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Finra Exam Series-6 Topic 3 Question 95 Discussion

Actual exam question for Finra's Series-6 exam
Question #: 95
Topic #: 3
[All Series-6 Questions]

Anna Vestor placed an order to sell 100 shares of Microsoft through the on-line site of her broker, GetErDone Broker-Dealers. GetErDone sold her shares for $24.59 a share and charged her a commission of $8.95. Among other things, the trade confirmation that Anna receives must stipulate:

i. the time and date of the transaction.

ii. that GetErDone served as a principal in the transaction.

iii. the number of shares sold and the price at which they were sold.

IV. the exchange or ECN on which the transaction was executed.

Show Suggested Answer Hide Answer
Suggested Answer: A

Among other things, the trade confirmation that Anna receives must stipulate the items described in Selections I and III only. The trade confirmation that Anna receives from GetErDone must stipulate the time and date of the transaction, the number of shares sold, and the price at which they were sold. The exchange or ECN on which the transaction was executed is not provided on the confirmation statement. Whether GetErDone acted as a principal or a broker in the transaction does need to be stipulated, but in this instance GetErDone acted as a broker, not a principal. GetErDone did not itself buy the shares from Anna.


by Lucy at Jan 15, 2025, 11:12 PM

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Buddy
11 days ago
You know, if I was Anna, I'd be asking GetErDone to change their name. Sounds like a sketchy operation. But D is definitely the correct answer.
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Soledad
13 days ago
Yup, D is the way to go. Can't forget that exchange or ECN info, am I right?
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An
20 days ago
I'm not sure, but I think it's important for investors to have all that information for transparency.
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Ivan
22 days ago
I agree with Larae, the trade confirmation should include all those details.
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Larae
1 months ago
I think the answer is D) I, II, III, and IV.
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Galen
1 months ago
Haha, GetErDone Broker-Dealers? What kind of name is that? But yeah, D seems like the right answer to me.
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Blossom
1 months ago
I think the correct answer is D. All the requirements listed in the question need to be included in the trade confirmation.
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Filiberto
3 days ago
It's crucial for transparency and accountability in the trading process.
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Gladys
9 days ago
I agree, it's important for investors to receive a complete and accurate trade confirmation.
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Filiberto
29 days ago
Yes, you're right. The trade confirmation must include all the details mentioned in the question.
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Alesia
1 months ago
I think the correct answer is D. All the requirements listed in the question need to be included in the trade confirmation.
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