Series 24: Answers

Answers

1. 1. Answer: C. Rationale: An introducing broker-dealer is party to transactions, but does not execute or clear trades. To enter a transaction on the Nasdaq system, an introducing broker must turn to an order entry firm or market maker, which will execute the transaction on its behalf.
2. 2. Answer: A. Rationale: A trade by trade match is where both parties to a trade submit transaction data and the OTC Reporting Facility performs an online match.
3. 3. Answer: C. Rationale: .Z is a trade reporting modifier that indicates that a transaction was reported late during Nasdaq market hours (9:30 AM – 4:00 PM ET). A trade is reporte