Order Tickets and Confirmations

What this video covers

• Every required field on the order ticket at the time of entry, and why the solicited or unsolicited flag is strictly required, not optional
• How solicited trades carry greater suitability obligations for the registered representative (rep) than unsolicited trades initiated by the customer
• The exact timing rule for customer confirmations: delivered at or before the completion of the transaction (settlement date), not trade date
• The difference between agent capacity (broker, separately itemized commission) and principal capacity (dealer, markup or markdown built into price)
• Why accrued interest must appear on confirmations for debt securities but never for equity securities, and how the exam uses stocks as a distractor
• How the Securities and Exchange Commission (SEC) trade-confirmation rule and Financial Industry Regulatory Authority (FINRA) customer-confirmation rule intersect on disclosure requirements
• The complete chronology from order entry to trade execution to settlement, and what documentation belongs at each step