Order Entry, Routing, and Execution: Rapid Fire

What this video covers

• How Regulation SHO aggregation units net long and short positions separately at the desk level, and the four elements of a bona fide unit that prevent sham aggregation
• The two-sided continuous quotation standard for market makers, the 20-business-day re-registration bar for voluntary withdrawal, and the passive market maker caps under Regulation M
• Why locate documentation must precede order entry while close-out follows settlement date fail, and the T+1 versus T+3 close-out distinction for short sales versus long sales
• The exact LULD mechanic (15-second band breach triggers pause) versus circuit breaker levels (7%, 13%, 20% S&P 500 drops) and the 3:25 p.m. cutoff that nullifies Level 1/2 halts
• The supervisory escalation chain (detect, freeze trading, preserve records) and the personal liability a principal faces for failing to escalate prohibited conduct
• Which below-market orders adjust down for cash dividends and why BLISS is an exam trap, plus the payment-for-market-making bright-line prohibition
• The market access rule's pre-trade control requirement, the threshold security three-part test, and the monthly versus quarterly reporting split between execution quality and order routing reports