reporting ADF ECNs), in the ADF, it must:
I. Provide other ADF Trading Centers direct electronic access
II. Provide a level and cost of access to its quotations in an NMS stock displayed in the ADF that is substantially equivalent to the level and cost of access to quotations displayed by SRO trading facilities in that NMS stock
III. Demonstrate that it has sufficient technology to automatically update its quotations and immediately respond to orders for execution directly against the individual ADF Trading Center’s best bid or offer
IV. Ensure that it does not impose unfairly discriminatory terms that prevent or inhibit any person, through a registered broker-dealer, from obtaining efficient access to such quotations
Question 3 of 10
3. Question
Which of the following refer to is a security that is eligible for inclusion in the Consolidated Quotation Plan and reported to the Consolidated Tape in accordance with the Consolidated Tape Association Plan?
Correct
FINRA Rule 6220
“CQS security” is a security that is eligible for inclusion in the Consolidated Quotation Plan and reported to the Consolidated Tape in accordance with the Consolidated Tape Association Plan.
Incorrect
FINRA Rule 6220
“CQS security” is a security that is eligible for inclusion in the Consolidated Quotation Plan and reported to the Consolidated Tape in accordance with the Consolidated Tape Association Plan.
Question 4 of 10
4. Question
Unless otherwise indicated, which of the following order information must be recorded under this Rule when an order is received or originated? For purposes of this Rule, the order origination or receipt time is the time the order is received from the customer.
I. Handling fees, specified by FINRA for purposes of this Rule
II. Any limit or stop price prescribed in the order;
III. The date on which the order expires, and, if the time in force is less than one day, the time when the order expires
IV. The time limit during which the order is in force
Correct
FINRA Rule 7440. Recording of Order Information
Unless otherwise indicated, the following order information must be recorded under this Rule when an order is received or originated. For purposes of this Rule, the order origination or receipt time is the time the order is received from the customer.
I. Any limit or stop price prescribed in the order;
II. The date on which the order expires, and, if the time in force is less than one day, the time when the order expires
III. The time limit during which the order is in force
Incorrect
FINRA Rule 7440. Recording of Order Information
Unless otherwise indicated, the following order information must be recorded under this Rule when an order is received or originated. For purposes of this Rule, the order origination or receipt time is the time the order is received from the customer.
I. Any limit or stop price prescribed in the order;
II. The date on which the order expires, and, if the time in force is less than one day, the time when the order expires
III. The time limit during which the order is in force
Question 5 of 10
5. Question
What are the factors which the Board believes that members and the Association’s committees should take into consideration in determining the fairness of a mark-up?
I. The Type of Security Involved
II. The Amount of Money Involved in a Transaction
III. The Pattern of Mark-Ups
IV. The Nature of the Member’s Business
Correct
2120. Commissions, Mark Ups and Charges
2121. Fair Prices and Commissions
(b) Relevant Factors
Some of the factors which the Board believes that members and the Association’s committees should take into consideration in determining the fairness of a mark-up are as follow:
I. The Type of Security Involved
II. The Amount of Money Involved in a Transaction
III. The Pattern of Mark-Ups
IV. The Nature of the Member’s Business
Incorrect
2120. Commissions, Mark Ups and Charges
2121. Fair Prices and Commissions
(b) Relevant Factors
Some of the factors which the Board believes that members and the Association’s committees should take into consideration in determining the fairness of a mark-up are as follow:
I. The Type of Security Involved
II. The Amount of Money Involved in a Transaction
III. The Pattern of Mark-Ups
IV. The Nature of the Member’s Business
Question 6 of 10
6. Question
What is the information should be included in each last sale report?
I. Stock symbol of the designated security
II. Number of shares or bonds
III. A symbol indicating whether the transaction is a buy, sell or cross, and if applicable, sell short or sell short exempt
IV. Number of employees
Correct
FINRA Rule 6280
6282. Transactions Reported by Members to the ADF
(c) Information To Be Reported
Each last sale report shall contain the following information:
(1) Stock symbol of the designated security;
(2) Number of shares or bonds;
(3) Price of the transaction as required by paragraph (d) below;
(4) A symbol indicating whether the transaction is a buy, sell or cross, and if applicable, sell short or sell short exempt;
Incorrect
FINRA Rule 6280
6282. Transactions Reported by Members to the ADF
(c) Information To Be Reported
Each last sale report shall contain the following information:
(1) Stock symbol of the designated security;
(2) Number of shares or bonds;
(3) Price of the transaction as required by paragraph (d) below;
(4) A symbol indicating whether the transaction is a buy, sell or cross, and if applicable, sell short or sell short exempt;
Question 7 of 10
7. Question
An Applicant for FINRA membership shall file its application in the manner prescribed by FINRA with the Department of Member Regulation (“the Department”). An Applicant shall submit an application that includes which of the following?
I. Form NMA
II. An original signed and notarized paper Form BD, with applicable schedules
III. A copy of FINRA-approved fingerprint card for each Associated Person who will be subject to SEC Rule 17f-2
IV. A new member assessment report
Correct
NASD Rule 1013. New Member Application and Interview
An Applicant for FINRA membership shall file its application in the manner prescribed by FINRA with the Department of Member Regulation (“the Department”). An Applicant shall submit an application that includes:
(A) Form NMA;
(B) an original signed and notarized paper Form BD, with applicable schedules;
(C) an original FINRA-approved fingerprint card for each Associated Person who will be subject to SEC Rule 17f-2;
(D) a new member assessment report;
Incorrect
NASD Rule 1013. New Member Application and Interview
An Applicant for FINRA membership shall file its application in the manner prescribed by FINRA with the Department of Member Regulation (“the Department”). An Applicant shall submit an application that includes:
(A) Form NMA;
(B) an original signed and notarized paper Form BD, with applicable schedules;
(C) an original FINRA-approved fingerprint card for each Associated Person who will be subject to SEC Rule 17f-2;
(D) a new member assessment report;
Question 8 of 10
8. Question
The minimum amount of price improvement necessary for a member to execute an order on a proprietary basis when holding an unexecuted limit order in that same security, and not be required to execute the held limit order is as follows:
I. For customer limit orders priced less than $0.01 but greater than or equal to $0.001, the minimum amount of price improvement required is the lesser of $0.001 or one-half (1/2) of the current inside spread;
II. For customer limit orders priced less than $0.001 but greater than or equal to $0.0001, the minimum amount of price improvement required is the lesser of $0.0001 or one-half (1/2) of the current inside spread;
III. For customer limit orders priced less than $0.0001 but greater than or equal to $0.00005, the minimum amount of price improvement required is the lesser of $0.00001 or one-half (1/2) of the current inside spread;
IV. For customer limit orders priced less than $0.00001, the minimum amount of price improvement required is the lesser of $0.000001 or one-half (1/2) of the current inside spread; and
Correct
FINRA Rule 5320. Prohibition Against Trading Ahead of Customer Orders
The minimum amount of price improvement necessary for a member to execute an order on a proprietary basis when holding an unexecuted limit order in that same security, and not be required to execute the held limit order is as follows:
(c) For customer limit orders priced less than $0.01 but greater than or equal to $0.001, the minimum amount of price improvement required is the lesser of $0.001 or one-half (1/2) of the current inside spread;
(d) For customer limit orders priced less than $0.001 but greater than or equal to $0.0001, the minimum amount of price improvement required is the lesser of $0.0001 or one-half (1/2) of the current inside spread;
(e) For customer limit orders priced less than $0.0001 but greater than or equal to $0.00001, the minimum amount of price improvement required is the lesser of $0.00001 or one-half (1/2) of the current inside spread;
(f) For customer limit orders priced less than $0.00001, the minimum amount of price improvement required is the lesser of $0.000001 or one-half (1/2) of the current inside spread
Incorrect
FINRA Rule 5320. Prohibition Against Trading Ahead of Customer Orders
The minimum amount of price improvement necessary for a member to execute an order on a proprietary basis when holding an unexecuted limit order in that same security, and not be required to execute the held limit order is as follows:
(c) For customer limit orders priced less than $0.01 but greater than or equal to $0.001, the minimum amount of price improvement required is the lesser of $0.001 or one-half (1/2) of the current inside spread;
(d) For customer limit orders priced less than $0.001 but greater than or equal to $0.0001, the minimum amount of price improvement required is the lesser of $0.0001 or one-half (1/2) of the current inside spread;
(e) For customer limit orders priced less than $0.0001 but greater than or equal to $0.00001, the minimum amount of price improvement required is the lesser of $0.00001 or one-half (1/2) of the current inside spread;
(f) For customer limit orders priced less than $0.00001, the minimum amount of price improvement required is the lesser of $0.000001 or one-half (1/2) of the current inside spread
Question 9 of 10
9. Question
The ATS demonstrates that:
I. The member subscribers are fully disclosed to one another at all times on the ATS
II. The system does not permit automatic execution, and a member subscriber must take affirmative steps beyond the submission of an order to agree to a trade with another member subscriber
III. The trade does not pass through any ATS account, and the ATS does not in any way hold itself out to be a party to the trade
IV. The ATS does not exchange shares or funds on behalf of the member subscribers, take either side of the trade for clearing or settlement purposes, including, but not limited to, at DTC or otherwise, or in any other way insert itself into the trade
Correct
The ATS demonstrates that:
I. The member subscribers are fully disclosed to one another at all times on the ATS
II. The system does not permit automatic execution, and a member subscriber must take affirmative steps beyond the submission of an order to agree to a trade with another member subscriber
III. The trade does not pass through any ATS account, and the ATS does not in any way hold itself out to be a party to the trade
IV. The ATS does not exchange shares or funds on behalf of the member subscribers, take either side of the trade for clearing or settlement purposes, including, but not limited to, at DTC or otherwise, or in any other way insert itself into the trade
Incorrect
The ATS demonstrates that:
I. The member subscribers are fully disclosed to one another at all times on the ATS
II. The system does not permit automatic execution, and a member subscriber must take affirmative steps beyond the submission of an order to agree to a trade with another member subscriber
III. The trade does not pass through any ATS account, and the ATS does not in any way hold itself out to be a party to the trade
IV. The ATS does not exchange shares or funds on behalf of the member subscribers, take either side of the trade for clearing or settlement purposes, including, but not limited to, at DTC or otherwise, or in any other way insert itself into the trade
Question 10 of 10
10. Question
Which of the following correctly define “ATS Trading Information”?
I. The number of shares of each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system
II. The number of trades in each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system
III. ATS Trading Information regarding NMS stocks in Tier 1 of the NMS Plan to Address Extraordinary Market Volatility
(B) ATS Trading Information regarding NMS stocks that are subject to FINRA trade reporting requirements and are not in Tier 1 of the NMS Plan to Address Extraordinary Market Volatility
Correct
FINRA Rule 6183. Exemption from Trade Reporting Obligation for Certain Alternative Trading Systems
“ATS Trading Information” means:
(A) the number of shares of each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system; and
(B) the number of trades in each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system.
Incorrect
FINRA Rule 6183. Exemption from Trade Reporting Obligation for Certain Alternative Trading Systems
“ATS Trading Information” means:
(A) the number of shares of each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system; and
(B) the number of trades in each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system.
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