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2. Series 57 OTC

FINRA Series 57 Exam - Over-the-Counter (OTC) Equities

QuestionAnswer
stocks. They are Definition of an OTC equity on national exchanges. A stock that is not listed on a national stock exchange
The minimum trade size in OTC securities to qualify At least 10,0 shares and at least $10,0 in market value.
an OTC stock. The stock is quoted at 23.79 X 23.84. At what price is the order fifiled? What type of NMS stocks have a quote shown with Stocks trading for les than $1.0 per share.
in a stock? In which types of securities are riskles principal NMS stocks and OTC equities, including peny stocks.
The venue that alows subject quotes is OTC Link (Pink).
The minimum OTC price increment for a stock priced $0.01.
at les than $1.0 is The minimum OTC price increment for a stock priced $0.01.
which trades OTC. After a trading halt in ABC, what must the market maker do to resume quotes? What is the purpose of the OTC Registration rule To asure that suficient public information is available on OTC stocks to inform prospective investors, and to
(Rule 15c2-1)? The minimum quote size for OTC equities depends on hold broker-dealers and market makers acountable for gathering and understanding that information before quoting an OTC stock. The number of shares bid and ofered.
fifiling Form 21 if fifiling an unsolicited customer interest? The defifinition of a subject quote on the OTC Pink is A non-firm quote by a market maker. Quotes on OTC Pink may be either firm or subject.
A non-firm quote by a market maker on the OTC Pink A subject quote. Quotes on OTC Pink may be either firm or subject.
Form 21? How can a market maker resume quotes on an OTC The market maker must refile Form 21 to resume quotations.
equity, folowing a 10-day SEC trading suspension? What type of securities are quoted on the OTC Pink? Only equities.
Name a facility that alows one-sided quotes? OTC Link (Pink).
In order to conduct due diligence on an OTC stock, a A curent prospectus, ofering circular, most recent 10K, or equivalent information colected directly from the
$1.02 ofer. What minimum quote size is required for each side of the quote? What type of securities are not quoted on the OTC betwen 1.0 and 174.9. Bonds are not quoted on OTC venues.
Venues, but not on listed exchanges, include Who is required to fifile Form 21 with FINRA? Market makers must file Form 21 with FINRA before initiating priced quotes in an OTC equity.
closed out no later than Who has responsibility for maintaining an up-to-date For NMS securities, the primary listing exchange. For OTC stocks, FINRA.
threshold security list for NMS and OTC stocks respectively? Definition of direct market aces (DMA) When a broker-dealer alows customers to place quotes and trade directly on an exchange's electronic order
list for a security? Which entity publishes the list of OTC threshold FINRA
OTC market, and not listed on any exchanges. What feature of the company or stock would make it a peny stock? Definition of a peny stock in the OTC market. An OTC stock that trades for les than $5 a share.
When algorithmic traders enter and then quickly Quote stufing.
market hours? Definition of a peny stock An OTC equity worth les than $5.0 per share.
How is a trade of an OTC Pink stock reported? On the OTC Reporting Facility (ORF).
blocks of stock with a curent market value of Under FINRA's OTC rules, a block trade is defifined as sale. 10,0 shares and $10,0 in value.
compared to OTC options, are When do CBOE listed options trades setle? T+1.
Created by: user-2017722
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