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Series 57 Practice Exam
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Series 57 Practice Exam 4

Series 57 Practice Exams

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Practice Exam 4

Series 57 Practice Exam 4

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Question 1 of 5

1. Question

The locate rule in Regulation SHO mandates that a member firm’s order room do which of the following?

Verify the client engaging in a short sale has a margin account.
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Determine with certainty the shares are available for borrowing and lending for a short sale order entered by a customer.
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Have reasonable assurance that the shares needed to consummate a customer’s short sale order are available for normal delivery.
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Prohibits short sale orders for all but institutional clients in certain stocks.
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Question 2 of 5

2. Question

When a market maker receives a limit order from a customer, it may do which of the following?

Fill the order immediately out of inventory
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Place the order on its NASDAQ display if the price is better than the firm’s bid or ask
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Transmit the order to a linked ECN
Correct Incorrect Correct answer

Any of the above
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Question 3 of 5

3. Question

When a firm does a net trade, it is:

Selling to a customer at its contemporaneous cost plus mark-up
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Selling to a customer at its contemporaneous cost plus a small fee plus a mark-up
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Selling to a customer out of inventory with no mark-up
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None of the above
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Question 4 of 5

4. Question

FINRA Rule 5130 sets forth the rules for the handling of which of these?

IPO equity offerings
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Follow-on offerings
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DPP offerings
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Regulation D private placement offerings
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Question 5 of 5

5. Question

The prices which are shown on the Consolidated Tape are:

Prices at which trades occurred as reported through the TRF
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Prices at which trades occurred with retail mark-up, mark-down, or commission
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Are normally transmitted through the TRF within 30 seconds of execution
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Firm and not correctible or reversible after the fact
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Correct

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