Identifying and Handling Clearly Erroneous Transactions: Rapid Fire

What this video covers

• How a clearly erroneous transaction is identified through an objectively obvious error in any term, including price, number of shares, or security identity
• Why the stated remedy is to declare the trade null and void, never to adjust the price, and why a member's assertion alone is not enough
• How the Financial Industry Regulatory Authority (FINRA) review works on the officer's own motion, plus the narrow member request for a technology issue that pushed a trade outside the Limit Up-Limit Down (LULD) Price Bands
• How the price gateways work for a national market system stock not subject to the LULD Plan: 10%, 5%, and 3% during normal market hours, doubling outside those hours
• Why an error that equals or exceeds the guideline qualifies, and how exchange-listed and over-the-counter (OTC) officer clocks differ
• Which two "shall" scenarios override the numerical guidelines, and how settlement or an initial public offering (IPO) limits multi-day Event action
• How a written appeal must be received within 30 minutes, why it does not stay the determination, and why a joint self-regulatory organization (SRO) ruling cannot be appealed