FINRA SIE quiz

97CM7

12345

Achievable

FINRA Securities Industry Essentials (SIE)

97CM7-12345

A market maker displays the following quote:

24.40 x 24.41
8 x 4

All of the following customer trade requests could be filled at this current quote, EXCEPT:

(a)
Buy 300 shares @ $24.41
(b)
Sell 700 shares @ $24.38
(c)
Sell 800 shares @ $24.40
(d)
Sell 800 shares @ $24.41

When a market maker publishes a quote, they establish the prices at which they’re willing to trade with the public. The bid ($24.40) is the price at which the market maker buys and customers sell. The ask ($24.41) is the price at which the market maker sells and customers buy. The size of the market (8 x 4) means there are 800 shares available at the bid and 400 shares available at the ask. The only order that does not fit within the market maker’s quote is to sell 800 shares @ $24.41.

A market maker displays the following quote:

24.40 x 24.41
8 x 4

All of the following customer trade requests could be filled at this current quote, EXCEPT:

Select the answer

Buy 300 shares @ $24.41

Sell 700 shares @ $24.38

Sell 800 shares @ $24.40

Sell 800 shares @ $24.41