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Firm quote |
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Firm quote A definite price on a round-lot bid or offer declared by a market maker on a given security and not identified as a nominal quotation (therefore is not negotiable).
Firm quote. A firm quote includes a bid and ask price at which a market maker is willing to trade a specific quantity -- 100 shares of stock, for example. For example, a firm quote of 42.50/42.70 means that the market maker will pay $42.50 for 100 shares and is willing to sell them for $42.70. But those prices would not apply to trades larger than 100 shares. Then prices would have to be negotiated. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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As a result of that settlement, the NYSE released today a Hearing Board decision which finds that VDMS and the other firms violated NYSE rules relating to "firm quote" and "limit order display", the execution of ITS commitments and short sales, and the establishment of firm quote written supervisory procedures. The Complaint alleges that defendants, in clear violation of and contrary to the Firm Quote Rule, materially misrepresented both (i) real time electronically displayed "bid" Equals and "ask" Equals quotes on listed equity options and (ii) that customer orders would be executed instantaneously when plaintiff (and other "Direct Access" Equals customers) accepted the bid or offer that was electronically displayed by the particular options specialist. Once users have generated an estimate, the company invites them to submit the plan for a firm quote. |
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