Nullifying an Exchange-Listed Transaction

What this video covers

• Which over-the-counter (OTC) transactions involving exchange-listed securities can be reviewed through Securities and Exchange Commission (SEC)-authorized FINRA systems
• How Normal Market Hours run from 9:30 a.m. to 4:00 p.m. Eastern Time, and when during-hours review gateways matter
• Which FINRA officers may act, including Executive Vice Presidents of Market Regulation and Transparency Services and their designated officers
• Why the review happens on the officer's own motion, and why a member firm cannot request review under this provision
• How the generally deadline runs from officer awareness, not trade execution, and how extraordinary circumstances change the outside deadline
• The two alternative grounds for declaring a transaction null and void, including clearly erroneous trading and fair-market or investor-protection concerns
• Why the officer can nullify a trade but cannot adjust its price, while the Uniform Practice Code (UPC) Committee may affirm, modify, reverse, or remand on appeal
• Who receives notice, which aggrieved party may appeal, and how multi-self-regulatory organization (SRO) rulings and technology-issue provisions create appeal exceptions