Minimum Performance Standards and System Outages

What this video covers

• Why an ADF may submit automated quotations but not manual quotations, and the five requirements every automated quotation must satisfy
• How immediate-or-cancel (IOC) orders must be executed, canceled, answered, and reflected in the displayed quotation
• Why certification depends on reasonable forecasts of peak volume activity and appropriate policies and procedures, not just the five-part quotation checklist
• The two independent ways a system outage can occur, and why an inability to respond automatically can qualify even when a quote remains displayed
• The three-unexcused-outages-in-five-business-days rule, including the discretionary 20-business-day suspension and the possibility of issue-specific restrictions
• Who carries the burden of proving that an outage was outside the trading center's control, and why requesting an excuse before FINRA learns of the outage matters
• The one-day review deadlines, the appeal-as-a-stay rule, and the ECN requirement to post a marketable quote or order on both sides of the market every 30 calendar days