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A trade confirmation is the printed notification of a securities transaction. A confirmation must be sent to a customer on or before the completion of a transaction. The completion of a transaction is considered to be the earlier of the settlement date or the date when the buyer and seller exchange cash and securities.
Applying "Trade Confirmation" to Securities Exams:
As more customers agree to accept electronic confirmations fewer confirmations are actually being mailed. However, every customer must get a confirmation detailing the number of shares of stock or number of bonds purchased or sold, the amount owed or due, along with the trade date and settlement date for the transaction.It is important to note that while a principal of a firm must review all orders promptly, no later than trade plus 1, a principal of a firm is not required to review confirmations. Be sure you have mastered the operational aspects of trading for your exam. Pay close attention to the dates and times when things occur. Pass your exam guaranteed or your money back, with our greenlight guarantee.
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The Securities Institute of America, Inc.
