Exceptions to the Trading Ahead Prohibition

What this video covers

• How the large-order branch requires at least 10,000 shares and $100,000 in order value, while the institutional-account branch can qualify independently
• How institutional accounts include banks, savings and loan associations, insurance companies, registered investment companies, registered investment advisers, and persons with total assets of at least $50 million
• Why the customer receives a meaningful opportunity to opt in, not opt out, and how written disclosure, oral consent, deemed consent, and documentation fit together
• How the no-knowledge exception differs for National Market System (NMS) stocks and over-the-counter (OTC) equity securities, including active information barriers and Consolidated Audit Trail (CAT) reporting
• How riskless principal trades must satisfy the sequence, exact-price, consistent-allocation, and 60-second timing conditions
• How an Intermarket Sweep Order (ISO) is identified, how the required marked orders reach protected better-priced quotes, and when sequence or customer consent supports the exception
• Why odd lots and bona fide errors are separate branches, including the Regulation NMS round-lot tiers and the demonstrate-and-document duty that applies only to errors