Dissemination of and Access to Quotations

What this video covers

• How responsible broker or dealer status works when exchange members quote at the same price, and why an agency chain resolves to only the last member acting as agent
• The three conditions a protected bid or offer must satisfy, and why a manually displayed best price is not protected
• The four required elements of an actionable indication of interest (IOI): symbol, side, price, and at least one round lot
• How quotation collection and firm quote obligations differ between an exchange and an association, including halted, suspended, pre-open, and odd-lot exclusions
• How price revisions, size revisions, the 5% alternative trading system (ATS) volume test, unusual market conditions, and the 30-second listed option rule affect trading obligations
• How self-regulatory organization (SRO) access fee caps work for stocks priced at least $1 and below $1, and what venues must do with locked and crossed markets
• How to spot rapid-fire exam traps involving the 1% executed-volume test, uncertain fees or rebates, and re-notification after unusual market conditions