Which of the following deliveries for a 600 share order, broker-dealer to broker-dealer, would be good delivery according to the rules?
I. One certificate for 600 shares
II. Six certificates for 100 shares
III. Eight certificates for 75 shares
IV. Twelve certificates for 50 shares
a) I, II, IV
b) II, IV
c) I, II, III
d) I, II, III, IV
The correct answer is a)
Good delivery between broker-dealers means “round lots” of 100 shares, or units that can be made into round lots. Statements I and II are easy, but notice that statement IV works too: the certificates for 50 shares can be “stacked” to make 100 share stacks. Statement III doesn't work, because there is no way to stack certificates for 75 shares to make stacks of 100.


  1. If I have only a limited amount of time to study for the Series 6, what should I ...

    Learn what to focus on when studying for the Series 6 while reviewing important aspects of the exam, including its content ...
  2. What role does the 'chip cycle' play in the electronics sector?

    Read about some of the best and most popular test prep classes for the Series 6 FINRA securities licensing exam, including ...
  3. What does passing the Series 6 enable me to do?

    Learn more about the Series 6, what the examination and license are and what the license enables an individual to buy, sell ...
  4. What are the differences between the Series 6 exam and the Series 7 exam?

    Learn about the regulatory exams needed to become a limited or registered representative and the main differences between ...
  1. Series 6

    A securities license entitling the holder to register as a limited ...
  2. Series 79

    A examination to ensure a candidate is qualified to become a ...
  3. Research Analyst

    A person who prepares investigative reports on equity securities. ...
  4. Series 34

    An exam required for individuals seeking to engage in off-exchange ...
  5. Financial Advisor

    One who provides financial advice or guidance to customers for ...
  6. Series 23

    An exam offered by the Financial Industry Regulatory Authority ...

You May Also Like

Trading Center

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!