Series56 question:

Discussion in 'Professional Trading' started by Empresario__, May 15, 2012.

  1. zbojnik

    zbojnik

    Answer: C. Contingent Voting Rights
     
    #21     May 31, 2012
  2. zbojnik

    zbojnik

    Doesnt the passperfect say its $100?

    Members or permit holders are expected not to give gratuities or
    compensation in any one year in excess of $____ to any exchange
    Employee over the course of a year without consent of the Exchange.

    A. $25
    B. $50
    C. $100
    D. $200
     
    #22     May 31, 2012
  3. zbojnik

    zbojnik

    Customer A is displaying a 2.40 bid, which is NBBO, for 10 of the XYZ Jan 50 Calls. Several minutes later, Customer B order enters the market also displaying a 2.40 bid, but for 20 contracts.
    Subsequently, an order enters the market to sell 15 of the XYZ Jan 50 Calls at 2.40. Customer A and Customer B are the only market participants with a 2.40 bid. How is the order distributed?

    Answer: Customer A gets 10 contracts, Customer B gets 5 contracts

    I thought it goes to whoever has the biggest size first. So customer B would get all 15. Why not?
     
    #23     May 31, 2012
  4. jhnovick

    jhnovick

    Yes, $100 is the gift limit.
     
    #24     May 31, 2012
  5. heech

    heech

    Equity markets are FIFO on orders. This is why HFT play so many games with order cancellation. They want to be first-in at every price level... but not if prices are actually moving.
     
    #25     May 31, 2012
  6. jhnovick

    jhnovick

    If they are at the same price they are filled FIFO. So A would get his full 10 and 5 would get at $2.40. Since A's order has been cleared out B now moves to the front of the at the $2.40 price point. The balance of B's order would be filled at $2.40 as soon someone offers at $2.40 or better if there is supply at the better level.
     
    #26     May 31, 2012
  7. zbojnik

    zbojnik

    Ah... Trick question. I dont think this is in passperfect... (Correct me if Im wrong.) The correct answer is: B.$50.

    $50 to an EXCHANGE EMPLOYEE.
    $100 to an EMPLOYEE OF A MEMBER FIRM.
     
    #27     May 31, 2012
  8. zbojnik

    zbojnik

    Ok, got it now. Thanks.
     
    #28     May 31, 2012
  9. zbojnik

    zbojnik

    Anyone take the CBOE practice exams? Are they comparible to the actual test? I got 90% on it. Do you think I can pass the real test now?
     
    #29     Jun 2, 2012
  10. This is such an irrelevant test for me, as all I need it for is to trade prop. 90% of the content will not be required in the real world and the passing of this test provides no other use in the financial world, if you had to try and utilize it.

    I'd rather pay the CBOE $200 every 2 year for doing some "Continueing Education" than have to do this exam. They get their money and I don't have to waste my time "learning" something that I will never need/use! :mad:
     
    #30     Sep 3, 2014