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Series 57 Practice Exam 2

Series 57 Practice Exams

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Series 57 Practice Exam 2

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Question 1 of 10

1. Question

MOO and MOC orders are:

Market at the opening
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Market at the close
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Both A and B are correct
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Neither A nor B are correct
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Correct

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Question 2 of 10

2. Question

Among its many provisions, Regulation NMS provides that NASDAQ and NYSE stock transactions shall occur in minimum increments of one penny per share. Sub-penny trading:

Is only permitted in OTC Non-NASDAQ stock trading
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Is only permitted on Regional stock exchanges
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Is only permitted for VWAP orders
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Is never permitted under any circumstances
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Question 3 of 10

3. Question

A net trade occurs:

When your firm purchases stock from a market maker and then re-sells the stock to a retain client at a price higher than your contemporaneous cost, plus a fair reasonable mark-up
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When your firm purchases stock on a wholesale basis for the firm’s inventory
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When your firm sells stock out of inventory at contemporaneous cost plus mark-up
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When you firm sells stock out of inventory at contemporaneous cost with no mark-up
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Correct

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Question 4 of 10

4. Question

FINRA Rule 5130 provides that no member firm or its personnel or immediate family members:

May have an account at their employing member firm
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May lend money to customers to assist them in completing their trades
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May purchase shares of an equity IPO
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May extend credit on new issues
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Question 5 of 10

5. Question

The limit order display rule holds that customer limit orders:

Must be displayed on the NASDAQ system
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May be forwarded to an eligible ECN for display
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May be executed immediately at the firm’s bid or ask quote
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Will be given priority over the firm’s transactions even when the firm is willing to do a trade at a better bid or ask price
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Correct

Incorrect
Question 6 of 10

6. Question

A registered representative receives an order from a client to purchase 5,000 shares of VXYZ at a price of $ 0.85 per share. How should the RR handle this purchase order?

Refuse the order until at least three competitive quotes are obtained.
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Accept the order and have the firm’s trader process it for execution.
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Accept the order only after verifying the customer has been found suitable for penny stock trading.
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None of the above
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Correct

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Question 7 of 10

7. Question

The trade modifier .Z is used when the trade is:

Being reported after regular trading house
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Being reported late or out of sequence
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Going to be confirmed by manual means
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Being reported after a 5 minute wait due to a halt in the stock
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Correct

Incorrect
Question 8 of 10

8. Question

According to the Consolidated Audit Trail system, the daily end of day reports consider the trading day runs from (Easter Time):

4:30 am to 8:00 pm
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8:00 am to 8:00 pm
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4:00:01 pm one business day to 4:00:00 pm the next business day
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12:00:00 am to 11:59:59 pm on the same business day
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Correct

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Question 9 of 10

9. Question

A transaction in a TRACE-eligible security takes place at 6:29 pm on a business day. It will be reported to the TRACE system:

Within 15 minutes of execution
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By 8:15 am the next business day
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By 8:00 am the next business day
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Within 10 seconds of execution
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Correct

Incorrect
Question 10 of 10

10. Question

A trade-through has been executed due to a weighted-average price order, in which way will this be reported on the Tape?

With a .W modifier
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With a .T modifier
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With a .VWAP modifier
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With a .TT modifier
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