Must Know Concepts for the Series 57 Exam

Handling and Displaying Customer Limit Orders

If a market maker accepts customer limit orders, it must handle the order in accordance with The Limit Order Display Rule. If a market maker accepts a customer's limit order that would improve its quoted price, the market maker must update its quote to reflect the customer's limit order. A market maker is required to update its quote within 30 seconds of receiving the customer's order. The 30-second time frame only applies to normal market conditions and does not include the opening or reopening of a security after a halt.

Example:

In the market for XYAD listed below the inside market is 15.00 bid and 15.05 offered. The size of the bid is for 500 shares and there are 300 shares offered

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Automated Confirmation System / ACT Market Center Trade Reporting Facility

The ACT / TRF systems facilitate the reporting, matching, and clearing of trades executed through NASDAQ and other OTC environments. ACT / TRF transactions include:

  • NASDAQ Global market and Capital market securities
  • NON NASDAQ OTC securities
  • Third market CQS trades
  • NASDAQ Convertible bonds
  • Internal clearable transactions

All ACT / TRF eligible transactions must be reported to ACT / TRF by market makers within 10 seconds of the transaction during normal business hours.

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Order Entry Parameters

A system order is entered in the NASDAQ system for display or execution. All orders must indicate a limit price and if the order is to buy, sell or sell short the security for which the order is entered. System orders may be designated with the following time in force parameters:

  • Market Hours Immediate or Cancel (MIOC) 9:30 AM - 4:00 PM EST
  • Market Hours Good-till-Cancelled (MGTC) 9:30 AM – 4:00 PM EST
  • Market Hours Day (MDAY) 9:30 AM – 4:00 PM EST
  • System Hours Expire Time (SHEX) Expires at a stated time
  • System Hours Immediate or Cancel (SIOC) 7:00 AM – 8:00 PM EST
  • System Hours good-till-Cancelled (SGTC) 7:00 AM – 8:00 PM EST
  • Good-till-Market Close (GTMC) 7:00 AM – 8:00 PM EST
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Introduction

In addition to the requirements to become a market maker, firms must follow strict guide-lines when acting as a market maker. Market makers must adhere to all rules relating to their participation in the over the counter market. Entering quotes, executing orders, and operating as a market maker during an offering are just some of the activities that have very specific standards of operation. All Series 57 candidates must have an in-depth understanding of market maker rules and regulations in order to successfully complete the Series 57 exam.

Times For Entering a Quote

The NASDAQ opens for trading at 9:30 AM EST with an opening cross. Market makers in anticipation of the opening may enter bids and offers based on orders that the firm has

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