Order Memoranda and Trading Records

What this video covers

• When an order memorandum is required, how the security-based swap exception works, and which core fields belong on the order ticket
• The difference between time received, time of entry, and time of execution or cancellation, including why time of entry means transmission for execution
• Why “to the extent feasible” applies only to execution or cancellation, never to receipt or entry
• How electronic system relief works, when a separate identity record must be produced, and why discretionary orders must be designated
• How the firm’s thin proprietary-trade memorandum changes when the other party is a customer other than a broker-dealer
• What confirmations, options records, security-based swap records, and internal broker-dealer system records must show, including the alternative trading system (ATS) exclusion
• Which order-level records are kept for three years, which firm-level ledgers are kept for six years, and why both require two years of easy accessibility