Disseminating Quotes and Trade Advertisements: Rapid Fire

What this video covers

• Why a responsible broker or dealer must fill non-odd-lot orders at the published price or better up to the published size, and why qualifying a firm quote on inquiry is backing away
• How a revised size caps the quote duty, while a revised bid or offer lifts the prior price obligation when communicated at the required time
• Why a firm trading market is expected to trade at least one normal unit at its prevailing quotation
• How access fee caps work: $0.001 per share at $1.00 or more, and 0.1% of the quotation price below $1.00
• What a registered Alternative Display Facility (ADF) market maker must quote, and why volume advertisements require every counted trade to be bona fide with no numeric tolerance
• How the Limit Up-Limit Down (LULD) Plan turns a limit state into a 15-second pause, why quotations may remain displayed, and why rights and warrants are outside the plan
• How 7%, 13%, and 20% S&P 500 declines trigger circuit breakers, and how the Financial Industry Regulatory Authority (FINRA) treats market-wide halts, over-the-counter (OTC) securities, unpriced indications, and facility closures