Trade Reporting and Corrections: Rapid Fire

What this video covers

• Why execution must precede trade reporting, and how market and regulatory information flows last in the sequence
• What bona fide means for quotations (reasonable cause to believe) versus transaction reports (belief the trade is bona fide), and why a quotation is broader than a displayed price
• How the 10,000 share threshold generally defines an equity block transaction, and why the 5% markup policy is guidance, not a safe harbor or fixed ceiling
• Which capacity applies when a broker-dealer acts as an agent (customer's behalf) versus principal (firm's own account)
• When an as/of report restores the original execution date versus when a past-settlement-date correction is required
• The two-step FINRA/NYSE Trade Reporting Facility correction process (reverse, then new as/of report) and the role of an error account in isolating trading errors
• The distinction between front running of a block transaction (material nonpublic information) and trading ahead of a customer order (cutting the line at a satisfying price)
• Why excessive trading, or churning, evaluates a series of recommended transactions under Regulation Best Interest (Reg BI), not a single trade
• What makes a stated-price offer firm and the narrow exception for revising size after a transaction already in progress