Series 55 Equity Trader Examination Textbook
Securities Institute of America, Inc, January 2008, Pages: 160
This exam is administered by The Financial Industry Regulatory Authority (FINRA) and provides an individual with the qualifications necessary to trade equity and convertible debt securities on an agency or principal basis.
In order to be qualified with a series 55 registration an associate must also have passed either the series 7 or series 62 exam.
The exam covers the following topics:
-Objective # Questions
-NASDAQ and Over the Counter Markets 41
-NASDAQ Display, Execution and Trading systems 17
-Trade Reporting Requirements 19
-General Industry Standards 23
TOTAL 100
Each candidate will be allowed 180 minutes to complete the examination. This time limit has been designed to provide enough time for all candidates to complete the exam. A score of 70% or higher is required to pass the series 55 exam.
The examination is conducted as a closed book test. Upon completion of the examination, the score for each section and the overall test score will immediately be made available to the candidate.
Chapter One : Issuing Corporate Securities
- Introduction
- The Prospectus
- The Final Prospectus
- Prospectus To Be Provided To Aftermarket Purchasers
- SEC Disclaimer
- Misrepresentations
- Tombstone Ads
- Free Riding and Withholding / NASD Rule
- Underwriting Corporate Securities
- Types of Underwriting Commitments
- Market Out Clause
- Types of Offerings
- Initial Public Offering (IPO) / New Issue
- Subsequent Primary / Additional Issues
- Primary Offering vs. Secondary Offering
- Awarding the Issue
- The Underwriting Syndicate
- Selling Group
- Exempt Securities
- Exempt Transactions
- Private Placements / Regulation D Offerings
- Purchaser Representative Rule
- Broker Transactions Under Rule
- Rule A
- Regulation S Offerings
- Regulation A Offerings
- Small Business Offerings
- Rule
- Rule Non Participants
- Rule Non Equivalent Securities
- Rule Issuing Research Reports
- Rule Shelf Registration
Chapter Two: The Securities Marketplace
- Introduction
- Types of Orders
- Market Orders
- Buy Limit Orders
- Sell Limit Orders
- Stop Orders / Stop Loss Orders
- Buy Stop Orders
- Sell Stop Orders
- Stop Limit Orders
- Other Types of Orders
- All or None Orders
- Immediate or Cancel Orders
- Fill or Kill Orders
- Not Held Orders
- Market on Open / Market on Close Orders
- The Exchanges
- The Role of The Specialist
- The Specialist Acting as a Principal
- The Specialist Acting As an Agent
- Do Not Reduce / DNR
- Adjustments For Stock Splits
- Stopping Stock
- Short Sales
- Regulation of Exchange Short Sales
- Affirmative Determination
- Short Against The Box
- Circuit Breakers
- Reading The Consolidated Tape
Chapter Three: Trading Over The Counter and NASDAQ Securities
- Introduction
- Market Makers
- NASDAQ Subscription Levels
- Registering as a Market Maker
- Registering as a Market Maker
- In an OTC BB Security
- Piggybacking a Quote
- NASDAQ Quotes
- Locked and Crossed Markets
- Nominal NASDAQ Quotes
- Payments For Market Making
- NASDAQ Execution Systems
- NASDAQ Market Center Execution System / Super Montage
- Super Montage Order Protection Feature
- Quotes Entered Through NASDAQ
- Market Center Execution System
- Updating NASDAQ Quotes
- Non-Directed Orders
- Preferenced Orders
- Directed Orders
- The Alternative Display Facility / ADF
- Trade Reporting and Comparison Service / TRACS
- Advanced Computerized Execution System / ACES
- Electronic Communication Networks / ECNs
- Unlisted Trading Privileges
- Market Centers
- NASDAQ International
- NASDAQ NMS Short Sales
- Regulation SHO
- Rule Definitions and Order Marking
- Rule T Temporary Short Sale Suspension Rule
- Rule Security Borrowing and Delivery Requirements
- Threshold Securities
- Non NASDAQ OTCBB
- Pink Sheets
- Third Market
- CAES / ITS – NASDAQ Market Center For Listed Securities
- Fourth Market
Chapter Four: Market Maker Responsibilities and Trade Reporting
- Introduction
- Times For Entering a Quote
- The Opening Cross
- Order Imbalances
- The NASDAQ Official Opening Price / NOOP
- The Closing Cross
- Withdrawing Quotes
- Accidental Withdrawal of Quotes
- Handling and Displaying Customer Limit Orders
- Anonymously Displaying Customer Orders
- The Manning Rule
- Undisplayed Customer Limit Orders
- Interpositioning
- Automated Confirmation System / ACT Market
- Center Trade Reporting Service
- ACT Trade Scan
- Which Side of The Trade Reports to Act?
- Bunching Trades / Aggregate Reporting to ACT
- Avoiding Double Reporting
- The Role of ACT in Third Market Transactions
- Trading Halts
- Market Making During Syndication
- Regulation M, Rule
- Penalty Bids
- Regulation M, Rule
- Regulation M, Rule
- Passive Market Makers’ Daily Purchase Limit
- Regulation M, Rule
- Syndicate Short Positions
- Regulation M, Rule
- Trade Reporting and Compliance Engine / TRACE
Chapter Five: Commissions and Trade Complaints
- Introduction
- Broker Vs. Dealer
- NASD % Markup Policy
- Mark Ups / Mark downs When Acting as a Principal
- Riskless Principal Transactions
- Proceeds Transactions
- Dominated and Controlled Markets
- Protection of Customer Orders
- Firm Quote Rule
- OTC Market Maker
- Covered Security
- Subject Security
- The Firm Quote Compliance System / FCQS
- Trade Complaints between Members
- The Order Audit Trail System / OATS
Chapter Six: Securities Industries Rules and Regulations
- Introduction
- The Securities Exchange Act of The Securities Exchange Commission / SEC
- Trading Suspensions
- Issuers Repurchasing Their Own Securities
- Tender Offers
- The Insider Trading & Securities Fraud
- Enforcement Act of Fire Wall
- NASDAQ Listing Standards
- The Penny Stock Cold Call Rule
- Fair Dealings with Clients
- Churning
- Manipulative and Deceptive Devises
- Capping
- Pegging
- Front Running
- Trading Ahead
- Painting the Tape
- Marking the Open
- Marking the Close
- Collusive Behavior
- The Uniform Practice Code
- Trade Date
- Settlement Date
- Payment Date
- Violation
- When Issued Securities
- Clearly Erroneous Reports
- Execution Errors
- Close Outs
- Customer Confirmations
- Prime Brokerage Accounts
Pretest Answer Key
Glossary of Exam Terms
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