Series 53: 5.2.2. Out-Firm Quotations

5.2.2. Out-Firm Quotations

Dealers may offer firm quotations with attached restrictions. A quotation may be good for one hour or a day, for example, or it may require immediate execution. Firm quotations may also have a recall provision. An out-firm quotation, or firm with recall, will be firm for a specified period, usually an hour, with a five-minute recall provision. The recall provision allows the party supplying the quotation to force the other party to make a decision within a five-minute period or the