Series 14: 2.8.2. Block Trading

Taken from our Series 14 Online Guide

2.8.2. Block Trading

A member firm that receives an order to buy or sell a block of stock that might not be readily absorbed by the market must first explore the interest on the market for the block, including checking the DMM’s interest in participating at an indicated price. If the firm decides it must “cross the market” by selling at a “clean-up price” outside the current quotation in order to complete the sale, the firm must notify the DMM of its intention to cross a block at that price.

Once the NYSE member firm notifies

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