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Securities Industry Essentials (SIE) Exam

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Securities Industry Essentials (SIE) Exam

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1. Are short sales done in cash or margin accounts?

All short sales must be executed in a margin account. Additionally, Reg T requires the customer to deposit 50% of the sale price. However, for initial short margin transactions below $4,000, FINRA rules supersede Reg T and instead the customer must deposit a minimum equity of $2,000 regardless of how small the initial sale is.Selling Concession + Additional TakedownThe third market refers to over-the-counter, negotiated-price trading of exchange-listed securities. An example of this would be a broker dealer making a market in Disney stock (which is an NYSE security).A control relationship exists when a brokerage firm or an employee of a firm is in a position to control or influence the issuance of securities by an issuer. Control relationships are not prohibited but are subject to stringent disclosure requirements.

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