FINRA Series 63 – Uniform Securities Agent State Law — Question 1

Your client calls you with a market order to purchase 500 shares of the stock of Oracle and asks when payment will be due. If today is Wednesday, September
15th, you inform the client that payment is due on

Answer options

• A. Monday, September 20th.
• B. Thursday, September 16th.
• C. Friday, September 17th.
• D. Saturday, September 18th.

Correct answer: A

Explanation

The correct answer is A, as market orders typically settle on the next business day after the trade date, which in this case is Monday, September 20th. Options B, C, and D are incorrect because they do not account for the standard settlement period for equity transactions.