Series 24: NYSE Rule 78 – Pre-arranged Trades Are Prohibited

Taken from our Series 24 Online Guide

NYSE Rule 78 – Pre-arranged Trades Are Prohibited

NYSE member firms are prohibited from executing pre-arranged trades. A pre-arranged trade is one where an offer to sell is coupled with an offer to buy back the stock at the same price or better. The transactions are prohibited because the firm is not exposed to the same market risks as other market participants.

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