Series 65: 7.1.4. Steps In A Typical Securities Trade

7.1.4. Steps in a Typical Securities Trade

1. Investor contacts a broker to buy securities.

2. Broker places the investor’s order either by telephoning a trader or by using an electronic trading network.

3. Order is routed to an exchange (NYSE or Nasdaq), a market maker, an Electronic Communications Network, or a registered Alternative Trading System or other dark pool, which electronically matches buyers and sellers and does not require the use of an exchange o