Question

An order ticket is filled out and sent to the New York Stock Exchange floor for execution. After being executed on the floor, it is discovered that the account number is incorrect. Under FINRA rules, the account number may be changed to the correct one by the:

Answer 1

Answer: The options are given below:

A. Floor governor

B. Branch office manager

C. Registered rep

D. Specialist

The correct option is B. Branch office manager

Explanation:

The FINRA rules and regulations stipulate that errors or alterations to order tickets are highly prohibited and therefore, such errors should be formally directed to the designated person which is the Branch Office Manager. This is usually done in writing.

According to the rules, the branch office manager must be duly informed about the reason(s) for the errors.

It is the duty of the branch office manager to carry out a through assessment to verify the reasons why the alterations were made. The result of this assessment will prompt the branch office manager to either approve or reject the alterations that have been made to the order ticket, but he/she will be held liable for the change.

Answer 2

Answer: Branch office manager

Explanation:

According to FINRA rules and regulations, any error or alterations to an order tickets are highly prohibited. Such alterations should be directed (in writing) to a designated person which is the Branch Office Manager.

The branch office manager must be informed about the reasons those alterations were made. Also, the branch office manager could approve of such alterations and be accountable for the change.

The Branch office manager will conduct a thorough assessment to understand the facts surrounding the alterations before issuing an approval.