Free FINRA Series 24 (General Securities Principal) Supervision of Trading and Market Making Activities Practice Questions

Trading and market making on the FINRA Series 24 exam (21%) covers order entry, routing and execution, best execution, booking and settlement, and trade reporting.

141 questions 38 easy 64 medium 39 hard 2026 syllabus

Sample Questions

Question 1 Easy
A principal must ensure an ADF Trading Center is open for business, at minimum, from:
Solution
B is correct. FINRA Rule 6273 requires an ADF Trading Center to open by 9:30 a.m. Eastern Time and close no earlier than 4:00 p.m. Eastern Time. The principal must ensure coverage throughout that mandatory business period.
Question 2 Medium
Under FINRA Rule 5240, a principal supervising market makers must prohibit each of the following EXCEPT:
Solution
A is correct. FINRA Rule 5240 prohibits three kinds of conduct. A member may not coordinate quotations, prices or trades with another member. It may not direct or request another member to alter a price or quotation. It may not threaten, harass, coerce or intimidate another member to influence its quotes or trading. A market maker that independently decides to change its own bid in response to public market conditions, including a competitor's displayed quote, is engaged in ordinary competitive pricing. The rule does not reach that conduct, so the principal need not prohibit it.
Question 3 Hard
The S&P 500 closed yesterday at 6,000 and opened today at 6,100. At 3:35 p.m. ET, the principal must halt the desks if the index falls to what value?
Solution
A is correct. FINRA Rule 6121 requires members to halt OTC trading in NMS stocks whenever the primary listing markets trigger a market-wide circuit breaker. The thresholds are measured from the S&P 500's closing value on the prior trading day, not from today's open. Level 1 (7%) and Level 2 (13%) declines halt trading for 15 minutes only if they occur at or before 3:25 p.m. ET. After 3:25 p.m., they do not halt trading. At 3:35 p.m., only a Level 3 decline (20%) halts trading, and it halts trading for the rest of the day.

Level 3 trigger based on the prior close:
6,000×(1−0.20)=4,8006{,}000 \times (1 - 0.20) = 4{,}800

The desks must stop trading if the index reaches 4,800.
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