General Securities Sales Supervisor (Series10) Practice Exam

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Which of the following is generally required on an agency order ticket under MSRB rules?

Terms and conditions of the order
Execution price of the trade
Both of these options
None of the above

The correct answer is: Both of these options

For an agency order ticket under MSRB (Municipal Securities Rulemaking Board) rules, it is essential to include both the terms and conditions of the order as well as the execution price of the trade. The terms and conditions provide necessary details about how the order should be executed, which can include specifics such as whether the trade is a market or limit order, the time frame for execution, and any other instructions relevant to the transaction. Meanwhile, the execution price is a critical piece of information that reflects the actual price at which the trade was executed, allowing for proper record-keeping and compliance with regulations. The inclusion of both these components helps ensure transparency and accountability in trading, which are vital aspects of the regulatory framework governing municipal securities. Having this information on the agency order ticket also facilitates effective communication between brokers and clients, helping all parties to understand the context and specifics of the transaction.