Offers at Stated Prices

What this video covers

• The offers at stated prices rule, including why a member must be prepared to trade at the stated price and under conditions stated at the time of the offer
• What backing away means, including qualifying a purportedly firm quote upon inquiry or refusing to make a firm bid or offer
• Why a stated price communicated by telephone can create the same obligation as a quotation displayed in an inter-dealer quotation system
• The firm trading market expectation to buy or sell a normal unit at prevailing quotations, and the exam distinction between expected and required
• When a quote can be designated as not firm or firm for less than a normal unit, and why a qualification added after an order arrives is invalid
• How a normal unit of trading is determined under Regulation National Market System (Regulation NMS) rules, rather than assuming it is always 100 shares
• How transaction-in-progress relief works, including the immediate revised-size requirement, and the two duties covering quotation identification and staffing during normal business hours