5.5.2.1. Filling Out an Order Ticket
In order to execute an order for a client, a trader must first fill out an order ticket, also called an order memorandum. Each ticket must describe the terms and conditions of the transaction, which include:
• The name and description of the security
• The name of the customer and her account number
• The type of order (e.g., market, limit, stop-loss order)
• Duration of order (e.g., day order, Good-’Til-Cancelled, good through week)
• Order size and execution price
• Whether it is a buy or sell order
• Whether the order is long or short
The firm’s record