This book offers Series 57 Exam practice questions and answers. Individual concepts are stressed in each question, which can be used to answer compound questions that address a combination of concepts. A companion book, SERIES 57 EXAM REVIEW: STUDY MATERIAL, gives the study material for this book.
Content covered in these questions includes:
SECURITIES ACTS
EMPLOYEE REGISTRATION FORMS U4, U5
CONTINUING EDUCATION
GIFT CAPS
DIFFERENCE BETWEEN BROKER AND DEALER
PARTICIPANTS ON AN EXCHANGE FLOOR
TYPES OF SECURITIES
THIRD AND FOURTH MARKETS
ATS AND ADF
ATS – ALTERNATIVE TRADING SYSTMS
ADF – ALTERNATE DISPLAY FACILITY
ORDERS
HOW TO ENTER ORDERS
ORDER PRIORITY
ORDER TYPES AND MODIFIERS
QUOTATIONS
CQS CONSOLIDATED QUOTATION SYSTEM
CTS CONSOLIDATED TAPE SYSTEM
FQCS – FIRM QUOTE COMPLIANCE SYSTEM
LEVEL 2 QUOTES
EXCESS SPREAD RULE REPEALED
TRADING
MARKET TRADING HALTS / CIRCUIT BREAKERS / TRADING CURBS
SELF HELP ALERT
PRINCIPAL AND AGENCY BASIS TRADE EXECUTION
STEP-OUT and GIVE-UP TRANSACTION
INSIDER TRADING
TRADING VIOLATIONS
CROSS TRADES
TRADE CONFIRMATION STATEMENTS (SEC Rule 10b-10)
TRADE REPORTING
CLEARING, SETTLEMENT, TRADE ERRORS
CLEARING
SETTLEMENT
ERRONEOUS TRADES
OPTIONS
OPTIONS DISCLOSURE DOCUMENT (ODD) and OPTIONS ACCOUNT AGREEMENT (OAA)
OPRA (OPTIONS PRICE REPORTING AUTHORITY)
ATM, ITM and OTM
OPTION EXPIRATION AND EXERCISE
OPTION OPENING AND CLOSING ROTATION
OPTION SYNTHETICS
OPTION STRATEGIES
CABINET TRADE OR CABINET ACCOMMODATION TRADE
OPTION MARKET MAKER MAX BID ASK SPREADS
FAST MARKETS
FOREX OPTIONS SPECIFICATIONS
POSITION LIMITS and EXERCISE LIMITS
PENNY STOCKS
PUBLIC AND PRIVATE OFFERINGS
IPO Price Stabilization
REGULATION M
DUTCH AUCTION
RIGHTS OFFERINGS
Regulation D
SEC RULE 144 – SALES OF RESTRICTED AND CONTROL SECURITIES
REGULATION NMS
RULES
NMS SECURITIES TERMS
ORDER AUDIT TRAIL SYSTEMS
SHORTING
REGULATION SHO, THRESHOLD LIST
SHORT INTEREST REPORTING
SHORTING AGAINST THE BOX
NASDAQ
NASDAQ MARKET CENTER
NASDAQ OPENING CROSS, CLOSING CROSS and IPO CROSS
AIQ MODIFIER
NASDAQ MARKETWATCH
NASDAQ TOTALVIEW
NASDAQ ORDER ROUTING
ACES – AUTOMATED COMPUTERIZED EXECUTION SYSTEM
ACCOUNT MAINTENANCE
PORTFOLIO MARGIN vs. REGULATION –T MARGIN
JBO – JOINT BACK OFFICE
PRIME BROKERAGE REQUIREMENTS
PATTERN DAY TRADER
CORPORATE ACTIONS
TRANSFER AGENTS
DIVIDENDS
SPLITS AND REVERSE SPLITS
SHARE REPURCHASE OR BUYBACK BY THE ISSUER
TENDER OFFER
SHORT TENDER RULE
VOTING RIGHTS
SEC FILINGS BY LISTED COMPANIES
OVER THE COUNTER (OTC)
REGISTRATION AS A MARKET MAKER IN OTCBB SECURITIES
MISCELLANEOUS TOPICS
LOCKED MARKETS AND CROSSED MARKETS
CODE OF ARBITRATION
ELECTRONIC BLUE SHEETS
LOST, MISSING or STOLEN SECURITIES
PAYMENT FOR ORDER FLOW
PRICING CONVENTION
DO NOT TRADE LIST VIOLATIONS
PROGRAM TRADING
ACT TRADE SCAN
VWAP – Volume Weighted Average Price
UTP - UNLISTED TRADING PRIVILEGES
CALCULATING MARKUP AND MARKDOWNS
SUBJECT SECURITY, REFERENCE SECURITY AND COVERED SECURITY
LIMIT UP LIMIT DOWN RULE (LULD) FOR SECURITIES
BLOCK POSITIONER
SEC RULE 15c3-5 – RISK MANAGEMENT FOR BROKER DEALERS
PRICE IMPROVEMENT OBLIGATIONS OF A MARKET MAKER
NON SRO’s SIPC and SIFMA
LIMITED PARTNERSHIP FIRM
OPEN-END AND CLOSED-END INVESTMENT COMPANIES
CYCLICAL vs. NON-CYCLICAL STOCKS
EXTENDED HOURS TRADING RISK DISCLOSURE RULE
COMMUNICATIONS WITH THE PUBLIC
Content covered in these questions includes:
SECURITIES ACTS
EMPLOYEE REGISTRATION FORMS U4, U5
CONTINUING EDUCATION
GIFT CAPS
DIFFERENCE BETWEEN BROKER AND DEALER
PARTICIPANTS ON AN EXCHANGE FLOOR
TYPES OF SECURITIES
THIRD AND FOURTH MARKETS
ATS AND ADF
ATS – ALTERNATIVE TRADING SYSTMS
ADF – ALTERNATE DISPLAY FACILITY
ORDERS
HOW TO ENTER ORDERS
ORDER PRIORITY
ORDER TYPES AND MODIFIERS
QUOTATIONS
CQS CONSOLIDATED QUOTATION SYSTEM
CTS CONSOLIDATED TAPE SYSTEM
FQCS – FIRM QUOTE COMPLIANCE SYSTEM
LEVEL 2 QUOTES
EXCESS SPREAD RULE REPEALED
TRADING
MARKET TRADING HALTS / CIRCUIT BREAKERS / TRADING CURBS
SELF HELP ALERT
PRINCIPAL AND AGENCY BASIS TRADE EXECUTION
STEP-OUT and GIVE-UP TRANSACTION
INSIDER TRADING
TRADING VIOLATIONS
CROSS TRADES
TRADE CONFIRMATION STATEMENTS (SEC Rule 10b-10)
TRADE REPORTING
CLEARING, SETTLEMENT, TRADE ERRORS
CLEARING
SETTLEMENT
ERRONEOUS TRADES
OPTIONS
OPTIONS DISCLOSURE DOCUMENT (ODD) and OPTIONS ACCOUNT AGREEMENT (OAA)
OPRA (OPTIONS PRICE REPORTING AUTHORITY)
ATM, ITM and OTM
OPTION EXPIRATION AND EXERCISE
OPTION OPENING AND CLOSING ROTATION
OPTION SYNTHETICS
OPTION STRATEGIES
CABINET TRADE OR CABINET ACCOMMODATION TRADE
OPTION MARKET MAKER MAX BID ASK SPREADS
FAST MARKETS
FOREX OPTIONS SPECIFICATIONS
POSITION LIMITS and EXERCISE LIMITS
PENNY STOCKS
PUBLIC AND PRIVATE OFFERINGS
IPO Price Stabilization
REGULATION M
DUTCH AUCTION
RIGHTS OFFERINGS
Regulation D
SEC RULE 144 – SALES OF RESTRICTED AND CONTROL SECURITIES
REGULATION NMS
RULES
NMS SECURITIES TERMS
ORDER AUDIT TRAIL SYSTEMS
SHORTING
REGULATION SHO, THRESHOLD LIST
SHORT INTEREST REPORTING
SHORTING AGAINST THE BOX
NASDAQ
NASDAQ MARKET CENTER
NASDAQ OPENING CROSS, CLOSING CROSS and IPO CROSS
AIQ MODIFIER
NASDAQ MARKETWATCH
NASDAQ TOTALVIEW
NASDAQ ORDER ROUTING
ACES – AUTOMATED COMPUTERIZED EXECUTION SYSTEM
ACCOUNT MAINTENANCE
PORTFOLIO MARGIN vs. REGULATION –T MARGIN
JBO – JOINT BACK OFFICE
PRIME BROKERAGE REQUIREMENTS
PATTERN DAY TRADER
CORPORATE ACTIONS
TRANSFER AGENTS
DIVIDENDS
SPLITS AND REVERSE SPLITS
SHARE REPURCHASE OR BUYBACK BY THE ISSUER
TENDER OFFER
SHORT TENDER RULE
VOTING RIGHTS
SEC FILINGS BY LISTED COMPANIES
OVER THE COUNTER (OTC)
REGISTRATION AS A MARKET MAKER IN OTCBB SECURITIES
MISCELLANEOUS TOPICS
LOCKED MARKETS AND CROSSED MARKETS
CODE OF ARBITRATION
ELECTRONIC BLUE SHEETS
LOST, MISSING or STOLEN SECURITIES
PAYMENT FOR ORDER FLOW
PRICING CONVENTION
DO NOT TRADE LIST VIOLATIONS
PROGRAM TRADING
ACT TRADE SCAN
VWAP – Volume Weighted Average Price
UTP - UNLISTED TRADING PRIVILEGES
CALCULATING MARKUP AND MARKDOWNS
SUBJECT SECURITY, REFERENCE SECURITY AND COVERED SECURITY
LIMIT UP LIMIT DOWN RULE (LULD) FOR SECURITIES
BLOCK POSITIONER
SEC RULE 15c3-5 – RISK MANAGEMENT FOR BROKER DEALERS
PRICE IMPROVEMENT OBLIGATIONS OF A MARKET MAKER
NON SRO’s SIPC and SIFMA
LIMITED PARTNERSHIP FIRM
OPEN-END AND CLOSED-END INVESTMENT COMPANIES
CYCLICAL vs. NON-CYCLICAL STOCKS
EXTENDED HOURS TRADING RISK DISCLOSURE RULE
COMMUNICATIONS WITH THE PUBLIC
