Exercise
Choose the correct answer
1. In a “cash settlement,” the transaction is settled:
A. The next business day
B. Within three business days
C. The same day as the trade
D. Any time period agreed to between the customer and the firm
2. Which of the following statements about confirmation of municipal bond transactions is incorrect?
A. Dealers must provide a separate written confirmation for each customer transaction.
B. Written confirmation is required for both inter-dealer and customer trades.
C. Confirmation is required on or before the settlement date.
D. The confirmation must provide specific details of the transaction and a complete description of the issue being traded.
Answers
1. C. Since the tra