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Finra Exam Series-6 Topic 8 Question 72 Discussion

Actual exam question for Finra's Series-6 exam
Question #: 72
Topic #: 8
[All Series-6 Questions]

Anna Vestor placed an order to sell 100 shares of Microsoft through the on-line site of her broker, GetErDone Broker-Dealers. GetErDone sold her shares for $24.59 a share and charged her a commission of $8.95. Among other things, the trade confirmation that Anna receives must stipulate:

i. the time and date of the transaction.

ii. that GetErDone served as a principal in the transaction.

iii. the number of shares sold and the price at which they were sold.

IV. the exchange or ECN on which the transaction was executed.

Show Suggested Answer Hide Answer
Suggested Answer: A

Among other things, the trade confirmation that Anna receives must stipulate the items described in Selections I and III only. The trade confirmation that Anna receives from GetErDone must stipulate the time and date of the transaction, the number of shares sold, and the price at which they were sold. The exchange or ECN on which the transaction was executed is not provided on the confirmation statement. Whether GetErDone acted as a principal or a broker in the transaction does need to be stipulated, but in this instance GetErDone acted as a broker, not a principal. GetErDone did not itself buy the shares from Anna.


Contribute your Thoughts:

Paris
5 months ago
I believe C is the correct answer. The exchange or ECN is important information to have.
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Lou
5 months ago
I'm with Ethan on this one. We should have all the details in the trade confirmation.
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Stevie
6 months ago
I don't agree, I think it's B. We don't really need to know if GetErDone served as a principal in the transaction.
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Ethan
6 months ago
I think the answer is definitely D. We need all that information in the trade confirmation.
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Luke
6 months ago
That makes sense. It's important to have all the relevant details in the confirmation.
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Madonna
6 months ago
I think the exchange or ECN on which the transaction was executed should also be included in the trade confirmation.
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Elinore
7 months ago
Yes, I agree. It's important to know when the transaction took place.
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Luke
7 months ago
I'm not sure, but I think the important information should include the time and date of the transaction.
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Madonna
7 months ago
I disagree, I believe the answer is C) I, III, and IV only.
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Elinore
7 months ago
I think the answer is B) I, II and III only.
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