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Series 6

Unit 3 QQ 3.F Trading Securities

QuestionAnswer
Private Placements Regulaton D under the securities Act of 1933 allows the offer and sale of sec to accredited investors (and to no more than 35 non accredited investors) without registration under the act.
FINRA Rule 5130 Prohibits member firms from selling a new common stock issue to any account where restricted persons have a beneficial interest.
Market The exchange on which sec are traded.
Secondary Market The market in which sec are bout and sold subsequent to their being sold to the public the first time.
Exchange Market Consists of the national exchanges, such as the NYSE and various regional exchanges. The regional exchanges list stocks and bonds of local interest in their areas. The national exchanges list sec of nationa trading interest.
Double-Auction Markets Floors brokers comete among themselves to execute trades at prices most favorable to the public.
Plus Tick Occurs when a floor broker representing a buyer executes a trade by taking stock at a current offer price higher than the last sale.
Minus Tick Occurs when a selling broker accepts a current bid price below the last sale price.
Over the Counter Market (OTC) The sec ex sys in which brok/deal neg directly with one another rather than thru an auc on an exc fl.The trad takes place over comp and tele net that link brok/deal around the world. Listed &OTC sec as well as mun and US govt sec trade in the OTC market
Third Market Term given to describe exchange-listed securities being trading in the OTC marke.
Market Maker A dealer willing to accept the rist of holding a particular security in its own account to facilitate trading in that security.
Fourth Market The exchange where sec are traded directly from one institutional investor to another witout a brokerage firm's services, primarly through the use of an ECN such as INSTINET.
Electronic Communications Network (ECNs) Networks used for fourth market transactions.
Broker Agents that arrange trades for clients and charge commissions. They don't buy shares but simply arrange trades between buyers and sellers
Dealer/ Principal Buy and sell sec for thier own accounts, often called position trading.
Created by: ericjrolon